Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

No. Go, Al Published May Is, 1911.
CHAPTER 1856, LAWS OF 1911.
AN ACT to amend section 1895 of the
statues, relating to town mutual in
Surance companies.
The people of the state of Wisconsin,
| represented in Senate and Assembly,
do enact as follows:
Section l. Section 1885 of the stat
utes is amended to read: Section 1881.
1. Whenever the amount of any loss
so ascertained shall exceed the amount
of the cash funds of the corporation
the president shall convene the board
of directors, who shall make an assess
ment upon all the property insured by
it, at the time of the loss, in proper
ton to the amount thereof and the rate
under which it has been classified,
sufficient at least to pay such loss;
up to three and half mills even if
such loss should not require such
an amount The board of directors
may also levy an assessment at any
time for the purpose of carrying on the
business of the company, regardless
of whether or not loss has occurred.
When any assessment shall
have been completed the secretary
one or more newspapers printed in the
county or counties where such a cor
tbs is d2 me bag sHcb stang
ment was levied and the time when
the same becomes due, such notice to-
gether with the proof of publication
Jn6TeOI SNAIL D6 CONCLUSIVE eNlueIICe VI
notice of such assessment to every
member of the corporation; the sec
rotary shall also notify every such
member and the mortga gee or mort
gagees to whom the insurance of any
such member may be made payable by
letter or postal card sent to his usual
postoffce address, of the amount of
such loss, or assessment, and the sum
due from him as his share thereof, and
the time when and to whom payment
thereof is to be made, which time shall
not be less than thirty nor more than
sixty days from the date of such notice.
mated to receive such money may de-
mand and receive two per cent in ad-
dition to the amount of each such as
sessment for his fees in receiving and
! paying over the same. Such assess
ment, when collected shall be paid to
| the person entitled thereto according
! him; provided, that if any loss shall
occur during the first eight months ir
any year the board of directors, at the
time of making the assessment there
| for, may borrow money sufficient 20
| pay the same at a rate of interest not
exceeding eight per cent, and shall
| therein include such interest in the
! assessment and direct the payment of
such assessment to be made not later
than the thirty-tirst day of December
next following.
3. Every member who shall neglect
or refuse to pay such assessment at
| the time sneciffed in the notice sent
to him, shall pay to such corporation
a fine of two per cent of the amount
of such assessment for each week or
part thereof during which the same
Shall remain unpaid, and no payment
shall be made by any company upon
the. policy, of any member. hereafter
| written, who shall sustain a loss, if
| such member, at the time of such loss,
shall be in default and shall have neg
! lected or refused to pay such assess
ment at the expiration of thirty days
from the time specified in said notice
! sent to him.
Section 2. This act shall take effect
and be in force from and after it's pas
sage and publication.
Approved May 10, 1911. Copy Law.