The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-03-12
EGAL

adjusted losses shall be paid prior to
NoVember J. of such year
sec Z; II any member shall for the
space of thirty days after the publica-
non OF said notice of assessment and
Heanice OF such upon each member by
mali postpaid, directed to him at his
postonlce, as written in on the applica-
tlon for insurance, neglect or refuse o
pay the sum assessed upon him as his
portion of any loss as aforesaid, in such
case the directors may sue for and re-
cover the whole amount of his deposi.
note or notes, with cost of suit: but ex-
eeut1on shall only issue for assessments
and costs as they accrue. If the whole
amount of the deposit notes and cash IN
the possession of the company and be-
longing thereto shall be insufficient to
pay the losses due to the members of the
company occasioned by hail. in such case
shall receive as payment in full for their
respective losses proportionate share of
the whole amount of said notes and cash,
according to the adjusted losses respec-
lively; but no member shall ever be
liable to such company, or to any other
of his deposit note
Sec. s. A reserve fund of not less than
ten per cent of all premium notes shall
be set apart out of the cash receipts OF
the company, and whenever the cash liz
the hands of the treasurer of any such
company including that received from tho
annual assessment for that year, shall he
insufficient to pay all losses and expenses
in full. then such deficiency shall be
taken from the reserve fund. Such part
of the reserve fund of the company is
rot needed for immediate use of the com
pany may be invested by the
directors of the company, in SUCH securi-
ties as otne' insurance com owes ~
ganized in this state are authorized oy
law to make investment in.
Sec 9. The annual meeting of the MEM
bers shall be held on the first Thursday
after the first Monday in January of
each year, at the principal office of tn
company, and every member shall be en-
titled to as many votes there are di
rectors to be elected. and shall cast the
ca tn I'D v11rr hal
elect.
Sec. 10. The dill ectors shall az their an
nual meeting elect rom their number .
p-esi ent, vicepresident, treasurer, and
they shall also elect a secretary who
may or may not be a member of the COM
pany, all of whom shall hold their offices
for one year. until their successors
are duly elected and qualified.
Sec. II. The annual meeting of the
board of directors shall be held on the
day following the annual meeting of the
members of the company when prac
ticable, and shall not be later than five
days thereafter, for the election of its
officers and the transaction of such other
business as may be necessary. The board
of directors may meet at such times DIS
may be designated by the bylaws of the
company.
Sec. II. The directors of such company
shall possess the usual powers and be
subject to the usual duties of directors,
and shall make such bylaws and regula-
tons, not inconsistent with the constitu-
ton or this act, as may be deemed
necessary for the management of its af
fairs, and may prescribe the duties of its
officers and agents and fix the compensa-
ton for the same. and may alter and
amend its bylaws at any annual meeting
of the board of directors by majority
vote of the whole number of directors All
bylaws adopted shall forthwith be certified
to the superintendent of insurance for his
approval or disapproval. They shall also
| fix the rates of insurance, and member
ship fees if any are charged.
Sec. a. In companies organized under
the provisions of this act the president
der oath a full. true and complete state
ment of the conditions of said company
on the thirty first day of December
and present the same to the annual meet
ing of the company in January following,
and they shall trasmit the same to the
superintendent of insurance not later than
the last day of February. If upon ex-
animation he is of the opinion that such
company is doing business correctly and
in accordance with the provisions of this
act. he shall thereupon furnish the COM
pany a certificate of authority to continue
business during the ensuing year. For
such examination and certificate the com
pany shall pay the superintendent of in
surance the sum of ten dollars.
Sec 10 Companies organized under the
provisions Of this act may. appoint, in
writing, under the seal of the company,
one or more agents; but no agent for
such company shall directly Indirectly
take any risk or transact any business
of hail insurance in this state until he has
given the company a bond in such sum
as the directors may require, with two
president of the company, conditioned
upon the faithful discharge of his duties
as such agent: and if any agent shall
violate any of the written instructions of
the company, or be guilty of any fraud or
deception, and the company shall suffer
loss thereby, then said agent and his
SuretieS shall be liable to the companv
on his bond for the full amount of such
damage. Nor shall any agent transact
any business until the company shall first
procure from the superintendent of in
surance for said agent, license authoriz-
ing such agent to act such, for which
license the company shall pay the sum
of fifty cents, such license to be in force
until the first day of March following
unless sooner revoked, and which shall
be subject to revocation at any time nv
the superintendent of insurance for cause
appearing to him sufficient.
Sec. 16- The Superintendent of insurance
may revoke the authority of any com
pear from the companys report, or upon
examination of such company, that such
company has violated the provisions of
this act.
Sec. IL. In companies organized under
the provisions of this act the number of
directors shall not exceed fifteen. who
shall be chosen from the members of the
company. OF those chosen a the first
election one third shall be chosen for one
year, one-third for two years, and one
third for three years, until their sue
cessors are elected and qualified. At ca CHI
annual meeting of the company a num-
Der equal to one-third of the whole num-
Der of directors shall be chosen for three
years, to fill the place of those whose
terms of office expires. ~ ajority of
the board of directors shall be a quorum
| for the transaction of business. Vacancies
| in the board shall be filled by the re-
naming members until the next annual
meeting.
Sec. Is. Provision may be made by by
law for an executive committee, and the
board of directors may delegate to such
executive committee such powers and du-
| ties they deem expedient not inccnsist-
| ent with the provisions of the law.
| Sec. 10. Companies organized under the
! provisions of this act may issue policies
| to their members on growing crops against
| loss damage by hail. Every policy
shall contain printed copy of the ap-
| plication and also copy of the bylaws.
hicla cnf