Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1916-03-22
important to Public
School Officials.

ed Between Old Line Companies and
Insurance Department Of Sinking
Fund d--Prcmiums and Losses Pro-
p0rtiOncd--ProIiso iso. THAT after tie
date OF the approval OF this act all
new insurance and all renewal OF in-
surancc upon the expiration OF poll
cics issued previous to said date
upon every such school building Of
brick and reinforced concrete con-
structioE aud on the contents there
OF, whether suuh building is held and
| operated under the general school
avs, or laws applicable to special
school districts only, shall be by the
S"hno' trustees or SChoC! commits
SiOncrs, or other school official or
officials. having control and manage
ment OF said school building placed
or carried thereon as follows: FIFTY
five per cent Of ali of said insurance
carried thereon shall be carried in
"cliahle old line fire insurance com-
pany or companies, and fOrty-tivc per
cent OF all OF said insurance carried
thereon Shall be simultaneously and
curcurrent!y carried in the Depart
mcnt of State Insurance OF Public
Property by tho Sinking Fund Com
mission, which shall be by said
school officials sought and obtained
from the Sinking Fund Commission,
Immediately upon placing aa,i old
line concurrent insurance: said fifty
five per cent OF the insurance So con-
currently carried in reliable old line
insurance companies and the said
forty-five per cc"t 20 carried by the
Sinking Fund Commission on said
buildings and the contents thereof
shall be concurrcntly carried, and
the policies shall he issued concur
rcnt.y N d cotcrminally. and the pre-
mimm and losses paid upon each Of
aid concurrent policies shall be pro-
po'tionate to the amount Of insur-
ance carried in the said concurrent
policies, so that the premium paid to
the Sinking Fund Commission for
carrying fortyivn per cent Of the
whole amount OF insurance so con-
currently carried shall be forty-live
fifty-liiths OF the aggregate amount
OF premium paid to all Of the old
line insurance companies for carrying
fifty-tivc per cent OF all insurance on
said hrilding and the contents there
rTovided, That until after
Nn-h g. 1918, the amount naid as
ruG"utuu 10 the Sinking Fund Com
mission .gN be the premium so pro-
tar-'d 80 1h>,e required to the Sink
ng HH.d Commission, less five per
p.u. OF said Sinking Fund Commits
Sion's premium. and after said date
the full amount OF premium so pro-
rated shall be paid to the Sinking
Fund Commission.
See. 4. How Premiums Paid, Etc,
tnot OF Importance to public.)
Sec. 5. Disposition OF Premiums--
How Expended by Commission
That said premiums when received
by the State Treasurer as treasurer
OF the Sinking Fund Commission,
shall be paid into the General Insur-
hnce Sinking Fund OF the Depart
mcnt for State Insurance OF Public
Property, provided for in Section
l3l OF Volume OF the Code OF Laws
OF 1912, from which the Sinking
Fund Commission shall pay all fire
losses for which they are liable. and
the expenses necessary for the pro-
per conduct OF said State Insurance
OF Public Property by the Sinking
Fund Commission.
Sec 6. Payment OF Losses Dis
tribut"d Pro Rata. Got OF public
importancc)
See. l. Changes to be Made as
Sinking Fund Assets Increase. (This
is proviso for an increase OF insur-
ancc to be carried with State Sinking
Fund Commission as its funds in
crease, and 4 propOrtionate decrease
OF insurance with old line compa-
nics.D
Sections s and 9 provide for Ger
tain information to be Furnished by
County Supcrintcndcnts OF Education
and other county officials to the
Sinking Fund Commission.
Sec. 0. Penalty for Violation OF
this Act.---That any said public
school official or officials. upon whom
tn" duty devolvcs. failing or refusing