The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1917-01-10

be rapidly changed into cash. The
rate upon the warehouse and the cot
ton stored therein shall be fixed with
regard to the dangers from exposure
as practiced by insurance companies
in assessing rate upon property, and
the schedule when completed by the
State warehouse commissioner and
approved by the Governor, insurance
commissioner, and Comptroller Gener-
al, be filed in duplicate in the office of
the insurance commissioner, and the
State warehouse commissioner. The
said schedule shall give the number
and location of each warehouse, tie
rate of insurance and the storage ca
pacity of said warehouse, together
with diagram showing all expos
ures. The premiums are to be asses
sed upon the same system now prac-
ticed in the State warehouse and pay
ment to be made upon the daily aver
age numbr of bales on storage SO that
the assessment shall be only for the
time each bale of cotton is actually
loss by fire.
Sec. 3. No risk shall be taken for
insurance in any individual instance
in excess of the sum of 100000. Sub
divisions of standard construction
with fire walls being considered
separate risk. 1t shall be the duty
of the State warehouse commissioner
where an individual risk is in excess
of the sum of 100000 to reinsurH in
one or more reputable companies
either all or any portion of the risk.
The State warehouse commissioner is
further authorized when in his judg-
ment it is for the best interest of the
State and the protection of the prop
erty to reinsure any risk or risks
with reputable compnies upon the
best terms obtainable.
Sec. 4. The State warehouse
commissioner shall prepare form of
insurance policy to b issued to the
manager Of each warehouse, which is
to be kept on file in said warehouse
subject to the inspection of any per-
son with cotton on storag. The said
policy to set forth as follows:
"a" Rate on warehouse.
| "B." Rate on cotton stored therein.
&C." The portion of the risk carried
by the State under the provisions of
I this act. .''''--- -""- -. ..--'', .'
Dc" The names of any company or
companies insuring any portion of the
risk and the amount carried by each
Sec. S. In order to carry out the
provisions of this act the Governor,
Comptroller General, State Treasurer
and State warehouse commissioner
are directed to xecute note as Off
GERS of the State Of South Carolina
for one year in the sum Of $25O,000.
The said sum to be paid in the State
Treasurer, who shall place same at
interest subject to call. This money
to be held subject to the draft of the
State warehouse commissioner to
meet any loss by fire before the pre-
miums collected shall be sufficient for
that purpose. If at the end of the year
the premiums collected by tn State
warehouse commissioner shall not
amount to enough to pay said note,
then the Governor, Comptroller Gen
raj, State Treasurer and State ware
house commissioner shall renew such
portion of the note as may be ncccs-
sary for another year until the note
is fully paid from the premiums col
lectcd as herein provided.
All acts, and parts of acts incon-
sistcnt with this act be and same are
hereby repealed.
Senate Committees.
At an informal meeting of the hold
over members Of the Senate the fol-
lowing standing committees were
agreed upon, and were ratified at the
session of the Senate today.
Agriculture---Alan Johnst0ne chair
man; j. Fl. Manning, II. Fl. Gross, f..
r. CHM, j. f. Beamguard, Richmond
Stacy, j. A. Harvey, j. j. Evans, C. d.
Lee, jeff d. Griffith, A. j. Beattic, j.
II. Wharton.
Banking and Insurance-E. G..
Epps, chairman; Geo. X. Lancy, Hu-
ger Sinkler, j. w. McCown, Geo. NJ.
Stuckey, r. II. Ketchin, Fl. L. Buck,
j. A. Banks, d. Reece Williams, B.
e. Nicholson, Frank c.. Robinson,
Charlton DuRant,
Education-G. X. Lancy, chairman;