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main unpaid, after deducting all losses and expenses occurring during said term, shall be relinquished and given up to the signer thereof.

SEC. 6. That every member of said company shall be and hereby is bound and obliged to pay his proportion of all losses and expenses happening or accruing in and to said company; and all buildings insured by and with said company, together with the right, title, and interest of the assured to the lands on which they stand, shall be pledged to said company, and the said company shall have a lien thereon against the assured, during the continuance of his, her or their policies.

Sec. 7. That in case of any loss or damage by fire happening to any inember, upon property insured in and with said company, the said member shall give notice thereof, in writing, to the directors, or some one of them, or to the secretary of said company, within thirty days from the time such loss or damage may have happened: and the directors, upon a view of the same, or in such other way as they may deem proper, shall ascertain and determine the amount of said loss or damages, and if the party suffering is not satisfied with the determination of the directors, the question may be submitted to referees, or the said party may bring an action against said company, for said loss or damage, at the next court having jurisdiction of the same, to be holden in and for the county of Middlesex, and not afterwards, unless said court shall be holden within sixty days after said determination, but if holden within that time, then the next court having jurisdiction of the same, holden in said county, thereafter; and if, upon trial of said action, a greater sum shall be recovered than the amount determined upon by the directors, the party suffering shall have judgment therefor against said company, with interest from the time said loss or damage happened, and costs of suit; but if no more shall be recovered than the amount aforesaid, the said party shall become nonsuit, and the said company shall recover their costs; provided, however, that the judgment last mentioned shall in no wise affect the claim of said suffering party to the amount of said loss or damage as determined by the directors aforesaid; and provided also, that execution shall not issue on any judgment against said company, until after the expiration of three months from the rendition thereof.

SEC. 8. That the directors shall, after receiving notice of any loss or damage by fire, sustained by any member, and ascertaining the same, or after the rendition of any judgment as aforesaid against said company, for such loss or damage, settle and determine the sum to be paid by the several members thereof, as their respective proportions of such loss, and publish the same in such manner as they shall see fit or as the by-laws shall have prescribed; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note or notes, and shall be paid to the treasurer within thirty days next after the publication of said notice. And if any member shall, for the space of thirty days after such notice, neglect or refuse to pay the sum assessed upon him, her or them, as his, her or their proportion of any loss as aforesaid, in such case the directors may sue for and recover the amount of his, her or their deposit note or notes, with costs of suit; and the money thus colleted shall remain in the treasury of said company, subject to the payment of such losses and expenses as have or may hereafter accrue; and the balance, if any remain, shall be returned to the party from which

it was collected, on demand, after thirty days from the expiration of the term for which insurance was made.

Sec. 9. That if it shall ever so happen that the whole amount of the deposit notes should be insufficient to pay the loss occasioned by any fire, the sufferers insured by said company shall receive towards making good their respective losses a proportionate dividend of the whole amount of said notes, according to the sums by them respectively insured ; and in addition thereto, a sum to be assessed on all the members of said company, not exceeding fifty cents on every hundred dollars by them respectively insured, and the said directors may sue and collect the same by any proper action; and the said member shall never be required to pay for any loss occasioned by fire at any one time more than fifty cents on each hundred dollars insured in said company, in addition to the amount of his deposit note, nor more than that amount for any such loss after his said note shall have been paid in and expended; but


upon payment of the whole of his deposit note, and surrendering his policy before any subsequent loss or expense has accrued, may be discharged from said company.

Sec. 10. That the said company may make insurance for any term not exceeding ten years; and any policy of insurance issued by said company, signed by the president, and countersigned by the secretary, shall be deemed valid and binding on said company, in all cases where the assured has a title in fee simple, unincumbered, to the building or buildings insured, and to the land covered by the same; but if the assured have a less estate therein, or if the premises be incumbered, the policy shall be void, unless the true title of the assured and the incumbrance on the premises be expressed therein.

Sec. 11. That the directors shall settle and pay all losses within three months after they shall have been notified thereof, as aforesaid, unless they shall judge it proper to replace the property destroyed, or repair the damages sustained, which they are hereby empowered to do in a convenient time.

Sec. 12. That when any house or other building shall be alienated, by sale or otherwise, the policy shall thereupon be void and be surrendered to the directors of said company, to be canceled; and upon such surrender, the assured shall be entitled to receive his, her or their note or notes, npon the payment of his, her or their proportion of all losses and expenses that have accrued prior to such surrender ; provided, however, that the grantee or alienee, having the policy assigned to him, may have the same ratified and confirmed to him, her or them, for his, her or their own proper use and benefit, upon application to the directors and with their consent, within thirty days next after such alienation, on giving proper security, to the satisfaction of the said directors, for such portion of the deposit or premium note as shall remain unpaid, and by such ratification and confirmation in the party causing the same, shall be entitled to all the rights and privileges and subject to all the liabilities to which the original parties insured were entitled and subject under this act.

Sec. 13. That if any alteration should be made in any house or building by the proprietor thereof, or by his consent, after insurance has been made thereon with said company, whereby it may be exposed to greater risk or hazard from fire than it was at the time it was insured, then and

in every such case the insurance made upon such house or building shall be void, unless an additional premium and deposit after such alteration be settled with and paid to the directors; but no alteration or repairs in buildings not increasing such risk or hazard, shall in anywise affect the insurance previously made thereon..

Sec. 14. That in case any building or buildings situated upon leased lands and insured by said company be destroyed by fire, and the owner or owners thereof shall prefer to receive the amount of such loss in money, in such case the directors may retain the amount of the premium note given for the insurance thereof, until the time for which insurance was made shall have expired; and at the expiration thereof, the assnred shall have the right to demand and receive such part of said retained sum or sums as has not been expended in losses and assessments.

SEC. 15. That if insurance on any house or building or other property shall be and subsist in said company, and in any other company, or from and by any other person or persons, at the same time, the insurance made in and by this company shall be deemed and may become void, unless such double insurance subsist with the consent of the directors, signified by indorsement on the back of the policy, signed by the president and secretary.

SEC. 16. That this act shall be subject to all the provisions and restrictions of the laws of this state in relation to corporations.

Sec. 17. That the said Joseph Hall, Edward C. Whitmore and William H. Bartlett, or either two of them, may call the first meeting of the members of said company, at any suitable time and place in Portland aforesaid, by advertisement in any of the newspapers printed in Middletown, giving at least ten days' notice of the time, place and design of said meeting, for the purpose of choosing the first board of directors, of making and establishing by-laws, and of transacting any business necessary and proper to carry into effect the provisions and intentions of this act. Provided, however, that no policy shall be issued by said company, until application shall be made for insurance on fifty thousand dollars at least.

SEC. 18. That the corporators herein named shall cease to be, members of said company, unless they insure therein within one year.

Seo. 19. "That any future legislature may at any time alter, amend or repeal this act, whenever in their opinion the public good may require it.

SEO. 20. This act shall take effect from and after its passage.



PASSED 1851,

Upon the petition of Francis West and others, praying for an act incorpo

rating a Fire and Marine Mutual Insurance Company:

Resolved by this Assembly, Sec. 1. That Henry L. Champlin, Samuel Ingham, Elisha E. Morgan, Richard P. Williams, Gideon Parker, Joseph Post, Edward W. Pratt, Francis West, Amasa Hayden, Jr., Russell H. Post, Henry Tyler, Daniel B. Warner, Jared C. Redfield, Elias Parmelee, George E. Goodspeed, James Phelps, Alanson H. Hough, Hugh M. Thompson, Sedley Snow, Joseph Ellsworth and Horace H. Starkey, and such others as shåll, prior to the organization of the company hereby incorporated, apply for insurance therein as herein after provided, and all others who may or shall become members or associates with them pursuant to the provisions of this act, and their successors forever, be and they are hereby created, ordained, constituted and declared to be a body corporate and politic, by the name of the “Saybrook Mutual Marine and Fire Insurance Company,” to be located in Saybrook, in this state; and by that name they and their successors shall and may forever hereafter be capable in law to sue and be sued, plead and be impleaded, answer and be answered unto, defend and be defended in all courts of record whatever and elsewhere; also to devise, make and use a common seal, and the same change, alter or renew at pleasure ; also by their directors, to ordain, establish and put in execution all such by-laws, rules and regulations as shall be necessary and convenient for the government of said corporation and for the proper management of the concerns thereof; and also to purchase, hold and convey any estate, real or personal, for the use of said corporation. Provided, the real estate so holden be only such as shall be necessary for the purpose of the business of said corporation, or such as shall have been bona fide mortgaged to said corporation by way of security, or conveyed in satisfaction of debts contracted in the course of its business, or taken in execution on judgments or decrees which shall have been obtained for such debts or for other cause.

Sec. 2. That Samuel Ingham, Henry L. Champlin, Richard P. Wil liams, Edward W. Pratt and Gideon Parker be and they are hereby ap pointed commissioners and authorized to receive applications for insurance to be effected by said company, against such risks and upon

such property as said company are authorized to take and insure against; and whenever application shall have been made by not less than twenty persons and to any amount not less than twenty-five thousand dollars, the said commissioners or any two of them shall have power, and they are hereby authorized, to call the first meeting of said corporation by giving notice of the time and place of holding the same, in two newspapers published in Middlesex county in this state, at least fifteen days before the time of holding the same; which said meeting shall be held in Saybrook, and shall be called within eighteen months from the passage of this ac;

at which said meeting said corporation shall elect not less than twelve nor more than twenty-four directors, who shall manage the concerns of said company until others are chosen; and the corporators named in the first section hereof shall have and be entitled to at least one vote; and each, all and every of the persons so applying for insurance shall at such meeting be entitled to one vote for each and every five hundred dollars of insurance thus applied for, and may vote thereon either in person or by proxy.

Sec. 3. The election of directors shall be holden in said Saybrook on the first Wednesday of January, in each year, at the office of said company, or at such other place in said Saybrook as a majority of the directors shall designate; public notice of which shall be given by the secretary in one or more newspapers printed in said Middlesex county, at least two weeks previous to the time of holding such election. And in case of a vacancy in said board of directors, occasioned by death, resignation or otherwise, such vacancy or vacancies may be filled by the remaining directors until the next annual meeting. And in case an election of directors should not be held on the day designated by this act, the corporation shall not be dissolved for that cause, but such meeting may be held thereafter on any day within one year, to be designated by the board of directors for the time being, they giving two weeks' previous notice thereof, by publishing the same in one or more newspapers printed in said Middlesex county.

SEC. 4. The directors shall have power to choose a president, vice president, secretary and such other officers and servants as they may deem necessary for the prosecution of their business. The president and vice president shall hold their offices for one year and until others are chosen in their stead, and may always be re-elected or chosen ; and the other officers and servants of said corporation may be changed by the board or directors at their pleasure, and said directors shall at all times superintend and manage the funds, property and effects of said corporation, any four of whom when assembled shall constitute a quorum for the transaction of business.

Sec. 5. That all and every person or persons who shall at any time hereafter subscribe to and furnish any portion of the guarantee capital or fund of said company, to an extent not less than one hundred dollars, or become insured in or with said company, shall be deemed and taken to be, and be members of said corporation for and during the time each respectively shall continue interested in said guarantee capital or fund, and for and during the time specified in his or their respective policies, and no longer, and shall at all times be concluded and bound by the provisions of this act, and each and every member of said corporation shall be entitled to one vote for each and every one hundred dollars paid, secured or furnished to said guarantee capital or fund, or for premiums of insurance so by him effected by or with said corporation, and may vote either in person or by proxy at all meetings of the members of such corporation.

Sec. 6. Said corporation may make insurance of any and every kind in any way or manner connected with or pertaining to marine risks, and may likewise insure against loss by fire on buildings of every kind and on all kinds of personal property and mixed estate of every description, and shall be liable to make good and pay to the several persons who shall be

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