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the manner of doing the same, for insurance on any building or buildings insured by said company, and in all cases where money is to be paid out of the treasury of said company, for any purpose whatever, the board of directors shall draw an order on the treasury for the same. And the directors, from time to time, at any of their meetings, may designate which of the directors shall attend the ensuing or any other meeting of the board of directors, and every director who shall fail to attend such meeting of the board of directors, when so designated, shall forfeit the sum of one dollar for each day he may so fail to attend, sickness of himself only excepted.
SEO. 7. The president shall attend and preside at all annual and special meetings of the corporation, and in the absence of the president, the senior director shall preside, and the president shall be liable to the same forfeiture for non-attendance, and subject to the same exception, as any director, and shall sign all policies of insurance ordered by the directors, and on all questions submitted to the company or board of directors, the president shall have a casting vote.
Sec. 8. That the secretary shall keep a fair record of all the votes, proceedings, acts, orders and doings of said corporation, and also of all acts, votes, orders, allowances, grants and purchases of said board of directors or corporation, and of all tines, forfeitures and penalties, as well as all losses and rewards incurred by or made to any member of said corporation, and give copies of all and every matter of record to any person or persons on receiving such reasonable compensation therefor as clerks of courts receive for copies.
Seo. 9. That it shall be the duty of the treasurer to collect all moneys, premiums, taxes, assessments, fines, forfeitures and penalties for the use and benefit of said corporation, keep a fair account of the same, and pay out all such orders of the board of directors as may be drawn, and render his account thereof to the board of directors for liquidation, at least once in each year, and at all other times when requested by the directors.
Sec. io. That all deeds and mortgages, bonds, notes and obligations whatsoever taken for the benefit of said corporation, shall be made to the Mutual Fire Insurance Company of Trumbull, and a delivery of the same unto the directors or secretary shall be deemed a delivery to said corporation.
SEC. 11. That every person who may become a member of said company by effecting insurance therein, shall, before he receives his policy, deposit his promissory note for such sum of money as shall be agreed upon by the board of directors; one per cent. of such note shall be paid forthwith for the purpose of discharging the incidental expenses of said corporation, and constituting a fund for the payment of losses, which may
be loaned on interest or deposited in a savings bank at the discretion of the directors, and the remainder shall be payable in part or in whole at any time when the board of directors sball deem the same requisite for the payment of losses or other expenses; and at the expiration of the term of insurance, the said note, or such part of the same as shall remain unpaid, after settling all losses and expenses occurring during said term, shall be relinquished and given up to the drawer thereof.
Sec. 12. That each and every person effecting insurance in or with said company, shall have a policy for the same under the hand of the pres
ident, and countersigned by the secretary, all which insurances shall be deemed good and valid from the time of the charge of the insurance, and the deposit money may be paid or secured as herein after directed, that is to say, all insurances shall be for the term of five years in each policy, to be computed from twelve o'clock at noon on the day of the date of the policy, and to extend to and expire at twelve o'clock at noon on the last day of the year, when the insurance, by the terms of the policy, is to
Sec. 13. That no insurance on any building or buildings within the town aforesaid, shall be good and valid to the assured, unless the assured has a good and perfect title in fee simple, unincumbered, to the building or buildings, and the land covered by the same, or unless the true title of the assured, or the incumbrances on the premises, be fully expressed in the proposals for insurance, and also specified in the policy thereof.
Sec. 14. That every member of said corporation shall stand to and be bound and obliged to pay his just proportion of all losses, charges, contributions and assessments happening and accruing in and to said company; provided always, that no person shall be bound or obliged to pay more than the amount of the deposit note during the term of insurance in taxes or assessments when all are added together, excluding therefrom said one per cent. first paid as aforesaid.
SEC. 15. That if it should ever happen that the stock of said company, deposited and paid as aforesaid, shall not be sufficient to pay all the losses occasioned by fire, then and in such case the sufferers insured by said company, shall receive toward making good their respective losses, a proportionable dividend of the said whole stock, according to their respective losses, and the respective sums to them insured by said company.
Sec. 16. That every member of said company who may sustain any loss or damage by fire shall give immediate notice thereof to the president, secretary or directors of said company, at their office, to the end that the directors, or the other officers of said company, may view, examine and inquire into the cause of the losses or damage, and know the condition of the said buildings thus damaged; and any loss or damage not claimed within one month after the fire, shall not be paid or allowed but with the consent of a general meeting of the company.
SEC. 17. That the board of directors shall, with all convenient expedition after receiving notice of any loss by fire, settle and determine the sum to be paid by the several members of said company, as their respective proportions of such loss, and publish the same in such manner as they shall think fit. Provided always, that the sum to be paid by each member shall be in proportion to the original amount of his, her or their deposit note or notes, all which sums shall be paid into the hands of the treasurer within thirty days next after the publication of the same as aforesaid, and in default of such payment the party so in default shall, in addition to the amount of his, her or their assessment or assessments, forfeit and pay a sum equal in amount thereto; and neglecting to pay the said assessment or assessments and forfeitute sixty days more, shall thereafter be excluded and debarred, and shall lose all benefit and advantage of his, her or their insurance or insurances respectively, and all right to the stock of said company, and notwithstanding, shall be liable and obliged to pay all assessments that shall thereafter be made during the con. tinuance of the term of insurance pursuant to the provisions of this act.
Sec. 18. That all buildings insured by the said company in manner aforesaid, within said town, and all the insurer's right, title and interest, claims and demands in and to the lots whereon the same are or may be situated, shall be by virtue of such insurance, pledged to the said company, and the said company shall have a lien thereon for all demands of said company, against the insured by virtue of said insurance and against his, her or their heirs, and against them only during the continuance of his, her or their policy or policies.
Sec. 19. That if any person or persons insured as aforesaid, their heirs, executors, administrators or assigns, shall neglect or refuse the payment of any assessment, assessments or forfeiture for the term of three months after notice given as aforesaid, the same may be recovered by the said Mutual Fire Insurance Company of Trumbull
, by action of debt before any proper court, to hear and determine the same, and the same with costs shall be collected by execution as any other debt, and when collected shall be paid over to the treasurer of said company.
Sec. 20. That the directors shall settle and order the payment of all losses and damages sustained by fire as aforesaid to the insured, and at the end of ninety days from the time the same shall have been duly notified as aforesaid.
Sec. 21. That if any alteration shall be made in any house, houses or buildings insured as aforesaid, by the act of the proprietor, owner or possessor, after the same are insured in and by said company, whereby the same may be exposed to greater risk or hazard than at the time of effecting the insurance, then and in every such case the insurance or insurances made on such house or houses or other buildings shall become void, unless the same shall be made with the consent and approbation of the board of directors in writing under the hand of the secretary of said company, and unless an additional deposit be made and an additional premium be paid according to such agreement and order of the board of directors, as they may make thereon.
SEC. 22. That if insurance upon any house, houses or any other buildings shall be and exist in said company, and at or in any other office, or from any other person or persons at the same time, or during any period of time when insurance subsists in the said Mutual Fire Insurance Company of Trumbull, the said insurance made and effected in the last mentioned company, shall be deemed and become void, unless such double insurance subsists with the consent and approbation of the said board of directors, signified by indorsement on the back of the policy by the secretary of the said company, in pursuance of an order to that effect, given and passed by the said board of directors.
Sec. 23. That the board of directors shall determine the amount to be paid by the insured for each policy, transfer or mortgage.
Sec. 24. That no building shall be insured by said company, used as a carpenter's and joiner's shop, or carriage-maker's shop, or any other building of whatever name or nature except dwelling houses and barns, but on such terms as the board of directors may especially agree upon; and no policy shall be construed to extend to any buildings wherein extra-hazardous materials are allowed to be deposited, unless especially mentioned and set forth in the policy issued on such insurance.
Sec. 25. That when any house or building insured under the provisions of this act shall be alienated by sale or otherwise, the policy shall thereupon be ipso facto void, and be surrendered to the directors of said company to be canceled; and upon such surrender the insured shall be entitled to receive his, her or their deposit notes, upon the payment of his, her or their proportion of all losses and expenses which may 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 board of directors, and with their consent, within thirty days next after such alienation, on giving proper security to the satisfaction of said board for such proportion of the premium note as shall remain unpaid, and by such ratification and confirmation, the parties causing the same shall be entitled to all the rights and privileges, and subject to all the responsibilities, to which the original insured was entitled or subject under this act.
Sec. 26. That it shall and may be lawful at all times, for every member of said company, his heirs, executors, administrators or assigns, to inspect the books and records of said company: and in case of any suit against, or in favor of said company, any court of record shall have power to compel by any proper order, the production of the books and records of said company.
Sec. 27. "That after the first Monday of January, 1854, no person shall be a member of said company, or hold any office therein, except the secretary of said company, unless he, she or they is or are insured therein according to this act, and whenever any policy shall by its own terms expire or may be surrendered as aforesaid, then such insured shall cease to be a member of said company.
SEC. 28. That it may be lawful for the board of directors at their discretion, to cause a dividend of any surplus funds in the treasury of said company to be paid to the members thereof, at the time of such dividend, according to the amount of each deposit note.
SEO. 29. That each member of said corporation at any meeting may appear and act by himself or proxy, provided, that po person shall act by virtue of any such proxy but within six months from its date. Provided, nevertheless, that this act of incorporation shall not go into operation nor take effect until property to the amount of ten thousand dollars is insured upon the principle of this act, and according to the regulations to be adopted under this act.
Sec. 30. That this act shall and may at any time be altered, amended or repealed by and at the pleasure of the general assembly.
INCORPORATING THE UNITED STATES ANNUITY AND LIFE INSURANCE
Be it enacted by the Senate and House of Representatives, in General Assembly convened, Sec. 1. That the stockholders of the United States Annuity and Life Insurance Company, and all other persons who may become menibers or associates with them as herein after provided, 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 United States Annuity and Life Insurance Company, to be located in the city of New Haven, 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 justice, and in every other place or places whatsoever; also to devise, have and use a common seal, and the same to break, change, alter and renew at pleasure; also to ordain, establish and put in execution all such by-laws, rules and regulations as shall be necessary and convenient for the government of such
corporation and for the proper management of the concerns thereof; also to purchase, hold and convey any estate, real or personal, for the use of said corporation; provided said by-laws and regulations are not repugnant to the constitution and laws of this state, and of the constitution and laws of the United States.
SEC. 2. The capital stock of said corporation shall not be less than one hundred thousand dollars, and at the pleasure of said corporation may be increased to any further sum, not exceeding ten hundred thonsand dollars, and shall be divided into shares of one hundred dollars each; and on said capital stock of one hundred thousand dollars in part of said stock, shall be paid into the treasury of said corporation, within thirty days after the first meeting of said corporation, which shall be within one year from the passage hereof, five per centum; and within sixty days next after said first installment shall have been ordered to be paid in, the further sum of five per centum on said stock shall in like manner and for like purposes be paid into said treasury, and the remainder of said stock shall be secured to be paid by mortgage on real estate or indorsed promissory notes, approved by the president and directors of said corporation, or by lodging with said corporation any dividend paying stocks or bonds, such as said president and directors shall approve of, and all said securities for said ninety per centum of said capital shall also be approved by the comptroller of public accounts; which remainder of said stock shail be payable in thirty days after demand. And the said president and directors shall have power at all times to require additional security, at their discretion, and to require the payment of such installments on said capital stock as they shall from time to time deem necessary, and if any stockholder shall fail to procure such additional security as may be required from time to time by said president and directors, after having had notice in writing of such additional security being required for the period of sixty days, then he shall forfeit his stock for the use and benefit of said