ance, and may bring and maintain suit in his own
name to recover any loss or protect and maintain
any right or interest such assignee may have by
reason of such assignment as fully as if said
assignee were the original owner of such as- |
|
signed policy or contract of insurance; provided,
that before any loss happens such assignee shall
obtain the consent of the President or Secretary of
said company to such assignment and have the
same endorsed on or annexed to such policy or
contract of insurance. |
Proviso. |
Sec. 14. And be it enacted, That the said com-
pany shall have and is hereby invested with full
power and authority to make any law or laws
whereby any member of said company failing to
pay interest on his, her or their premium note or
notes according to the Constitution and by-laws of
said company may be excluded from all benefits of
insurance, and at the same time be held liable to
contribution in case of loss by others during all the
time he, she or they may be so in default. |
Power to ex-
clude mem-
bers. |
Sec. 15. And be it enacted, That in case the pro-
perty insured be personal property the said com-
pany shall be authorized to take the premium
note of such party with such security as they may
deem expedient, which notes shall be subject to the
assessments made in all cases where losses shall be
incurred, and in case the party shall refuse or
neglect to pay the proportion of loss assessed upon
such note within sixty days after the notification
thereof, the President of said company shall enter
up a judgment on said note in the office of the Clerk
of the Circuit Court for the county where such
party may reside, and shall direct an execution to
issue forthwith on such judgment for the amount of
assessment on said note. |
May direct
execution to be
made. |
Sec. 16. And be it enacted, That this corpora-
tion shall have full power to rescind or revoke any
policy or contract of insurance by them issued,
whenever they shall deem it for the interest of
said company to do so. |
Power to re-
voke policies. |
Sec. 17. And be it enacted, That all and every
of the inembers of this company who shall sustain
any loss or damage by fire shall give notice imme-
diately to President and Directors of the company
at their office to the end, that the Directors, their offi- |
Required to
give notice of
loss or damage, |
