PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1635

mutual premium fixed and stated herein, and the cash pre-
mium and other charges thereon paid, the insured shall be
deemed to be a duly constituted member of said company and
bound by all the rules and regulations thereof as contained
in its charter and by-laws.

SEC. 9. Every policy issued by said company shall state
plainly and legibly the full mutual premium upon which it is
issued, and a provision as a condition precedent upon which
such policy is issued, that by the acceptance of such policy
the insured covenants and agrees with said company to pay
to said company such sums of money as the board of directors
may require, in such proportion and at such time as the com-
pany, agreeably to its charter, may need to pay losses and
expenses.

SEC. 10. Any member of the company shall have full power
to withdraw therefrom at any time by surrendering his policy
to the company and paying any arrearages of the cash premium
and the policy's proportion of losses incurred, but not paid;
upon such payment the company shall cancel such insurance
as may be covered thereby, and such cancellation shall release
said member from all liability of any and all obligations,
claims or demands due or owing to said company on account
thereof, and shall debar said member from any claim on the
company for any loss or damage by fire subsequent to the time
of withdrawal and cancellation of policy or policies; and the
company may at any time cancel any policy issued by it upon
the return of the unearned portion of the cash premium.

SEC. 11. Whenever the company shall issue a policy for the
insurance of any property, real or personal, the directors may
require such security as they may deem necessary to secure the
parent of the cash premiums of the policy, and such assess-
ment as may be duly laid, together with all cost of collecting
same.

SEC. 12. If any member shall fail to pay in advance the
cash premium of his policy, he shall be excluded from all bene-
fit of his insurance, but at the same time shall be held liable
for his share of any loss incurred by the company during the
time he is so in default.

SEC. 13. The board of directors of the company shall nave
power to regulate the time and duration of all policies issued
by the company; invest all income derived from whatever
source; provide for the payment of losses and expenses incurred
by said company; prescribe the form of application and policy
of insurance and determine the terms and conditions of the
policy; execute the various provisions of the charter of said