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116 CORPORATIONS. [ART. XXIII
own policies, shall be made which has not first been authorized by the
board of directors, or by a committee thereof charged with the duty
of investing or loaning the funds of the company, nor shall any deposit
be made in a bank or banking institution unless such bank or banking
institution has first been approved as a bank of deposit by the board of
directors or said committee thereof and unless the vote authorizing such
investment, sale or loan or approval of the place of deposit has been
duly recorded in the books of the company.
1916, ch. 256. sec. 154S.
154S. No domestic company hereafter acquiring title to real estate
under the conditions of any mortgage owned by it or by purchase or
set-off on execution upon judgment for debts due it previously con-
tracted in the course of its business or by other process in settlement
for debts shall hold it for a longer period than five years without per-
mission granted in writing by the insurance commissioner; nor shall
any such company hereafter invest in real estate except to the extent
that may be necessary for its convenient accommodation in the transac-
tion of its business, and then in no case to exceed ten per cent of its
invested assets, including cash in banks..
Such company shall not engage in buying or selling goods, wares or
merchandise, except articles insured by it on which losses are claimed,
and except in replacing, rebuilding or repairing insured property as
provided in its policies, nor engage in any business other than as speci-
fied in its charter or agreement of association and expressly authorized
by law.
1916, ch. 256, sec. 154T.
154T. Mutual fire insurance companies, except as provided in the
following section, shall charge and collect upon their policies a full
mutual premium in cash, or notes absolutely payable. Any such com-
pany may in its by-laws and policies fix the contingent mutual liability
of its members for the payment of losses and expenses not provided
for by its cash funds; but such contingent liability of a member shall
not be less than an amount equal to and in addition to the cash premium
written in his policy. The total amount of the liability of the policy
holder shall be plainly and legibly stated upon the filing-back of each
policy. Whenever any reduction is made in the contingent liability
of members such reduction shall apply proportionally to all policies in
force.
1916, ch. 256, sec. 154U.
154U. Mutual fire insurance companies' organized prior to the first
day of January in the year nineteen hundred and sixteen and now
lawfully doing business upon the plan of taking deposit notes for a
percentage of the amount insured by its policies, and making a call or
assessment thereon for expenses and for the payment of losses only
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