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ART. XXIII] INSURANCE COMPANIES. 117
after such losses are incurred, may continue such system of business,
and such deposit notes shall constitute the entire liability of their mem-
bors.
1916, ch. 256, sec. 154V.
154V. From time to time the directors of a mutual fire insurance
company may, by vote, fix and determine the percentages of dividend
or expiration return of premium to be paid on expiring policies, which
percentages may differ, following the different loss experience of dif-
ferent classes of risks of the same term. But all policies insuring risks
in the same classification, shall have an equal rate of dividend or expi-
ration return of premium for the same term, and in case of an assess-
ment the rate thereof may be different for each different class of risk,
provided that every policy in a company thus dividing its risk in two
or more classifications shall when issued bear an endorsement clearly
indicating the class to which it is assigned. Every policy holder of a
domestic company and every policyholder in this State of a foreign
company, shall be notified at his last known address within six months
after the expiration of his policy of the amount of any dividend or ex-
piration return of premium declared and payable thereon, unless in the
meantime such dividend or return has been paid in cash or applied in
payment of the premium on the renewal of the policy.
If it appears to the Insurance Commissioner after an examination
mode by him or by an examiner appointed by him that the assets or
capital of any mutual insurance corporation are insufficient to justify
its continuance in business, he shall determine the amount of such
deficiency and issue a written requisition to the officers of the corpora-
tion requiring them to make good said deficiency within a time to be
specified therein, not less than thirty nor more than ninety days from
the service of such requisition. Such service may be made by mail,
directed to the corporation at its home office as specified in its charter.
Upon the service of such requisition the directors of the corporation
shall forthwith cause such deficiency to be made good and proof to be
filed with the Commissioner within the time specified in the requisi-
tion that the same has been made good. For any losses accruing upon
new risks taken after the expiration of such time and before such
deficiency shall be made good, the directors of the corporation shall
jointly and severally be personally liable therefor. If such deficiency
shall not be made good within the time specified in such requisition
and satisfactory proof thereof filed with the Commissioner, the cor-
poration shall be deemed insolvent and may be proceeded against as an
insolvent corporation in the manner authorized by law.
1916, ch. 250, sec. 154W.
154W. A mutual fire insurance company may be formed with, or
an existing mutual fire insurance company may establish, a guaranty
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