E. LOUIS LOWE, ESQUIRE, GOVERNOR.
467
and greater or lesser hazard of the property insured;
Provided, the same be not less than seven per cent. on
the amount of property insured, to order and direct any
policies to be issued, which policies shall be signed by
the president, and attested by the secretary; Provided,
no policy shall be issued until persons holding property
to the amount of twenty thousand dollars of insurable
property, shall become members of this company, and
such company are hereby vested with all powers requisite
and proper top carry this act into effect; Provided,
the same be not inconsistent with the constitution and
laws of this State; and in case any vacancy shall occur
in the board of directors, from death, resignation or any
other cause, the board of directors shall supply such
vacancy or vacancies, until the next annual election.
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Provisoes.
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SEC. 5. And be it enacted,
That any person or persons,
or any body corporate, may become members of
this institution, by insuring his, her or their property
with the company, and by paying in advance, in cash,
or by executing his note, at his, her or their option,
which note shall be secured in the manner hereinafter
prescribed, for such premium as may be required by
the board of directors, not less than seven per cent. on
the amount insured, the note to be made to the Mutual
Insurance Company of Weverton, and to bear
interest from date, the interest thereof to be paid annually,
in advance, at the rate of six per cent. per
annum.
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Right of
membership.
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SEC. 6. And be it enacted,
That the clerk of the
county wherein the property insured may be situated,
shall be furnished with a docket by the Mutual Insurance
company, in which docket shall be entered a
judgment by the person or persons or body corporate,
to the Mutual Insurance company of Weverton, for the
amount of his or their premium note, without a declaration
be filed, appearance for the plaintiff being entered or
writ issued against the party insuring, which said party
insuring shall either appear in person or shall direct the
clerk by an instrument in writing, signed by said party
and attested by one witness, to enter up judgment for
the amount of his premium note, which judgment shall
be a lien upon his, her or their real estate, and for such
service the clerk shall receive the sum of ten cents, to
be paid by the insured, and no policy shall be issued
until such judgment be entered up.
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Clerk to be
furnished
with docket.
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SEC. 7. And be it enacted,
That in case the party insured
shall fail to pay his; her or their interest in advance
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Failure to pay.
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