E. LOUIS LOWE, ESQUIRE, GOVERNOR.
553
of cash advanced by them as premium, as the
case may be, which credit on the judgments or notes
secured as aforesaid, shall be entered by the secretary as
soon as the reduction shall be made under the provisions
of this act, and one-third of the cash advanced as
premium shall, at the same time be returned to the
person or incorporation, their executors, administrators
or assigns that may have paid cash as premium in advance.
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SEC. 2. And be it enacted,
That all persons and
incorporations their executors, administrators or assigns
now holding policies of insurance, and that have been
insured by said company for a term less than seven
years, and all persons and incorporations, their executors,
administrators or assigns that shall hereafter be
insured by said company at the expiration of the full
time of seven years of their insurance being then insured,
and the surplus profits of said company exceeding
the said sum of nine thousand dollars, shall be
entitled to and receive a like credit on their judgments
and premium notes secured as aforesaid, or a like return
of cash advanced by them as premium, as those persons
or incorporations mentioned in the first section of
this act, shall be entitled to and receive as is provided
in the first section of this act.
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Credit on
judgments.
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SEC. 3. And be it enacted,
That all premium notes
now given on which may hereafter be given to said
company secured by judgments, shall be liens on the
real estate of the respective persons or incorporations
insured during the continuance of their respective policies,
and for such longer time thereafter, not exceeding
ninety days until all interest due in advance and all
assessments which may be made upon said premium
notes as provided by the original act of incorporation
of said company, shall be fully paid by such person
or incorporations respectively, and that it shall not be
necessary to revive such judgments by sciri facias, during
the period for which such premium notes, secured
by judgments shall be liens as hereinbefore provided
upon such real estate.
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Premium
notes liens on
real estate.
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SEC. 4. And be it enacted,
That the said Mutual
Insurance Company, after the first day of October in
the year eighteen hundred and fifty-four, and annually
thereafter, as the board of directors thereof by order may
prescribe, shall divide the net profits of said company,
or so much thereof as the said board shall direct, among
the members thereof ratably in proportion to their respective
amounts of premiums and credits; Provided,
that no dividend shall be made, except of the net
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Division of
net profits.
Provisoes.
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