WM. T. HAMILTON, ESQUIRE, GOVERNOR.

121

policy, which has been or may hereafter be issued,

ut the end of the year to which it may have been

renewed, if in the judgment of said Board of Direc-

Power to can-

tors the said insurance may not be desirable for said

cel mutual po-

company to continue, either from the changed con-

licy.

dition of the property, or from its proximity to

other property insured in this company, or for any

other cause — and in the event that the Board of Di-

rectors shall cancel such policy, they shall at the

time thereof surrender to such policy holder his

premium note or any cash which may have been

advanced by him in lieu thereof."

SEC. 3. And be it enacted, That section eight of

the acts passed at December session, eighteen hun-

dred and forty-five, chapter thirty-seven, entitled "An

Act to incorporate the Mutual Insurance Company

of Washington county," be and the same is hereby

repealed and re-enacted so as to read as follows :

Repealed and
re-enacted.

" That the President and Directors of said company

shall be and are hereby authorized to make and

effect all kinds of fire insurance, and also to make

Effect fire In-

reinsurance upon all or any of the risks heretofore

surance.

or hereafter taken by them, and generally to trans-

act and perform all business relative to and con-

nected with the subject of fire insurance."

SEC. 4. And be it enacted. That section two of

the act passed at the January session, eighteen hun-

dred and fifty-three, chapter three hundred and

seventy-nine, entitled "An Act to amend an act enti-

tled ' An Act to incorporate the Mutual Insurance

Company of Washington county,' " passed at Decem-

ber session, eighteen hundred and forty-five, chapter

thirty-seven, be and the same is hereby repealed and

Repealed and

re-enacted so as to read as follows : " That all per-

re-enaeted.

sons and incorporations, their executors, administra-

tors or assigns, now holding mutual policies of insur-

ance, and that have been insured by said company

for a period of time less than seven years, at the ex-

piration of the full time of seven years of their in-

surance, they being then insured, shall be entitled

Entitled to

to and receive a credit for one-third of their premium

one-third of
premium.

notes, secured by judgment or otherwise, or a return

of one-third of cash advanced by them as premium,

as the case may be, which credit on the judgment

or notes secured as aforesaid shall be entered by

the secretary of said company as soon as the reduc-