LLOYD LOWNDES, ESQUIRE, GOVERNOR.

each of said notes shall be liable for its proportion of all the
losses and expenses of the company up to the time of cancella-
tion, as estimated by the directors, including cost of collect-
ing.

493

SEC. 6. And be it further enacted, That all promissory
notes on hand or other evidences of debt held by said company
which shall have been given thereto for premiums for insur-
ance or for any part or parts of said premium, shall constitute
and be deemed a lien on any real estate which may be insured
in consideration of such notes or evidences of debt, which real
estate shall be liable for the full and just payment of such
notes or evidences of debt, either wholly or in part, at such
time or times as the directors shall demand, and of all legal
charges that may be incurred by enforcing payment thereof, in
case of refusal or neglect to pay by the drawers of such notes
or evidences of debt. Any sale, mortgage or transfer of such
real estate, subsequent to the date of such notes or evidences of
debt, and during the time they are in existence, shall not
invalidate or prejudice the lien created thereon by the making
and delivery of such notes or evidences of debt; and such
real estate shall only be released from such liability or lien
thereon, on the full payment of such notes or evidences of
debt, or such part thereon as may be demanded by the direc-
tors of the company, or the cancelling of the insurance or
insurances for which they were given as premiums, under such
regulations as the said directors may establish; and in case of
any refusal or neglect to pay such notes or evidences of debt,
either wholly or in part, whenever and as often as may be de-
manded by the directors of the company, the said directors
may proceed by bill in any court having equity jurisdiction to
collect the same, or any part thereof, by sale, in the same man-
ner as in the foreclosure of a mortgage on real estate; or said
company may proceed by suit at law and execution as herein-
after provided.

Evidences of
debt to be
liens on
property
insured.

SEC. 7. And le it further enacted, That James Wallace,
Leonard S. Fleckenstein, Thomas L. Day, John Lamotte, Cas-
sius M. Dashiell, Henry P. Cannon and James V. McCom-
mons are hereby created directors of the said "Peninsula
Mutual Fire Insurance Company," and shall manage its affairs
until the last Thursday in July, after said company shall have
commenced business and until their successors shall have been
elected and qualified as hereinafter provided; and such of said
directors as shall be present at their first meeting shall proceed

Directors.