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CHAP. 564.
Interest to be
" charged on
policies, etc.
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Section 3 A. Said companj7 is herebv authorized and
"empowered to charge and collect upon the policies and upon
each renewal thereof in cash such interest or percentage of a
full mutual premium thereon as the board of directors may
determine ; and said company may in its by-laws and policies
fix the contingent mutual liability of its members for the
payment of losses and expenses not provided for by its cash
funds ; provided, that in addition to the annual cost of his
policy, the contingent liability of any member of said com-
pany shall not exceed in any one year a sum equal to double
the cash annual cost of his policy. The total premium or
amount of the liability of the policy holder shall be plainly
and legibly stated upon the back of each policy.
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Property to
be held for
security, etc.
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Section 4. Be it further enacted. That whenever the said
corporation shall make insurance upon any mansion house,
store, mill, barn, outbtdlding or other building whatsoever,
the said building so insured, together with so much of the
land under and surrounding the same as may be necessary
for the ordinary and useful purposes of such building, shall
be held by the said corporation as security for the sum of the
interest, charges or deposit money required to be paid or
secured upon such insurance, together with such assessment
or assessments as the members of the said corporation thus
insured shall be liable to pay pursuant to the provisions
of the charter, constitution and by-laws of the said company.
And the policy of insurance to any member upon his said
mansion house or other building shall of itself, from the time
it issues, create a lien upon such mansion house or other build-
ing and the land aforesaid to the amount of the sum of such
interest, charges or deposit money and any assessment or assess-
ments which may be upon the insured as a member of said
corporation, and the costs which may accrue in collecting the
same, without any other act or ceremony in law whatever.
And said lien shall continue and be in force upon said man-
sion house or other building insurea, with the land aforesaid,
for security to said corporation of the payment of said interest
charges or deposit money, and the assessment or assessments
upon the member so insured with costs, until the said interest
charges or deposit money, with the sum or sums of said assess-
ment, shall be paid or otherwise satisfied to or released by said
corporation, notwithstanding any transfer or alienation thereof ;
provided, nevertheless, that nothing herein contained shall
restrict said corporation from receiving any other security in
lieu of said lien for said interest charges of deposit money,
and assessments upon which said corporation and the insured
may agree; and provided, also, that in all cases when the
said corporation relies upon the security of the lien created
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