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CHAP. 769
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of the company, and generally to transact, execute and per-
form all such business as may appertain to a fire insurance
company, not contrary to this Act or the constitution and
laws of this State or of the United States.
SEC. 2. And be it further enacted, That it shall be the duty
of the secretary of the said company to keep a book contain-
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Book to be
kept con-
taining a
copy of this
Act, etc.
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ing a copy of this Act and of such by-laws of the said com-
pany as may be established, and that all persons, firms or
corporations who wish to become members of the said com-
pany may be required to express in writing, at the foot
thereof, their assent thereto; and all persons, firms or cor-
porations, by signing an application for insurance therein,
shall be deemed to have subscribed their assent to this Act
and the by-laws of said company, which expression of assent
and the payment of such fees, charges or premiums as may
be demanded by the proper officers of the corporation shall
constitute such persons, firms or corporations members of
the said company, and as such be bound by all the rules and
regulations of said company as contained in this Act and in
the by-laws of said company, whether enacted before or after
the commencement of such membership; and every person,
firm or corporation which shall be insured by said company
shall become members thereof, as already provided for.
SEC. 3. And be it further enacted, That all persons who
shall be insured by this company shall become members
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Bound by the
rules and
regulations
of said
company.
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thereof and shall be bound by all the rules and regulations
of said company and shall bound, each to the other, to make
good their proportionate amount (which shall be in propor-
tion to the amount of their several premium notes) of any
loss, losses or damages that may occur on property insured
by the company, not exceeding for any one loss the amount
of premium note or notes that he, she or they may have
given to the company and are held by it at the time of such
fire, the assessment to be made after deducting from the
amount of said loss or losses at the time being; but the pay-
ment of any part or parts of the whole amount of such notes
for any one loss or any one assessment shall not be con-
strued to reduce the amount of such notes or to invalidate
the obligations expressed thereby; but the said notes shall
be held as binding for the whole amount thereof so often as
demanded by order of the directors for the purpose of pay-
ing losses while the insurance or insurances for which they
were given as premiums shall exist.
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