|
|
Sec. 4. And be it further enacted, That each and every
premium note given by the company shall bear interest at a
rate fixed from time to time by the board of directors, pay-
able annually in advance on the first Monday in January in
each and every year, respectively; and said note shall be
held as security for the payment of any assessment that may
be made on the members, and shall not be used for any
other purpose whatever.
SEC. 5. And be it further enacted, That the premium notes
|
CHAP. 759
Notes to bear
inlerest.
|
|
|
|
taken by this company shall remain in full force until the
policies for which they were given are cancelled; and each
of said notes shall be liable for its proportion of all the
loses and expenses of the company up to the time of cancel-
lation, as estimated by the directors, including costs of
collecting.
SEC. 6. And be it further enacted, That all promissory
notes of land or other evidences of debt held by the said
|
Premium
notes to
remain in
full force,
etc.
|
|
|
|
company, which shall be given thereto for premiums for
insurance, or for any part or parts of said premiums, shall
constitute and be deemed a lien on any real estate which may
be insured in consideration, or part 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, whether wholly or in part, at such time or times as the
directors shall demand, and of all legal charges that may be
incurred in enforcing payment thereof in case of refusal or
neglect to pay by the drawers 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, or evidences of debt, or 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, and the cancelling of the insurance or
insurances for which they were given, as premiums under
such regulations as the directors may establish; and in case
of any refusal or neglect to pay such notes or evidences of
debt, whether wholly or in part, whenever and as often as
may be demanded 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 manner as in the foreclosure of a mortgage on
|
Lien on real
estate
Insured, etc.
|
|
