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Insurance.
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SEC. 2. And be it further enacted, That it shall be the duty
of the secretary of the said company to keep a book containing
a copy of this Act and of such by-laws of the said company as
may be established, and that all persons, firms, or corporations
who may apply for insurance, either from the secretary or any
duly authorized agent of said company, and take out a policy
of insurance, shall be regarded as subscribing their assent
thereto, and all persons, firms or corporations taking out a
policy of 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 payment of such fees, charges or pre-
miums as may be demanded by the proper officers of the cor-
poration, shall constitute such persons, firms or corporations,
members of the paid 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 per-
son, 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
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Become
members of
said com
pany.
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be insured by this company shall become members thereof, and
shall be bound by all the rules and regulations of said company
and shall be bound each to the other to make good their pro-
portionate amount (which shall be in proportion to the amount
of their several premium notes or amount of their insurance)
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 fare, 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 construed
to reduce the amount of such notes or to invalidate the obliga-
tions 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 paying losses, while
the insurance or insurances for which they were given as prem-
iums shall exist ; 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. 4. And be it further enacted, That all persons, firms
and corporations insured in this company are bound, and agree
by the acceptance of their respective policies, (where no pre-
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