PRIVATE ACTS. 1409

SEC. 5. Any member of the company shall have full power
to withdraw therefrom at any time by surrendering his policy
to the company and paying such fees as may be reasonably
demanded and any arrearages of the annual cash cost and
assessments, and the policy's proportion of losses incurred but
not paid; upon such payment the company shall cancel such
insurance as may be covered thereby, and such cancellation
shall release said member and the real and personal estate that
he may have insured under the surrendered policy from all
liability for or on account of any and all obligations, claims
or demands due or owing to said company on account thereof,
and shall debar said member from any claim on the company
for any loss or damage by fire subsequent to the time of such
withdrawal and cancellation; and the company may at any
time cancel any policy issued by it upon the return of the un-
earned portion of the annual cash cost.

SEC. 6. Mortgagees and other owners of limited interests
in real and personal property shall have the right to insure
their interests; guardians and trustees shall have the right to
insure the real and personal property of their wards and ces-
tuis que trustent in the company; and the lien provided by
this Act shall take effect as though said wards or cestuis que
trustent were of full age and sui juris and life tenants of real
or personal property may in like manner insure the same.

SEC. 7. Every application made to and every policy issued
by this company shall state plainly and legibly the full mutual
premium upon which it is made or issued, said premium to be
computed according to the hazard of the risk as set out in the
company's table of rates, and the annual cash cost of the policy
shall be a certain percentage of the full mutual premium to
be determined each year by the board of directors and be the
same for all policies then in force; and the company may by
its by-laws fix the contingent mutual liability of its members
for losses and expenses in excess of its cash funds; provided,
that said contingent liability shall not in any year exceed twice
the annual cash cost of the member's policy.

SEC. 8. No annual policy shall remain in force longer than
eight years, and policies may be issued for terms not exceeding
eight years.

SEC. 10. The affairs of the company shall be managed by a
board of fifteen directors, who shall be elected by the members
from among their own number at the annual meeting on the
first Tuesday in February of each year, and such of them as
shall be present at the first meeting shall proceed to organize
the company by electing a president and secretary thereof,