WILLIAM GRASON, ESQUIRE, GOVERNOR.

1840.

board of directors; provided, such objection be made while
the risks proposed are under consideration, and before the
same are acted upon.

CHAP. 82.

SEC. 14. Be it enacted, That every person who shall be-
come a member of this corporation, by effecting insurance
therein, shall, when he effects insurance, and before he
receives his policy, pay or secure to be paid, the rates that
shall be fixed and determined upon by the president and
directors, and no premium so paid shall ever be withdrawn
from said company during the existence of its charter, but
shall be liable to all the losses and expenses incurred by the
company during the continuance of its charter.

Premium to be
paid on becom-
ing members.

How applied.

SEC. 15. Be it enacted, That all notes or obligations
shall be signed by the president and countersigned by two
of the directors; and no promissory note or obligation shall
be given, without the previous vote of the board of direc-
tors.

Notes, &c. to be

signed by pre-
sident and two
directors.

SEC. 16. Be it enacted, That no director or other per-
son shall be present, unless requested, at any meeting of
the board, when any business in which he is interested,
shall be finally determined and passed upon.

Director inter-
ested not to be
present at any
meeting.

SEC. 17. Be it enacted, That all questions which cannot
be settled by the president and directors of the week, shall
be submitted to the full board of directors.

In case of dis-
pute.

SEC. 18. Be it enacted, That the president and directors
shall, at the expiration of one year from the time that the
first policy shall have been issued and bear date, and with-
in one fortnight thereafter, and during the first fortnight of
every subsequent year, cause a balance to be struck of the
affairs of the company, in which they shall charge each
person who has been insured, with a proportionate share of
the losses and expenses of said company, according to the
amount of premiums paid by him on or for risks, which
have then terminated, but in no case shall such share ex-
ceed the amount of such premiums with which each mem-
ber shall be credited; and they shall also cause to be made

and printed for the use of each member of the company, a
general balance statement of the affairs of said company,
which shall contain: first, the amount of premiums received
during the year; second, the amount of expenses of the
company during the year; third, the amount of losses in-
curred during the year; fourth, the amount of the premium
notes held by the company on risks not terminated; fifth,
the amount of losses claimed against said company, not
yet adjusted or paid; sixth, the balance remaining with said

Yearly balance
to be struck.

Balance state-
ment to be made
out and printed

Its contents.