|
WILLIAM SMALLWOOD, Esq; Governor.
capital stock of the said corporation, and the value insured in the
policy, shall
extend, excepting average losses by fire, not exceeding five pounds
in value in one
hundred pounds value of the said house, houses or buildings, which they
shall
not be answerable for; provided always, that no stockholder, subscriber
or member,
of the said corporation, shall be answerable for any losses which may be
sustained by fire or otherwise for any more or larger sum or sums of money
whatsoever
but to the amount of the stock, stocks or shares, which shall appear by
the books of the said company to belong to him at the time or times when
such
loss or losses shall be sustained as aforesaid, nor shall any such stockholder,
subscriber
or member, of the said corporation, be any way liable to answer for the
failure or deficiency of the said capital stock of the said corporation
by reason of
the failure or deficiency of any other stockholder, subscriber or member,
of the
said corporation, in his share or shares of the said capital stock. |
1787.
CHAP.
XX. |
VIII. And be
it enacted, That all the profits and advantages which shall arise
to the said corporation from premiums or otherwise, shall remain and be
added
to the stock aforesaid for the term of five years from the opening the
said office,
at the end of which term, after payment of the losses which may have happened,
there may be a dividend of the said profits, and not sooner, and so on
at the end
of every five years in the same manner. |
Profits to be
added to the
stock, &c. |
IX. And,
whereas in case of any loss or losses by fire in any dwelling house,
houses of other buildings, which shall be insured by the said corporation
as aforesaid,
it is absolutely necessary that the terms contained in the respective policies
should be punctually complied with, and that a summary mode of proceeding
should be adopted to compel the speedy collection of the money which shall
be
necessary for the payment of the said loss or losses which shall from
time to time
happen, Be it enacted, That as often
as any such loss or losses shall be sustained,
it shall and may be lawful for the president, and three of the trustees
for the time
being of the said corporation, to call upon the respective stockholders,
subscribers
or members, of the said corporation, to pay into the hands of the treasurer
of the said corporation for the time being, by a certain day (not less
than one
month) by them to be appointed for that purpose, such sum or sums of current
money as shall be sufficient to discharge the loss or losses so sustained,
which sum
or sums of money so to be paid to the said treasurer, shall be proportioned
according
to the respective stock or stocks so held as aforesaid; and in case the
said
person or persons so called upon, shall neglect or refuse to make the payment
so
called for on the day so to be appointed for that purpose, the president
and three
of the said trustees for the time being, shall writ to the clerk of the
court of
that county or counties in which the said defaulter or defaulters shall
reside, and
send to the said clerk such of the said notes of the said defaulters as
they shall
think necessary, and order the said clerk or clerks to issue capias
ad satisfaciendum,
fieri facias, or attachment by way of execution, for the sum or sums
of money
mentioned in the said note or notes, and the execution or executions so
issued,
shall be made returnable to the court which shall first sit after the issuing
thereof,
and shall be as valid and effectual in law; to all intents and purposes,
as if the
same had issued on judgment regularly obtained according to the common
and
ordinary course of proceeding in a court of law. |
In case of loss
president, &c.
to call on the
stockholders,
&c. |
X. And be it
enacted, That in case any promissory note or notes, for any sum
or sums of money, shall, at any time or times hereafter, be given or transferred
to the said corporation for any premium or premiums on any insurance
or insurances
made by them, or for any money lent out by the said corporation on
legal
interest, the said corporation shall and are hereby empowered to proceed
against
the person or persons so indebted to the said corporation for the recovery
of the
said sum or sums of money, in the same manner and form as is above directed
to
be done against the stockholders and members of the said corporation, which
shall be good and valid in law. |
Provision in
case notes are
given or
transferred,
&c. |
XI. And,
to the end that the insured, who shall sustain any loss or losses in
their dwelling houses or buildings by fire, may receive such sum or
sums of money |
|
|
 |
