40 FORTY-FOURTH CON GBESS. Sess. I. Ch. 85. 1876. _ Policy net bind- same requisite for the payment of losses or the current expenses of the mg ““*']»°*°· company; and no policy shall bind the company until such note has been iven. Calls of assess- Sm? ll. That whenever the board of trustees, for the purpose of ments. paying losses or current expenses, shall deem it necessary to call for the payment of any portion of the principal of the premium-notes, they shall settle and determine the sum to be paid by the several members, _ (but always in proportion to the original amount of the respective pie mium-notes.) Notice of such call shall be given_to the members in such manner as the bylaws shall prescribe; and if any member shall Failure to pay neglect or refuse to pay the sum assessed upon said member, for the ¤¤¤°¤¤¤*°¤*· space of thirty days after receiving such notice, the company may proceed to collect the whole amount of such premium-note, together with costs; and tho amount of the note, less the expenses of collecting the Same, shall be placed in the treasury of the company, subject to the same liabilities as said note would have been subject to. But nothing F¤¤<l YM P¤·>’· in this act contained shall be construed as requiring losses and expenses
- “x°“'f1;’;nS1°“S°““"‘1 to be paid exclusively from assessments on premium-notes, but they
P°may be paid out of such assets as the board of trustees shall, by general · rules, prescribe. ‘ Claim for less, Sec. 12. That all just and lawful claims of members for loss or dam- }’g:_,°" °° b° °°"“' age sustained by fire shall be certified in accordance with the terms of I ‘ the policy, within sixty days after due notice of the loss has been tiled Suit on loss. with the company. No suit shall be brought upon any such claim for damages until after the expiration of said sixty days, and no member Members compo- of the company shall be incompetent as a witness in such suit on tent witnesses- account of his said membership. Meetings. Sec. 13. That a general meeting of said company shall be held annually at such time and place as shall be designated in the by-laws. The president may, at any time, call a special meeting of the company, and shall do so at the request in writing, of twenty or more members. Election ertnist- The election of trustees shall be held at the annual meeting, and shall
- 8- be by ballot, and each member shall have one vote. At least two weeks’
previous notice of each annual or special meeting shall be given by publication in two newspapers of general circulation in the city of Washington: Provided, That at any called meeting of the company, the Rem¤va1erti·ust— trustees, or any of them, may be removed by a vote of three-fourths of eee. the members present and voting, and the vacancies thus created_ may be filled at such meeting for the unexpired term; but notice of such proposed action shall be given in the call for the meeting. A¤¤¤¤¤l ¤'»¤*’°· Sec. 14. That the board of trustees of said company shall cause to be “'°"° °f °""°°°°‘ published annually, in some newspaper of general circulation in the city of Washington, and at least two weeks prior to the annual meeting of the members, a statement of its dnancial condition, in which shall be shown the amount of premium-notes and cash on hand; the amount of securities held by the company; the amount of losses, if any, during the previous year; and such other items relating to the business of the company as said board may think proper. No bankingpriv- SEO. 15. That nothing in this act shall be construed to grant bankingneges. privileges or the iight to issue any note to circulate as money or currency. USB of f,,,,d,,_ It shall, however, be lawful for said company to employ and improve all moneys received by it, and the pr•ts thereon, in uch manner as the " trustees may deem best for the interest of the company ; but the said Real estate- ~ company shall not purchase and hold real estate, at any one time, in Proviso. excess of a cash value of fifty thousand dollars; Provided, That this shall not include any purchases to protect the interests of the company at sales under trusts, mortgages, judgments, or decrees. Amendment mm Sec. 16. That this act shall be in force from and after its passage; ¥`°Pea1. but Congress reserves the right to alter, amend, or repeal the same at any time. ` Approved, April 27, 1876.
