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board, a secretary, a treasurer, who may also be either the president or secretary, and such other officers as the by-laws provide. The secretary and treasurer severally shall give bond with sureties in such sum as the directors require, for the faithful performance of their respective duties.

The secretary shall keep a record of the votes, whether cast in person or by proxy, and the other proceedings of all meetings of the directors and of the members; a true list of the holders of the guaranty capital, if any, the number of shares owned by each, and a record of all transfers of such shares; and shall record all policies issued and all authorized assignments, transfers and cancellations thereof; and such other books and records as the president and directors may require. The records so kept shall be evidence of the transactions to which they relate, and for making any wilfully false record the secretary shall be deemed guilty of perjury. Such records shall be open to the inspection of any person interested therein.

1916, ch. 256, sec. 1540.

1540. Every person insured by a mutual fire insurance company shall be a member while his policy is in force, entitled to one vote for each policy he holds, and shall be notified of the time and place of holding its meetings by a written notice or by an imprint in type not smaller than long primer, upon the filing back of each policy, receipt or certificate of renewal as follows: The assured is hereby notified that by virtue of this policy he is a member of the Insurance Company, and

is entitled to vote either in person or by proxy at any and all meetings of said company. The annual meetings are held at its home office in ... .... on the ........ day of . . . . . . . . in each year, at ... ... o'clock.

........

The blanks shall be duly filled in in print, and shall be a sufficient notice.

A corporation which becomes a member of such company may authorize any person to represent it in such company, and such representative shall have all the rights of any individual member.

Any person holding property in trust may insure the same in such company, and as such trustee assume the liabilities and

be entitled to the rights of a member, but shall not be personally liable upon such contract of insurance.

Members may vote by proxies dated and executed within three months and returned and filed with the secretary of the company twenty days or more before the meeting at which they are to be used.

Such company shall have its home office in the city or town specified in its charter, and if it establishes agencies in other cities or towns, all signs, cards, pamphlets and advertisements issued by them shall specify the city or town in which the company they represent is located.

1916, ch. 256, sec. 154P.

154P. Any such company may hold cash assets in excess of its liabilities, but such excess shall be limited to two per cent. of its insurance in force, shall be subject to the provisions of law relative to the investment of the capital stock of insurance companies on the stock plan, and may be used from time to time in payment of losses, dividends and expenses.

1916, ch. 256, sec. 154q.

1549. All policies issued by such company shall be signed by its secretary, assistant secretary or, in their absence, by a secretary pro tempore, and by its president or vice-president, or in their absence, by two directors.

1916, ch. 256, sec. 154R.

154R. All investments and deposits of the funds of the company shall be made in its corporate name and no director or other officer thereof and no member of a committee having any authority in the investment or disposition of its funds, shall accept, or be the beneficiary of either directly or remotely, any fee, brokerage, commission, gift or other consideration for or on account of any loan, deposit, purchase, sale, payment or exchange made by or in behalf of such company, or be pecuniarily interested in any such purchase, sale or loan, either as borrower, principal, co-principal, agent or beneficiary, except that if a policyholder, he shall be entitled to all the benefits accruing under the terms of his contract. No investment, sale or loan, except loans on its own policies, shall be made which has not

first been authorized by the board of directors, or by a committee thereof charged with the duty of investing or loaning the funds of the company, nor shall any deposit be made in a bank or banking institution unless such bank or banking institution has first been approved as a bank of deposit by the board of directors or said committee thereof, and unless the vote authorizing such investment, sale or loan or approval of the place of deposit has been duly recorded in the books of the company.

1916, ch. 256, sec. 154s.

154s. No domestic company hereafter acquiring title to real estate under the conditions of any mortgage owned by it or by purchase or set-off on execution upon judgment for debts due it previously contracted in the course of its business or by other process in settlement for debts, shall hold it for a longer period than five years without permission granted in writing by the Insurance Commissioner; nor shall any such company hereafter invest in real estate except to the extent that may be necessary for its convenient accommodation in the transaction of its business, and then in no case to exceed ten per cent. of its invested assets, including cash in banks.

Such company shall not engage in buying or selling goods, wares or merchandise, except articles insured by it on which losses are claimed, and except in replacing, rebuilding or repairing insured property as provided in its policies, nor engage in any business other than as specified in its charter or agreement of association and expressly authorized by law.

1916, ch. 256, sec. 154т.

154T. Mutual fire insurance companies, except as provided in the following section, shall charge and collect upon their policies a full mutual premium in cash, or notes absolutely payable. Any such company may in its by-laws and policies fix the contingent mutual liability of its members for the payment of losses and expenses not provided for by its cash funds; but such contingent liability of a member shall not be less than an amount equal to and in addition to the cash premium written in his policy. The total amount of the liability of the policyholder shall be plainly and legibly stated upon the filing-back of each

policy. Whenever any reduction is made in the contingent liability of members, such reduction shall apply proportionally to all policies in force.

1916, ch. 256. sec. 154u.

154u. Mutual fire insurance companies organized prior to the first day of January in the year nineteen hundred and sixteen and now lawfully doing business upon the plan of taking deposit notes for a percentage of the amount insured by its policies, and making a call or assessment thereon for expenses and for the payment of losses only after such losses are incurred, may continue such system of business, and such deposit notes shall constitute the entire liability of their members.

1916, ch. 256, sec. 154v.

154v. From time to time the directors of a mutual fire insurance company may, by vote, fix and determine the percentages of dividend or expiration return of premium to be paid on expiring policies, which percentages may differ, following the different loss experience of different classes of risks of the same term. But all policies insuring risks in the same classification shall have an equal rate of dividend or expiration return of premium for the same term, and in case of an assessment the rate thereof may be different for each different class of risk, provided that every policy in a company thus dividing its risk in two or more classifications shall, when issued, bear an endorsement clearly indicating the class to which it is assigned. Every policyholder of a domestic company and every policyholder in this State of a foreign company, shall be notified at his last known address within six months after the expiration of his policy of the amount of any dividend or expiration return of premium declared and payable thereon, unless in the meantime such dividend or return has been paid in cash or applied in payment of the premium on the renewal of the policy.

If it appears to the Insurance Commissioner, after an examination made by him or by an examiner appointed by him, that the assets or capital of any mutual insurance corporation are insufficient to justify its continuance in business, he shall determine the amount of such deficiency and issue a written

requisition to the officers of the corporation requiring them to make good said deficiency within a time to be specified therein, not less than thirty nor more than ninety days from the service of such requisition. Such service may be made by mail, directed to the corporation at its home office as specified in its charter. Upon the service of such requisition the directors of the corporation shall forthwith cause such deficiency to be made good and proof to be filed with the Commissioner within the time specified in the requisition that the same has been made good. For any losses accruing upon new risks taken after the expiration of such time and before such deficiency shall be made good, the directors of the corporation shall jointly and severally be personally liable therefor. If such deficiency shall not be made good within the time specified in such requisition and satisfactory proof thereof filed with the Commissioner, the corporation shall be deemed insolvent and may be proceeded against as an insolvent corporation in the manner authorized by law.

1916, ch. 256, sec. 154w.

154w. A mutual fire insurance company may be formed with, or an existing mutual fire insurance company may establish, a guaranty capital of not less than twenty-five thousand dollars, nor more than two hundred thousand dollars, divided into shares of one hundred dollars each, which shall be invested in the same manner as is provided for the investment of the capital stock of life insurance companies of this State. The stockholders of the guaranty capital of a company shall be entitled to a semi-annual dividend of not more than four per cent. on their respective shares if the net profits or unused premiums, left after all expenses, losses and liabilities then incurred, with the reserve for reinsurance, are provided for, shall be sufficient to pay the same. The guaranty capital shall be applied to the payment of losses only when the company has exhausted its cash in hand and the invested assets, exclusive of uncollected premiums, and when thus impaired, the directors may make good the whole or any part of it by assessments upon the contingent funds of the company at the date of such impairment. Shareholders and members of such companies shall be subject to the same provisions of law relative to their right to vote as

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