|
THOMAS SWANN, ESQUIRE, GOVERNOR. 133
|
members of the said Company, and as such shall
be bound by all the rules and regulations of said
Company as contained in this Act, and in the
Constitution and by-laws of the said Company,
and every person or persons or corporation which
shall be insured by this Company shall become
members thereof as already provided for.
|
 
|
|
Sec. 3. And be it enacted, That any member of
the said Company shall have full power to with-
draw therefrom at any time by applying to the
proper officer thereof, and paying such fees as may
reasonably be demanded on any arrearages of
assessments that he may then owe to the Company
when the said proper officer shall cancel such in-
surance or insurances as may be in the name of
the person so withdrawing, and make a record
thereof in the books of the Company, which shall
release such member, and any real estate that he
may have insured from all liability for or on ac-
count of any notes, due-bills or evidences of debt
to the said Company held by it for premiums on
on such real estate, the insurance on which shall
thus be cancelled, and shall debar him or her from
any claim on this corporation for any loss or
damage by fire subsequent to the time of such
withdrawal and cancelling such insurance.
|
Arrearages.
|
|
Sec. 4. And be it enacted. That all promissory
notes of hand or other evidences of debt held by
the said Company, which shall have been given
thereto for premiums for insurance or for any part
or parts of said premiums shall constitute, and be
deemed a lien on any real estate which may be
insured in consideration or part consideration of
such notes or evidences of debt, which real estate
shall be held liable for the full and just payment
of such notes or other evidences of debt, either
wholly or in part at such time or times as the Pre-
sident and Directors shall demand, and of all
legal charges that may be incurred in enforcing
payment thereof in case of refusal or neglect to
pay by the drawers of such notes or evidences of
debt ; any sale, mortgage or transfer of such real
estate, subsequent to the date of such notes or
evidences of debt and during the time they are in
existence, shall not invalidate or prejudice the lien
created thereon by the making and delivery of
|
Evidences of
debt.
|
|
 |