T

Withdrawal of membership.

OF CORPORATIONS.

made by the insured shall be entered to his credit on the company's books, and shall be applicable to his liabilities as a meinber, and on his withdrawal or ceasing to be a member the deposit note or bill and all unappropriated interest thereon shall be surrendered and paid back to him at the next annual meeting. If interest be not paid when due the insurance

Failure

to pay

premium. shall be suspended until it is paid, without removing the lia

But

bility of the delinquent as a member of the company. any person who shall not pay his interest for one year after the same shall be payable shall be deemed to have withdrawn and in such case his note or bill obligatory shall be taken to be cancelled, but such person shall not receive any part of any unappropriated interest which he may have paid thereon, but the same shall be deemed to be forfeited to the company; but the directors, upon special application within one year after such default, may relieve from such forfeiture. The directors Contingent may loan or invest any portion of the contingent fund not be invested. presently needed.

fund may

Transfer
of insured

SECTION 9. When any property insured shall be alienated property. in anywise, whether by operation of law or act of the party, Insurance the said insurance shall be vacated unless the policy shall within sixty days thereafter be transferred, with the consent

vacated unless policy transferred

days.

of the company endorsed thereon, and the alienee may be within 60 required to execute another deposit note or bill and he shall thereupon be a member of the company, and any such policy may be adjusted either as to rate and amount on the request of either of * the coinpany or the alienee, otherwise it will not need renewal.

Premium

SECTION IO.

Every member of this company shall be note lien on bound to pay for losses sustained and for the necessary insured. expenses of the company in proportion to the amount of his

property

deposit note or bill and the company shall have a lien on all property insured in the nature of a mortgage to the amount of the deposit note or bill, which shall continue until all losses and expenses which have accrued or been sustained during the time whilst he was a member of the company shall be

Company fully paid and satisfied. Suits at law may be maintained by member if the corporation against any of its members for the collection in default of such note or bill or any assessment thereon or for any lia90days after bility to the company, and suits may be maintained and prosassessment. ecuted by any member against the corporation, for loss or damage by fire or by lightning, if payment be withheld ninety days after notice duly given of such loss, and no

OF CORPORATIONS.

member not a party to the suit shall on that account be an
incompetent witness.

tingent

notes be not

cover losses

must be

SECTION 11. The directors shall, after receiving notice of If conany loss or damage by fire sustained by any member and fund and ascertaining the same, or after any judgment recovered premium against the company for such loss or damage, settle and sufficient to determine the sums to be paid by the several members thereof the same as their respective proportions of such loss which shall be distributed paid first out of the contingent interest fund, secondly by pro rata. calling for a part or the whole of the deposit notes and bills, and finally if the whole of the deposit notes and bills shall be insufficient at any time to pay losses the sufferers insured shall receive a proportionate dividend of said amount and in addi- Additional tion thereto a sum to be assessed on all the members of the assessment. company ratably, but not exceeding one dollar on every hundred dollars insured to them respectively, and no member shall ever be required to pay for any loss occasioned by fire Limit. or by lightning at any one time more than one dollar on every hundred dollars insured in said company in addition to the amount of his deposit note or bill and the interest paid or due thereon, nor more than the amount for any such loss after his said note or bill shall have been paid in and expended.

Assessment

30 days.

not paid

within 30

SECTION 12. Any call upon the deposit notes or bills and any additional assessment as aforesaid upon the members payable in shall be payable to the treasurer in thirty days. The directors may appoint a collector for the purpose of collecting the same and if any member for the space of thirty days after demand shall neglect or refuse to pay the sum so assessed upon him as his proportion of any loss as aforesaid, the directors may declare his insurance suspended until paid, and may days insuralso sue for and recover the whole amount of his deposit note suspended or bill and unpaid interest or any additional assessment or sued for both, with costs of suit; the amount thus collected shall go to the credit of the party paying it, and if any balance remain it shall be returned to him after the next annual meeting when said policy shall be vacated and be discharged from the

company.

ance may be and may be

same.

SECTION 13. This act shall continue in force for twenty Charter years and no longer unless renewed, and the Legislature limited to hereby reserves the power of revocation.

SECTION 14. This act shall be deemed and taken to be a public act, and shall be published with other public acts passed at this session of the Legislature.

Passed at Dover, April 16, 1895.

20 years.

OF CORPORATIONS.

Corporators

Style.

Purpose.

CHAPTER 77.

OF CORPORATIONS.

AN ACT to incorporate the "Kent and Sussex Mutual Fire and Marine
Insurance Company of Milford, Delaware".

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (twothirds of each branch of the Legislature concurring):

SECTION 1. That William T. Watson, Dr. George W. Marshall, William I. Simpson, John W. Hering, Thomas A. Watson, James H. Deputy, George H. Hall, Joseph E. Holland and J. S. Willis, and all other persons who may hereafter associate with them in the manner herein prescribed, shall be a corporation by the name of the "Kent and Sussex Mutual Fire and Marine Insurance Company of Milford, Delaware", for the purpose of insuring dwelling houses, stores, barns, shops and other buildings, furniture, merchandise and all other property, real and personal (plate, jewelry and paintings excepted), on land or water, against loss by fire, tornadoes, lightning and any other element or elements; and by that name shall have perpetual succession, and all powers incident to a corporation aggregate; and the said corporation shall have and possess all the powers and privileges Insurance which are granted by acts of the General Assembly of this State to the Kent County Mutual Fire Insurance Company, subject to the same restrictions and limitations therein Life insur- imposed, but it shall not be lawful for the said company to backing not make insurance on the lives of persons or to engage in permitted. banking operations.

Powers

same as

Kent Co.
Mutual

Company.

First directors.

Place of business.

When to begin business.

SECTION 2. The persons named in the first section of this act shall be the first directors of the corporation hereby created. The meetings of the said corporation shall be held, and the business of the corporation shall be carried on and conducted in the town of Milford at such place as shall be designated by said board of directors..

SECTION 3. The compary hereby incorporated may organize by the election of officers on or before the second Tuesday of June next following the passage of this act and shall go into operation whenever in the judgment of the board of directors applications for insurance shall be made to the said board of directors sufficient to warrant it; and it

ine

es

OF CORPORATIONS.

shall be lawful for the said directors with or without a new May insure survey, as they shall judge proper, to insure property already property insured in any other company, and to admit persons so insured in insured as members of this company.

already

another company.

directors.

SECTION 4. The affairs of said company shall be con- Number of ducted by a board of nine directors, three of whoin shall be Annual elected annually, at the annual meeting of the members of election. said corporation on the first Tuesday in January in each year, to serve for the period of three years and until others are Terms. chosen in their stead, except that at the annual meeting next succeeding the passage of this act there shall * nine directors elected, three of whom shall be elected for one year three for two years, and three for three years, and until said annual meeting the persons named in the first section of this First act shall be the directors of the corporation hereby created.

directors.

The annual meeting of the company shall be held at Hour of eleven o'clock in the forenoon at the office of said company, annual. in the town of Milford, and prior notice of each of such meetings shall be given by advertisement in one or more Notice. newspapers in this State for at least two weeks.

The directors may choose a president, vice-president, sec- Officers. retary, treasurer, surveyors, appraisers and other necessary agents; may fill vacancies in their own body by appointment Vacancies. to continue until the next annual meeting, when any such vacancy shall be filled by the members of the company by election for the residue of the unexpired term.

The officers shall have such powers as may be conferred and shall discharge such duties as may be enjoined by the by-laws of the corporation. A majority of the directors shall form a quorum, but a smaller number make insurance. Quorum. Before discharging any of their duties the directors shall be Oath of sworn or affirmed that they will discharge said duties with office. fidelity, and such oath or affirmation shall be certified by the officer administering it, and be recorded on the books of the corporation. The president, vice-president, secretary and treasurer shall be chosen from the directors, and the ceasing Qualificato be a director shall vacate the office. None of the other officers. officers or agents provided for by the charter shall be required to be directors.

SECTION 5. The directors of the said corporation may By-laws. make such by-laws, rules and regulations, and alter, amend

OF CORPORATIONS.

LAWS OF DELAWARE.

or repeal the same, as they and their successors shall deem proper and expedient for the governing and conducting of the affairs and business of said corporation.

SECTION 6. This act shall be deemed a public act and shall be published with other public acts passed at this session of the Legislature.

Passed at Dover, April 24, 1895.

Corpora

tors.

Style.

Powers.

CHAPTER 78.

OF CORPORATIONS.

AN ACT to incorporate "The Laurel Loan and Trust Company".

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (twothirds of each branch thereof concurring therein):

SECTION I. That Andrew J. Horsey, Dr. William E. Wolfe, Thomas C. Horsey, William T. Records and such other persons as inay hereafter become stockholders in the company hereby incorporated, their successors and assigns, be and they are hereby created a corporation by the name of "The Laurel Loan and Trust Company", and by that name shall have perpetual succession, with power to sue and be sued, to plead and be impleaded, complain, answer and defend in all courts of law and equity, to purchase, take, hold, and enjoy lands, tenements and hereditaments wheresoever situate, and goods, chattels and effects whatsoever and wheresoever the same may be, and the same to grant, convey, sell, mortgage, lease, dispose of, manage, loan, invest, and otherwise dispose of at pleasure, to have and use a common seal, and By-laws. the same to alter and renew at pleasure, to ordain by-laws not inconsistent with the laws of this State or of the United States, and generally to use, exercise and enjoy all the powers, Forbidden, rights, privileges and franchises incident to a corporation

Seal.

Banking

except banking powers.