§ 334-336 Town Insurance Companies, Laws 1857, Chap. 739. Art. 10 company, from nine o'clock in the forenoon, to four o'clock in the afternoon, of each secular day, the established holidays excepted. Formerly L. 1857, ch. 739, § 3. § 334. May issue policies against fire or lightning. The directors of such company may issue policies, signed by their president and secretary, agreeing in the name of such company to pay all damages which may be sustained by fire or lightning for a term not exceeding five years, by the holders of such policies, not exceeding the sum named in such policy and which shall not exceed the sum of seven thousand dollars in any one risk. Formerly L. 1857, ch. 739, § 4, as am'd by L. 1873, ch. 561, § 1; L. 1874, ch. 560, § 1; L. 1884, ch. 54, § 1, and L. 1897, ch. 448, § 1. § 335. Policyholder to give undertaking. Every person so insured shall give his undertaking bearing even date with the policy so issued to him, binding himself, his heirs and assigns, to pay his pro rata share to the company of all losses by fire which may be sustained by any member thereof; and every such undertaking shall within thirty days after the execution thereof, be filed by the secretary of such company in the office of the elerk of the town in which the office of said company is located, and shall remain permanently on file in such office, except when required to be produced in court as evidence. He shall also at the time of effecting insurance pay such percentage in cash, and such reasonable sum for a policy as may be required by the rules or by-laws of the company. Formerly L. 1857, ch. 739, § 5, as am'd by L. 1860, ch. 153, § 1. § 336. Procedure in case of loss. Every member of such company, holding a policy not expired or vitiated, who may sustain loss thereunder, shall immediately notify the president, or in his absence the secretary thereof, who shall forthwith convene the directors of such company, whose duty it shall be when so convened to appoint a committee of not less than three nor more than five members of such company, to ascertain the amount of such loss, which, if agreed to by the loser and directors, shall be paid to the said loser as in this article provided. But in case of the inability or failure of the said parties to so agree, or in case the said directors for any cause shall dispute the liability of said company, the said loser or claimant, upon ten days' notice thereof to the president of such company, may appeal to the county judge of the county in which the office of said company is located, and said county judge shall appoint three disinterested persons as referees, who shall have full authority to issue subpoenas, admin Art. 10 Town Insurance Companies, Laws 1857, Chap. 739. §§ 337, 338 ister oaths to witnesses, examine them under oath, and to fully investigate and determine all matters in dispute. Said referees, or any two of them, in case they can not all agree, shall make their decision in writing to the president of such company, or in his absence the secretary thereof, within sixty days after their appointment, unless upon good cause shewn the time has been extended by the county judge making sur appointment or his successor in office, which decision shall be final. The said referees shall each be allowed the sum of three dollars per day for every day's service so rendered, and the witnesses the same fees allowed by law to witnesses in the supreme court, which expenses shall be paid by the claimant unless the decision of said referees shall be more favorable to him than the amount which the said directors were willing to allow him, in which case they shall be paid by the company. Formerly L. 1857, ch. 739, § 6, as am'd by L. 1878, ch. 412, § 1. § 337. May classify risks, fix rates and make assessments. The companies formed under the provisions of the act mentioned in section three hundred and thirty may classify the property insured therein at the time of issuing policies thereon under different rates, corresponding as nearly as may be to the greater or less risk from fire and loss, which may attach to each several building insured. Whenever the amount of any loss shall have been ascertained, which exceeds in amount the cash funds of the company, the president shall convene the directors of said company, who shall make an assessment upon all the property insured to the amount for which each several piece of property is insured, taken in connection with the rate of premium under which it may have been classified. Formerly L. 1857, ch. 739, § 7. It shall § 338. May notify policyholders of losses. be the duty of the president, whenever such assessment shall have been completed, to immediately notify every person composing such company, by letter, sent to his usual post-office address, of the amount of such loss, and the sum due from him as his share thereof, and of the time when and to whom such payment is to be made; but such time shall not be less than sixty nor more than ninety days from the date of such notice, and every person designated to receive such money may demand and receive two per centum in addition to the amount due on each assessment as aforesaid, for his fees in receiving and paying over such money. Formerly L. 1857, ch. 739, § 8. §§ 339-341 ers. Town Insurance Companies, Laws 1857, Chap. 739. Art. 10 § 339. Actions to be brought against policyholdSuits at law may be brought against any member of such company who shall neglect or refuse to pay any assessment made upon them by the provisions of this article, and the directors of any company so formed who shall wilfully refuse or neglect to perform the duties imposed upon them by the foregoing sections of this article, shall be liable in their individual capacity to the person sustaining such loss. Formerly L. 1857, ch. 739, § 9. § 340. Location and character of insurance limited. No company formed under the act mentioned in section three hundred and thirty shall insure any property out of the limits of the town in which the office of the company is located; nor shall it insure any property other than detached dwellings and their contents, and farm buildings and their contents; nor shall it insure any property within the limits of any incorporated city of this state. But the Claverack fire insurance company may insure, in addition to such property and at a rate to be fixed by the directors of said company, property of the nature following, within the town of Claverack, in the county of Columbia, to wit: hotels, stores, restaurants, saloons, blacksmith, carpenter, wagonmaker, paint, trimmers, harnessmaker, shoemaker and tinsmith shops, with their appurtenances and con tents. Formerly L. 1857, ch. 739, § 10, as am'd by L. 1858, ch. 285, § 2; L. 1872, ch. 235, § 1; L. 1873, ch. 561, § 2, and L. 1873, ch. 867, § 1. § 341. Members may withdraw. Any member of such company, with the consent of the majority of parties insured, may withdraw therefrom, at any time, by giving notice in writing to the president, or in his absence, to the secretary thereof, and paying his share of all claims then existing against said company; except that no such withdrawal shall be allowed, as to any insurance on property which shall have been damaged or destroyed by fire, and on which the company shall have paid to the insured damages for the loss sustained; but in such case and to the extent of such insurance, the insured shall remain a member of the company and be liable to be assessed for its losses or expenses on the amount so insured, during the term of such insurance. And the directors, or a majority of them, shall have power, subject however, to the foregoing exceptions, to annul any policy, by giving notice in writing to that effect to the holder thereof. Formerly L. 1857, ch. 739, § 13, as am'd by L. 1861, ch. 80, § 1. Art. 10 Town Insurance Companies, Laws 1857, Chap. 739. §§ 342-345 § 342. Nonresidents as members. Nonresidents of any town in this state owning property therein, may become members of any company formed under the act mentioned in section three hundred and thirty, and shall be entitled to all rights and privileges appertaining thereto, except that it shall not be lawful for any such nonresident to become a director in said company, unless he be at the time of such membership a resident of a town adjoining the town in which said company has been formed under the provisions of said act. Formerly L. 1857, ch. 739, § 14. § 343. May adopt by-laws and regulations. The company so formed may adopt such by-laws for its regulation as are not inconsistent with the provisions of this article and may therein prescribe the compensation of its officers. Formerly L. 1857, ch. 739, § 15. § 344. Directors how and when elected; secretary to report. The directors of any company or organization formed under the act mentioned in section three hundred and thirty, shall be be chosen by ballot at the annual meeting thereof, which shall be held on the second Tuesday in January in each year, and every person insured shall have one vote for each two hundred and fifty dollars for which he may be insured, but no person shall be allowed to vote by proxy at such election. It shall be the duty of the secretary of every company as aforesaid, to prepare a statement showing the condition of such company on the day preceding its annual meeting, which statement shall contain the amount of property insured, the number of policies issued and to whom, and the amount insured by each. policy, and all other matters pertaining to the interests of such company, which statement shall be filed in the office of the town clerk of the town in which such company may be located, on or before the twenty-fifth day of January in each year, and which statement shall also be read to the members of said company at its annual meeting. Formerly L. 1866, ch. 828, § 1. § 345. Time of existence of companies extended. The time for the continuance of any town insurance company organized under or subject to the provisions of the act mentioned in section three hundred and thirty, as amended, and which has since its incorporation continued to do business and is now doing business under the provisions of such act as amended, is hereby extended twenty-five years from the nineteenth day of May, §§ 346, 360, 361 Laws Repealed; When to Take Effect. Arts. 10, 11 nineteen hundred and six; and the action of any such company in issuing policies for terms extending beyond May nineteenth, nineteen hundred and six, is hereby legalized and confirmed. Formerly L. 1904, ch. 146, § 1. § 346. Manner of extension of corporate existence. Any corporation formed under the provisions of the act mentioned in section three hundred and thirty, at any time within three years before the expiration thereof may extend the term of its existence beyond the time specified in its original certificate of incorporation, or in the certificate of extension, or by-law, in the manner prescribed in section two hundred and eighty of this chapter for town and county co-operative insurance corporations. Formerly L. 1892, ch. 690, § 280 part, as added by L. 1901, ch. 142, 1, and am'd by L. 1904, ch. 551, § 1. ARTICLE 11 Laws Repealed; *Construction; When to Take Effect Section 360. Laws repealed. 361. When to take effect. § 360. Laws repealed. Of the laws enumerated in the schedule hereto annexed, that portion specified in the last column is hereby repealed. Formerly L. 1892, ch. 690, § 290, as renumbered § 330 by L. 1898, ch. 85, § 2. § 361. When to take effect. This chapter shall take effect immediately. Formerly L. 1892, ch. 690, § 293, as renumbered § 333 by L. 1898, ch. 85, § 2. SCHEDULE OF LAWS REPEALED. Revised Statutes.... Part 1, chapter 20, title 21, All |