Author: Massachusetts

Publisher: Rarebooksclub.com

Published: 2013-09

Total Pages: 866

ISBN-13: 9781230107042

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1882 edition. Excerpt: ...shall as soon as may be obtain re-insurance for the amount of such excess. SECT. 123. If a company is at any time liable for losses beyond the amount of its cash fund, legal investments, premium notes received from risks terminated, and subscription notes, the president and directors, knowing the condition of the company, shall be personally liable for all losses occurring on insurance effected during such state of the company. SE01'. 1'24. The directors shall require the president to make a monthly statement to them of the assets and liabilities of the company; which statement shall be entered upon their records, or in a book kept for that purpose. S1-;c'r. 125. Every such company created by special act, which has been in operation not less than twelve months, shall cause an annual dividend statement to be made up in each year, containing a fair estimate of its net profits not before divided, taking into view the probable amount to be paid on all claims, outstanding risks, and demands against the company, and including expenses, interest, and allowances for previous deficiencies. After ascertaining in this mode the net profits of the year on the risks terminated, the directors may declare a. dividend of such profits of a certain per cent on the premiums received for such terminated risks and the subscriptions made to the permanent fund in that year, and may issue certificates representing said dividend to the persons in whose names the policies of insurance and subscriptions for the year in conformity to the provisions of sections one hundred and sixteen and one hundred and seventeen were originally made, or to their legal representatives. SE01'. 126. Such certificates shall be transferable only on the books of the company, ...