8. The said president and directors shall have power By-laws, &c. to pass any by-laws, rules and regulations, for their own government and the government of said company, its officers and affairs, that they may deem necessary, not inconsistent with this act or with the Constitution of the State or of the United States.

be let out.

§ 9. The said president and directors may let out for When road may construction any portion of said road as soon as two thousand dollars of stock is subscribed, and may continue to let out for construction other portions of said road as soon as they have sufficient subscriptions of stock to build the portions let out, and may thus continue until said road is finished; and they shall prescribe the grade and width of the road, as also that portion to be covered with gravel, and the thickness thereof; and as soon as said road is finished to a small bridge near the east end of the lane through H. A. Tyler's farm, known as the Slar place, they may erect a toll-gate not nearer the city of Hickman than fifty yards east of the road leading up to the cemetery, and collect toll for that portion of the road thus completed; and may charge the same toll for that distance as is authorized by the General Statutes for five miles; but the said president and directors may reduce the amount thereof upon all or any of the persons, animals, or vehicles.

§ 10. All the provisions of chapter 110 of the General Statutes shall apply and govern, except as herein provided.

§ 11. This act shall be in force from and after its pas

sage.

Approved May 3, 1880.

CHAPTER 1376.

AN ACT to incorporate the Newport Mutual Fire Insurance Company, of

Newport.

Be it enacted by the General Assembly of the Commonwealth

of Kentucky:

§ 1. That H. Gunkel, Robert Dodsworth, Jacob Maty, Fred. Webber, Robt. Waring, T. A. Widrig, H. M. Healy,

bers.

Joseph G. Fith, S. R. Hawthorne, George Picklemann, James C. Wright, Fred. Veith, J. R. Anderson, William Rodenberg, John S. Youtsey, J. J. Hetsch, H. K. Rachford, George Weidiman, Charles Wenett, James K. Stone, H. A. Schriver, George W. Robson, C. Elman, John C. Gaddis, Frank Scheverman, and their associates, successors, and assigns, be incorporated under the name Newport Mutual Fire Insurance Company, of Newport, Kentucky; and by that name shall have perpetual succession; may sue and be sued, implead and be impleaded; may have common seal, and alter the same at pleasure, and make contracts, acquire and transfer property, establish by-laws, and make all rules and regulations deemed expedient for the management of their affairs, not inconsistent with the Constitution or laws of this State or of the United States.

§ 2. That it shall be lawful for said corporation to insure houses, buildings, and all other kinds of property against loss or damage by fire, whether the same shall happen by accident, lightning, or other means, excepting that of design in the insured, or by invasion of an enemy or insurrection of the citizens of this or any of the United States, and generally to do and perform all other matters and things proper to promote this object.

§3. That every person who shall, at any time, beWho are mem come interested in such company by insuring therein, and also their respective heirs, executors, administrators, and assigns, continuing to be insured therein as hereinafter provided, shall be deemed and taken to be members thereof, for and during the terms specified in their respective policies, and no longer, and shall at all times be concluded and bound by the provisions of this act.

promissory note.

§ 4. That every person shall become a member of said Shal deposit company by effecting insurance therein, shall, before he receives his policy, deposit his promissory note for such sum of money as shall be determined by the directors, a part not less than twenty per cent, of which said note shall be immediately paid for the purpose of discharging the incidental expenses of said company, and at the expi

ration of the term of insurance, the said note, or such part of the same as shall remain unpaid after deducting all losses and expenses accruing during said term, shall be relinquished and given up to the signer thereof.

§ 5. That every member of said company shall be, and is hereby, bound and obliged to pay his portion of all losses and expenses happening or accruing in and to said company to the amount of his or her deposit note, and all buildings insured by and with said company, together with the right, title, and interest of the insured to the lands on which they stand, shall be pledged to said company, and said company shall have a lien thereon against the insured during the continuation of his, her, or their policies.

§ 6. That in case of any loss or damage by fire hap- Notice of loss. pening to any member upon property insured in and with said company, the said member shall give notice thereof, in writing, to the directors, or some one of them, or the secretary of said company, within thirty days from the time such loss or damage may have happened; and the directors, upon a view of the same, or in such other ways as they may deem proper, shall ascertain and determine the amount of such loss or damage; and if the party suffering is not satisfied with the determination of the directors, the question may be submitted to referees, or the said party may bring an action against said company for the loss or damage, provided said action shall be commenced within three months from said determination.

paid.

§ 7. The directors shall, as often as they deem necessary, How losses after ascertaining the loss or damage by fire sustained by any member, or after the rendition of any judgment against said company for such loss or damage, settle or determine the sums to be paid by the several members thereof, as their respective portions of such loss, and publish the same in such manner as the by-laws may prescribe; and the sum to be paid by each member shall always be in proportion to the original amount of his deposit note or notes, and shall be paid to the treasurer of said company LOC. L., VOL. II-60

are

within 3 months.

within thirty days next after the publication of said notice; and if any member shall refuse or neglect to so pay the sum assessed against him, her, or them, as his, her, or their proportion of any loss aforesaid, in such case the directors may sue for and recover the whole amount of his, her, or their note or notes, with cost of suits; and the money thus collected shall remain in the treasury of the company subject to the payment of such losses and expenses as have or may hereafter accrue, and the balance, if any remain, shall be returned to the party from whom it was collected, on demand, after thirty days from the expiration of the term for which the insurance was made. If the whole amount of the deposit notes shall be insufficient to pay the loss occasioned by any fire or fires, in such case the sufferers insured by said company shall receive, towards making good their respective losses, a proportional share of the whole amount of said notes, according to the sum by them respectively insured; but no member shall ever be required to pay for any loss occasioned by fire more than the whole amount of his deposit note.

§ 8. That said company make insurance for any term not exceeding five years, and any policy of insurance issued by said company, signed by the president and countersigned by the secretary, shall be deemed valid and binding by said company in all cases when the insured has a title in fee-simple, unencumbered, to the building or buildings insured, and to the lands covered by the same; but if the insured have a less estate therein, or if the premises be encumbered, the policy shall be void unless the true title to the insured and the encumbrance of the premises be expressed therein, and in the application thereof.

§ 9. That the directors shall settle or pay all losses Losses to be paid within three months after they shall have been notified as aforesaid; but no allowance shall be made in estimating the damages in any case for gilding historical or landscape painting, stucco, or carved works.

Policy void by sale.

§ 10. That when any house or building shall be alienated by sale or otherwise, the policy shall thereupon be

void, and be surrendered to the directors of said company to be canceled, and upon such surrender the insured. shall be entitled to his, her, or their deposit note upon the payment of his, her, or their proportion of all losses or expenses that have accrued prior to such surrender, provided that the alienee or grantee having the policy assigned to him may have the same satisfied or confirmed to him for his own proper use and benefit upon application to directors, and with their consent, within thirty days next after such alienation, on giving proper security to the satisfaction of said directors for such portion of the deposit or premium notes as remain unpaid, and by such satisfaction and confirmation the party causing the same shall be entitled to all the rights and privileges, and subject to all the liabilities, to which the original party insured was entitled and subject under this act.

vitiates policy.

§ 11. That if any alteration shall be made in any house Change in rsk or building by the proprietors thereof, after insurance has been made thereon with said company, whereby it may be exposed to greater risk or hazard from fire than it was at the time it was insured, then, and in every such case, the insurance made upon such house or building shall be void, unless an additional premium or deposit note, after such alteration, be settled with and paid to the said directors, or their agents; and it is hereby made obligatory upon said directors, or their agents, after due notice of said alteration shall have been given by said proprietor, and after the same shall have been accepted by the said directors or their agents, to fix without delay the amount of said additional premium and deposit note; but no alteration or repairs in buildings, not increasing such risk or hazard, shall in anywise affect insurance previously made thereon.

§ 12. That if any buildings situated upon leased lands, and insured by said company, be destroyed by fire, in such cases the directors may retain the amount of the premium note given for insurance thereof till the time for which insurance was made shall have expired; and after the expiration thereof, the insured shall have a right to demand