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Senate. Comm. on the Judiciary. Act to regulate mutual fire insurance companies, 1835
Senate No. 38 On February 28, 1835, the Committee on the Judiciary submitted a bill: An Act to regulate mutual fire insurance companies, 1835. All
such companies were to be incorporated or have their charters covered by the act. Each company was to have five directors, have an annual meeting,
and follow the rules for corporations. Once a company had $50,000 in assets, it could insure any building in the Commonwealth up to 3/4 of the
building's value. The company could invest or loan money, could pay its expenses first and damage claims second. There were directions for shortfalls in the
company's assets. Each policy was a lien on the property insured. The company could be taxed. (Digitized from a microfilm copy of title originally
held by the Massachusetts State Library).
Title:   Ordered, that the Committee on the Judiciary consider the expediency of providing by a general statute for the regulation of all Mutual Fire Insurance Companies which may be hereafter incorporated, or whose charters may be renewed.
OCLC Number:   1396603158
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