LegalFix
Sign In

Section 89 - Mutual Marine Companies; Liability of President or Director

MA Gen L ch 175 § 89 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Section 89. If a subscriber to the agreement specified in section eighty-six fails to pay his subscription or any assessment thereon, and it is proved that the president or a director certified falsely under said section in regard to such subscriber, the person certifying shall be liable to the company for such amount as the subscriber fails to pay.

If any such company is at any time liable for losses beyond the amount of its assets, the president and directors shall personally be liable for all losses on insurance effected while the company was in such condition.

Previous Section
Section 88 - Mutual Marine Companies; Applicability of Secs. 76, 77 and 78
Next Section
Section 90 - Provisions Relating to Mutual Fire Companies Applicable to Other Mutual Companies