7. Whenever the owner desires to have a building insured, of which the description and assessment are not entered upon the roll, he must cause it to be appraised by the assessor contemplated in section 3, who shall insert in the roll the description and value thereof and the maximum amount of insurance which the council has thought fit to grant in virtue of the by-laws; and if the council, at its meeting held immediately after the description and assessment of the building and the maximum amount of insurance granted are entered on the roll, do not cause to be entered, opposite the description and assessment of such building, the words “objected to by the council”, such building shall remain insured, dating inclusively from the day of such last meeting.
R. S. 1964, c. 295, s. 46; 1979, c. 72, s. 327.