(2)If, in a suit instituted by a foreman for consolidated payment of future subscriptions from a defaulting prized subscriber, the defendant pays into court on or before the date to which the suit is posted for evidence the arrears of subscriptions till that date together with interest thereon at the rate provided for in the variola or at twelve per cent per annum, whichever is lower, and the costs of the suit, for payment to the plaintiff, then, notwithstanding any law or contract to the contrary, the court shall pass a decree directing the defendant to deposit in court, for payment to the plaintiff, the future subscriptions on or before the dates on which they fall due and making him liable for the consolidated payment of all the future subscriptions with interest thereon in case of default to deposit in court any one instalment on or before the due date, and allowing the plaintiff in case of such default to realize in execution all the future subscriptions and interest thereon less the amount, if any already deposited by the defendant.
