Page:United States Statutes at Large Volume 33 Part 1.djvu/711

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624 FIFTY-EIGHTH CONGRESS. Sess. III. Ch. 285. 1905. by removal, as hereinafter provided, may be filled by the remaining

    • ¢<=¤°¤ °* °°‘°°”· trustees for the residue of the term for which they were elected. Said

board shall choose one of their num ber as president and one as vicepresident; and they shall also appoint such other oltlicers as may be necessary for conducting the adairs of said gompalpy. h h H b A 1 tin . Sec. 8. That the seven persons first name in t is c arter s a e umm me K the board of trustees of said company until the iirst annual meeting, Elmicn ¤f ¤f¤¤¤r¤- and until their succes}sors zgre tchosen and qualified. dS€1ch of them las a be resent at their rs meeting may procee o organize y Bv·1¤W¤»~¤¤¤· gledting Ii president, vice—president, and other officers; and as soon thereafter as practicable said board shall adopt by-laws, prov1de the necessary books, and otherwise prepare the company for the transaction of business, and thereafter said board shal exercise a general j“g‘f,';,'*{’;’,,,,O,b,_,,,,,,_ superintendence of the affairs of the company: P7-mnded, That the said by·laws shall only be adopted by the cczpculprent votedof atdleast Am¤¤d¤¤¢¤*·¤~ two-thirds of the who e board of trustees, an w en once a opte any alteration or amendment shall only be made at an annual meeting of_ N°“°°~ the company, notice of such proposed alteration or amendment having been tiled in the office of the company at least thirty days before the day fixed for said annual meetinggd A ma]01iity of twgtmgds of the . votes cast shall be necessary to the option o any suc a ration or amendment, but when thus adopted the same shall be binding on all r• the members of the com n . - MM of i¤¤¤¤·¤¢¤· Sec. 9. That the boardaofytrustees shall, b general rules, determine etc • ' the rates of insurance, the sum to be insure , and the rate of interest to be aid upon the premium notes, which latter, however, shall not Ri¤k1i¤i*·¤- exceed) three per centum per annum." No more than fivethousand - dollars shall be insured on any one risk, unless the premium notes shall amount tp riyer onedhiéndred thousand dollags; apdl in that cas? . no one risk s a excee ve per centum on the w o e amount o premium notes. _

 0* P¤>¤¤* Sec. 10. That every person who shall become a member of said

rycompany by effecting insurance therein shall deposit his promissory - note, yable on demand, for such sum, and upon such interest, not exceedifirg three per centum TI annum, as may be reguired under the m§,°°” ‘i°b;g,;° P'° eneral rules prescribed by the board of trustees; an said notes shall ` be liable to assessment pro rata at any time when the trustees shall deem the same requisite for the payment lpf logse}s or the current; - expenses of the company; and no policy sha bin the company unti such note has been given. m§¤Ym°¤* °' ‘°°°°”· Sec. 11. That whenever the board of trustees, for the purposes of ` paying the losses or current expenses, shall deem it necessary to call for the payment of any portion of the principal of the pr·emiun1 notes. they shall settle and determine the sum to be paid by the several members (but always in proportion to the original amount of the respective Nance. rernium notes . Notices of such call shall be iven to the members P . g . se;*;;*:;_°° PW W in such manner as the by—laws shall prescribe; and if any member shall neglect or refuse to pay the sum assessed upon said member for the space of thirty days after receiving such notice, the company may proceed to collect tlge whole amount of such prhemium noteé to ether with costs; andt e amount of the note, less the expense o cohecting the same, shall be placed in the treasury of the company, subject to the same liabilities as said note would have been sub]ect to. KIBSCEIDC . O r Q -

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mium notes but they may paid out of such assets as the board of trustees shall, by general rules, prescribe. bYCl,';P>¤ °* *°¤¤· °*°·· Sec. 12. That a 1 just and lawful claims of members for loss or· dam- ` age sustained by fire shall be certified in accordance with the terms of the policy within sixty days after due notice of the loss has been tiled