Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1823-11-26
REPORT.

We the Subscribers, owners of buildings
within the County of Worcester, anticipating
the advantages, which may arise to US from
having our houses and other buildings secured
against fire upon the only just principles of
insurance and as an Act of the General
Court has been passed, Incorporating Com
pany by the name OF the g Worcester Mutual
Fire Insurance Company" and which provides
that funds shall be raised from among the
members, to be distributed among those,
whose houses or other buildings should be con-
sumed or injured by fire, originating in any
cause, except that of design in the Insured /;
do hereby subscribe our names as members of
the same, and do bind ourselves, our heirs and
assigns to observe the following articles, and
such other rules as may be adopted by the
said Company.
ARTICLE !. Each person, or Company, by
its agent, insured in this Society. shall be con
sidered member thereof, and shall be holden
TO pay such losses, and be entitled to such
benefits as are expressed in this agreement.
ART. 2. The power of this Company shall
he vested in President, Treasurer, and eight
Directors, who shall be chosen by ballot at the
annual meetings, for the term Of one year, and
until others are chosen in their stead
ART. 3. The Pesident and Directors shall
superintcnd the prudential concerns of the
Company, and shall have the management
aud direction Of all matters and things. not
otherwise provided for in these regulations.
They shall have power also, and it shall be
their duty to appoint Secretary, Clerk or
Clerks, and to compensate them for their SER
vices; to hire an office in such place, upon
such terms, and to furish it with stationary and
such furniture, as they shall think proper; to
receive all the monies and the same to invest,
according to the act of Incorporation to re-
ward such persons as may distinguish them
'sei7es by extraordinary exertions or services
IN extinguishing fires to offer premiums fol
the encouragement of vigilance and activity,
provided no sum thus given shall exceed ten
'dollars.-They shall keep fair records of all
their transactions, and the same shall be open
TO all the members the Company during of.
hce hours and shall, at each annual meet.
ing, report to said Company, correct state.
ment Of all their funds; they shall meet like.
wise at the Company's Office on the FIRST Mon
day OF each month, at six of the clock, P. NJ
and at such other times, as they shall judge
necessary. Five members shall constitute {
quorum for business, and in case that mum
Der should not assemble, the Secretary sha!
adjourn the meeting from day TO day, or from
week to week, and shall notify the Presden
and Directors accordingly.
Art. a. All policies, which may issue from
this Company to cover property previously in
sured, shall be apsO fdcto void, unless such pre-
Vioas insurance be Endorsed on the policy a
the time it issues; and when a subsequent in
surance shall be made by any other Company
an in
Office, it shall ipso facto annul the policy, ant
the premium be forfeited to this Company.
Also, when the insured shall alter or enlarg
a building, or appropriate it to other purpose
than those, mentioned in the policy, the same
shall, fpso facto, become void. But in cas-
the insured shall, within sixty days, after sue
alterations, enlargement, or different appro
priatlon, give notice thereof to the Secretary
the Trustees may renew the policy upon sue
terms, as they may deem equitable; and fire
newed, the Insured shall have the benefit of
sum, not exceeding his premium and depos
money, but If not renewed, then sum not ez
ceedinS his deposit money only, subject how
ever in both cases, to the expenses and losse
, of this Company.
Art. 8. When any mansion house, or othe
building shall be aienated by sale or Other
wise, the policy shall thereupon, be ipso fact
void; but the grantee, or alienee, havin
the Policy assigned to him, by the insured, up
on application to the Secretary, within thirt
days, may with the consent Of the Trustee
for tho time being, have the policy renewed
upon becoming responsible for the payment
his, her, or their proportion Of the conditions
funds land by such renewal, the person, {
persons causing the same, shall be entitled
Al Che rights and privileges, 70 which II