Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1823-10-08

poratlon, until the sum subscribed by the as !
sociates to be insured, shall amount to two
hundred thousand dollars; and at all meet
ings of said corporation, every matter shall be
decided by majority CT votes, each member
having as many votes as he has policies, with
the right of voting by proxy.
SECT. 3. Be ii further enacted, That Che
said corporation may, as soon as the said two
hundred thousand dollars shall be subscribed
to be insured, and they are hereby authorized
to insure for the term of from one to seven
years, any mansion house, or other building
within the County of Worcester, against dam
age arising to the same by fire, originating in
any cause except that of design in the insur
ed, and to any amount, not exceeding three
fourths of the value of any building: and in
case any member shall sustain damage by fire
over and above the then existing funds of the
said corporation, the Directors may assess such
further sum or sums upon each member, as
may be in proportion to the sum by him in
sured, and the rate of hazard originally agreed
upon: Procided, nevertheless, that no member,
during the term of seven years, shall be held
to pay, by way of assessment, more than two
dollars for each dollar by him advanced as
premium and deposit.
SECT. q. Be ii further enacted, That the
monies advanced by each person insured shall,
within sixty days after such advancement, be
vested in the stock of some incorporate bank,
stocks Of the United States, or notes and
bonds secured by mortgages, at the discretion
OF the President and Directors; and the pro-
ceeds of the same shall be appropriated and
applied to pay the damages or loss that any
member may sustain by fire, and to defray the
expenses of the corporation; and each of the
insured shall, at the expiration of his policy
or policies, have right to demand and re-
ceive from the corporation, his share of the
remaining funds, in proportion to the sum or
sums, by him actually paid.
SECT. 5. Be ii further enacted, That when
any member of the said corporation SO insur-
ed, shall sustain any loss for which the same
corporation shall be held to indemnify him,
and he shall recover judgment therefor,
against it, he shall have a right to levy his
execution issued on such judgment, on any
OF the funds of the said corporation; and
when he shall not find sufficient funds of the
said corporation to satisfy the same, and all
costs thereon, and the said Directors shall
neglect, or refuse, for the space Of thirty days
from rendering such judgment, to make an
assessment agreeably to the principles herein
expressed, and deliver the same to the Treas
urer of said corporation, and direct him to
collect the same, in such manner as the said
corporation may point out, to satisfy such ex-
ecutirn as far as the said funds and assess
ments may extend, then, and in that case, it
shall be lawful for such judgment creditor to
to levy or extend his said execution on the
private property of any of the said Directors
to the amount of the damage and costs he
shall be entitled to recover and receive, on
such execution; and any Director, whose es-
tate, real or personal, shall be so taken, may
recover compensation therefor, by an action
of the case against the said corporation.
SECT. 6. BE 1t further enacted, That when
ever any person shall sustain any loss of pro-
perty by fire so insured, he shall, within sixty
days next after, give notice of the same, to
| such of the Directors as shall be agreed upon
BY the said corporation for that purpose, whose
duty it shall Ne Immediately to view where
the fire happened, and to inquire into the
| circumstances attending the same, and de-
termine, in writing, under their hands, the
! amount (if any of the said corporations liza
bilitY for such loss and If the sufferer shall
not acquesce in their determination, he or
she, within thirty days next after such deter-
mination be made known by said Directors,
may bring an action at law against said COR
poratlon, for such loss, before any court of
competent jurisdiction, within the said County
OF Worcester. And in case the sufferer shall
not by verdict of jury recover more than
the damage determined on by the Directors
as aforesaid, the plaintiff in such action shall
have judgment on the verdict, but the cor
poration shall recover their costs, and execu-
ton shall issue for the balance in favor of the
party entitled to recover it.
SECT. 7. Be 1t further enacted, That so
soon as the amount of the corporations liabiI-
ity shall be ascertained in either of the WAYS
mentioned in this act, (and the funds on hand
not being sufficiently ike said Directors shall
make an assessment upon the members of the
said corporation, agreeably to the principles
| OF this act, and deliver the same to the Treas
urer of the said corporation, collect. And the
said corporation, shall have power to make
such by laws, rules, and regulations for the
due management of the concerns thereof, as
may be thought proper, not repugnant to the
constitution and laws Of this Commonwealth.
SECT. 8. Be ii further enacted, that any
two of the persons herein named, are hereby
authorized to call meeting of the members
OF said corporation, at such time and place.
as they shall think fit, by advertising the
same in the newspapers printed at Worces-
ter, fourteen days at least, previous to said
meeting.
SECT. 9. Be 1t further enacted, That the
said Worcester Mutual Insurance Company
shall be liable to be taxed by any general law
providing for the taxation of all similar cor
porations.
Approved by the Governor, Feb. II. 1926. ]