Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1823-11-19

shall be tltitled to receive sum, not exceed.
| Ing his, her, or their deposit money.
+ ART. 6. The President and Directors shall
| receive Tor their personal attendance at every
monthly, spocial, or adjourned meeting, one
dollar ead5,.14hd shall pay fine of one dollar
Tor non-attendance, except a reasonable ex-
cuse shall be offered to the board for absence /:
| and the Secretary shall keep an accurate ac-
count Of the attendance of the President and
each Director. The said President and Di-
| rectors shah also he allowed one dollar each
for every ten miles travel to and from the place
of said meetings.
ART. 7. There shall be three Trustees.
! chosen by the President and Directors from
| their own members, who shall be Unidentified
! by the company for all things lawfully done
and performed in their official capacity. amp
| shall be compensated for their services at the
discretion OF the President and Directors
lhey shall hayesp power, and it shall be their
DUTY to rate the buildings; to fix the premi-
ums, payable by the persons insured, and to
refuse insurance upon any building at their
discretion. They, or any two of them, shall
direct the forming and issuing of policies agree
ably to the principles prescribed in these arti-
cles they shall also, be the judges of any
partial damages sustained by any of the insur-
ed; and in case the insured shall be dissatis-
hed with their judgment, they may refer the
subject to three impartial men, whose award
shall be conclusive. 1t shall also be the duty
OF SAID Trustees to examine the books Of the
Secretary and Treasurer, and make report
thereon to the President and Drectoss al each
monthly meeting.
ART. 9. The President and Directors shall
appoint one or more agents in such towns with
In the County of Worcester, as they may think
proper. 1t shall be the duty Of such agents
to value the buildings TO be insured to de-
scribe the materials, of which they are COM
posed; the use to which they are applied,
and their situation in relation to other build
lngs; they shall estimatc their rate of hazard,
and certify the same in writing 10 the Sccreta-
ry. The Trustees may then issue, or refuse
to issue policy, at their discretion. The said
agents shall certify ali losses, aud relate the
origin OF the fire, in order that the President
and Directors may pay the same. They shall
be Judges in the first instance of all partial
damages. sustained by the insured under the
rules and regulations, prescribed to the Trus-
tees, and shall be Unidentified by the Compa-
ny, in the same manner as the Trustees are,
for all things lawfully done and performed in
their official capacity, and shall receive such
compensation for their services, as the Prcsi-
dentand Directors may deem adequate.
ART. 3. No alterations in the terms of insur-
ance. shall be made, OIL account of a buildings
being made more or less hazardous by means,
not under control of the insured.
ART. 10. There shall be a meeting of this
Company annually on the second Wednesday
of December, at their Office in Worcester at
six O'Clock 2. NJ. Fifteen members, being
present, shall constitute quorum for doing
business. AL questions shall be decided by
a majority Of votes, each member having as
many votes as he has policies, with the right
OF voting by proxy.
Art. II. A general meeting shall be cal
led by the President and Directors on applica-
ton made to them in writing by twenty FIVE
members. Notice of such meeting shall be
given three weeks successfully in one or more
Newspapers, printed in Worcester.
ART. IL. Each Person, or Company, by its
agent, upon execution of his, her, or their pol
icy or policies, and before the same shall be
delivered, shall pay to the Treasurer snch pre-
MUM, make such deposit, and give such col
lateral security for the payment of all assess
ments, and debts due to the Company, as the
President and Directors shall from time to
time determine.
ART. Is. Each policy shall be for the term
of seven years, and shall expire at 12 O'Clock
at noon on the last day the said seven years,
to be Computed from and after IL o'clock at
noon Of the day on which the policy may be
dated.
ART. ii. Each person or Company insured
shall pay for each policy, transfer or indorse-
ment duly executed, not exceeding one thou
H. ~. H. r.. :.
same above that sum, two dollars.
ART. Is. No policy shall embrace more
than one building, except when two or mere
small buildings stand contiguous to each other,
which do not together exceed the value of
$1,000, and except when a stable, coach
house OF wood house stands on the same plat
Of ground with the mansion house; in which
| case, the buildings must be distinctly valued.
! ART. is Not more than three fourhs of the
! value of any building shall be insured by this
company, aud as much less as the insured
may choose.
| ART. II. When buildings ensured shall be
a!enated by sale, or any other means, the
insured, his, her or their representative may
surrender his, her, or their policy or policies,
and receive sum, not exceeding his, her, or
their deposit money. H.
| ART. Is. The absolute funds Of this Com
pany shall be and hereby are appropriated
as follows, viz. LIST. To pay all charges
end. TO pay all losses, happening during the
existence of policies, provided the same
should exceed FIVE per cent on sums insured,
unless it should be proved, that the insured
purposcly burned the property, or neglected to
extinguish the fire when burning-3d. To be
disposed Of agreeably to the provisions OF
the 18th article--4th. The residue of said
funds shall be refunded to each member, his,
her or their heirs, at the expiration of his, her,
or their policy or policies.
| ART. 10. The residue Of the absolute fund,
not demanded within one year from the ex-
niraiinn nfthe no,icY or policies: or The demos.