Massachusetts spy and Worcester advertiser. [volume] ([Worcester, Mass.]) 1823-1825, 1823-11-19
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 :" 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-
stunned 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 1. 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. g. The power of this Company shall
be 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
superintend the prudential concerns of the
Company, and shall have the management
and 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 lurish 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
selTes by extraordinary eXertious or services
in extinguishing fires ito offer premiums fol-
the encouras cement 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 Of the Company during Of.
flee hours and shall, at each annual meet
:ng, report to said Company, a 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 g
quorum for business, and in case that mum
Der should not assemble, the Secretary shall
adjourn the meeting from day to day, or from
week to week, and shall notify the President
and Directors accordingly.
ART. a. All policies, which may issue from
This Company to cover property previously in
sured, shall be ipsO fdcto void, unless such pre-
Hious insurance be Endorsed on the policy a
the time it Issues and when a subsequent in
ssnrance shall be made by any other Company
or by any person on property insured in thi
soihce, it shall tpsO 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:
chan those, mentioned in the policy, the same
shall, apso facio, become void. But in case
sthe insured shall, within sixty days, after sucl
alterations, enlargement, or different appro
.priation, give notice thereof to the Secretary
the Trustees may renew the policy upon sucl
5erms, as they may deem equitable; and lire
newed, the insured shall have the benefit of
sum, not exceeding his premium and deposi
money, but il not renewed, then sum not OK
ceeding his deposit money only, subject how
ever in both cases, to the expenses and losse
Of this Company.
ART. 5. When any mansion house, or othe
building shall be alienated by sale or other
wise, the policy shall thercupon, he fpso fact
void; but the grantee, or alicnee, havin
the policy assgnedto him, by the insured, up
on application to the Secretary, within thirt
days, may with the consent of the Trustee
for the time being, have the policy renewed
upon becoming responsible for the payment c
bis, her, or their proportion Of the conditional
funds land by such renewal, the person, Q
persons causing the same, shall be entitled I