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

| ing his, her, or their deposit money
ART. 8. Inc President and Directors shall
| receive for their personal attendance at every
monthly, special, or adjourned meeting, one
| dollar each, and shall pay fine of one dollar
| for non-attendance, except reasonable ex-
cuse shall be offered to the board for absence !;
and the Secretary shall keep an accurate &C
count of the attendance of the President and
each Director. The said President and Di-
| rectors shall also be 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 indemnifed
| 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
hey shall have power, and it shall be their
duty to rate the buildings; 10 fix the premi-
uns, 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-
Giles 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-
lied with their judgment, they may refer the
subject to three impartial men, whose award
shall be conclusive. Ii shall also be the duty
oil said Trustees to examine the books of the
Secretary and Treasurer, and make report
thereon to the President and Directoss at each
monthly meeting.
ART. 3. | ne 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 ito 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
ings; they shall estimate their rate OF hazard,
and certify the same in writing to the Sccreta-
ry. The Trustees may then issue, or refuse
to issue policy, at their discretion. The said
agents shall certify ali losses, and relate the
origin OF the fire, in order that the President
and Direo tors 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 1rus-
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
dent and Directors may deem adequate.
ART. 9. No alterations in the terms OF insur-
ance, shall be made, on account of 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
n cl,an Tor lo;r
business. All questions shall be decided by
majority OF votes, each member having as
many votes as be has policies, with the right
OF voting by proxy.
ART. IL. A general meeting shall be cal
led by the President and Directors on applca-
ton made to them in writing by twenty five
memoers Notice Of such meeting shall be
given three weeks successfully in one or more
Newspapers, printed in " orceser.
ART. II. 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, sha.l pay to the Treasurer snch pre-
MUM, make such deposit, and give such col
| lateral security for the payment OF all assess
| mcnts, and debt. 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 II O'Clock
at noon on the last day ofthe 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. ID. Each person or Company insured
shall pay for each policy, transfer or indorse-
ment duly executed, not exceeding one Thou
sand five hundred dollars, enc dollar for the
same above that sum, two dollars.
ART. Is. No policy shall embrace more
than one building, except when two or more
small buildings stand contiguous to each other,
which do not together exceed the value of
$1,000, and except when stable, coach
house or wood house stands on the same plat
of ground with the mansion house in which
case, the buildings must be distinctly valued.
ART. 16 Not more than three fourths of the
value of any building shall be insured by this
company, and as much less as the insured
may choose.
ART. II. When buildings ensured shall be
alienated by sale, or any other means, the
insured, his, her or their representative may
surrender his, her, or their policy or policies,
and receive a sum, not exceeding his, her, or
their deposit money.
ART. Is. The absolute funds Of this Com
pany shall be and hereby are appropriated
as follows, viz. 1st. 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
purposely burned the property, or neglected.
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.
piralion of the policy or policies; or the depos.
Il ,,ora,y not deInanled within ono wear fron