The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1886-05-22

darrord Fire Insurance Company.-At
meeting of this company, held last week, Hon.
ii. ID. Farnandis, its counsel, reported bylaws to
carry into effect the changes recently decided
upon. He stated that he had found considerable
inconsistency in the action taken at different
times by the company, and that the Board of Di-
reetors had unconsciously gone beyond their legal
powers in making bylaws from time to time,
when the charter provides that after the first meet
ing OF the Board all changes in the fundamental
law shall be made in general meeting. Another
defect pointed out by counsel was, that it was no.
where made the duty of the Board to make an
annual statement of the financial condition Of
the company. This has regularly been done,
however. The bylaws reported by Mr.. Farnan-
dis are as follows:
SUSPENSION OF POLICIES.
That meeting of the Board of Directors shall
be held in each year on the working or juridical
day next before the expiration of the sixty days
of grace allowed for payment of interest, at which
meeting each Director and agent shall return to
the Secretary of the Company statement of all
money received by him for the Company since
his last previous report, specifying the persons
paying and the amount received per each and
within the three days next succeeding the expira-
ton of such grace the Secretary shall deliver or
mail to each delinquent member notice of the
suspension of his policy and the amount necessa-
ry to re-instate it.
AGENTS AND THElR
The Board of Directors is authorized to employ
such agent or agents as it may deem necessary to
increase, facilitate and make more uniform the
business of the company. Such agent in making
insurance, taking risks and receiving premiums
and expenses, to have all the powers Of Direc-
tor, having first given bond with surety, ap-
proved by the Board of Directors for the faithful
discharge of his duty, in such form and penalty
as may be prescribed by the Board of Directors,
who shall fl the rate of commission or compensa-
ton to be allowed such agent and determine his
agency at pleasure.
ANNUAL FINANCIAL STATEMENT.
The Board of Directors shall make to the men,
bers of this Company at each annual meeting
called for the election of Directors full report Of
the business and financial condition of the Com
pany, which report shall be referred for examina-
ton to a committee of three members to be ap-
pointed at such meeting. That such committee
shall have authority, if they deem it necessary to
employ an insurance expert or accountant, who,
with such committee, shall have access to the
books and papers of the Company for the pur-
pose of full Investigation.
LONGTIME RISKS.
That risks may be taken and policies of insur-
ance issued by this company for longer period
than one year, but not exceeding five years, for a
sum in gross lin lieu of the annual interest) pay
able in advance for the whole period for which in
surance is made. The form, condition and pro-
visions of such policies and premium notes and
the rate and amount of premiums to be fixed by
the Board of Directors.
The secretary was directed to call general
meeting for Wednesday, June s, to take final
action upon these matters.
III q