The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-05-07

in directors, each Of whom shall during his
term of office be policy holder In
said corporation. Such directors shall
&c 90 elected 70, annually, aud shall hold
cessors' IRE elected and qualified. The d.
rectors shall choose from their own number
q president, secretary and treasurer. whose
respective terms Of office shall be one year.
snchas may be In the bylaws of the corpora
SEc.7. Such corporation before commenc-
Ing Its business shall prepare and ADOPT by
otiicersi the manner. place and time Of elect
ing them, the directors, the scheme and man
ner Of itransacting its business, aud such
other rules and regulations as may be deemed
essential for the government OF the corpora
ton and the management of its affairs. Such
bylaws shall not be amended, changed,
suspended or repealed except in the manner
therein set forth, and COPY OF the same and
or any subsequent amendments thereto, or
changes therein shall be by the secretary
forthwith filed with the commission of insur-
ance, who shall safely keep the same in his
office.
issue policies of Insurance. signed by its
president and secretary, agreeing to pay the
person assured thereby alt loss and damage
TO the property insured, which he may sustain
by fire or lightning for Il period of not more
than five (5) years and not exceeding IN
amount the sum specified In such policy.
SEC. 9. Every holder of policy of such
Insurance shall be a member OF the corpora
ton. He shall have the right to participate
in the election of directors. and shall be
eligible to election to any office in such cor
poration; he shall be liable to the corporation
for his pro rata share of all Losses and dam
other member and also for his pro rata share
of the expenses of the management of the
business of such corporation, and shall also be
bound and subject to the bylaws thereof.
SEC. 10. The corporation shall, in and by
its bylaws, provide for the manner in which
such insurance shall be effected. and the
terms and conditions thereof; the time and
manner In which losses by it sustained under
proved, adjusted and paid the time and
manner and place in which, and the person
to whom such assessments shall be paid. 1t
shall also, in and byits bylaws, provide such
other regulations, terms and conditions rs it
may be necessary for effectively and fully
CARRYING out its scheme of insurance, and the
said bylaws in force al the time OF the date
OF any policy OF insurance, issued by the cor
poration. shall have the force and effect of
law in the determination of all questions
and claims arising under such policy be-
tween The holder thereof and the said cor
poration.
SEC. II. The said corporation shall also, in
and by its bylaws. provide the manner,
terms and conditions upon which any mem
Der thereof may withdraw or be suspended
or expelled therefrom.
CEC. IL. lue SeCTeLdTF OIL the corporation
shall prepare and submit to the members
thereof, at each annual meeting, detailed
statement of the condition of such corpora
ton and its transactions for the preceding
year. showing the number OF policies and to
whom issued and the amounts insured there
by, the number Of assessments made during
the year. and the amount paid in upon each
assessment: the losses sustained: during the
year: and whether the same have been paid
or adj usted or remain unpaid or nuadjusted.
or are disputed; the number of m cmbers of
the corporation; the number of new mem
bers received during the year and an
itemized statement of the expenses of
such corporation during the year and
of the amount and condition of its
funds. and such other matters as may be OF
interest to the members. copy Of such
annual statement shall, within thirty 500
days after such meeting, be filed with and
preserved by the insurance commissioner.
SEC. IL. No corporation formed under this
act shall continue for longer period than
thirty (3O years. r,l-r
SEC. Il. No corporations formed under this
State OF Minnesota nor any, property other
than detached dwellings and farm buildings
ana their contents and live stock while on
the premises or running at large, and hay,
grain and other farm products While in tie
stack, bin. CRIB or granary. and ali farm ma
chinery and utensils, including wagons and
carriages npon such premises; nor shall it
insure any property whatever in any incor-
porated city or village, unless entirely de-
tached and used for farm purposes only.
SEC. Is. All the books, pal ers and files of
such corporation shall at all times be open 10
the examination Of any member thereof, or
his agent or attorney; and any such member,
agent or attorney shall at all times have the
right to make such copies Of such books, pa
pers and files as he may wish to have.
Sec Ii. The articles OF association NAV
be amended in any respect which might have
been lawfully made a part of such original
articles at any annual meeting of the men,
bers. of the corporation upon y vote of two
thirds of the members present at such meet
ing.
Sec. II. This act shall take effect and be
in force from and after it's passage.
Approved April %, 1891.