The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1897-04-25
WHAT THE NEW LAWS ARE
INTENDED TO ACCOMPLISH.
NUMBER NINETEEN.

insured shall be entitled to as many
votes as there are directors to be elect
ed, and an equal additional number LOT
every risk or risks he holds in the COM
pany. and he may cast the same IN
person or by proxy, distributing them
among the directors to be elected, OF
among a less number of directors, or
cumulating them upon one candidate
as he shall see fit.
Section 4. The directors shall elect
from their own number, President
and a President, and shall also
elect a Treasurer and Secretary VINO
may or may not be members OF the
company. All of such officers hold their
office for one year from the date OF
their election, and until their success
ors are elected and qualified.
Section 5. The Treasurer and Sec
rotary shall give bonds to the COM
pany for the faithful performance OF
their duties, in such amounts as shall
be prescribed by the board of directors.
Section 6. Such corporation and its
directors shall possess the usual pow
ers. and be subject to the usual duties
of corporations and directors thereof,
and may make such bylaws, not IN
consistent with the Constitution ana
the laws of this State, as may be
deemed necessary fer the manage
ment of it's affairs, in accordance with
the provisions of this Act. Also TO
prescribe the duties of its officers and
to fix their compensation. and TO alter
and amend it's bylaws, when nee
essary.
Section l. Any person owning prop
erty in the county for which any such
company is formed may become a
member of such company by insuring
therein, and shall be entitled to all the
rights ard privileges appertaining
thereto, and no person not residing in
the county in which the company is
formed shall become a director of such
company.
Section s. Such company may issue
policies only on detached dwellings,
school houses, churches, barns Except
livery barn and hotel barns), and 9TH
er farms buildings, and such property
as may be contained therein; also, 9TH
er property on the premises owned by
the insured; hay and grain in stack
or in the field, and live stock on the
premises Of the insured, anywhere in
the county, for any time not exceeding
five years, and not to extend beyond
the time limited for the existence Of the
charter, and for an amount not to ex-
coed 81, 800 on any one risk; provided,
that no company which has been or
ganized more than six months shall
write insurance subject to one fire eX-
ceedng three per cent. of the amount
at risk upon the books of such com
pany. All persons so insured shall
give their obligation to the company,
binding themselves, their heirs and as
signs. to pay their pro rata share to
the company of the necessary expense
and of loss by fire which may be sus-
tanned by any member thereof during
the time for which their respective pol
icies are written, and they shall also at
the time of effecting the insurance pay
such a percentage in cash, and such
other charges as may be required by
the rules or bylaws Of the company
Section 8. All such companies must
classify the property insured therein at
the time of issuing policies thereon
under different rates, corresponding as
nearly as may be to the greater or less
risk from fire loss which may be at
tached to the several kinds Of property
insured.
Section 10. No such company shall in
sure any property beyond the limits Of
the county within which the company is
organized, nor shall any company issue
policies of insurance on any property
within the limits of any city containing
/ over 5000 inhabitants at the time Of the
/ organization of such company; provided
that no dwelling shall be insured within
the corporate limits of any city or town
! exposed by any other building within
/ one hundred feet, or by any other risk
other than a dwelling or private barn
within two hundred feet of the risk as
sumed; provided, that the amount of in
surance shall not exceed 10 per cent. OF
the value of the property and that no ad-
ditional insurance shall be allowed.
| Section H. Every member of such
company who may sustain loss or dam
age by fire shall Immediately notify the
| President. or in his absence, the Secre-
! tary thereof, stating the amount OF
| damages or loss sustained or claimed
| and if not more than $500, then the
President and Secretary shall proceed tC
| ascertain the amount Of such loss OF
damage and adjust the same. If the
claim for damage or loss be an amount
greater than 5000, then the President OF
such company, or in his absence, the
! Vice President, or in the absence Of
both, the Secretary thereof, shall forth
with convene the Board of Directors OF
such company. whose duty it shall be
when convened to appoint a committee
Js-:.,
members of such company, to ascer-
tain the amount of such damage or loss
If in either case there is a failure of the
parties to agree upon the amount OF
such damage or loss, they shall submit
the question of the amount of sucf
loss to arbitration. The President