The Tupelo journal., 1906-04-27
WOMEN IN BUSINESS
LEGAL TERMS ALL OF THEM
SHOULD UNDERSTAND.
Explanation of Power of Attorney"
Protesting a Draft, ''Collateral,"
Etc.-How to Take Out a Fire In
surance Policy-Rental Leases
Duties of a Club Treasurer.
BY KATHERINE LOUISE SMITH.

gal terms in business that sound for
midable. Many undoubtedly are, but
some are readily understood and,
stripped of their legal verbiage, can be
simply explained. Take, for instance.
the expression Power of attorney"
Miss A is told she had better give
power of attorney to some one during
her protracted absence from home
Miss A is inexperienced, and the
term power of attorney suggests bust
ness technicalities she does not under
stand. In reality. all that is meant
is that she empowers some n to sign
papers and look after her business
during her absence. Or, the situation
may be reversed and a woman may be
given power of attorney. This is often
done in the case of infirm or aged pa
rents. Possessing such a power, when
she signs or indorses a paper for the
other party. she writes that persons
name, followed by her own name
with the word Attorney"
Often a m is administrator OF
an estate, treasurer, trustee, OF in
some capacity where money is intrust-
ed to her care. In this event she
should keep the funds of the estate or
organization entirely separate from
her own and should deposit them In
the bank under her own name with
the title of the Office she holds affixed.
For instance. Mary r. Condit is treas
urer for the old ladies home of Phoen-
TX, AriZ. AS such, she handles money
belonging to this institution. She
should deposit this under the head
Mary R. Condit, treasurer of old ladies'
home, Phoenix, AriZ., and in draw
ing checks should sign them in the
same way. OF course, she is RESPONSE
BILE for every cent that passes through
her hands and her cancelled checks
serve as vouchers for money expended.
"What is meant by the word pro
~tested?'" | had a draft come back
to me with that word written across
the back?" Miss A. L. B.
Either a check OIL a draft may be
protested. 1t is in reality a formal
statement of a bank. or person, given
power to protest by the state CASUALLY
a notary public) that the paper was
presented for payment and refused.
To have a note protested is an injury
to a business man or woman. In some
states where there is an indorser to
the note, it is necessary to have the
note protested and notice of protest
mailed to the indorser in order to
make him liable for its payment.
Often on the back of a note is written
"'notice of protest waived" above the
name of the indorser and in this case
it is not necessary to protest in order
to make the indorser liable If the
maker does not pay.
"How shall | take out a fire insur-
ance policy on m property? A House
Owner"
Apply to the agent Of some respon-
sible fire insurance company. Have
the policy made out in your name if
you are the legal owner. Notice what
the policy says about property that is
left vacant or without a care taker.
If your property becomes vacant, no.
tify the agent at once. You can insure
in more than one company, but any
company should be told of insurance
you are holding at the time. This is
to prevent the issuance of insurance
to more than the value of the property.
"If l rent a home, what is mean by
''ten days notice." weeks notice"
etc? Interested Reader"
Usually a lease is drawn up for a
certain length of time, agreed upon by
the landlord and tenant. For in
stance. a lease may read that the ten
ant can occupy premises until they
are sold, or that the length of the term
may be renewed for a certain time.
Generally, in every agreement som
date Is selected as fixing the end of
the tenancy. When a lease reads sub
ject to So many days notice, the mean
ing is so many days notice before the
last day of the lease expires. If your
lease expires December 81, at midnight,
and you have a clause to the effect
LudI YOU die ~ SlFS WV "OCho hOClS
you should give the notice on Deem
Der Is. The position of landlord and
tenant is often a difficult one. Land
lords should remember that property
kept IN good repair obtains a good
class Of tenants, and that frequent
changes in tenants are detrimental.
On the other hand, some tenants are
utterly regardless of others property
and lax about paying rent. AS a rule,
it is better for a woman to pay an
agent five per cent. and let him col
lect her rent and attend to the prop
erty. Leases should always be read
and the terms clearly understood by
both landlord and tenant, for other
wise hard feeling and law suits may
arise. The man who said that for
wears he had rented houses and con-
sidered landlords the meanes people
on earth, added that when he owned
a block of buildings and rented to ten
ants he came to the conclusion that
tenants were the meanest people that
existed.
L have recently been elected treas
urer of a society. What are my du-
ties? Club Woman"
The treasurer is keeper of funds and
accounts of a society. You should
keep IN accurate record of money re-
ceived and paid out. To protect your
self, for you act as agent and in the
capacity of a bank, you should never