The Owosso times. (Owosso, Mich.) 1897-1926, 1921-03-11

i y Insurance Company.
! Notice Is hereby given that meetin
of the members Of The Shiawasse
Mutual Fire Insurance Company will
be held at the Court House In the Cit,
Of Corunna, on April 9Th, 1921, tw
O'Clock p m, for the purpose Of tn
adoption or rejection of the report o
the committee appointed at the las
regular annual meeting Of said Com
pany, for the purpose of revising ant
extending the Charter and By Laws o
the Company.
Your committee would unanimously
recommend that the Charter and BY
Laws under which said Company /,
organized and operated. be, and i,
hereby extended indefinitely, or until tn,
same is altered or changed by Cour
having jurisdiction, or by q vote of The
Shiswassee Mutual Fire Insurance
Company, legally called.
We would further reco nmend the
changing. of several sections of the
Char ter to read as follows:
| Section 3. The officers of said Com
pany shall be, President, Vice Presi
dent, Secretary Treasurer, one or more
collectors, ard Board of Three Direc
tors, of which number the President
and Secretary shall exofficio be two,
and such other officers as said Company
shall at any time deem necessary to
have or appoint.
| Section s. The regular annual meet
ing of said Company shall be held on
the second Thursday after the first day
of January in each year at the County
Seat of said County, and at such hour
between the hours of ten o'clock a. M.
and two o'clock p. m, as the Board of
Directors shall appoint, of which meet
ing reasonable notice shall be given in
such manner as may be prescribed by
the by laws, and such meetings may be
adjourned from day to day, or from
| time to time, as may be necessary, until
the business thereof shall be fully com.
pleted.
Section TO- Said Company is formed
and shall be conducted for the mutual
insurance of the property of its men,
bers and rural schools, rural churches,
and town houses, against loss by fire.
and no other property shall be insured,
except the dwelling houses, buildings
and personal property of farmers, sit
uated upon or used on or about their
farms or business of farming, together
with the stacks of hay and grain upon
said farm, provided, however, that
where the property insured consists of
buildings or personal property other
than farm property or dwelling houses,
and their contents. The amount of any
one risk on either of said classes of
property assumed by this Company
Nd cd x1n1ar tho v,rnusosnno ~ he
charter shall not exceed 100000.
Section 16 Any person may here.
after become member of the Company
who owns property in the County of
Shiawassee, and by applying for insur.
ance upon said property and entering
into written agreement therefor with
said Company as required by law, and
by this charter, and by the bylaws of
said Company. which agreement shall
be entered and kept in the books of said
Company, and in other respects comply
ing with said Charter and BYLAWS of
sain Company; but all propositions and
agreements for insurance shall be sub.
ject to the approval, acceptance or
by the President or Secretary
of said Company. Any member may
withdraw from said Company by re.
turning his or her policy to the Score
tary, and by paying all assessments
made, or liable to be made by previous
losses, and all debts and claims then
due, or justly to become due from such
member to the Company.
Section 10. Every person on becom.
ing member of said Company as afore
said, shall pay to the Company the fol.
lowing sums: A membership fee of
81 90, policy fee of fifty cents and
premium of one dollar on each one
thousand dollars insured.
section 10. The Board of Directors
shall, in the month Of January of each
year, make an assessment upon the
members of said Company to pay the
losses and the necessary expenses of the
Company, and to be made on the prop
erty at risk on the 3lst day of Decem-
Der previous. Should the said assess
ment be insufficient to pay the losses
during the year, the Board of Directors
may, If they deem 1t necessary, make
an extra assessment upon the members
of said Company for the purpose of
paying said losses, providing, that no
shall exceed three mills on
the dollar on the amount at risk. and
provided further, that If there should
be In the Secretary Treasurer's hands on
the first day of January of any year a
sum sufficient to pay the probable losses
for the space of six months, then the
Board of Directors shall not make an
until they deem 1t for the
best interests of the Company to do
80 Provided further, new members
shall not be subject to assessments for
a period of three months from date of
application for membership.
Section 90. The Secretary Treasurer
shall receive all moneys paid to him by
any of the officers Of said Company,
and pay the same out on the order of
the Board of Directors.
Section %. The Directors of said
Company shall receive compensa.
ton at the rate Of not more than three
dollars per day, and six cents per mile
travelled
Section 25. Any member of said Com
pany may use any motive power
about his or her buildings insured sub.
ject to the by laws of the Company.
Section g. An assessment roll signed
by the Directors, or majority thereof,
and by the Secretary setting forth sucb