Page:United States Statutes at Large Volume 19.djvu/65

 FORTY-FOURTH CONGRESS. Sess. I. OH. 85. 1876. 39 Y pany, and their executors, administrators, and assigns continuing to be P”*“Y· i so insured, shall thereby become members thereof during the period ` son" as used in this act shall be held to include corporations also. _ Sec. 6. That each and every member of said company shall have full W*2“l";*W“lf"°"‘ V power to withdraw therefrom, in whole or in part, at any time, upon umm mu?' ` application in writing to the proper officer thereof, and payment of all arrearages of assessments and interest that may then be due and owing to said company from said member. Upon such application, the said _ officer shall cancel the insurance or insurances designated in said appli- ing;Qf$;“*‘°“ °f cation, together with the premium note or notes held by said company' on account of such cancelled insurance. Said officer shall also return any amount of money which may be due said member on the books of said company on account of said cancelled insurance, and thereafter said member shall be debarred from all claim on said company on account of such cancelled insurance accruing subsequent to such withdrawal and cancellation. But no premium note or notes shall be cancelled or in any manner discharged or given up until all assessments thereon on account of liabilities incurred before or at the time of such withdrawal shall have been fully ascertained and paid. Sec. 7. That the affairs of said company shall be conducted by a Boardoftrustees. board of nine trustees, who shall be elected at the annual meeting of the members, and shall continue in office until their successors are elected and qualified. Not less than a majority of said board shall constitute a Q¤<>r¤¤¤- quorum to do business, but a less number may adjourn from time to time. Vacancies happening in said board otherwise than by removal, as here Vaeaiieios. inafter provided, may be filled. by the remaining trustees for the residue _ of the term for which they were elected, Said board shall choose one t£'°*’*g$"‘*_ “·“ d of their number as president and one as vicepresident; and they shall ° °r ° '°"”’ also appoint such other officers as may be necessary for conducting the aifairs of said company. _ SEO. 8. That the nine persons first named in this act shall be the Flm bilwl Of board of trustees of said company until the first annual meeting, and mmm8s' until their successors are chosen and qualified. Such of them as may be present at their first meeting may proceed to organize by electing a Organization. president, vice-president, and other officers; and, as soon thereafter as practicable, said board shall adopt by-laws, provide the necessary books, and otherwise prepare the company for the transaction of business, and thereafter said board shall exercise a general superintendence of the atiairs of the company: Provided, That the said bylaws shall only be By-laws. adopted by the concurrent vote of at least two-thirds of the whole board of trustees, and when once adopted any alteration or amendment shall only he made at an annual meeting of the company, notice of such pro» posed alteration or amendment having been tiled in the office of the company at least thirty days before the day fixed for said annual meeting. A majority of twothirds of the votes cast shall be necessary to the adoption of any such alteration or amendment, but when thus adopted the same shall be binding on all the members of the company. SEO. 9. That the board of trustees shall, by general rules, determine R 3 t tl ¤_ _=>» ¤ d the rates of insurance, the sum to be insured, and the rate of interest $;;‘;““° M “"““” to be paid upon the premium~notes, which latter, however, shall not ex-` ceed six per centum per annum. No more than five thousand dollars Maxiinnin risk. shall be insured on any one risk, unless the premiumnotes shall amount to over one hundred thousand dollars; and in that case no one risk shall exceed five per centum on the whole amount of premium-notes. Sec. 10. That every person who shall become a member of said com· d9Ng§§‘;§f ‘**"“""‘l pany by effecting insurance therein shall deposit his promissory note, P ' payable on demand, for such sum, and upon such interest, not exceeding six per centum per annum, as may be required under the general rules prescribed by the board of trustees; and said notes shall be liable to assessment pro rata at any time when the trustees shall deem the Assessments.
 * Sec. 5. That all persons who shall hereafter insure with said com- M¤¤¤l*¤r¤<>f ¢<>m·
 * they shall be and remain so insured, and no longer, and the word “ pcr· Word " n<>¤‘¤<>¤-"