E. LOUIS LOWE, ESQUIRE, GOVERNOR.
333
of said company, and each member having property
insured to the amount of one hundred dollars, shall be
entitled to one vote, and notice of every such election
to be given in one or more newspapers published in
Somerset county, at least three weeks before such election
shall be held, and the persons herein named as
directors, shall immediately after the passage of this
act, organize the company and prepare a constitution or
by-laws, as they may see best, to be submitted to the
members for adoption before the first Monday in May,
eighteen hundred and fifty-four.
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SEC. 3. And be it enacted,
That the officers of this
company shall be a president, secretary, treasurer and
such agent or agents, surveyor or surveyors as may be
necessary to carry this act into effect, to be elected by
the board of directors annually, and whose duties, obligations
and responsibilities shall be such as may be
designated in the constitution and by-laws.
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Officers.
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SEC. 4. And be it enacted,
That the directors of
this company shall have full power to elect the officers
above named, to fix their salaries, to approve the bonds
required from such officers, to prescribe the form and
penalty thereof, to fix the rate of insurance and to
decide upon all applications for the same, to prescribe
the form and amount of premium notes, according to
the nature and greater or less hazard of the property
insured; Provided, the same be not less than seven
per centum on the amount of the property insured, to
order and direct all policies to be issued, which policies
shall be signed by the president and attested by
the secretary; Provided, no policy shall be issued
until persons holding property to the amount of fifty
thousand dollars of insurable property shall become
members of this company, and such company are
hereby vested with all powers requisite and proper
to carry this into effect; Provided, the same be not
inconsistent with the constitution and laws of this
State; and in case any vacancy shall occur in the
board of directors, from death, resignation or any cause,
the board of directors shall supply such vacancy or
vacancies until the next annual election.
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Power of directors
to
elect officers.
Provisoes.
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SEC. 5. And be it enacted,
That any person or persons,
or body corporate, may become members of this
institution by insuring his, her or their property with
the company, and by paying in advance in cash, or by
executing his note, at his, her or their option, which
note shall be secured in the manner hereinafter prescribed
for such premium as may be required by the board of
directors, not less than seven per centum on the amount
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Right of
membership.
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