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Session Laws, 1916
Volume 534, Page 521   View pdf image (33K)
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such term as the by-laws may provide, in accordance with the
provisions of this article, and until their successors are quali-

Three-fifths at least of the directors shall be citizens of the
United States, and after the first election, members only
shall be eligible, but no director shall be disqualified from serv-
ing the term for which he was chosen by reason of the expira-
tion or cancellation of his policy, provided, that in companies
with a guaranty capital, one-half of the directors shall be chosen
by and from the stockholders.

A majority of the directors who reside in this State shall con-
stitute a quorum for the transaction of business by the vote of a
majority of those in attendance. The directors shall annually
choose by ballot a president, who shall be a member of the board,
a secretary, a treasurer, who may also be either the president or
secretary, and such other officers as the by-laws provide. The
secretary and treasurer severally shall give bond with sureties
in such sum as the directors require, for the faithful perform-
ance of their respective duties.

The secretary shall keep a record of the votes, whether cast
in person or by proxy, and the other proceedings of all meetings
of the directors and of the members; a true list of the holders
of the guaranty capital, if any, the number of shares owned by
each, and a record of all transfers of such shares; and shall re-
cord all policies issued and all authorized assignments, transfers
and cancellations thereof; and such other books and records as
the president and directors may require. The records so kept
shall be evidence of the transactions to which they relate, and
for making any wilfully false record the secretary shall be
deemed guilty of perjury. Such records shall be open to the
inspection of any person interested therein.

Section 154 O. Every person insured by a mutual fire in-
surance company shall be a member while his policy is in force,
entitled to one vote for each policy he holds, and shall be notified
of the time and place of holding its meetings by a written notice
or by an imprint in type not smaller than long primer upon the
filing back of each policy, receipt or certificate of renewal as
follows: The assured is hereby notified that by virtue of this
policy he is a member of the Insurance Com-
pany, and is entitled to vote either in person or by proxy at
any and all meetings of said company. The annual meetings
are held at its home office in on the day
of in each year, at o'clock.


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Session Laws, 1916
Volume 534, Page 521   View pdf image (33K)
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