3452 AWARD OF THE FISHERY COMMISSION. 



BY-LAWS of the Gloucester Mutual Fishing Insurance Company for the 

 years 1876-77. Adopted November, 1876. George Steele, President; 

 N. D. Cunningham, Vice-President ; Cyrus Story, Secretary and Treas- 

 urer. 



Article 1. This Company shall be governed by aboard of ten Direct- 

 ors, who shall be chosen from the Stockholders at the annual meeting 

 of the Company by a stock vote ; one of whom shall be chosen by the 

 Directors to act as President, and another to act as Vice-President. 

 The duties of the President (and in his absence the Vice-President,) 

 shall be to preside at all meetings of the Board, or of the Stockholders, 

 and to perform such other duties as may be required of them. 



The Directors shall have power in case there is a vacancy on the 

 Board caused either by non-acceptance, resignation or death, to choose 

 from among the Stockholders some person or persons to fill the vacancy ; 

 they shall also have the power to appoint a Secretary and Treasurer, 

 and to fix upon salaries to be paid to the officers of the Company. 



Article 2. The President and Directors shall superintend the concerns 

 of the Company, and have the management and direction of all things 

 not otherwise herein provided for. They shall provide a suitable office 

 for the transaction of business, and furnish it in such a manner as they 

 shall think proper; they shall cause to be kept by the Secretary a fair 

 record of all their transactions, and shall report at the annual meeting 

 in each year, a detailed account of the concerns of the Company, which 

 report, when accepted, shall be entered upon the records of the Com- 

 pany. 



Article 3. The Secretary shall keep the books and accounts, shall col- 

 lect and receive all monies, and pay the same over to the Treasurer as 

 soon as received ; shall fill up and record all policies and orders, notify 

 meetings, and perform such other duties of the office as the President 

 and Directors may require. 



Article 4. The Treasurer shall take charge of all the funds of the 

 Company, and deposit the same in some Bank in Gloucester, in the 

 name of the company. He shall pay out money by order of the Direct- 

 ors, and all checks must be countersigned by the President. He shall 

 give such bonds for the performance of his duties as the Directors may 

 require. 



Article 5. The President, in addition to his duties of presiding at meet- 

 ings, shall sign all policies, and shall order the payment of all monies by 

 the Treasurer, with the consent and approval of the Directors, (and 

 countersign all checks drawn for the payment of monies aforesaid ;) and 

 in his absence, the Vice-President shall perform such duties. 



Article 6. All applications for insurance shall be made in writing, and 

 signed by the person or agent making such application, and shall specify 

 the amount on the vessel and outfits (catch to be considered as outfits) 

 or cargo separately, insurance to commence on the date of the applica- 

 tion, and shall be binding on both parties until action is taken upon 

 said application by the Directors at their next meeting, and until the 

 expiration of the Policy, unless disapproved by the Directors at that 

 meeting ; notice of such disapproval to be given to the applicant imme- 

 diately alter such action. 



Article 7. No vessel shall be insured by this Company except those 

 hailing from Gloucester. 



Article 8. The stock of this Company shall be held in shares valued 



