28 BULLETIN 530, U. S. DEPARTMENT OF AGRICULTURE. 



final ii ml binding upon both parties. 1 The members of the board of arbitration 

 shall be compensated on the same basis as is provided for directors, and the 

 costs of this board shall be borne equally by the company and the insured. 



(e) Company may replace or rebuild. — The company reserves the right to 

 repair, rebuild, or replace any building or other property damaged or de- 

 stroyed : Provided) That such repaired, rebuilt, or replaced property shall be of 

 r. value equal to that of the insured property immediately before the loss oc- 

 curred. 



(f) Payment of losses. — Losses shall be paid within GO days after the date 

 of adjustment. 



Sec. 1G. Reserve. 



It shall be a part of the working plan of this company to build up and to 

 have on hand a reserve fund of three-tenths of 1 per cent (3/10%) of the in- 

 surance in force. 

 Sec. 17. Amendments. 



The by-laws of this company may be amended by a three-fifths vote of the 

 members present at any annual meeting or any regularly called special meet- 

 ing (a quorum being present), provided notice of the intended amendment has 

 been given in writing to the secretary in time to be included with the notice 

 of such meeting, or provided the submission of such amendment was proposed 

 and approved by a majority vote at the previous annual meeting. It is specifi- 

 cally provided and agreed that any amendment so passed shall immediately 

 upon its passage affect and become a part of all outstanding policies, as well 

 as of those issued after such amendment is made. 



1 The provision in regard to the force of the action of the arbitration board, though in 

 general use by existing companies, may in some States have to be omitted because of 

 conflict with State laws. 



