28 BULLETIN 530, U. 5. DEPARTMENT OF AGRICULTURE. 
final and binding upon both parties... 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 
2 value equal to that of the insured property immediately before the loss oc- 
curred. 
(f) PAYMENT OF LOSSES.—Losses shall be paid within 60 days after the date 
of adjustment. ; 
Sec. 16. Reserve. 
It shall be a part of the working pian 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. 
