CS i i et ee eee ee ae SERRE BES CER BL ERE Cae 
A FARMERS’ MUTUAL FIRE INSURANCE COMPANY. oA 
annual meeting of the company, and shall perform such other duties as the 
board may assign to him. 
(e) DUTIES OF THE TREASURER.—The treasurer shall, under the direction of 
the board of directors, have charge of all the funds of the company. He shall 
deposit said funds in the depository or depositories designated by the board, 
He shall pay all vouchers or orders properly attested by the secretary and the 
president and shall make a complete and accurate report of the finances of the 
company at each annual meeting. 
(f) Bonps.—The secretary and the treasurer, before entering upon their 
respective duties, shall each give bond in such sum and in such form as shail 
be required by the board. 
Src. 6. Committees. 
(a) EXECUTIVE COMMITTEE.—The president, secretary, and vice president shall 
constitute an executive committee, which shall exercise such powers and per- 
form such duties as may be delegated or imposed by the board of’ directors, or 
as in these by-laws provided. 
(b) AUDITING COMMITTEE.—The members shali at each annual meeting elect 
two competent persons, who, together with a third person selected by the board 
from their own number not later than December 31 of the current year, shall 
constitute an auditing committee. Said committee shall audit carefully all 
books and accounts for that year and report their findings at the next annual 
meeting. A special audit of such books and accounts by an expert accountant 
may be ordered by the members at any annual meeting or any regularly called 
special meeting. Such special audit may also be ordered at any time by the 
poard of directors. | 
Sec. 7. Salaries. 
(a) SALARIES OF DIRECTORS.—Each director shall receive $2 per day and neces- 
sary expenses for such time as he actually spends in transacting the business 
of the company. The compensation for taking applications for insurance shall 
be equal to the policy fee provided for in section 12, and no per diem shall be 
allowed directors for such services. 
(b) SALARIES OF OFFICERS AND EMPLOYEES.—The officers and employees of the 
eompany shall receive such reasonable compensation as the board of directors 
shall determine: Provided, That no officer who is also a director shall receive 
pay both as a director and as an officer for the same service. 
Sec. 8. Applications for insurance. 
(a) RECEIVING APPLICATIONS.—It shall be the duty of the directors, each in- 
his own community, or in such district as the board shall designate, to receive 
and at their discretion to solicit applications for insurance from all persons of 
good character and reputation who are the owners of property insurable under 
the rules and regulations of this company. All such appiications must be ap- 
proved and signed by the director before being forwarded to the secretary and, 
unless otherwise ordered by the board, must be accompanied by the policy fee 
and initial premium hereinafter provided for. Before indicating his approval 
of an application the director shall satisfy himself by means of careful personal 
inspection and survey that the description of the property is correct and that the 
risk is in all respects a desirable one; or if serious defects are found he shali 
see that these are remedied before his approval is given. In case of less danger- 
ous defects that can not be readily remedied, or that the owner is unwilling to 
go to the expense of removing, the director shall, if it seem to him proper, give 
the application his conditional approval. accompanying the application with a 
full and accurate statement of his reasons for such conditional approval. 
