REPORP OP THPE COMMISSIONER OP INSURANCE.


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The board of trustees is vested with the power to provide for
the location of an office, and to make a proper disposition of the
funds of the subscribers. They have the right to deposit the
funds in banks or trust companies, or to invest them in securi-
ties. They are also empowered to make provisions for a reserve
fund, and to return to the subscribers all the savings over and
above such a fund. The members of the board of trustees are-
elected by the subscribers, but the trustees have the power to fill
vacancies until a successor can be chosen.
The exchange numbers 325 subscribers, and the total approxi-
mate pay-roll is $10,000,000.
METHOD oF TRANSACTING BUSINESS
The exchange issues a contract indemnifying the employers
of labor against liability up to an amount not exceeding $10,00.0
on any one accident, nor more than $5,000 for damages for injur-
ies to any one person. It agrees to defend, in the name of and on
behalf of the assured, claims or suits, for damages for injuries,
to pay all costs and expenses incurred which are awarded by
judgment, if such an amount is not in excess of the limit of
indemnity mentioned before, and to repay to the assured the
expenses incurred in providing immediate surgical relief at the
time of the accident.
COMMISSION OF ATTORNEY-IN-FACT
The attorney-in-fact is empowered to deduct 30 per cent of
all moneys received for subscribers as a commission, which is
in full for all the expenses of carrying on the business of the
exchange, except those of taxes, legal expenses and expenses of
the trustees.
CONTRACTS SEVERAL AND NOT JOINT
The power of attorney, signed by the individual subscribers,
specifically states that the attorney-in-fact has the right to bind
each subscriber severally and not jointly. It further states
that there shall be no joint funds, capital or stock, and that a
separate individual account shall be kept by the attorney
with each subscriber, and that these accounts must be open to