OFFICE OF‘l-NEATTORNEY GENERALOFTEXAS AUSTIN

. . i3onorable 0. P. Lookhart, 

### CCalrran., Board

### ofInauranosC~amlsslonero 

### Austin, Te;ue

us1 6886sar,ent8 OS Of thG:A' QbQthe sinountiof the anaid'io periodio int%..oath or tbe>.inur opinion thatyour reyucot-da frmmd should 6 negative; but suQh‘kinwer, whcxroonofderod in GOllII6CtitiXI

with aozle oz t&3 lW?o 00vorln- zxLtilta1 as8bssxaoniissu+ance xm?.oaint~lozo and oqnpair-..?; !h eubjeot to qualIfloaWons, as will bwqlnaftor bo ehovm.

All rsfersncoa anda hernin to atntutes'will be to Vernon’s Ann~tsteU Revised CIvll Zitatutee of.1925, nnd ecoendnents thereof.

Artlole SOSS-1 (Chapter 22;Tltie 78)~agplles **to** all insurance conipanlo8 and easoclations whlah Issue poliolos **or** ocrtiflcetss **or** insurenob on the lives or **per8on8, or**  provlds’

.

. *

!:onoreble 2; F. LOCkhnl’t, **pclab**2

hcolth and aooldent beotflta, u,wn the so-osllei nutusl a&686- rant plan, or whose Cusxlsare derived from the assessrant of Its policyholders or memtars, en%applies, ln Ceot, toall life, health and tcoident bOq31inle8 **or** associations nhlah do not comewithin tho provlslans or Chapters 3, 5, 7, 8, 9, 18, 19 or 20,Title 78, oi the iW~Is~d,CIvll Statute8 oPTexee.

The term “a5sessmentw, ,’ titled08 follows: es wed in said law, ls_de-

**fis8e88zumtt’ ehall Include pr@ilns and moan any and all noaey or valuable thins paid in conslderbtlon 0: such Insurance ae.is afforded by thb Qer

### tiriaw.- .A
The tbrm '9abmbarshlp tee", es used in aaid leu, is **dofined** LLS

follows: wWi~berahlp fee' shall be tho amomt of the first aeGee5ment or b88ebsu!bnt8 permitted by,the Board to be plaoed~ln the expense fwd of assoola**tlons,** repreeentlng coat of solloltiag or proourlng the member,.

*
SbotlOn 9 of seld Art1016 15, in part, 88 tollaxs:. * n2W3rypolloy or oertirfoate or Insurance lasued by an aasoaletlonahall state definitely on the front page the amount or death benerlt to be p&id,and the **airoum8tanoe8 or**  conditions un**der** which It shall be paid shall be plelnly **stated** In the pollay. isvery health, scoldeat **or** other benefit shall be plainly stated in the polloy, and the terms an4 oondltlone un4cr whiah thsy ohs11 be paid shall be stetod plainly in the polloy.’

SoOtiOn 11 Of eald f&iOlb is, in **part,** 88 **fOllOWS:** *&oh aseooistlon eha,ll levy ro&illar and periodical assessments bywhatever namethey mzybe c~1LeU. These esaeasments rn,uetbe In such rmounts and et euoh propar intervals Be will meet tho reaeonable operetlng expenaeeOf

,, the association, and pay In full the claims arfslxg under Its oertlfloates. whanor if In the course 0: opsrntlon it ohs11 be apparent that the olalxu8 0ennot be met In 

### run mp3 current.

Bonorabl6 3. .P. Lockhart, pa&s 3

**a8ooosmenta**and SunSaw hand, the ernount nuet -be inoreasbd untll they **are adequate**  to **meet** such clalna, en4 

### the dosrd ah611 so order.* section 13

### 0r aald f.rtlclc la, in pert, a8 roii0ttf5: *Xt is the prlasry purpoao ol- this 

### hot to secure to the nembera 0: the aaaooietlona **end their**  ben6cllclerlea the full an4 prompt peysent of eU olelnxi according 

### to the fnexlnum beneflt provided in tholr cortlrlcotea. It 

### la therefore required OFall ~assooletIo,na that all 

### olalrna underosrtlSloatea be paid in full within sixty 

### (60) days aitor.reoeIpt or **due** 

### proofor 0ia8.*

. Simtlon 17 oi said krtlole is as followat "Ii the payments of 'the ma~bera~of say saaoolatton coming wlthln 

### the acop 

### or this hot, on oertlfiuatss issued and in Sorce whcta this Act taker effoat., or the rcinaurfinco or :. r6ncwala of such C6rtiSlcstca, t&ail prove ln-

.‘~.sufffolent to pay aatared dsatt: end dkxiblllty olelns la the 

### noxtr,ua tmouat stated la such policirs or certificates, an4 to provide for the orsatloo and xmlntonnnce or the fuwia required by its 16~1, au!! casoalatlon may with the epprovcl of the Board of Insurance Comi8alonera end ester proper baring before said 3oerd provide ror raestlag suoh deflclanop by additloael, lncr6err~d, or eftrtt rates 

### or peyrnent, or by reduction In tho mxinum beaciits etated Lasuch poliolca or.certlfloster then in rorce, or by both euoh laormsed payA8XAtS end re%UOCrb mixlsrm bermfits, or the menbora nurybe @ren the OptIOn OSaereein6 to reduced rrparlmor?

bsneflta, or of making lnoreeebd geynenta.a -I- Wefini nothlag In said P~tiole, the zaaterlal portlona or which nre above set out, to prevent the levy of nn annual eaassomnt in advance, 

### with provlalon that the amount tb6r6of **can bo**  paid in pbrfodical installments, ~0lOXi&85 8-h haaO55- mento er6 la auoh amuM. as ~$11 met the reasonebb OpWtttIng bXpYln888of the aa8ooistion and gay In cull the 0161~5 arising .under 'lta certltIoetsa. This would not apply, howeve:, to a nu6mberahlp ree"', but e separate uaaeeament should be madeiorrioonoroble 2. 7. Lookhart, pa&e4



### that purpose, or a part or the annual asseeszmt be set aside thtrefor. (@&a &t$o&&oes 

### nOt,,.sUth.Q~~~~hA,.unpaidlliDI &a$lncnts ()I ,&headftual.~~~~~~~~~n.~-~,o be,:~o~~q$&,.Cm~ kh& -death 

### of **~h~ ‘** **iiisured..** 1) nw.~-G.-%.+.--- Xs hereinabove ateted, .wtlole 5068-l (Chaptz 22 Title 78) applies to all fnaurunoe co~ppsnlc5 or e*soolatlonl; whloh do not 00% within certain ohapters the nuxbere of whloh are there set out, and this would leevc Chapters 6, 8a and Oa, Tit16 78, which aovcr the transaotion of lnsuranoe suoh 88 irr lnoluded in your quostlon. Chapter 6, Title 78, we8repaaled by Artlols 4860a-18, whloh-le a part of Cheptor 9, Tltlo 78, above rercrrod to, but Chapter 9 deal8 with mutual .Insurance end not mutual asssoqmt lnsuranoe, an;i **besides,** oaid krtiols &860a-18 provides that such rcpoala “shall not apply to dr effect any Conpanf or Xeooolation nowdoing busl- ~88s under the laws repeelad, and they shall oontlnue to be govarasd by the regulatory provlrrlons OSeuoh laws.” Thorerare. suoh’ooapanlos **or** assoolationa 68 are still dolng.buslnam und.erChapter 6, Title 78, era governed by 

### the provialoma 

### thereor.

low*: Artlole 5068-1, 

### Seotlon 15, provldes.in part a6 fol-

-The provfslons or **this Act**  requiring the 

### ru papent 

### or olaims shall not apply to any groups, alub, or olase prrviously organized and sow operating 00the post-mrtbm or asssasnentas-needed plan and any asaoolatlon having suoh a group, olub, or alaas mayaontlnue to operate it on sold plan go long aa any ruoh @‘oup, club, or olass has a atiiloient membership et the aosesanent rate ohar&ad to produaa, andso long as it rlo~s produoe, for the mortutry or relief runa et least rlrty (50% 

### par cent or the max11nu-a value’or tha lergest polloy in said @hap, club, or Olaaa. In the event the nembcrshlp of

olub 

### or olass is only euttlclent in ~b%“tuf*pay between 

### rmy (50$) per cent and one hundred (lOO$) per 

### oaat or the mazlmi~ value, 

### It shall be the duty or the orriaer of Bald assoolation to have printed on etloh assossnent n0tiO.3 the prrooritage 

### or the aiarimumvalue 0r the ' oertifloate aotually paid on the last death olaiar in 

### said group, olub, or olasr

. . .”Hononblo 0. P. Lookhurt, 

### pa&e 5

Artloloo~C766-1799 (Chaptor 6, Title i8, 

### repealed) p&wide 

### ror the organization or a oorporetlon to tranract l ooldont ln8wanoo burlnero upon the 8o-operuto or mutUa1 l **a8eoount** plan undor end **rubjoot** only to tho 

### provlolo~ **or 8eid**  ohaptor.

'-oh **oortiiioato** of Mmborrhip, polloy or other oontraot or ln8urenoo **io8Ued** by 8Uoh oompany l hell 

### boar on it8 moo In rod lottorr tho 

### r0ii0ring woraor 'The **payment**of the banoflt heroin pr0via0d ror 10 00nditi0n0a upon it0 **being OOlleOtOd**  by thI8 oompany frOIQl 88088QOntO end othor l

OUroO8a0 provided 

### in it8 by-lwm.' Nothing in th18 ohaptor ehell bo **oonntruod** to prevent tho oreatlon or a **ro8orvo** runa by **my** l uoh orgeniz8tIon,whloh fund, or it8 ooorotlOM, or both, 8ro to **bo u8od** only for the payment of 108808 or bonofltr, a8 **provldod** In the by-law8 of ruoh oorporotlon. Such oorporatlon mayoherge a membrrrhip or admIoslon ieo of not 

### 8xOeedlz& throo dollar8 upon eaoh p01loy 108ucd, tho **prooeoda**or rhloh may**be** pleoea in the ox

### pensa 

### rm, and **8t** loaot 8lxty **per** oont

### or all amount8 **realized** fion a4 other l 0~roe8 ohall **be** Uoedonly for tho payment of 10o800 or bono

### rit0 00they ooour, or the balanoo theroof romalnlne l



### rtor poylng l

uah looreo or benerltr tranrirrrod tol

uoh **ro8ervo** fund. Such mombor- #hip feemay al00 8pply a0 a payment or oredlt **UpOn**tho 

### initial l**88a88DBnt Or**  **pX ’** **OM.iUm, if**  

### the by-law8

### 0r the oorporatlon **80** 

### pr0via0. **Aoto** 1905, p. 311, **AOt8** 1915, p. 255.”

*Eaohnotloe or looos8mentr made by 8UOh oorporatlon 

### upon Ito **membero, or**  any **of** them, 8hau truly l

tete the **oau80**and purpooe 0r 8Uah **eroe88mont,** om0unt paid on the lart olalm pala, the oeUoo or dirabillt~ or death, the nameof 

### tho member**ror** ubooo doath or dl8abllIty 8uoh payment war made, tho m8xImunraoe value 

### 0r tho oectliloat0 or polloy, and, in oa80 Of di8ablllty, 

### the mulmm amount provldoa.for In 8UOh 

### polloy or oertli~ioeto



### ror 8uoh dI8ability, **end,** 

### it not paid in full, the **reason** 

### ~horofor. hot 1903, **P?** 174.”;;.onortiblo Gi P. Lcickhart, pee% I

Art1010 4797 la es r0iit3ti8: ~ivo~y pollo~ or oertlrloeto ls~ued by eny such oorporetlon shall spoolr’y the sxa oi money WhiCb **it prO~~iOt%**  **t0 pay**  **Up02** the aontIn&anay insured acalnot, and the numberot day5 after the receipt of satIsl’c.otory proor or the happenla5 of suoh oontln+:ency at whloh **SUCh**payment

‘

. shell ba sado. Uponthe hoppanlng or such eontlr-saoy, euch oorporatloa shall be liable ror the paymant of suoh amuzzt la rull et the tine 80 **Bp6Oiiib4,** subject to puoh legal 36fMlS6Sas it nay bavc agalnoti scimo+ If the siuprealized by It from 88sessmcnts madoIn acoordenoo with **its** by-laws to meet 5uoh p.eyment, together with such other, su.. OSits bplaws mey 

### rovlde shall be used forthat purpose, shall be P nsti$lclunt to pay !iuoh's;lcp la rull for uhlch **it** la so llable, then the pay'rmit **08**the full aaount 80 realized shell dlsoher&o such oorporatloq from all llablllty,by rensou of the happening of s.uohoontingonoy, and In t&t event, ouch cargoration shall be liable only for the errAuntso : aatuelly raollzed. Id. Sec. 12.* It ia our opinion that 011 compan$e8 or essoolatlone do;:*4 buoiuess un3er ;.rtloles 6784-4799 are doin buslness on the *poat-xorte1;? or aretsomant-as-nc-edsd* plan as referred to in Agtlols 5068-1, Section 15, as tho notloe or assesommt raqulyed by Xrtlole 4795would be aeanla&lcss un1~5s appllod to essoonments medo

### after the losseshad already aoorued. Thororort, 

### it would be imposslblo ror suoh oompaalosor assooietlons to levy an ennual asaeesment in adVLLAO~ and makeprovisions 

### for lt to bo paid’ in perIodlo lastallmentrr.~rtlole 48591 (Chapter S/L,Title 781,Seotlon 1, is as r0u0wi3:

“380. 1. Any oorporatlon drganlzed end lnoorpo?ated under a pre-exlstlng law Inthis State without capital stook andnot ior profit, whloh la;v hao beon mended or ropcaled or reenacted, andwhich was operotlng and aotualy 

### oarrylng on In this State ImmeUlately prior to Januery 1, L933, the state-wide buolneos or mutually 

### proteotlng **or** iASrlr:Ag the lives of its mombers by asoossnents tcade LQOA

it8 membwe m8y ooniply with the terms oflionorable 6. P. Lookhart, pat33

### 7

thlr, 

### iot, subJeot to hereor.* the subsequent provial onr
Seation 9 or said ..mIols Is, In part, ab 

### roli0rrs:

“The rbliCt funds or any oorporntlon ooiuply& with and operating under the term or 

### this hat shell be.orontod by assessmcnta levled upon thb mbllbera 02 s&I3 oorporatlon. Such assessix&s my be madepcrlodioalty upon such bootinlfencios as my be provided in the by-lam o$ the corporation, or at suoh steted periods ss in ’ the disorotlon or the r&ma&ng ofrloer or or**there** or the oorporatloa rwrgbe deemed nooessory. Tbo banePIts to be paId by ouch corporation shall be.dbpendent upon the amount realized from asaess3enLs upon the mti’JershIpi end the ~asrtlficoto shall so **provide;** and.the certlfloete shall also

‘sthte the aiaslnu~ to be paid. Such corporation &hall provide In Ito by-laws 

### ror the portlon’or Its essessments to be allottsi to tho rioartuary ’ fund. and msyprovide for the peynent out or sail .~ortuary fund 

### 0rall ettorneys* ieca end necessary txpenaes arIsIng out or the derense, settler&ant, or peyraent of oonteetsd olelms.~ SectSon 11 or asid Artlole Is, In part. as follows: Wo oorporatlon 

### hereudar shall Isscle any ocrtlrioate or polloy upon a lllclted payment plan, nor guarantee 

### or promlso to pay 

### any type oi endowment

### or nnnuity bonefits, but shall ooarIne It6 operation to the Issuanae ot oertltiaates looklng to oontlnuou payment premium or yi3;mmt0 $urIng the lire time 

### 0rthe polloy-

.. . . Sootion 12 or aeM hrtlole 

### ISas follows: -30 borporatlon operating under this Aot shall write any policy or 0ertlrIoote 0r Insurenoe celling 

### ror a naxlnum bensrft in exoaes 0r Five Thousand Dollars ($~,OOO.OO), nor any polioy or oertliloete ot Insuraaoe unless the nembershIp or oaId corporatloa, liable for assessmmts on said poliog or oortlrloatb or group or olass 

### or club liable therefor shall be 

### ourrioient In number:ionorabl G, F. Lockhart, par;e 8

at tbt aaoonsmnt rate oharywd seIJ olass to pay rift+ par cent (5%) or the maxI:m4 bcnerit afit rorth In said polloy or certlfloata, In the evoat the menbarshlp in say group, 01888, or club 

### 0r said corporation shall rall below suoh nursber, then the oorporatlos shell inmedfately aotIfy the mmbera OCsuoh group, olsss, 

### or olub, ani Il saii amcberahlp Is not lnarcaaed to mid nuber within six (6) mx.Me tharearte0, 

### sold group, olaos, 

### gr club shall be ‘oonsolldated wlth SOW other group, olass,.or club, or disoontinued, Dzet’d,o,6,y,tn;,E$ corp.ratIon hereunder has only ~nembershlpof se&lor club, ,then in ths event the aorpcrztloq shall at. any time rell below fifty **per** oent ($O$) or the 

### nuabcr roqulred at the assosscxnt rate obarend to pay the r?oxIaumbenefit 

### provihd by any one or its pol:oIos, or oertlffaates, the oorporation shall~l~edlatsly 

### notlipthe members0: tho oorporatIoa;,and uulese the uembcrshlp Is Incroasod tq said numberwithin EIX (6.) months thareattor, the Attorney Sonernl shall takt steps under Seotlon 13 or thls Lot to : brIcS about the llquldatlon or’ 

### said oorporatlon.”

. 

### Seotlon 13 of said .QtIole Is, In pm,, .a8 rollowsr “At any t1r.e the 30ar3 o$ Zssuranoe ComIs

### sionars, ai’ter Investl~atlon, shall ba 

### sa~leiIe3 that aaJ:oorporatioa operating under the provieions or this &at In this Stete IO Insolvent, *bow 

### cuse the denth 01eI.m due and unpaid 

### vfldoh havb zmtmed ‘under polIoIas written after suoh oorporatlon complied with the tmzs of this Act exceed th6 assets 

### 0r the corporation and asseasrcp,nts or perIodloal payments ceiled, or to **b6** oall.ed, or IF. the process 0r oollectIoz, or 

### which axy reasonably be nade egelnst tho memberasubjeot to ussesaiZtnt, or Sas eqxsded Its pomrs, :‘alird to comply with amf provlolons or the lews or thla State appllcable to It, or has a nmb,rrshIp of less than rive hundred (500) payinS their assessments, tho i‘coard ski&l1 rsport the fact to the .:ttOrney General Of this State whoshell thereupon apply to SW court In Travis County &evinS jurlsdlctloa thereor for leave to rile a cult in the nature of ‘quowarrant0 to forfeit the oharter of such oorporation or to require It to conply with the law or to SatISrY the SOardas to Its solvenoy.

. .v._ The above quoted statUteo tuthorite the csekingof perio;ilcsl P.SsL.Cazesntsupon tklo .?163iber’R Of oorpor~~tlons orsonfzed thereunder, eni it is o.ur oplnloa thct suah assess-zente can be mid0 in my way **dtdrea, thst**  **is,** onnutilly, quarterly, rxmthly or othenvlse,‘ao ions as the required Sunda are eeoured; but ;NeSind no authority Sor the deduction Sroa the lace mount OSt&o policy ttie unpaid port of any tmnual aaeensmcat. xe think this latter holdlnc is further supported by the proolsion in Zeotion 11, above set oat, to thr cftcct that thf: corporutfOAso organlzcrd shall l*ooM’ino its operctlon to tho iosullnc6 of ocrtiflcatea looklag to oontlnuoao prbniua ;aymentn Or ~SS~SSQ~ZStS

&UrilltJth0 Iii'0 ti716 Of8.poli~gholdsr,” t?nri It 1s clersr Srocnthls provision that the Lo&lnture did **not** lnzend Sor ey ungald purt of 

### an'atinaml asseaemmtto be deduot6d Sron the Saoc amount 0, Cthe polioy eStor the. death or the ins-ureb.

@tLole 6875a-l--b875a-31 (ChaptGr 

### 9A, Title 78) provides Sor the organization OSlocal mtual tid assoolotlons psylf3.r

bcnerltewhere the Sun.ls are **prooiiibd by**  eosesszmat of the ziwi5ers ca needed.

Article &875a-5 outlines what mst be done in order to or~cnlze a local nitua 1 al.? assooiatlon, but the latter part o: S;lb-division 

### (5) thereof ?rovidcs: “That the, prool&me of t&lo SXOt~OA shall not asply to any lwal nutual eli tissoclaCon SOW

oc~zn?zed enl opzzatlng whose total ziecmberohipshall at no tixe exceed QaaThi’uoaud (1,000) iaezbtjarsandwhich shall never char@ ror amual dl~a or asseaemnts in excessof Cm (;1.30) 3ollar enok, ati wboso membership foes &.a11 at no **tic;e** exceed TwoDollars cn3 Fifty Cents (32.50)..* Ye think it

. is a16ar fIDS6thi8 **prOViaiOn** thfAtSaid eXO8pted au800i0ti0n.5 cm not authorized to levy imnual ~sstmiments in advonoe a&almt the polloio's of their aenbers..

c Article 4535a-1 is aS fOllWa:

@This Act shall spply to enp,r6,Wate the buo1ness of looel nuttml aid oesooiationn oporatins for the purpma of >rovldlng bsnetlt **for** ~embum orid death benefit **ror** the benerl’olurles OS doaoese~dmembers, on:1s&i&l ooaprehend and include ali cooietlos and aseoclotlons or any sort operating en insurance business andpaylne suoh benelite where runIdsare 

### providedtgl assesam6ats upon i;h% members 88 **needed,** except thcqe herelnarter exewtod.*fionorable C. P. Lockhart, page 10

Art1010 6875e-2 i8 00 **rOmJ/S:**

“Anyperson or i)6r36m ;!oslrlng to oqanlze n.locnl autilul ol?l ussoclatlon to be opsrstsd upm the usseammt 8s ncedod or slallvr glaa shall be pcmltted 

### to doso uponthe. te,rzs and ootiltions herelndrter sst rorth. !I0person, rim or
‘

.

### oorparntlon shall hemafter operate I.? this State auy sort 0r a 1006l Mutual aid 

### soolety or assoclatlon ?c;yln& e %eath becsfit or othrr **btn6tit.s** an1 **pro** vldl~ its Pun& by assesments ESn6eded, exoept 

### under the provisloas hereo:, or under other spo

### olrlo p,-ovlslons of the laws OSthis State.” Article 6875~1-13is 8-i r01iows: The benefits to be puS&by sqotr essoclatlon sixsll be dspea3ent upon cho mount reellzed Sroti ass6ssnmts upon the mezbershlp, ti the certificates issued shall so provide; and the ocrtltioatea shall also state the mxinun to be ge?d.. krtlols 4875a-14 is as tallows:

“An c8soolatlon shall not lssu6 oertirloptes -Wovldlxq for a level 

### pre5liumor guaranteed benefits, nor ror 

### surrsnber of loan value8.~ Artlols 

### 4675a-17

is;inpart,.as

rollowEl: The S’unjs OSthe assooletlon shall be derived rro::: mezxbarshlprees and enseescwats. Lssessments shall be auUs uponthe xtmberohip to wet brnetit slalxs and for surplus runs and Sor erpctnses. Calls tar esseossients mst epeclry the purpos6 for which made.

. .”

‘Eihlle there my be sme oo;:fllot between ths provisions hsroinabova c;uotud to tha efiect t&t associations or~un1ze.d under Chapter 92,shall sooum their fun::8 by assess08nts upon the mnbera **89**nrs3ed end the provisions that asssssnents shell also be cede upon the xeenber$hip for surplus Suds, it is QUr opinion that the Le&slature intended to provide that a11 OS such Sunis should 

### be provided by essessmints **85**needed, whloh, ln **OUT opinion,**  means.by post-Etorten essessrients. Theretore, it is oluropinion that any oozpani6s 0~ associations opertitia& under said chapter 9Atsndwhioh were so 

### Oporotl%3at the 

### tits0**Eoaorablo 0.**  

### P. Leokhart, pa80 ll

Art1010 ~068-1 beour l 

### ttootlro ore not outhorlmd to baawl l



### osomkoato la abvoaoo, with 

### rorioloa that tho 

### levy ouuat

ormaoh

l uouaeato nay

b8 pa 1) 6 inpario bio~l

~ooo~- 

### aoat8, Thoooguolitioatioao 0r 

### our aogativo aamor to roar inquiry ua booo4 Y@ a t&o ooaolwloa that a0 l 

### 8ooouuat oaa bo nod8 upon the po $8~ of an fn~uro6 oftor hi8 do&h, and thathowould be require6to w owh uoooomoato only 

### until 

### tho tlu 0r hi0 do*U. or 00~00, ii u UUI~II. ~~000~84t ho8 boon adoaad thoa

irl a8part

oritunpaid

rhioh was &AOpriorto 

### the do&h of a& inourdd; than tkat pwtioular pod d&t bo doduotod from 

### th* 1Caoo ouuat 

### or tho but our holdimg io that l 

### uoh goliorholbor oanaotbo

### polio I' 

### nqu rod to **pay oay**  **rrmmmat** l 

### xoopt thot whirl Qovoro l loiuaa lower u until the tbo ot hlr 

### dooth 6n4 t&at ,-no or 

### nid **mm** l

**ut**

### go**rho** 

### tho **dodurtior** 0r tmpd 

### bot~lmoato 0r 

### on umuol rooomaoat ?roa tho taoo l nouat 

### of tho golloy aftor tho dooth of tho iaourod.

Truotiag that thio 

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