The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-04


tees shall be by ballot, and a plurality OF
votes shall elect.
In the event of failure to elect Trus-
tees on the day appointed for that pur-
pose, the remaining Trustees whose
terms of Office shall not have expired
shall have power to fill the said vacan- :
cies, and also to fill all vacancies that
may occur by death, resignation or re-
moval from the State Fourteen days.
previous notice of each annual election
shall be given in two or more of the
newspapers published in the State of
South Carolina, in one or more pub
lished in North Carolina, and in one or
more published in Georgia.
Three life policy-holders in the Com
pany shall be appointed, by the Trustees,
managers to hold and declare said cleo
ton; and at any election for Trustees,
each policy y-holder shall be entitled to one
vote for his or her own policy, and ono
vote for each policy he or she may hold
on the life or lives of others, which may
be cast personally or by proxy.
The Trustees shall have power and au-
thority to declare by bylaws what num-
Der OF Trustees, not less than, seven,
shall constitute quorum for the trans
action OF business. They shall also have
power and authority to make all bylaws,
rules and regulations not repugnant to
the Constitution and bylaws of the State,
for the government of the officers and
agents OF the Company and for the ma
nagement of its affairs, and the same to
alter and amend or repeal at pleasure.
They may delegate power to n commit
tee or committees of their own number
to transact any of the business of the
Company, except the signing and issu-
ing of policies of insurance or annuity.
and the payment of losses, which shall
be done only by the President and Sc
cretary, or in their absence, by such
person or persons as may be appointed
for that purpose by the Board of Trus-
tees. They may adopt and keep a COM
mon seal for the use of the Company,
and the same may alter at will. They
may determine the rates of premium to
be charged, and the amounts to be in
sured on any one life, and the terms of
such insurance, and shall have power to
purchase, fer the benefit of the Compa-
ny, any policy or policies of insurance,
dividends or other obligations of the
Company; but no officer, trustee or agent
of the Company shall be personally, di-
rectly or indirectly interested in any such
purchase. The Board Of Trustees shall.
Immediately after the organization of the
Company, and afterwards, at the first
meeting of the Board, after each annual
election for Trustees, elect from their own
number n President, and may elect also,
Fice-Presidents, who shall respectively
hold Office for the term of one year, and
until their successor shall be elected.
The Trustees shall lave power to elect or
appoint Secretary and such other Of
iicers, agents and employees, as they
shall deem requisite and necessary for
properly conducting the business of the
Company, who shall hold Office during
the pleasure OF the Board They may
appoint President and Vice President,
pro tempore, as occasion may require.
The President may call special meet.
ings of the Board of Trustees whenever
requested in writing, so to do, by seven
members of the Board. The officers of
the Company shall, within sixty days
from the expiration Of the period of one
year from the day of the Company's Or
ganization under this charter, and within
sixty days after the expiration of every
subsequent period of one year, cause a
balance to be struck of the affairs of the
Company, which shall exhibit its assets
and liabilities, both present and contin-
gent, and also the net surplus after de-
ducting q sufficient amount to covel all
outstanding risks and obligations. Each
policy holder shall be credited with an
equitable share Of the said surplus. Such
equitable share, at the option of the po-
licy holder, shall be paid in cash, or be
applied to the purchase of an additional
amount of insurance. payable at death,
or with the policy itself, expressing the
reversionary value of such equitable
share, at such rate Of interest as the
Trustees may designate, or shall be ap-
piled to the purchase of an annuity, ut
such rate of interest as the Trustees shall
designate, to be applied to the reduction
of his or her future premiums. In event
OF death, the amount standing to the
credit of the party insured, at tho last
preceding yearly balance as aforesaid,
shall be paid over to the person entitled
to receive the same, and the portion of
surplus, equitably belonging to him or
her at the next subsequent yearly ba-
lance, shall also be paid, when the same
shall have been ascertained and declared;
but nothing herein contained shall pro.
vent the Trustees from causing to be as