The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-16
the selection Of policyholders to act az such

the selection of polcyholders to act az such
"Third--The trustees are authorized, in
respect of said stock. to take in their dis
erection, by vote thereon or otherwise.
any action necessary. or proper to effect
naturalization Of the society, by securing
to the policyholders the right to elect d.
rectly twenty-eight 1881 OF the fifty-two
I52) directors of the society or a like pro-
portion of the entire number of directors
OF which the board Of directors shall from
time to time consist.
"Fourth-In case said plan OF mutualiza-
ton shall bee ono operative and the policy
holders shall become entitled to vote di-
reotly for twenty eight t2s) directors Of the
society out Of an aggregate number OF
ffty-two 1927 directors, or a like proportion
OF any other number Of which the board Of
directors may from time to time consist.
then the trustees, in respect Of the stock
held under this agreement shall continue
to vote for such lawfully eligible persons
to be the remaining directors az they shall,
in their uncontrolled discretion. select
~Fifth-In case OF vacancies in the board
Of directors, due to resignation. death or
other cause, the trustees may make recon-
mendations to the directors Of the society
as to the persons TO be elected to fill such
vacancies to the end that the purposes
Of this agreement may be promptly and
efectually accomplished.
"siSth-No vote shall be cast upon said
stock Tor any purpose except with the
unanimous approval Of the trustees, but
nber s mayem tn Govt ssy o See o.
"Seventh1,:Any trustee may at any time
resi- gn by delivering to the other trustees his
resignation In writing. In case Of tho
death or resignation OF any trustee the va
pointment made in writing by the remain
Ing trustees. The term trustees when
ever. used herein shall include the parties
OF the second part and their successors
so appointed. -.
'nshth,,The party q the first part shall
iNinth-This agreement shall continue
In force for the full period authorized by
section 20 Of the General Corporation law
years from the date hereof. 1t shall be con-
tnued thereafter so long as the trustees
shall deem advisable, and the party OF the
first part hereby agrees that, upon the e4-
piration Of any period Of five 60 years, he
will. upon the request Of the trustees exc
period Of Ave (5l years this agreement
and the powers Of the trustees hereunder,
sion hereof This agreement may, how
ever, Re terminated b., the trustees IN their FL
discretion whenever in their opinion Its
purposes have been accomplis he'd, or Tor
any reason it's termination is in their
opinion, advisable.
"Tenth-Every other stockholder Of the
Society may transfer his stock to the trustees
to be held subject to the provisions OF this
agreement, and thereupon may participate
in the terms, conditions and privileges
| thereof
an witness whereof, the parties hereto
have set their hands unto five originals
hereof the day and year first above written
| ITHOMAS F. RYAN,
.GRovER CLEVELAND,
MORGAN j. o 'BR1EN,
GEORGE WESTINGHOUSE.
In presence Of Elihu Root Paul D: crava ,tian
by Mr.. Cleveland and signed by all three
trustees, was also given out last night:
Trustees Letter to Policyholders.
"We the undersigned. have assumed
the duties created by a trust agreement
executed by Thomas F. Ryan. whereby
Life Assurance Society has been placed
in our hands as trustees for the purpose
of voting on such stock for directors OF
said society.
1T is provided in the instrumen trans.
ferIlng the stock to US that We shall vote
for seven out OF the thirteen. directors
to be chosen annually from the holders Of
policies of insurance in said society, and
that these shall be designated by an ex-
preston Of their choice on the part 81 l. the ne
nS aas Been al in force at least one year The
selection of the six remaining directors to
be elected each year ia left to our discre.
ton and Judgment as trustees, This plan
will result In finally giving TO polcyh3lders
OF the flfty-two persons who Will constitute
the board Of directors.
1T is also provided by said instrument Of
transfer, as a means of informing us OF tbe
choice which the policyholders may make
| ko Il; ollpf oil n their 6alaCtiOn
that said policyholders shall express theil
wishes to us on this subject by sending tc
our address annually before the first day
of November at the office Of the Equitable
designation of the policyholders they desire
to have elected at directors.
I'VE especially request all policyholders
entitled to exercise this privilege, thai
they make their wishes known to us within
the time and in the manner mentioned
in order that the plan inaugurated for their
fair and satisfactory. representation IN the
board of directors shall be carried out in
its full intent and purpose,
an oruer that this policyholdng director
ship may speedily reach the numerical pro
portion of the entire board which is con
templated We have determined at an earl
date to recommend poicyholders to bt
elected by the board to fill existing yacan
ces. We therefore urge. policyholders Z
at once notify US OF their preferences II
aThe trustees hope they. will receive
very general response to this invitation.
"GRovER CLEVELAND.
chairman.
"MoBaAN j. O'BRIEN,
"GEoRdE WESTINGHOUSE,
Trustees.
"All communications should be addresse'
to the above named trustees at the Equl'a
bic Is :llong, l2o Broadway, New York city, !,
Al the meeting Of the trustees Grove
Cleveland was elected chairman. Heorg
F. Parker was appointed secretary. Mr.
Parker is a personal friend Of e1-Presden
Cleveland He was chief of the literar!
bureau of the Democratic national com
mittee in the last campaign and also wa
engaged in the same work at Democlati
hea do uarters in the Cleveland campaign o
1872.
Justice O'Brien may eventually become
president OF the society in place OF MI
Alexander. This was authoritatively de
MED. The work Of the trustees as CASUAL
outlined by them after the deed OF trus
was signed includes many reforms IN tn
Fn,,ita6le's manage ment. The days Q
svndicates are gone, the complete mutual
zation for the benefit o I all the policyholder
is to Re accomplish ed, extravag CANT salarie
and wastefu expenditures are things Q
the past, and from this time forth the worl