The Montgomery advertiser., 1905-06-16
Grover Cleveland,
 Chairman. George Westinghouse, Morgan J. o'Brien.

Mir. Ryan agrees that the existing certificates for the 502 shares or stock shall be cancelled and certlhca,ss ca,,ss therefor shall be issued to the trus- tees according to the terms Of the
 The agreement stipulates that the trustees are exclusively authorized 10 exercise the voting power of the stock held under the agreement for the eIecs ton of directors of the society anu shall at every annual election or direS~ i tors of the society so vote on said stock that out of every thirteen persons TOT whom such vote shall be cast. seven shall be policyholders of the soclety' selected by the trustees in their un- controlled discretion to the end that or inc entire fffty-two directors, twenty eight shall be policyholders of the so- ciety, selected by or on peharn and ~ twen. ee ty-four shall be lawfully eligible per sons selected by the trustees In their sole discretion. ,,-..,s..u tr respect of the directors to be voted Tor by the trustees shall be expressed m the following manner: Tn each year i, at any time prior to the first day or November, any holder of any policy which shall have been in force for one wear or more may send to the trustees at the Equitable building NO. 1zV Broadway, New York city, a written re- quest, designating policyholders Of the Society to the number of not more than seven -thirteenths of the number oI directors to be elected at the next sh sh suing annual election of directors, Tor whose election as directors such policy = holders desires the trustees to vote at such annual election or requesting the trustees to exercise their discretion on his behalf in the selection or pollcy- holders to act as such directors.
 'Third-The trustees are authorized, in respect of said stock to take. in their discretion, by vote, thereon or other wise, any action necessary 10 property "a a fi0n of said nlan or naturalization by securing to the policyholders the right to elect directly the twenty eight of fifty-two directors of the society or nke propoItloh uL the entire number of directors of which the directors shall from time to time consist
 alization shall become operative ana the policyholders shall become entitled to vote directly for twenty-eight direc- tors, 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 as they shall. in their uncontrolled discretion. select. recommendations to the directors for filling vacancies to the end that the purposes of the agreement may pc promptly accomplished and the agree ment states that no vote shall be cast by the trustees upon the stock except by their unanimous approval, put the trustees may empower any one or their number to cast their vote. It Is pro vidcd that vacancies on the board of trustees made by death or resignation shall be filled by an appointment made in writing by the remaining trustees.
 The agreement then says: The party of the first part shall be entitled to the dividends on the stock deposited Dy him under this agreement.
 ''This agreement shall continue In
 force for the full period authorized by Section 20 of the general corporation (51 years from the date hereof. It shall be continued hereafter so long as the trustees shall deem advisable, and the
 party of the first part hereDy agrees
 that, upon the expiration or any pc riod of five (5) years, he will, upon the request of the trustees, execute an ln- strument continuing for a further pe- riod of five years this agreement ana the powers of the trustees hereunder including said power to require an ex- tension hereof. This agreement may, however, be terminated by the trustees in their discretion whenever Tn theif opinion its purposes have been ac- compiished or for any reason it's ter imitation Is in their opinion advisable
 Every other stockholder of the so- ciety may transfer his stock to the trustees, to be held subject to the pro- visions of this agreement and there upon may participate in the terms, con- ditions and privileges thereof. ,-
 Tn witness whereof. the pariles AiN. nav hereto set their hands unto five orig
 inals hereof. the day and year nrst
 Csisned.C Thomas F. Ryan. Grover
 Cleveland. Morgan J. OBrlen' Georse
 !In presence of: Elihu Root. Paul D. CraVath.'