Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-04-07
Board Of Directors Send
Out Lengthy Statement.
They UnanimouIy Adopt a New
Magma Charter. -.
MANAGEMENT of the Society to Be Fully
Investigated.

tie Equitable Life Assurance Society,
% assembled in the cOmpany's room.
This afternoon, and after an hour and
thirty minutes of discussion, in the
course of which it is understood the
whole Equitable controversy was gone
oyer. announcement was made that
those present unanimously had decided
10 adopt the two years naturalization
Man announced several days ago.
Rumors of designations did not bear
fruit and It was authoriatively said,
tonight. that none was rendered.
"Everything harmonious" was the
tenor of the official statement issued
after the meeting, by Senator Chauncey
NJ. Depew, and Cornelius y. Bliss.
This announcement also said that
committee of directors would Thoroughly
investigate the company management
President Alexander of the company,
and James II. HYDE. We're present and
il is notable that many of the direct
ors came from distance in order to
attend the session. The plan for mu-
tualiZation briefly provides that the
terms of directors expiring December
II. 1905 and December 81, 1906. shall
This year. their successors to be elect
cd the first Wednesday in December.
1905. the terms expiring on the last
day of December 1907 and 1908 shall
terminate December 81, 1906, and their
successors shall be elected the first
Wednesday in DECEMBER 1906. There
will be four classes of directOrs-thoSe
elected successors in the so-called 1905
class to serve three years; those in
the 1906 class to hold office four years;
those to the 1907 class to serve four
years ana to the 1908 class to hold Of
flee five years. There will be thirteen
directors in each class. six to be filled
by stockholders and seven by policy
holders.
There will lie conferences with the
state superintendent o. insurance AMI
with the policy-hoIdcrs ccmittec by n
committc" headed by Senator Depew,
relative to filing the two existing va
cancics in the directorate b.; the policy
holders thes" two mon TO be members
of the executive comclittcc. These con-
fer.nCcs also Will taxi, up the appoint
ment of two more men bees Of the exc
cutvc committee by G. y. Bliss. The
conference viii follow cut the plan
previously suggested as to the resigna-
tons Of fGur of tn. present executive
committee to make room for the new
members.
\ new feature in the Equitable mat
ter is the resolution adopted for thu
appointment of a committee of seven
headed hv f. II. Hartman to thor
oughiy investigate Equitable affairs.
TIE original plan Cor the mutualiZa-
tion of the company provided that it
should be ACCOMPLISHED in four years.
but after last weeks sessions with the
state superintendent Of insurance, this
was amended to make The time two
years. The two year nlHn vas acquiesc-
ed in by Mr.. Hyde. The Plan begins to
take effect. mex: December.
During toIays meeting. there vera
v1rious rumors of a controversy be-
tween Mr.. Hyde and Mr.. Alexander.
but 50 far as known nothing of this
kind took place
President Alexander. Mr.. Hyde AMI
John ID. trimmins declined to add any
thing to tn" official statement, this
evening. and said they had no com
ments To make on toiays meeting.
Thu follow ing statement WIS given out
at the close of the meeting of the di-
rectorS
THE board of directors after full dis
cIssion unanim nuSIy adopted tn" amend
cd chapter approved ut the meeting with
the superintendent of insurance, the
amendment being:
The hoar1 of directors shall continue
to BE- divided ipto four classes Of Is each.
FOR the purpose of cffecting more speed
lily the change from n board elected en-
trcly by stockholders to board elected
partly by stockholders and partly by pol
lyholdcrs. it is hereby provided tnat the
terms Of office of the directors hereto
Tore elected for the terms ending D"ccm-
her II, 1905. and December =. 1906 shall
expire on the 3lst of December. 1905. and
the SUCCESSORS of such directors shall ~"
elected on the first Wednesday in tn"
month Of December. 1905, and the terms
OF office of the directors heretofore elect
ed for TIE terms expiring December 81.
E"', and December 81, 1905 shall eNpirt
on the 3lst day of December. 1906. and the
successors to such directors shall h"
elected on the first Wednesday in the
month of December. 1906 At such cleo
lions the SUCCESSORS to the class of 1905
shaii be elected to hold office for three
years, the successors to the class of 1906
10 hold Office for four years. the success
s"rs to the class of 1907 to hold office for
ichr years, ard the SUCCESSORS to the
'''ss OF l9N to hold office for five years.
mus producing four classes of directors
vi Is each whose terms of Office will eN-
pure respectively in the years 1908. 1910"
i'' and 1911. In the election of each OF
N'id classes. six of the vacancies shall be
''i'a ny plurality vote of the stock
hoidcrs and seven of the vacancies shall
w niied by plurality vote OF stockhold
VS. noth stockholders and policyholders
"uns by ballot in person or by proxy
"S hereinafter provided
resolution was unanimously adopt
gu mat committee of three consisting
Nessrs. Dcpew, Belmont and Krech
appointed a committee of the board tC
>'hsuit with the superintendent of in
n"hce after the amended charter shall
oeen approved by him, and with the
Feyholders' committee. of which Mr.
w" u CrmminS is chairman. and tC
p'rt TO this board at an adjourned
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