The Caucasian., 1911-07-20

tors shall not be regarded as for
lelture OF this charter, and any va
cancy occurring in the board of di
rectors shall be filed by the remain
Ing members for the unexpired tern
The officers OF this corporation shal
be president, vice president al
executive committee Of three mem
hers, treasurer. secretary an,
managers, who shall be elected an
nually by the board of directors. AL
OF the said officers shall be members
OF The board of directors, except tn,
treasurer, the secretary and thu
managers: and the latter shall bt
competent underwriters and they
shall have active charge of conduct
Ing the business of the corporation
The following are hereby declared
to be the first board of directors: s
1. Woodring, w. u. Wadley, A. j
PeaVy, G. E. Slagle, w. V. Sheriff., J.
w. Alexander and Paul Lisso. and
they shall hold Office until the
fourth Tuesday in January 1916, or
until their successors shall have
been duly elected and qualified. The
following are hereby declared to be
the first officers of this corporation:
S. I. Woodring, president; G. f. Sla-
gle, first vice presidefy; w. ID. Wad-
ley, second vice president; S. T..
Woodring, w. ID. Wadley, A. J..
Peayy, executive committee: A. J..
Peavy, treasurer. J. X. Mcfarland,
secretary; J. X. Mcfarland & Co,
managers, who shall hold office for
one year, or until their successors
have been duly elected and qualified.
ARTICLE Y.
All persons, firms, associations or
corporations who shall hereafter in
sure with this corporation shall
thereby become members during the
period they shall remain insured by
This corporation, but not longer;
hey shall be bound by the provis-
ons OF the charter, the conditions
If their policy contracts and the by
avs printed thereon; and by all le-
yal acts Of the corporation.
ARTICLE VI.
In January Of each year, and pre- i
fious to the annual meeting of the
,olicy holders and members, the
BOARD of directors shall meet and
determine the equitable proportion
# profits earned on December 81
hat shall be distributed to policy
folders and members. Such profits
hall be payable in cash aud shall be
Il proportion to the earned pre-
NUNS on their policies; and when
hus determined, the amount of
roflts declared shall be binding and
onclusiye on all parties entitled 10
hare in same. The board of direc-
ors may, at its discretion, set aside
ach year portion of the net pro-
Is to a permanent reserve fund,
'hieh shall remain with this cor
Grafton TO provide additional se-
urity TO the policy holders.
ARTICLE VII.
This act of incorporation may be
mended, modified or changed, or
lis corporation may be dissolved by ,
three-fourths vote OF all the policy :
olders and members of the corpor- :,
lon present or represented at
sneral meeting convened for the !,
urpose, after ten days prior writ /
n notice directed to the policy +
Dlders and members at their last
lown address. In case OF dissolu-
ON by limitation or otherwise, the
)licy holders and members shall
ect three commissioners from n
nong their own membership to
Iuidate and settle the business and
fairs of this corporation. In case of
,ath or disability of any of said a
the survivors shall /,
'ntinue to act. 9,
s. r. WOODRTNG. Il