The Caucasian., 1911-07-18

qualified; any failure to elect direc
tors shall not be regarded as a for
lfeiture of this charter, and any va.
cancy occurring in the board of di
rectors shall be filled by the remain,
ling members for the unexpired term
The officers of this corporation shall
be president, a vice president, al
executive committee of three mem
hers, a treasurer, secretary anC
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 the
treasurer, the secretary and the
managers; and the latter shall be
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.
[. Woodring, w. d. Wadley, A. J
Peavy, C. E. Slagle, w. V. Sheriff., J.
w. Alexander and Paul Lisso, and
they shall hold office until the
fourth Tuesday in January 1915, or
until their successors shall have
been duly elected and qualified. The
following are hereby declared to be
the first officers of this corporation:
IS. I, Woodring, president; G. E. Sla-
gle, first vice presiderf; w. D. Wad-
ley, second vice president; S. T.
Woodring, w. D. Wadley, A. J.
Peavy, executive committee; A. J.
peavy, treasurer; ]. K. Mcfarland,
secretary; J. K. Mcfarland & Co.,
managers, who shall hold office for
one year, or until their successors
have been duly elected and qualified
ARTICLE V.
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;
they shall be bound by the provis-
ions of the charter, the conditions
of their policy contracts and the by
laws printed thereon; and by all le-
gal acts of the corporation.
ARTICLE VI.
In January of each year, and pre-
vious to the annual meeting of the
policy holders and members, the
board of directors shall meet and
determine the equitable proportion
of profits earned on December 81
that shall be distributed to policy
holders and members. Such profits
shall be payable in cash and shall be
in proportion to the earned pre-
miums on their policies; and when
thus determined, the amount of
profits declared shall be binding and
conclusive on all parties entitled toI
share in same. The board of direc-
tors may, at its discretion, set aside
each year a portion of the net pro-
fits to a permanent reserve fund,
which shall remain with this cor
poration to provide additional Sc
curity to the policy holders.
ARTICLE VII.
This act of incorporation may be
modified or changed, or
this corporation may be dissolved by
a three-fourths vote of all the policy |
holders and members of the corpor-
alton present or represented at a
general meeting convened for the
purpose, after ten days prior writ
ten notice directed to the policy
holders and members at their last
known address. In case of dissolu-
lion by limitation or otherwise, the
policy holders and members shall
elect three commissioners from
among their own membership to
Iiquidate and settle the business and
affairs Of this corporation. In case OF
death or disability of any of said
the survivors shall
continue to act.
S. T. WooDRING,
by ]. K. Mcfarland. |
B. Fl. SMITH,
by ]. K. Mcfarland. |
C. H. D0DD,
by J. X. Mcfarland. |
WARREN /. PRICKETT,
by J. K. Mcfarland. |
j. w. MARTIN,
by J. K Mcfarland. |
ROBERT STACK,
by J. X. Mcfarland. |
pEAVY