The Caucasian., 1911-07-27

qualified; aay 1aliure 70 6Aoct oAL w
tors shall not be regarded as for
fsiture of this. charter, and any va
caney occurring in the board Of d.
rectors shall be filled by the remain
ing members for the unexplred teEan
The officers of this corporation SHAH
be a president, a vice president, an
executive committee of three mem
hers, treasurer, a secretary ano
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 De
competent underwriters and tney
shall have active charge OF conduct
ing the business of the corporation
The following are hereby declared
to be the first board of directors: 3
T. Woodring, w. D. Wadley, A. J
peavy, C. E. Slagle, w. Y. Sheriff., ],
w. Alexander and. Paul ,Lisso, and
they shall hold Office until the
fourth Tuesday in January as1o. OF
until their successors shall have
been. duly elected and qualified. The
following are hereby declared to be
the first officers of this corporation
Is. T. Woodringn president; c. Z. Sia-
Gle. first vice president; w. d. Wad-
LEY, second vice president; 8. T.
Woodring, w. D. Wadley, A. J.
Peavy, executive committee; A. J.
peavy. treasurer; J. K. Mcfarland,
secretary; J. X. Mcfarland 4 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-
lions of the charter, the conditions
| Of their policy contracts and the by
laws printed thereon; and by ali le-
gal acts of the corporation.
ARTICLE vi.
In January of each year. and pre-
Ivious to the annual meeting OF the
policy holders and members, the
board of directors shall meet aIic
determine the equitable proportion
fof profits earned on December II
that shall be distributed to policy
iholders and members. Such profit!
shall be payable in cash and shall Ds
lin proportion to the earned pre-
lmiums on their policies; and wheI
thus determined, the amount o.
lprofits declared shall be binding ant
conclusive on ali parties entitled t.
lshare in same. The board of diree.
Itors may, at its discretion, set aside
leach year a portion of the net pro
Lifts to a permanent reserve fund
(which shall remain with this cor
|poration to provide additional se
Icurity TO the policy holders.
! ARTICLE VII.
| THIS act of incorporation may b
Iamended, modified or changed, o
This corporation may be dissolved D.
la lthree-fourths vote of all the polio
tholders and members OF the eorpor
Iation present or represented st
general meeting convened for Tn
purpose, after ten days prior writ
Item notice directed to the poic
holders and members at their ias
Iknswn address. In case Of dlssoin
I.ion by limitation or otherwise, tn
.Ipolicy holders aud members sha
talsct three commissioners froI
, among their own membership !
: liiuuidate and settle the business an
!, affairs of this corporation. In case
death or disability of any OF sal
commissioners, the survivors sna
i continue to act.