The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1912-05-24

ness of the corporation, as is herein
after provided for, or as shall be de-
termined by the Board of Directors
hereinafter provided for, the said
amount or amounts to be borrowed
only upon the terms and conditions,
and in accordance with the provis-
ions of the said Section of the said
Act; and this corporation hereby &C
cepts the proposition of the owners
of the stock issued under the charter
to which this Is an amendment to retire
their stock and lend to this corpora
ton, on said terms and conditions
above referred to, the funds repre-
scented by the said stock with eight
per cent interest, this acceptance to
take effct simultaneously with the
completion of legal requirements in
connection with this Act of Amend
ment and the filing thereof, whereup-
on all deposits made with the State
of Louisiana in the name of this
company for the protection of its
policy holders shall sc remain there
after for the protection of all policy
holders of the company, and all in
a previously issued by this
corporation and in force on said date
shall remain and continue in force
thereafter on like terms and condi-
tons, and this corporation shall
thereafter continue in business on
the basis herein provided.
This corporation shall transact the
business stipulated and defined in
Article III of this charter on the "Old
I ;r0 no loro1 roCorun basic on1
shall not insure and agree to pay
benefits in event of the death of the
insured or the maturity of the policy,
for more than $500 on one life, nor
for more than $40 per week to one
person on account of disability re-
sulting from sickness or accident,
and the premiums, which shall be
stipulated, or fixed, premiums, shall
be cOllectable in periods of less than
one month apart. In determining
the reserve required on account of
and in accordance with the policies
of Industrial Life Insurance in force
in this company at any time, the
New York Standard Industrial Elk
p%erience Tables of Mortality, with
3h per cent interest, shall be en-
ployed, except as shall be modified
by any other standard which may be
adopted by the State of Louisiana.
ARTICLE V.
All of the powers of this corpora
ton shall be vested in and exercised
by a Board of Directors, composed OF
not fewer than Seven CD % more
than Eleven CID citizens of the State
Of Louisiana, to be elected annually
on the 18th day of September, OF ii
same shall be a holiday, on the next
business day preceding, four OF whom
shall constitute a quorum for the
transaction of business, and a major
ity of those present shall control
All elections shall be made by bal.
lot and shall be held and conducted
at the Office Of the corporation, under
such rules and regulations as may be
established by the Board Of Direct
Ors. Notice thereof shall be given
by the Secretary of the corporation
by publication on Saturday of each
week for six weeks prior thereto in
a newspaper published in the English
language in the City of New Orleans
State of Louisiana.
At all elections and all corporate
meetings every policy holder, o.
member, of the corporation, whose
| policy is not lapsed on the date
thereof shall be entitled to n vote
to be cast in person, or by prox,
written or printed and signed by thu
ln-m0er. A majority of tn vote.
cast shall elect. Any vacancy occur
| ring among the Directors of this cor
poration by death, resignation o.
| otherwise, shall be filled by election
for the unexpired term, by the re
naming Directors. Failure to cleo
naming directors. Failure to elect di
rectors on date above specified shall
not dissolve this corporation nor i'm
pair its existence or management, bu
the Directors then in ONCE shall re
main in office until their successor
have been duly elected and qualified
The Board Of Directors may. from
time to time, name and appoint sucl
officers, agents and employees rs
may deem necessary for thu purpose
Of conducting the business of thi
corporation. It shall have authorit,
to fix and define the power, dutie
anu S0l6Ilc0 l00I0OAS 80V CAC0 OA
Ger, agent and employee, shall hol'
office or employment 1t the pleasur'
Of said Board. It shall elect fron
amongst its own members, or fror
the policyholders of the corporation
not members Of the Board, q Pres
dent, not exceeding three (3) Vice
Presidents, q Secretary and Treas
urer.
The Board Of Directors may max
or establish, az well as alter an
amend, all bylaws, rules and reguls
lions deemed proper for the conduc
and management Of the business an
affairs of this corporation; it sha
have the power to borrow and len
money; to acquire real estate for tn
purposes of its business; to buy an
sell all species of real and pc
sonal property. on which the corpor;
ton may have q mortgage or lien, G
which may " 1t money. and, in tn
case of real estate, to hold same fC
such time as may be necessary I
properly and advantageously dispos
thereof, and generally to do any an
all things reasonable, convenient an
necessary for the proper carrying o,
- Tho huniuoaa onA aHAira NJ III