The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1912-05-28

t%ablishing and developing the bust
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 sale
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-.
sented by the said stock with eight
per cent interest, this acceptance to
take efct 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 so remain there
after for the protection of all policy
holders of the company, and all in
surance 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
| A rfIN10 III If fhic ohorfn~ IN <ha ssn1l
Line, or legal reserve, basis, and
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 500 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
n 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 Ex-
perience Tables of Mortality, with
3iAa. per cent interest, shah be en-
plOyed, except as shall be modified
by any other standard which may be
adopted by; the State of louisiana.
.,- >"s' 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 60 nor more
than Eleven (11) citizens of the State
of Louisiana, to be elected annually
on the 18th day of September. or if
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, or
member, of the corporation, whose
policy is not lapsed on the date
thereof shall be entitled to one vote,
to be cast in person, or by proxy
written or printed and signed by the
member. A majority Of tn votes
cast shall elect. Any vacancy occur
ring among the Directors of this cor
pOration by death, resignation or
otherwise, shall be filed by election,
for the unexpired term, by the re.
naming Directors. Failure to elect
naming directors. Failure to elect d.
rectorsr on date above, specified shall
not dissolve this corporation nor i'm
pair its existence or management, but
the Directors then In office shall re-
main in olice until their successors
have been duly elected and qualified.
The Board Of Directors Inay. from
time to time, name and appoint such
officers. agents and employees rs 1t
may deem necessary for thu purpose
Of conducting the business of this
corporation. It shall have authority
to nx and define the power, duties
and salaries thereof. and each ON
Ger, agent and employee, shall hold
ONCE or employment at the pleasure
Of said Board. It shall elect from
amongst its own members, or from
the policyholders Of the corporation
not members Of the Board, q Presi-
dent, not exceeding three (3) Vice
P~residents. . Secretary and Treas
urer.
The Board Of Directors may make
or establish, a. well as alter and
amend, all bylaws, rules and regula-
tions deemed proper for the conduct
and management Of the business and
affairs of this corporation; It shall
have the power to borrow and lend
money; to acquire real estate for the
purposes Of its business; to buy and
sell all species of real and per-
sonal property. on which the corpora
ton may have . mortgage or lien, or
which may 1--WE it money, and. in the
case of real estate, to hold same for
such time as may be necessary to
properly and advantageously dispose
thereof, and generally to do any and
all things reasonable. convenient and
necessary for the proper carrying out
Of the business and affairs Of this
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