The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1912-05-17

holders OF the company, and all In
urance previously issued by this
corporation and in force on said date
shall remain and continue in force
thereafter on like terms and condi-
tions, 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
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 M 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
perience Tables of Mortality, with
3k 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 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, Oh 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 OF 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 Oh 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
nnof Cho11 ntn0t Anu uaoCnRyy Nn6I1r-
ring among the Directors of this cor
poration by death, resignation or
otherwise, shall be filled by election.
Tor the unexpired term, by the re
naming Directors. Failure to elect
naming directors. Failure to elect di-
rectOrs on date above specified shall
not dissolve this corporation nor i'm
pair it's existence or management, but
the Directors then in office shall re-
main in Office until their successors
have been duly elected and qualified.
The Board of Directors may. from
time to time, name and appoint such
officers, agents and employees us it
may deem necessary for tn. purpose
of conducting the business of this
corporation. 1t shall have authority
to fix and define the power, duties
and salaries thereof, and each Off
Ger, agent and employee, shall hold
Office or employment at the pleasure
of said Board. 1t shall elect from
amongst its own members, or from
the policyholders of the corporation
not members Of the Board, a Presi-
dent, not exceeding three (3) Vice
Presidents, a Secretary and Treas
urer.
The Board Of Directors may make
or establish, as well az alter and
amend, all bylaws, rules and regula-
tons deemed proper for the conduct
and management of the business and
affairs of this corporation; 1t 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 a mortgage or lien, or
which may owe 1t 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
corporation.
The present Board of Directors and
officers shall hold office until the 18th
day of September 1912, or until their
successors shall have been duly cleo
ted and qualified.
ARTICLE vi.
Whenever this corporation may be
NM @MENN