Fraternity-Testvériség, 1962 (40. évfolyam, 1-12. szám)

1962-06-01 / 6. szám

4

FRATERNITY

Bethlen Home, provided, that the mortgage with the Federation is always paid up to date.

The President appointed the following committees and ordered them to begin their examinations:

Administrative Committee: Dr. Zoltán Beky, Tibor Toth, William Szuch, Matthias Daroczy, Emery Király.

Finance Committee: Dr. Stephen Szabó, Joseph Molnár, Louis Nagy, Arpad George.

Auditing Committee: Gazel Vespremi, Stephen Syposs, Bertalan Sathmary, Zigmond Palagyi, Alexander Daroczy.

SECOND DAY — APRIL 10 Examinations are in process.

THIRD DAY — APRIL 11

The Legal Counsellor read his report for 1961, which the Supreme Council accepted.

J. H. Zeitlin, Accountant and Business Counsellor, read his business analysis of 1961, which was acknowledged by the Supreme Council and referred to the proper committee for further discussion.

FOURTH DAY — APRIL 12

The President acquainted the meeting with the preliminary studies of the two architects under contract to prepare plans for the new Kossuth House.

The report of the Finance Committee’s examination of the Treasurer’s office was unanimously acknowledged and voted to relieve Paul St. Miklossy, Treasurer, of any further responsibility for the year 1961.

Upon the recommendation of the Finance Committee, the Supreme Council

RESOLVED,

That the Investment Committee sell the small income yielding bonds and in their place purchase more valuable U. S. Bonds;

That in the future, mortgage loans be granted by the Federation according to the nature of the loan with proper collateral, in the following manner: Church Loans 25%, Individual Loans 20% and Commercial Loans 55% of the allowed fund;

That in the future, real estate mortgages of members be given at the rate of 6% interest.

The report on the findings of the Auditing Committee was read by Bertalan Sathmary, on the basis of which the Supreme Council expressed its appreciation for the accurate work of the Controller and released him from further responsibilities for the year 1961.

Upon the recommendation of the Auditing Committee, the Supreme Council