Verhovayak Lapja, 1951 (34. évfolyam, 1-12. szám)

1951 / Verhovay Journal

-AGE 10_________________-______________________________ Verhovay

(Continued from page 9)

at the beginning of the calendar yeay. Said transfer shall be deemed to provide for unallocated investment expenses paid out of the Administration Fund.

e.) Such surplus as may be transferred from the other funds of the Association in accordance with the provisions of this Section as hereinafter stated.”

117. ) Page 82, paragraph 2: Deleted:

118. ) At 12:55 chairman recesses the meeting until 2 p.m.

119. ) At 2 p.m. chairman calls the meeting to order and orders the continuation of the detailed discussion of the proposed amendments to the By-Laws.

120. ) Page 82, paragraph 2, insertion: “The assets, receipts and interest income of the Trust Fund deposits shall under no consideration be used for any other purposes but for which designated.

N(ew paragraph replacing paragraph 4 on same page: “In addition to the other funds required to be maintained under the provisions of these Ly-Laws, there is hereby established a Contingency Fund to safe-guard the Association against adverse fluctuations in earnings, including any deficiency in interest earnings required to maintain reserves. The Contingency Fund shall be credited, at the close of each calendar year, commencing January 1, 1951, with all gains on reserves released on all certificates originally issued with provision for reserves at 4% and 3i% interest which lapse during the calendar year of which shall be surrendered fortheir cash valuei or be exchanged for extended or reduced paid-up insurance. Such gain shall be calculated as the excess of the reserve actually maintained on such certificate of the date of lapse, surrender or exchange over the amount of reserve then required to be maintained theron by certificate provision, and for facility of accounting may be calculated by mean methods. Commencing with the close of the calendar year when the Contingency Fund first equals or exceeds the reserve deficiency resulting from an interest assumption of 2i %, on all Certificates which were issued at interest rates higher than 2t%. All such Certificates shall thereupon be valued with an interest assumption of 21/2% and the Contingency Fund shall thereupon be released to meet .such deficiency.

The officers, with the consent of the Board of Directors, shall have the authority to transfer such part of surplus insurance funds to the Expense Fund, or such other Funds, as may be required to maintain said Funds unimpaired, provided, however, that the amount so transferred in any calendar year shall not exceed seventy-five per cent of the sum of: 1.) the savings in mortality on the net risk during the preceding calendar year by the rabid of mortality used in the calculation of reserves and, 2.) excess interest! requirements to maintain reserves. (For the purpose of this paragraph the term “surplus insurance funds” is hereby defined as the excess of admitted assets of the Association, as shown by its last annual statement filed with the Insurance Department of Pennsylvania, over 105% of its entire liabilities including the required reserve according to the basis of valuation then in effect with the Association, but exclusive of the Contingency Fund.)

121. ) Chairman interrrupts the discussion of the amendments to the By-Laws and announces the arrival of the officers of the United Russian Orthodox Brotherhood of America, Messrs. George Lesko, President; John P. Pazey, Secretary, and Philip Hrabar, Treasurer. The gentlemen whose presence is a great honor to the Convention, are warmly applauded by the delegates upon entering the Convention hall. President George Lesko, speaking in English and Hungarian, mentions the friendship between the two societies, the respect enjoyed by the Verhovay Fraternal Insurance Association and the outstanding quality of services rendered by each of the National Officers.

He recalls conditions in the old country of Austria-Hungary, then calls the! attention of the Convention to the tragic oppression now suffered by the Hungarian people in their native country and urges the members to be proud of their Hungarian heritage and of their membership in the Verhovay Fraternal Insurance Association. His highly effective address is received with prolonged applause by the members of the Convention. Vice-Chairman Albert Ibos thanks the visitors for honoring the Convention by their presence.

122. ) Chairman then introduces to the Convention the wives of the! members who attend the Convention as visitors, each of whom was greeted with applause. The ladies introduced were: Mrs. Revesz, Miss Revesz, Mrs. Radvany, Mrs. Palla, Mrs. George David, Mrs. Barna, Mrs. Michael Puskas, Mrs. Alexander Puskas, Mrs. Modock, Mrs. Kerekes, Mrs. Nyirati, Mrs. Konyha, Mrs. Bodnar. Members George Mészáros, John Csizmadia, und Nicholas Heves also are accorded a cordial welcome.

123. ) Chairman recesses the meeting for 10 minutes.

124. ) Chairman calls the meeting to order and in view of the fact that many of the delegates wish that the Convention reconsider its action in regards to the per diem fees, National Secretary presénts the following recommendations of the Board of Directors in this matter:

“Instead of a per diem -fee, may the august body of delegates vote a honorarium in the amount of $200.—for every accredited member of the Convention. Naturally, those who came to Pittsburgh from distant points, shall * be entitled to the established per diem fee for the time spent in travelling.”

The recommendation is unanimously adopted.

125. ) Chairman orders the continuation of the discussion of the amendments to the By-Laws.

126. ) Page 82, paragraph 5, new text adopted: “Whenever the insurance laws permit, the Board of Directors may and shall have the power to consolidate and allocate any or all funds for the payment of insurance benefits or other funds, or any parts thereof, in the manner and to the extent permitted by law, and the Board of Directors are authorized to take such steps and action as are necessary to effect such consolidation or allocation of funds. The decision of the Board of Directors in this matter is final.”

127. ) Page 83, paragraph 1, amended as follows: “The »assets of the various funds, over the amount necessary in the ordinary course of business shall be invested in such securities which is permitted by the laws—of the State of Pennsylvania.”

128. ) Page 97, paragraph 2: inserted following the words “of the United

States” the following: “and the State of...........................................”

129. ) Page 100, last paragraph, amended as follows: “The travelling expenses and per diem fees shall be counted as follows:

For time spent on train,

Journal _____________________________________October 17, 1951 ^

a. ) Up to 25 miles not entitled to per diem fee, only transporting expenses;

b. ) 26 to 50 miles, actual coach R.R. fare plus half per diem fee each way;

c. ) 51 miles and above actual coach railroad fare plus one per diem fee each way, furthermore, those travelling over 8 hours, will be entitled to $1.50 per horn- for time spent in excess of 8 hours.

130. ) Page 102-, last paragraph amended as follows: the word “twice” appearing two times at end of paragraph to be replaced with ‘once.”

131. ) After due explanations have been furnished, the above amendments to the By-Laws have been unanimously adopted by the members of the Convention.

132. ) Chairman adjourns the meeting at 5:20 p.m., until tomorrow morning.

JOHN BENCZE, Chairman GAY B. BANES, Recording Secretary

ADAM SIMON, JR. JOSEPH HATTAYER

CONTINUED MINUTES

taken on the fourth day of the XXII Convention of the Verhovay Fraternal Insurance Association, on Thursday, September 13, 1951, in the Blue Room ot Hotel Roosevelt in Pittsburgh, Pennsylvania.

133. ) Chairman calls the meeting to order at 9 a. m„ and orders the! reading of the minutes. Delegates Adam Simon, and Joseph Hattayer check and sign the minutes.

134. ) The minutes are approved by the memoers of the Convention after !he correction of an erroneously spelled name of delegate Jqsep.h Hodich.

135. ) Chairman John Bencze orders the discussion of the amendments to the By-Laws of the Juvenile Order.

The Convention unanimously adopts the proposed amendments to the By-Laws of the Juvenile Order, attached to these minutes, which already have been approved by the majority of the branches, the number of members of each branch having been taken as the number of votes cast by each branch, in accordance with the provisions of the By-Laws.

136. ) Chairman announces the guests just arrived, introducing each to the Convention, as follows:

The Rev. Dr. Francis Újlaki, President of the Hungarian Reformed Federation of America.

Albert Fiok, Vice-President of the Hungarian Reformed Federation oi America; •

The Rev. Joseph Kecsemethy, director of the Bethlen Home;

Albert Kocsis, President of the Rákóczi Aid Association; t

Joseph Vasas, Secretary of the Rákóczi Aid Association;

Peter Suta, President of the American Life Insurance Association;

Stephen Szegedy, Secretary of the American Life Insurance Association;

The Rev. Stephen Balogh, Executive Secretary of the American Hungarian Federation.

The speaker of each organization delivers a warm and inspiring address, urging the members to continue their good work and expressing best wishes for the future of the Association.

On behalf of the American Hungarian Federation, the Rev. Stephen Balogh, presents a four-point memorandum to the National President and requests the delegates to support the matters contained therein.

„ 137.) Chairman orders the discussion of the further proposed amendments

to the By-Laws adopted by the Board of Directors at their meeting on April 2, 1951.

138. ) Page 6, last paragraph, amended as follows: “Section 4. The Convention Representatives. Every member of the Association, whq is in good standing and is an American citizen, has attained the age of 21 and has been a member of the existing death benefit department of the Association for two years on the day of election, holds at least a Orte Thousand Dollar Certificate in the death benefit class, and is a duly elected delegate of a Branch of the Association is eligible to be a representative or alternate representative, but only in the District to which the Branch of which he ■is a member belongs.”

139. ) Page 13, last paragraph, amended as follows: “Section 8. The

District Sessions . . . Every member of the Association who is in good its tiding, is an American citizen, has attained the age of 21 on or before

the day of election, has been a member of the Association for at least two

years and holds at least a One Thousand Dollar Certificate in the death benefit class, is eligible to be representative or alternate representative to the District Sessions.”

140. ) Page 15, last paragraph, amended as follows: “Section 9. The

organization of the Board of Directors is responsible only to the Convention. The Board 'of Directors shall consist of the President of the Association, two Vice-Presidents and ten Board members. The Board of Directors elect their own chairman from among the members of the Board.

The two Vice-Presidents and ten members of the Board of Directors shall le elected by the Convention for a term of four years. Twelve alternates shall also be elected.”

The rest of the paragraph, beginning with “The electoral districts of the Verhovay . . .” is deleted.

141. ) Page 84, third paragraph, amended as follows: “Section 45. The Auditing Committee. For the purpose of control and checking of the management of the property of the Association, the Convention shall elect three of its members for a term of four years to act as an auditing committee. Three alternates shall be elected, also, in the same manner.

142. ) Page 95, last paragraph, amended as follows: “Section 58. General Requirements for Holding Offices. The President of the Association, the two Vice-Presidents, members of the Board of Directors, members of the Auditing Committee, National Secretary, Treasurer and Auditor, shall be members cf the death benefit department of the Association for at least two years on the day of election.

The Office of the National President, the members of the Board of Directors and of the Auditing Committee, and that of the National Secretary, National Auditor and National Treasurer shall be deemed vacant in event of death, resignation, disability caused by illness exceeding one year, removal from the office by decision of the Council of Appeals, or if eéasing to be a member in good standing for any cause.

No member of a party, organization or movement declared subversive

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