William Penn Life, 1975 (10. évfolyam, 2-4. szám)

1975-04-01 / 2. szám

the Home Office. They also visited the Nationality Rooms at the University of Pittsburgh. They were very impressed with the Hungarian Room. The Ambassador presented the Asso­ciation with a gift and extended an invita­tion to the National Officers for a recep­tion in Washington, D. C. on April 3rd. 7. Chairman of the Board John P. Balia excused the Auditing Committee at this time so they may proceed with their work of auditing the records of th.e Association. 8. Secretary of the Bbard Frank J. Radvany called the roll and the following were present: National President Elmer Charles; Vice Presidents Louis L. Varga and John P. Balia; Directors: Frand Bero, Zoltán B. Emri, Stephen Danko, Michael Hegedűs, Albert G. Kertesz, William C. Kohut, Stephen Lang, Jr., Frank J. Radvany, John Sabo, Joseph Toma, John P. Veszprémi, Frank J. Wukovits, Sr.; Albert J. Stelkovics, National Secretary; Julius E. Somogyi, National Treasurer; Gay B. Banes, General Counsel and Gus G. Nagy, Field Assistant to the National President. Dr. Samuel C. Gomory, Medical Director is hospitalized. 9. The Agenda is presented to the Board and same is adopted with the proviso that any matter properly belonging before the meeting may be added thereto during the course of the meeting. 10. National Secretary Albert J. Stelko­vics read the Minutes of the Executive Committee Meetings held on February 25 and February 26, 1975. Moved, seconded, and the Board ac­cepted same as a basis for further deliber­ation. 11. Chairman of the Board John P. Balia introduced the Actuary, Mr. Robert E. Bruce, and requested him to submit his Report on the operation of the William Penn Association for the year 1974. Mr. Bruce expressed thanks for the opportunity to address the Board and to present his report. Mr. Bruce commenced to read his report. The report was then discussed. Mr. Bruce answered all questions posed by the Board of Directors and National Officers. The Board accepted the Actuary’s Report and same is placed on file. 12. Moved, seconded, and the Board accepted the Annual Statement as filed with the various Departments with sincere thanks and appreciation to the National Officers and Home Office Employees who participated in the preparation of this Statement. 13. The Board reviewed the proposed Budget for 1975, page by page. Following a discussion of same. Moved, seconded, and the Board adopted the proposed Budget for 1975 as outlined in the Report of the National President to the Board of. Directors dated March 17,1975. 14. Moved, seconded, and the Board adopted the following resolution pertain­ing to full-time Home Office Employees and District Office Clerks. RESOLVED by the Board of Directors in regular quarterly meeting assembled in Pittsburgh, Pennsylvania that all full-time Home Office and District Office Emplo­yees be granted a 6 percent increase in their respective salaries effective April 1, 1975. 15. Director Danko presented a check to the William Penn Scholarship Founda­tion on behalf of Branch 18, Detroit, Michigan in the amount of $201.00 as proceeds from the successful Cham­pagne Ball held February 8,1975. 16. Director Hegedűs presented a check from Mrs. Lillian Thomas, former branch officer of Branch 19. New Bruns­wick, N.J. in the amount of $25.00 to the William Penn Scholarship Foundation. 17. President Charles submitted a ver­bal report to the Board of Directors regarding the progress being made with the development of the Association’s Grant Street property known as “Block C.” He stated that he has received a letter of interest to develop this site. He felt the prospects for this development looked favorable and he would pursue this matter further to make the development a reality. The Board discussed the matter of developing this property and it was the recommendation of the Board that the National Officers, Investment Committee and Executive Committee pursue this matter to the fullest extent and attempt to consummate a development program at the best possible rate of return on our investment. 18. The National Officers of the William Penn Association received an invitation from the Ambassador of the Hungarian People’s Republic, Dr. KaToly Szabó, to attend a reception in Washington, D.C. on April 3, 1975. Moved, seconded, and the Board auth­orized the National Officers who were invited to officially represent the William Penn Association at this reception. 19. Moved, seconded, and the Board authorized the Staff to proceed with the preparation and marketing of the HR-10, Keogh Bill and Individual Retirement Act insurance plans in the states where the Association has received approval of same. 20. General Counsel Gay B. Banes submitted a verbal report on the progress of the American Fund litigation to the Board of Directors. The Board acknow­ledged his report. 21. The Board completed a page by page review and discussion of the Report of the National President to the Board of Directors dated March 17, 1975. Moved, seconded, and the Board accepted the report in its entirety. 22. Gus G. Nagy, Field Assistant to the National President, submitted a detailed verbal report of the progress being made on the forthcoming Bowling Tournament to be held in Chicago, Illinois. Reserva­tions have been made at the Marriott Motor Inn near O’Hare Airport. Banquet arrangements are complete. Transporta­tion, Bowling Lanes and Scholarship Meeting Room have all been reserved. The Board accepted the report and auth­orized the Bowling Tournament administ­rators to proceed with finalization of ar­rangements for this event. 23. The Board entered into discussion pertaining to the printing of our Official Publication. The Parker Photo Offset Printing Company requests that Director Michael Hegedűs be appointed to oversee the printing of the Official Publication. This request was granted by the Board. 24. Moved, seconded, and the Board authorized the Executive Committee, Staff and Actuary to prepare details for the rate of interest on the IRA plans and are hereby authorized to place these into effect when feasible. 25. The Board reviewed the policy fee system and authorized the Executive Committee to adopt a $10. policy fee for new business on both male and female risks and place same into effect when feasible. 26. Moved, seconded, and the Board adopted the following resolution pertain­ing to dividends. RESOLUTION BE IT RESOLVED by this Board of Directors in regular quarterly meeting as­sembled that dividend for the calendar year 1975 be distributed on those certifi­cates only which are based on the follow­ing Mortality Tables: a) American Men 2'/2percent issued from January 1,1949 to June 30,1956. b) 1941 C.S.O. 2'/i>percent issued from July 1,1956 to December 31,1965. c) 1958 C.S.O. issued from January 1, 1966 to current date, except Five (5) and Ten (10) Year Renewable & Convertible Term Certificates. The amount of declared dividend shall be that which is contained in the regular dividend tables of the Association for the respective certificates. 27. Moved, seconded, and the Board adopted that the three National Officers be paid the same salary in 1975 as they were paid in 1974. 28. Moved, seconded, and the Board accepted the Minuies of the Executive •Committee Meetings of February 25 and 26, 1975. The Board also ratified the actions taken by the Executive Commit­tee. 29. The Board discussed and estab­lished certain guide lines pertaining to District Delegate and Area District Dele­gate elections for the General Convention, as follows: 1) If a meeting is held before the register of eligible voters is received from the Home Office, District Secretaries are 15

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