William Penn Life, 1979 (14. évfolyam, 1-4. szám)
1979-04-01 / 2. szám
Minutes of The Board of Directors Quarterly Meeting Excerpts of Minutes of the First Quarterly Meeting of the Board of Directors of William Penn Association held March 12-14, 1979 in the Board Room of the Home Office in Pittsburgh, Pennsylvania. 1) National President and Chariman of the Board Elmer Charles opened the meeting at 10:00 A.M. He welcomed the Board of Directors, Auditing Committee, National Officers, Actuary Robert E. Bruce, Vice Presidents Gus G. Nagy, Stephen T. Szilagyi and Julius E. Somogyi, former National Treasurer to the first quarterly meeting in 1979. Mr. Charles stated that this meeting will go down in our history forever as one great day to be thankful for. For 14 years we have kept faith. Faith in two very important projects which have been very close to our hearts. He was deeply grateful that we all kept that faith. Mr. Charles announced that the Oxford Development Company had been awarded the purchase of Blocks A & B by Allegheny County Commissioners for the development of the Grant Street project. This project includes the Association’s property known as Block C and the Association will receive benefits from this project for many years to come. Mr. Charles also announced that the American Life Insurance Association matter has come to a final settlement and this project was decided in favor of our Association and the merger can now be consummated. Mr. Charles stated that William Penn was instrumental in planting a mustard seed in these projects. He read the following quote from the Bible: “If ye have faith as a grain of mustard seed, ye shall say unto this mountain, Remove hence to yonder place; and it shall remove: and nothing shall be impossible unto you”. Mr. Charles stated that we should believe in this quotation and hopefully our future generations will be proud of our accomplishments. He was happy to greet Julius E. Somogyi, former National Treasurer who was present at this opening ceremony. He was pleased to greet the Auditing Committee members who are also meeting at this time for their semiannual audit. Mr. Charles was sorry to see that Auditing Committee Member Helen Nemeth is still on the disabled list. He welcomed Robert E. Bruce, Actuary, who will review the accomplishments of the Association during 1978. He further reported that the Commonwealth of Pennsylvania Insurance examiners commenced their tri-ennial audit of the William Penn Association on Monday, March 5, 1979. He reported the following deaths: Michael J. Kertesz, grandson of Director and Mrs. Albert G. Kertesz; Vera Lovász, sister of John L. Lovász, Home Office employee; Alex Alfoldy, Branch Manager of former Branch 276, Buckner, Illinois; John Rákos, Branch Manager of former Rákóczi Branch 89, West Wyoming, Pennsylvania; Mrs. George Varga, wife of Branch Manager George Varga, Branch 214, Flint, Michigan; Mrs. John Bokor, wife of John Bokor, Branch Manager of Branch 141, Ellwood City, Pennsylvania. The members present rose for a minute of silent prayer in memory of all deceased members. He officially called the meeting to order. 2) The members pledged allegiance to the Flag of the United States of America. 3) Vice President Louis L. Varga offered the following invocation: O Lord, we thank Thee for Thy past favors and particularly for our good health and spirit, and for guiding our Association through another successful year. As we face this convention year, we again seek Thy help and guidance so that we may with pride report the results of our stewardship. May we continue to love each other—understand the power of patience—remain firm with truth—courageous with vital and important matters, and wisdom to compromise with sineere issues as they occur. And lastly Lord—in Thy mercy grant us that peace and friendship that we have been blessed with these past four years. Lord, make us worthy of these favors and requests. Amen. 4) Auditing Committee Member Louis Fodor spoke on behalf of the Auditing Committee. He deemed it a privilege and honor to be present at the announcement of the success of two very important projects. He enjoyed the festivities of the Testimonial conducted by the Fraternal Societies of Greater Pittsburgh last Saturday evening. Mr. Fodor stated he has been corresponding with Auditing Committee Member Helen Nemeth and her condition seems to be about the same. She sends her best regards to everyone. Mr. Fodor extended best wishes to the Board for good work in its deliberation. 5) Secretary of the Board Frank J. Radvany called the roll and the following were present: National President Elmer Charles; National Vice Presidents, Louis L. Varga and John P. Balia; Directors Frank Bero, Stephen Danko, Zoltán B. Emri, Michael Hegedűs, Albert G. Kertesz, William C. Kohut, Stephen Lang, Jr., Steve Lesco, Frank J. Radvany, John Sabo, Joseph Toma, Frank J. Wukovits, Sr.; National Secretary- Treasurer Albert J. Stelkovics and General Counsel Gay B. Banes. 6) The Agenda was adopted with the proviso that any matter properly belonging before this meeting may be added thereto during the course of the meeting. 7) Chairman Charles 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 1978. Mr. Bruce thanked the Board of Directors for the opportunity to make his report in person. He congratulated the Board of Directors and National Officers on the success of the American Life litigation and the development on the Grant Street project. Mr. Bruce also commended the Board of Directors and National Officers for their fine performance during the past year. The Association experienced another fine financial year in 1978. The Actuary commenced presenting his report. The Board discussed the actuary’s report and upon completion of the review it was moved, seconded and unanimously adopted to accept the actuary’s report in its entirety. Mr. Charles thanked Mr. Bruce for taking time from his busy schedule to submit this fine report. 8) It was moved, seconded and unanimously adopted by the Board of Directors, that on the new annuity plans, the Association will pay the full interest as declared by the Board each year, from the first day of deposit, rather than only the amount specified in the policy. It was further resolved that in the future, the enrollment fee on annuities be discontinued. In conjunction with this, it was resolved to adjust commissions. Mr. 18
