William Penn Life, 1988 (23. évfolyam, 1-12. szám)
1988-03-01 / 3. szám
March 1988, William Penn Life, Page 7 Excerpts of the Minutes of the Board of Directors meeting held December 14-15-16,1987 in Pittsburgh, Pennsylvania MONDAY, DECEMBER 14,1987__________ ■ Chairman of the Board Joseph P. Arvay opened the Board of Directors Meeting at 9:00 a.m. in the Board room of the Home Office. ■ Vice Chairman of the Board Stephen J. Ivancso, Sr., led the members in the Pledge of Allegiance to the Flag of the United States of America. ■ Vice President Zoltán B. Emri offered the invocation. ■ National President Stephen G. Danko offered a eulogy in memory of Advisory Board member John P. Balia. ■ Secretary Frank J. Radvany called the roll. There being a quorom present, Chairman Arvay called the meeting to order. ■ The Board of Directors accepted the Minutes of the Board of Directors meetings dated August 16, 17 and 18,1987. ■ The Board accepted the Minutes of the Board of Directors meeting dated August 24, 1987. ■ The Board of Directors accepted the Minutes of the 31st General Convention held on September 16, 1987 as corrected. ■ President Danko commenced to review the Report of Management to the Board of Directors dated December 14-15-16, 1987. He reported the following deaths: Advisory Board Member John P. Balia Ernest S. Bendzsuk, retired Home Office employee Albert Joczik, former Editor The members rose for a moment of silent prayer in memory of all our deceased members. ■ The Board unanimously authorized the negotiations for the purchase of Computer Sciences Corporation Data Center, Pittsburgh, PA, for an amount authorized by the Board and placed in the confidential file and further authorized the administration to conduct whatever investigation is necessary to complete this purchase. ■ The Board unanimously authorized that the William Penn Association exercise their option and purchase property located on U.S. 27 in Polk County, Florida for a purchase price of $ 1.1 million dollars after December 31, 1987, for investment purposes only. ■ The Board authorized that National Secretary E. E. Vargo be permitted to accept the office of 2nd Vice President of the Pennsylvania Fraternal Congress. ■ The Board authorized that when a member is on official business for the Association, they be compensated in accordance with per diems and mileage as established by the Convention resolution. ■ President Danko submitted a report pertaining to meetings with the American Hungarian Federation. The Board acknowledged his report. It was moved, seconded and the Board tabled any action on the American Hungarian Federation at this time. ■ The Board established new retention limits on policies of life insurance as reported. ■ The Board established new non-medical requirement limits. ■ The Board authorized that inspection reports be requested at the discretion of the underwriting department for policies over $75,000 with no inspection reports on single deposit policies. ■ The Board authorized the Investment Committee to vary the amounts of interest rates on various retirement and annuity policies. ■ The Board authorized the continuation of issuance of the Special Juvenile Term Policy. ■ Chairman Arvay recessed the meeting until 9:00 a.m. Tuesday. TUESDAY, DECEMBER 15,1987___________ ■ Chairman of the Board Joseph P. Arvay reconvened the meeting at 9:00 a.m. and same are present. ■ It was moved, seconded and the Board adopted the minutes of Monday’s meeting as corrected. ■ The Board of Directors accepted the Minutes of the Board of Directors meeting held on September 15,1987. ■ President Danko continued to review the Report of Management. ■ The Board adopted that when an existing life or annuity policy is replaced or converted, commissions will be paid on new money only on first year and renewal premiums. ■ The Board adopted that the Mount St. George Home name be changed to William Penn Home. ■ The Board adopted that monthly room rates for the William Penn Home residents be adjusted. ■ The Board adopted the budget for 1988 as submitted by the administrator of the William Penn Home. An allocation of $60,000.00 from the William Penn Association will be granted to the William Penn Home. ■ The Board adopted to market the pre-paid funeral policies based on our ordinary life plan report dated November 17, 1987. ■ The Board authorized the Association to engage the services of Bamburak &. Spallone to conduct a feasibility study of Penn Scenic View. ■ The Board accepted the Report of Management dated September 14, 15 and 16, 1987 as presented by President Danko with sincere thanks and appreciation. ■ The Board authorized to discontinue the $1.00 branch allocation per member in attendance for those receiving same as of December 31, 1987. ■ The Board ratified the commission contract for all part-time agents. ■ The Board appointed the following trustees of the William Penn Homes in the respective areas: Stephen Danko - Lincoln Park, Michigan Frank J. Wukovits, Sr. - South Bend, Indiana with the above mentioned trustees in full control of all William Penn branch assets and properties in the respective area, with the authority to oversee and manage said assets and properties with full authority over the operation. ■ The Board authorized that a plaque be presented to each Director and Auditing Committee Member completing their services at the 31st General Convention. ■ The Board adopted that no abstentions be recorded unless the matter is a direct conflict of interest. Further, that abstentions will be recorded as an affirmative vote. ■ Chairman Arvay recessed the meeting at 4:20 p.m. until 8:15 a.m. Wednesday. WEDNESDAY, DECEMBER 16,1987 ■ Chairman of the Board Joseph P. Arvay reconvened the meeting at 8:30 a.m. and same are present. ■ Secretary of the Board Frank J. Radvany read the Minutes of Tuesday’s meeting. ■ The Board accepted the Minutes of Tuesday’s meeting as corrected. ■ The Board appointed Louis A. Fodor, Chairman of the Auditing Committee, as the Official Photographer for the Association. ■ The Board appointed William C. Kohut as Trustee of Penn Scenic View. The Board further appointed Directors Elmer W. Toth, Ronald S. Balia, Elmer A. Furedy and Roger G. Nagy and Elmer Charles, president emeritus, as a committee to assist Mr. Kohut and submit reports to the Board. ■ The Board appointed the firm of Kish, Kish & Yarsky as General Counsel for the William Penn Association for the current term of the Board. ■ A motion was made to appoint Richard Phillips as Investment Advisor for an indefinite period of time not to exceed the current term of the Board. It was moved to amend the motion to add "and direct the Administration to seek other avenues of advice.’’ The Board then accepted the original motion. ■ The Board appointed Julius Kesseru as Medical Director for the William Penn Association for the current term of the Board. ■ The Board appointed Hank & Associates, P. A., as the Certified Public Accountant for the William Penn Association for the current term of the Board. ■ The Board appointed Bruce &. Bruce as Actuary for the William Penn Association for the current term of the Board. ■ The Board appointed Elmer Charles, president emeritus, as Consultant for the William Penn Association. ■ A motion was made to appoint Dan Wahl as Sales Director of the William Penn Association for the current term of the Board. The Board of Directors rejected this motion. ■ A motion was made to reappoint Elizabeth Szabó as Fraternal Director of the William Penn Association for the current term of the Board. The Board of Directors rejected this motion. ■ The Board approved the promotion of the Lake Balaton Camp Project with all expenses, except air fare, to be paid by the William Penn Association for those who properly qualify. ■ The Board of Directors acknowledged and recorded the request of Rákóczi International. ■ The Board of Directors acknowledged and recorded the request of Dr. Z. Michael Szaz with reference to a publication pertaining to Transylvania. ■ The Board authorized a donation of $ 1,000.00 to the Debrecen Project through the American Hungarian Foundation. ■ The Board of Directors acknowledged and recorded the request of Kalman Magyar, Director of American Hungarian Folklore Centrum, Passaic, N.J. ■ The Board of Directors authorized the Administration to proceed and seek licensing in states where the William Penn Association does not have a license to conduct business. ■ Chairman of the Board Joseph P. Arvay adjourned the meeting. Respectfully submitted, Frank J* Radvany Secretary of the Board Articles and photograghs for the April 1988 issue of William Penn Life are due in our office by March 18,1988
