Fraternity-Testvériség, 1982 (60. évfolyam, 1-4. szám)

1982-01-01 / 1. szám

OFFICIAL ORGAN OF THE HUNGARIAN REFORMED FEDERATION OF AMERICA

VOLUME LX SPECIAL ISSUE FEBRUARY, 1982 NUMBER 1

(USPS 208-820)

CONSOLIDATION UPDATE

This special edition of the Fraternity is to bring our membership up to date following the brief report which appeared in the fourth quarter issue (1981) of our official publication, on the progress of the consolidation between the Hungarian Reformed Federation of America (HRFA) and the William Penn Association (WPA).

The 1980 Convention brought forth a mandate that the possibility of consolidating the remaining two Hungarian Fraternal Life Insurance Societies be investigated. Therefore, President Arpad George appointed a fact finding committee which was to explore the issue.

After numerous meetings, in which our legal and financial advisors were actively involved, a thorough and complete report of the fact finding committee was presented to the Board of Directors meeting, Spring, 1981, and the following two resolutions were adopted:

“THAT THANKS BE EXTENDED TO THE FACT FINDING COMMITTEE FOR THEIR REPORT IN COMPLETING THE CHARGE GIVEN BY THE 1980 CONVENTION. THE COMMITTEE IS NOW DISSOLVED.”

“THAT THE BOARD OF DIRECTORS AUTHORIZE THE PRESIDENT TO APPOINT A CONSOLIDATION COMMITTEE TO CONTINUE WITH ADDITIONAL FACT FINDING AND ENTER INTO NEGOTIATIONS WITH THE WILLIAM PENN ASSOCIATION ON THE POSSIBILITY OF CONSOLIDATING THE TWO SOCIETIES AND PREPARE A PROGRESS REPORT FOR THE SEPTEMBER, 1981 BOARD OF DIRECTORS MEETING.”

The President requested that the members of the Board of Directors submit any questions, in writing, by April 30, 1981 to the Home Office. These questions will be reviewed and presented at future negotiation meetings.

In September, 1981, a joint meeting of the WPA and HRFA Board of Directors was held. Additional clarification was given on various points and the following iesolu- tion was adopted:

“WHEREAS THERE ARE STILL UNRESOLVED ISSUES PERTAINING TO THE CONSOLIDATION AGREEMENT PROPOSED TO BE EXTENDED INTO BETWEEN THE HRFA AND WPA, NOW THEREFORE, BE IT RESOLVED THAT THE CONSOLIDATION COMMITTEE IS HEREBY DIRECTED TO CONTINUE TO RESOLVE ALL ISSUES RAISED IN THE CONSOLIDATION AGREEMENT AND TO FURTHER MEET WITH THE MEMBERS OF THE WPA CONSOLIDATION COMMITTEE TOWARD A FINAL RESOLUTION.”

At the joint meeting of the HRFA, WPA Board of Directors held on December 16, 1981, almost all matters were clarified and the final details will be completed by the Spring, 1982 meeting of the Board of Directors. The following text of the resolution regarding the Consolidation was adopted and signed by all members:

“RESOLVED BY THE BOARD OF THE HUNGARIAN REFORMED FEDERATION OF AMERICA IN SPECIAL MEETING ASSEMBLED THAT

WHEREAS, IT HAS READ AND DELIBERATED THE FORM OF AGREEMENT NEGOTIATED BY THE CONSOLIDATION COMMITTEE AND

WHEREAS, THE BOARD IS CONVINCED THAT THE TERMS OF THE AGREEMENT WITH MINOR SUGGESTED CHANGES ARE JUST AND EQUITABLE AND THAT A CONSOLIDATED SOCIETY WILL BETTER SERVE THE INTEREST AND NEEDS OF OUR COMBINED MEMBERSHIP BY CREATING A GREATER, STRONGER SOCIETY WHICH IS OF PARAMOUNT IMPORTANCE TO REMAIN COMPETITIVE IN OUR CHANGING WORD, AND