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

1951 / Verhovay Journal

PAGE 8

VerhovayJournal

October 17, 1951

(Continued from page 7) '

Fraternal Insurance Association;

the Statement of Mortgage and Real Estate loans;

the report concerning the sale of East Fittsbuigh Hungaiian Home;

the Statements of Income and Disbursements;

and the qualification of our investments.

In the course of the detailed discussion of the report the Convention acknowledges the circumstances that have caused the introduction of : n economizing program in our Association. In conjunction with this program, öli actions of the Board of Directors have served the purpose of further strengthening the reserves of the certificate of our membership and, therefore, the Convention acknowledges with approval that as of D Member, Ki. O, closing the reserves of all 4% and Sy2c/o membership certificates have been valued on the ba'sis of a 3% interest assumption. This explains that as of December 31, 1950 closing our surplus totaled $557,788.57.

The problem of the Expense Fund can be solved only if the Convention adopts By-Law amendments according to the following proposals:

1. -) Membership certificates issued according to the American Experience Mortality Table at 4% and 3lc/c interest, shall be valued commencing on December 31, 1950, upon a standard producing reserves not less than by the American Experience Mortality Table at *3% interest modified according to the Illinois Standard Method of Valuation, including all required prospective deficiency reserves.

2. ) For the further strengthening, of these reserves, the Association cannot change the guaranteed non-forfeiture values on these certificates issued on the basis of a 4 and 3i% interest assumption but must crteate a separate fund from the difference on the reserves thus released, said fund to make it possible in the future to value all reserves with an interest assumption of no more than 21/j>%.

3. ) 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) savings in mortality calculation of reserves, and (2) excess interest earnings over and above thd interest requirements to maintain reserves.

52. ) In the course of the continued discussion of the Report of the Hoard of Directors, the Convention finds after comparing the data pertaining to membership turnover to those pertaining to insurance in force that though there was a membership decrease during the last year, the amount of insurance in force has increased.

The membership statements of the Senior and Juvenile Order and the comparisons thereof,

And the annually improving trend in the average amount of insurance certificates, and also the increase and decrease in the costs of securing new members, are taken as encouraging signs by the Convention.

The Convention also acknowledges the parts of the Report pertaining to loans on membership certificates, members maintained in Old Peoples’ Homes, tuition loans, the Vorhcvay Fund, the Disbursements, salaries of employees, mortality ratio interest earnings, solvency ratio, accidental death benefit insurance and the admittance of new members without medical examination.

53. ) Ai the part pertaining to the Verhovay National Bcwling Tournaments it is found that the expenditures of the four national howling tournaments involved the disbursement of a total of $8,327.43. Several comments were heard during the discussion of this item. Some doubt that the bowlingtournaments produce results in the. securing of new members, while others find that our Association received value in proportion to the amounts spent.

54. ) At the conclusion of the discussion of the Report the Convention erders the deletion :;f a phrase contained in the Report 'if the Board of Directors.

55. ) It is moved that the Convention adopt the Report of the Board of Directors in detail as veil as a whole. Chairman lohn Bazsvay erders a vote as a result cf which the Report of the Board of Directors is unanirr ously approved and adopted by the Convention.

56. ) In the course of the detailed discussion of the reports of the Auditing Committee ard the C.P.A. the Convention resolves ihat the quadriennial report of the C.P.A., for the 1955 Convention be made for the fouryear period commencing January 1st and ending on December 31st, and that a detailed report covering the last six months be made by the Auditing Committee.

57. ) Thereafter the Convention adopts and approves the reports of fhii Auciting Committee in detail as well is a whole.

58. ) Chairman then recesses the meeting for a period of 10 minutes.

59. ) After the meeting has been called to order, the Convention, upon duly seconded motion unanimously resolves to acknowledge the proper performance of duties of the Board of Directors the National Offieers and the Auditing Committee during the past four years and releases them from their responsibilities.

CO.) Chairman introduces to the Convention the Rev. Stephen Szcke, pastor of th1 Hungarian Reformed Church of Duquesne whose appearance is welcomed by the applauding members of .he Convention.

61. ) The ;nt timers of Hie Convention acknowledge the report rendered in regards to the Hazelwood Hungarian Heme.

62. ; Director Henry Gross takes great pleasure in announcing to the delegates that just as at Ihe time of the merger the officers of the Workingmen's Sick Benefit Federation and the Verhovay Fraternal Insurance Association arrived smoothly and in harmony at a merger agreement which was then carried into effect without causing the Verhovay Fraternal Insurance Association any difficulty whatsoever, so the new members have been received with sincere brotherly love for which he expresses his sincere thanks to the membership.

63. ) Director Coloman Kolozsváry warmly expresses his thanks to the delegates for their confidence placed in them and for their acknowledgment! expressed in releasing them from their responsibilities.

C4.) The next item on the agenda is the amending of the By-Laws. Here (the Convention first considers the question whether or not we should change, Ihe name of our Association. In the course of the discussion of this question ,4he representative of each district informs the Convention of the stand taken by his district in regards to this issue and, as a result, it is found that 32 districts favor the change of name, 22 districts oppose the change of name,

while two districts take a neutral position.

After a brief debate and upon duly seconded motion the Convention orders that a vote be taken the result of w»hich is as follows:

64 votes in favor of the change of name,

50 votes opposed to the change of name.

Accordingly, the Convention acts in favor of the change of name, by majority vote.

65. ) Chairman adjourns the meeting at 5:30 p.m., until 9 a.m. next morning and informs the delegates that the Wednesday session will be held again in the ball room.

JOHN BENCZE, Chairman GAY B. BANES, Recording Secretary

CHARLES S. SMITH ANDREW BANDY

CONTINUED MINUTES

taken on the third day of the XXII Convention of the Verhovay Fraternal Insurance Association held on Wednesday, September 12, 1951, in the Ball Room of Hotel Roosevelt ir. Pittsburgh, Pennsylvania

66. ) Chairman calls the meeting to order at 9:05 a.in., and announces the arrival of James Lorencz, -delegate to District 34.

67. ) Chairman calls upon the recording secretary to read a roll call and it is found that with the exception of Phillip S. Houser all delegates are present.

68. ) Chairman orders the reading of the minutes. After a correction i.i paragraph 64 where the word “secret'’ is to be inserted preceding the word “vote”, the minutes are unanimously approved by the members of the Convention.

69. ) Delegates Charles S. Smith and Andrew Bandy checked- and signed the minutes.

70. ) Delegate John Kopachy presents a motion of urgency signed by, 15 delegates, requesting that a roll call vote be taken on the matter of the change of name of the Association. The motion is unanimously adopted iiy the Convention.

71. ) The roll call vote concludes with the following results:

The following voted in favor of the change of name: Coloman Révész, John Szalanczy, John Sabo, Julius Macker, Aloysius C. Falussy, Henry Gross, Mike Korosy, Stephen Lang, Richard Philips, Joseph S. Taylor, Joseph Turner, Caspar I'app, William C. Kohut, William Rakaczky, Adam Simon, Jr., Michael Puskas, Alexander Puskas, Stephen Szemes, Gazer Nagy, John Gyermeli, Stephen Horvath. Joseph Subits, Peter Toth, Andrew Bandy, Frank Bodnar, Stephen Szuch, Jr.. Moses Bokor, John Nemeth, Julius Telegtdy, Peter Cuprak, Alexander Chobodv, Charles Kuhn, John Uszko, Stephen llles, Sr., Alexander Debreczeni, Sr., Daniel Matto, Stephen Ivan, Emery Szuch, Louis David, John Vizi, John Kostyo, Augustus Habodasz, Frank Pinter, Jchn Bozsvav, Charles Smith, George David, Leslie Veszi, Joseph Heck, Joseph Marczis, John Denes, Joseph Gross, Joseph I etenyei, Stephen Csabi, William Horvath, George Hodich, Frank Tinich, Julius Wank, Julius Kerekes, Alexander Gyulay, Mrs. Frank J. Cher, Gay B. Banes, John Korintus, Charles A. Young, Michael Duruttya and James Lorencz.

The following voted opposed to the change of name: Dr. Andrew Kovács, Coloman Kolosvary, Stephen Nyers, Louis Vizi, John A. Hornyak, Alexander Nyirati. Haslo Csenger, Albert Ibos, George Bőszük ow, Joseph Hattayer, Stephen Sipos, John Zakopcsan, Frank Radvanyi, John Kopachy, Vendel IVtrovicz, John Nemeth L, Anton Borsody, Stephen Borovich, John Demkc, Joseph Miller, Jr.. George Modock, Louis Szabó, Frank Debreczeni, Louis Katona, George Pogány, Jr. Val Konyha, Jr., Frank .Molnár, Sr.. John Bumbulucz, John Bokor, Janies Sera, Joseph Szalay, Frank Komjati, Mrs. Emery Falinkas, Joseph Drotos, Louis Balogh, William Takacs, Nicholas Beregszászi, Jolin Gyiraszin, Joseph Boldiszar, Louis Mazik, Julius Danch, Anton Lachniau, Frank Balint, Laslo Locsi, Julius Messier. John Horvath, Nick Palla, Joseph Rohaly, Louis Barna, Mrs. John Pocsik and Moses Csömör.

Accordingly 64 voted in favor of the change of name and 52 opposed and thus the Convention decided in favor of the changing of the name of the Association.

72. ) Chairman reacts a telegram of greetings from Emery Siket, President of the New York and New Jersey First Charity Society which is gratefully received by the Convention.

73. ) Chairman reads the letter of Henry Rettmann in which he resigns from the Field Managers position as of the end of this month, requesting the acknowledgment *>f his resignation. At the same time he expresses his sincere thanks to the National Officers and the Board of Directors for their goodwill and support witl^which they have honored him during the time: he had filled this position.

74. ) Chairman calls upon the members of the Convention to appoint a committee of ten who snail open, number and prepare the entries received in the change of name contest, for presentation to the Convention. The Committee of ten, headed by Chairman John Bencze, consists of the following delegates; Frank Tinich. John Korintus, Anton Lachman, Nick Palla, Julius Wank, Joseph Hodich, Gazer Nagy, Julius Danch, Frank Pinter and Leslie Veszi.

75. ) Chairman orders the detailed discussion of the proposed amendments to Ihe By-Laws in the course of which the following amendments are adopted:

76. ) Page 7, paragraph 5, amended as follows: “Members of the Board cf Directors, the Auditing Committee, National Officers, regular employees and those having a contract with the Verhovay Fraternal Insurance Associ~trfion from which they derive their main income are ineligible to become delegates to the National Convention and should any person in the above classification resign or be removed from his present position, or his contract cancelled, said person cannot be a representative to the Convention unless such resignation, removal or the cancellation of the contract took place one year before the regular meeting of the Convention.”

77. ) Page 7. paragraph 6, amended as follows: “If the c-lected representative, or alternate representative, dies, resigns, moves permanently from the territory of his District, is sentenced by the Council of Appeals of the Association to lose his office, or for any reason ceases to he a member in good standing of the Association, or is elected National President, or a member of the Board of Directors, or a member of the Auditing Committee, becomes an employee or a person having a contract with the Verhovay Fraternal Insurance Association from which they derive their main income, his mandate

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