H. D. Ardrey, , cashier of the First State Bank, Dallas, Tex.,
acting as trustee and with the further understanding that
no part of said fund is to be withdrawn except upon the
joint approval of the trustee, the chairman of the Advisory
Board and the managing attorneys, who shall also pass
upon and approve all investments of this fund before made.
In case of vacancy in the office of trustee, the Advisory
Board shall immediately appoint his successor, whose ap
pointment shall be ratified in due course by at least a two-
thirds vote of the underwriters. It is understood that this
plan shall not become effective unless a majority of the
present underwriters shall endorse the same, as herein pro
vided. It is further understood that within sixty days after
we cease to be underwriters. our account shall be liquidated
and the entire amount to our credit shall be paid to us.
Subject. however, to all the printed and written terms and
conditions of the original underwriters agreement, not in
conflict with the above."
New members are admitted to the exchange upon the
recommendation of the attorneys, approved by the Advisory
Board. Number of risks insured as of December 31. 1919,
Each member is charged with the actual proportion of
the loss against each separate policy. Board rates are
charged and the premiums are credited to the subscribers'
respective accounts. The estimated saving to members is
The compensation of the attorneys is limited to 25% of
the premiums paid, out of which the general expenses of
conducting the business are paid by the attorneys, except
taxes, legal charges, legal expenses, expenses of reinsuring
and underwriting, expenses of investing the reserve, and
investigating acid' adjusting losses.
Advisory Board. The power of attorney provides for a
board of nine or more persons, who shall have and exercise
genenal control over the affairs of the exchange and over
the investment of all funds. This board is elected annually
by the subscribers and appoints from its own members an
Executive Committee of three, and may delegate to said
committee authority to exercise any or all the powers of
the Advisory Board when. not in session. The Advisory
Board is as follows: C. R. Miller, chairman, Dallas, presi
dent Miller Mfg. Co.; R. W. Higginbotham, Dallas, presi
dent Higginbotham-Bailey-Logan Co.; Homer R. Mitchell,
Dallas. secretary Texas Employers' Ins. Association; J. M.
Radford, Abilene, president J. M. Radford Grocery Co.; R.
L. Penick, Stamford, president Penick-Hughes Co.; A. F
Sledge, Tyler, president Moore Grocery Co.; J. M. Cary,
Houston, vice-president A. P. Cary Co.; W. M. McBride,
Greenville, merchant; R. B. Spencer, Waco, R. B. Spencer