Document w7OJ6XB8qxx0X7B1Eqw61RQQ

DownloadSearchable PDFRandom document
St*Louis, Mo BOARD OF DIRECTORS MEETING MINUTES April 15, 1958 A aesting of the Board of Directors of the Lead Industries Association was held on Tuesday, April 15, 1958, at The Chase-Park Plata Hotel, St* Louis, Mo. PRESENT REPRESENTING J. D* Bradley J. A. Costello H. L. Day Andrew Fletcher Clarence Glass K. V. Green F. S. Mulock S. D. Strauss Reuben Viener Jean Vuillequez W. J. Welch William Wilke, m The Bunker Hill Co* Ethyl Corp* Day Mines, Iae* St* Joseph Lead Co* International Smelting and Refining Co. (Anaconda Sales Co., Agents) Electric Storage Battery Co* United States Smelting Refining and Mining Co. American Smelting and Refining Co* Hyman Viener & Sons American Metal Climax, Inc. National Lead Co. Hammond Lead Products, Inc. OTHERS C. R. Ince St* Joseph Lead Co. Robert L. Ziegfeld, Secretary-Treasurer The meeting was called to order at 4t45 P.M., with Mr. Fletcher in the chair. The minutes of the previous meeting of December 2, 1957, were approved. REPORT OF THE NOMINATING COMMITTEE The report of the Nominating Coomittee for officers was submitted as follows! "The Nominating Committee, appointed by the President and approved by the Board of Directors at its meeting on December 2, 1957, in accordance with Article Y, Section 4, of the revised By-Laws, recommends the election of the fol lowing to serve as officers of the Association util the 1959 annual meeting: John D. Bradley F. S. Mulock Felix E* Wornser Kenneth V. Green President and Chairman of the Board Vice President Vice President Vice President Respectfully submitted. NOMINATING COMMITTEE J* A. Costello, Chairman Jean Yuilleques Miles M. Zoller . N 652 Board of Director* Meeting Minute* -2- April' 15* 195$ There being no further nominations, it was regularly moved, seconded and carried that nominations be closed and that the secretary be instructed to cast one ballot for the slate recommended by the Nominating Committee. Mr. Bradley, as the new chairman, then assumed the chair. ELECTION OF EXECUTIVE COMMITTEE The secretary then vas requested to read the names of the present members of the Executive Committee and it vas regularly moved, seconded and carried that the Executive Committee be reelected and that Mr. Bradley be designated chairman of the committee. The Executive Committee is as follows! J. D. Bradley, Chairman K. C. Brownell J. A. Costello Andrew Fletcher J. A. Martino F. S. Mulock REPORT OF THE TREASURER Attention was called to the financial statements for the first quarter of 195S which had been mailed to members of the Board on April 9, and they were ordered placed on file. Attached as Exhibit wA.n ~ MEMBERSHIP The resignations of W, P. Fuller & Company and Lucky Friday Silver-Lead Mines Company were tabled at the request of Messrs. Bradley and Day who wanted an opportunity to discuss these resignations with officials of the respective companies. In view of the bankruptcy of Pennsylvania Smelting and Refining Company, the membership of that Company was ordered discontinued. EXPANDED RESEARCH PROGRAM - AZI-LIA The treasurer explained that the Expanded Be search Program AZI-LIA now needed a second advance of $5,000 from the L.I.A. in view of the cost of the work now being done by the firm of Boos-Alien and Hamilton in obtaining a research director. Inasmuch as the Board had approved at its December 2, 1957 meeting advances up to $25,000 per year for the next five years, no further authorization vas deemed necessary. RESEARCH BUDGET The Board then proceeded to the consideration of the recoonendations for additional research budget submitted by the Industry Development Committee after approval of that Committee and the Technical Steering Committee, as presented in the memorandum mailed to the Board with the agenda of the meeting on April 4. Attached as Exhibit "B." LTA00636 Board of Director* Meeting Minute* -3- April 15* 1958 Mr. Harold Lee, Chairman of the Technical Steering Committee, was invited into the meeting to explain the research recommendations. It was brought out that some policy with respect to patents should be firmly established before entering into an extensive research program. Messrs. Strauss, Costello and Vulllequez were appointed as a conndttee to work out such a policy and to report their recommendations to the Executive Committee, being guided by the advice of their own patent attorneys The new budget for research was approved as presented in the amount of $103,000, distributed as follows: Applied Research Reinforced Lead Heat Bnissive Properties Basic Research Lead Alloys Powder Metal lurgy Improvement of mechanical properties of lead with insoluble metals by suspension in the mush state $ 5,000 10.000 $15,000 $50,000 Lead Chelates Perfluorinated organolead compounds Lead oxide condensation products with organic materials Lead Hydrides " $25.000 $75,000 Contingency Fund 13.000 TOTAL Because it was felt that considerable time would be consumed in detailing these research projects, obtaining proposals from qualified research organi sations, and allotting contracts, it was decided that no subscriptions should be requested until funds were actually needed. $103,000 DESIGN ENGINEERING SHOW The secretary explained that the Industry Development Committee had ap proved an Association display at the Design Engineering Show for 1959 to the ex tent of $5,000 and that it would probably be necessary in order to obtain desirable space to contract for the space during 1958* He also explained that the cost of this exhibit would be paid from reserves in the Industry Development Fund which amounted to approximately $17,000 at the beginning of 1958. The recommendation of the Industry Development Committee was approved. GROUP LIFE INSURANCE The Board agreed that a group life insurance plan for employees of the Lead Industries Association, similar to that already approved for the Zinc LI 4 0C37 Board of Director* Meeting Minutes -4- April 15, 1958 Institute was In order. It therefore referred to the Executive Committee the matter of setting up such a plan at an early date with the request that it conform as closely as possible with that of the American Zinc Institute. I960 ANNUAL MEETIMQ The secretary reported that the American Zinc Institute Board of Directors had approved a two and one-half day joint meeting with the Lead In dustries Association at The Chase-Park Plaza Hotels, St. Louis, in the week of May 2, I960. The L.I.A. Board concurred in the action of the A.Z.I. Board. 1959 ANNUAL MEETING It was also noted that the 1959 joint meeting had already been approved for April 22-24 at The Drake Hotel, Chicago, IU. 1961 ANNUAL MEETING The Board also expressed its desire to hold the joint meeting with the American Zinc Institute in 1961 at The Drake Hotel in Chicago on dates in April or early Kay which would not conflict with the annual meetings of member companies. Meeting adjourned at 6:00 P.M. L 1/ 0063 3 FINANCIAL STATEMENT RECAPITULATION OF ALL DIVISIONS ( ) J a n u a ry 1 t o March 31r 195U ! S U B S C R IB E D B Y A L L MEMBERS S U B S C R IB E D B Y P IG L E .J ) S E LLE R S O N LY T .1 0 I CO 04 88 88& CO a- a aa a K8 aaa AO Fi r-- CO * 0- LAVA O NO P O CO CM NO On On CM rH O P A- O On 3 "LA PA CM H LA On A a 1 a LA-S LA LA a aa A- H NO CM NOl A-CO CM CO CO LA PA a CO 0 CM Os On LA LA O LA CM rH CM CM < gig 8 88 8 a PA PA lA O -4 NO s A ma t*- $ l a a NO 8 LA O Q XA A- O O aa C- CM P O CM CA O OLA rH n c m j a a* 0A O -3 rH co XA LA CM a -O * rH &Ao gslg KHW i o to 1d '1 o to MH Sag 0-. 1& 3SE fvn . H "d 0 8 0 SrH 0 rH CM LA rOv CM rH On A pH CM MD a 0 CM O A 't 04 0- OJ <A s 3 LA rH O} CM 1 cv? rH , 8 On PA co aa a O On O LA CM PA C-- A- On a a LA1 3 a rH 8 CM A- aa PA O PA O aa O -= On O O CM o 0 r O a PA PA a s LA ArH 88 XA LA Q vO CO O aa * a a PA O C*-- On O A-LA CM PA LA H Aa rH n A- PA a NO Os r--i H CM 1--l CM O O <n OO a CM LA LA XA CM CM XA l NO NO Aa XA LA LA 04 . CM rH cn O O r- C-- rH rH t rH O <A 0 PA A- R nO CM a rH *5= LA CO -O a R rH O OS CM 1 PA On PA PA aa On LA co PA NO PA aa A- f- LA s ! a On I A- CO' PA O' O CNp a A- Hl rH rH rH O PA O O rw0 rH O a SO LA CM MQ 25 n O: Ri rH 1 N & 81 NO On a PA PA PA a CO te rH VOSn a PA --N PA O PA -- a NO 9 0 N LA 4 88 8S aa On c -- CM CM co co O CM 0 On p O On H 0 401A On a aaa O 4On -3-0 0 rH a -l a -4 Tl a H co co O a Aa CM LA LA H a a a CM n /On a O LA LA LA CM CM LA On A- 00 XA A rH r-N CA On PA -- r " ia-"r"5 < 1 m * 4^ *n O Li .O c 0 +? to H W tH 93 : aa <yCO XA Os 0,11 0 s$ g rH ^ 3 CD O O SQ& I 000 > * co , -i c n Li 1 a S to H Hj * is" ' nJ 0 ri m Q L O Lt 11 ! ' 'J0 v0 - W .5 -P to E^ SCn m? i '0 -3J4& O S=!. 4*3 JL Ei * co XA Os H TH aH H ** i3 CS3 m + t T3LA 5 -H THJ O <0 O o oH' S5 Sd * <8 O "O JComsix April 15, 195^ LI AC06 3 9 Raga.l N 652.01 !\ ORDINARY FUND Financial Statement January 1 to March 31i 1958 Expenditures Rent and Light Furniture, Fixtures and Equipment Salaries Social Security Taxes Travel Expense Printing Mailing Office Supplies Association Dues Entertainment and Luncheons Meetings $281.02 Registrations 81*5.00 Telephone and Telegraph Books and Subscriptions Illustrations Miscellaneous Expense Total Expenditures Balance, January 1, 1958 Less; Transfer to Pension Fund $ 2,90!*.80 821*.1*7 12,709.21 331.16 982.31 1*8.62 928.71 1*90.59 55.50 86.00 -563.98 329.19 - 7.80 7U. 69 381.02 $19,57l*.i*9 50,19i*.50 8,11*0.50 $1*2,051*. 00 Receipts from* Subscriptions (First Quarter) Lessi Outstanding Subscriptions "Lead in Modern Industry" 25,889.00* 887.00 25,002.00 22.50 67,078.50 Less: Expenditures Advances Balance, April 1, 1957 Less: Advance for Expanded Research Organization AZI -LIA 19,571*.!*9 2,550.00 Cash Savings Account % 16,073.1*6 23,880.55 $39,951*.01 Includes $2,661,25 in advance. 22,121* .1*9 I*I*,55i*.Oi 5,000.00 $39,951*. 01 O ,i U PENSION FUND Balance, January 1, 1958 Transfer from Ordinary Fund Balance, April 1, 1957 *A11 invested in savings accounts, $98,193*1*6* 8,lli0,50 $166,333.95* -------------------------------------------------------------------------------------------------------------------------------- Page 2 LIA006AC HEALTH AND SAFETY DIVISION Financial Statement January 1 to March 31, 1958 Salaries Social Security Taxes Travel Expense Entertainment and Luncheons Research and Research Material Office Supplies Mailing Telephone and Telegraph Books and Subscriptions Meetings Association Dues Illustrations Miscellaneous Expense Total Expenditures Balance, January 1, 1958 Subscriptions (First Quarter) Less: Expenditures Balance, April 1, 1958 Cash Savings Accounts Expenditures Hi,3U*. 96 121.33 557.U8 76.61* 209.80 161.99 87.38 52.67 21*5.50 3.00 130.00 26.27 182.99 $6,170.01 $ 9,69U.01 15,313.30 *25,007.31 $25,552.32. 5,625.00 $31,177.32 6,170.01 $25,007.31 METALLIC LEAD FRODUCTS DIVISION Financial Statement January 1 to March 31, 1956 Salaries Social Security Taxes Travel Expense Mailing Association Dues Entertainment and Luncheons Meetings Conventions and Exhibits Telephone and Telegraph Illustrations Office Supplies Publicity Building Construction Bulletins Books and Subscriptions Miscellaneous Expense Total Expenditures Expenditures $3,21*9*98 92.62 2,505.93 96.35 53.75 264.62 149.27 4,597.42 28.44 110.37 46.30 390.95 -13.50 54.89 112.46 $11,739.85 Balance, January 1, 1958 Transfer from Industry Development Fund "Lead Work for Modern Plumbing" Less: Expenditures Advance Balance, April 1, 1958 $11,739.85 350.00 $12,204.15 16,750.00 173.50 $29,127.65 12,089.85 $17,037*80 Page 4 L I AOOfcA 2 n i\ PIGMENTS AND CHEMICALS DIVISION Financial Statement January 1 to March 31, 1958 Consulting Fees Salaries Social Security Taxes Travel Expense Telephone and Telegraph Meetings Entertainment and Luncheon Books and Subscriptions Mailing Office Supplies Publicity Advertising Production and Art Advertising Space Miscellaneous Expense Total Expenditures Expenditures $ i*G5.oo 2,U50.00 59.03 1,31*8.73 8.61 18.31 1*8.91 26.31 28.91* 90,63 350.16 215.00 2,329.70 10.00 $7,389.33 Balance, January 1, 1958 Transfer from Industry Development Fund Lass {Expenditures Advance Balance, April 1, 1958 $7,389.33 300.00 $ 1*,321*.72 10,700.00 $15,021*. 72 7,689.31 $ 7,335.39 Page 5 LiACOfcA3 FINANCIAL STATEMENTS January 1 to March 31, 1958 CERAMIC FUND Salaries Social Security Taxes Supplement to "Lead in the Ceramic Industries" Consulting Fee Travel School Exhibits Research Fellowship Telephone & Telegraph Office Supplies Publicity Mailing Advertising Production .Advertising Space Total Expenditures Balance, January 1, 1958 Transfer from Industry Development Fund Expenditures $1,125.00 32.06 907.70 300.00 5.35 3,1!|0.08 6,000.00 15.13 16.30 31*5.1*8 1*5.23 825.27 2,11:3.21* $14,930.8!* Less; Expenditures Balance, .April 1, 1958 RADIATION SHIELDING FUND Expenditures Salaries Social Security Taxes Mail Total Expenditures $ 875.00 21* .91* U.36 904.30 Balance, January 1, 1958 Transfer from Industry Development Fund Less: Expenditures Balance, April 1, 1958 .- $.1,020.61 15,750.00 11*, 729.39 11*,930.81* $.201.45 $- 921.7b 1,250.00 2,171.?!* 9C4.30 $ 1,267.1*1* Page 6 LIAC0614 INDUSTRY DEVELOPMENT FUND Financial Statement January 1 to March 31, 1958 Transfers to: Metallic Lead Products Fund Pigments Sc Chemicals Fund Ceramic Fund Radiation Shielding Fund $16,750.00 10.700.00 15.750.00 1,250.00 Technical Service: Salaries Social Security Taxes 1,050.00 29.93 Battelle Report Skidmore,Owings Sc Merrill Survey "Lead" .- Total Expenditures Expenditures $I4:,U5o .o o 1,079.93 178.31 5,1:39.68 16U.83 $51,312.75 Balance, January 1, 1958 Subscriptions (First Quarter) Less: Outstanding Subscriptions Less: Expenditures Advance Balance, April 1, 1958 51,312.75 200.00 66,071.00 1:38.00 $17,501:.00 65,633.00 $83,137.00 51,512.75 $31,621:.25 Includes $11:,839*50 in advance Exhibit B . April'15 , 1958 April k, 1958 MEKORANDCM V- To: Board of Directors, L.I.A. From: Industry Development Committee, L.I.A. SUBJECT: RECOMMENDED ADDITIONAL RESEARCH BUDGET FOR 1958 f"l I) l) By mid 1956 a need was felt for the establishment of a well defined, longrange research program for usage as a reference structure in the evaluation and programming of recommended L.I.A. research expenditures. More specifically, it was felt that the existing practice of considering individual projects, per se, without relation to established long-range objectives, might readily lead to im balance, not only with regard to function, but also with respect to type, applied vs basic and aggressive vs defensive. After considered discussion the early formulation of a long-range research plan was deemed advisable. It was further felt expedient to expose our problems to a "new look" by seeking the assistance of a competent external consultant group of wide experience and contacts. As a result the Technical Steering Committee enter tained proposals from Stanford Research Institute, Battelle Memorial Institute, and Arthur D. Little, Inc., for an evaluation of research needs and formulation.of a research program for the Lead Industries Association. The committee recommended acceptance of the proposal submitted by Battelle and its recommendation was ap proved by the Industry Development Committee and the Board of Directors. The Battelle report was received in December, 1957 and since has been the subject of two meetings of the Technical Steering Committee. That committee then made certain recommendations for a research program and budget, based both on the Battelle report and on other matters which had come to the attention of the Associa tion, which were submitted to the Industry Development Cccanittee at a meeting on April 3, 1958. The Industry Development Committee concurred in the recommendations of the Technical Steering Committee and is submitting them herewith to the Board of Directors for approval. In so doing the Industry Development Committee wishes to draw the attention of the Board to the fact that this recommendation for an : appropriation for research totaling $103,000 for 1958 is in addition to the bud gets approved by the Board at its meeting on December 2, 1957 but that it was recognized at that time that additional reconanendations would be forthcoming when the Battelle report had been received and evaluated. The Industry Development Committee also took into consideration the fact that an expanded Joint research program with the American Zinc Institute is in process of formulation. It felt, however, that no time should be lost in getting the recommended research under way and that eventually when the Joint research facilities have been established and are in operation, the research could be trans ferred to the new expanded program. The Technical Steering Committee has also set up small subcommittees especially qualified to supervise, contract for, and plan each of the research proJects, It also took into account a proper balance between applied and basic research, feeling that at the outset the greater emphasis should necessarily be on basic research which would subsequently feed ideas for applied research. N 652.02 LIAC06 To the Board of Directors of the L.I.A, -2- April 4, 1958 Following are the recommendations of the Technical Steering Committee, in cluding research approved at the December 2nd meeting by the Board, in which the Industry Development Committee concurs and recommends to the Board of Directors for approval: RESEARCH BUDGET. 1958 ALREADY APPROVED 1. Ceramics a. Ceramic bodies Two fellowships at Rutgers $6,000 b. Porcelain enamels Two fellowships at Illinois 6,000 c. Glazes One fellowship at Ohio State 3,000 d. Phase diagrams One fellowship at Penn State 3,500 e. Glass - One fellowship at Alfred 3,000 f. Glazed brick One fellowship at Clemson 2,500 g. Ferroelectrics One fellowship at California 3.000 Total Already Approved $27,000 (The foregoing are under the supervision of the Ceramics Technical Committee.) RECOMMENDED FOR APPROVAL 1. Applied Research a. Reinforced lead and lead alloys Owens-Coming Fiberglas Corp. has already spent some $10,000 to $20,000 in developing a method of reinforcing lead with glass fibers, the product indicating certain improved physical properties. Upon our offer of cooperation, they have sugges ted that' tests be run in our member laboratories on samples supplied by them. The cost to determine whether additional research would be advisable should be moderate; therefore it is recommended l IAC0647 To the Board of Directors of the L.I.A. -3- April 4, 1958 that this procedure be followed at a cost which will undoubtedly be only a fraction of the total mentioned in the Battelle report. This should not exceed the figure shown on the right to develop sufficient information to determine the future course of the work, if -any $5#000 (The foregoing would be under the supervision of a subcommittee composed of A. J, Phillips, Ameri can Smelting & Refining Co., and Richard P. Hermsdorf, American Metal Climax, Inc,) b. Heat emissive properties of lead compounds This was not covered by the Battelle report but has been developed through other L.I.A. contacts. There is good evidence that lead compounds have properties that might be extremely useful in com mercial heating and cooling applications, and these properties have been exploited only to a very limi ted extent. However, a program study is needed to determine its wider applicability. $10,000 - (The foregoing would be under the supervision of 4 / the L.I.A. staff with the guidance of Roy Dahl- strom, National Lead Co.) Total Recommended Applied Research $15,000 2. Basic Research a. Lead alloys - general research b. Powder metallurgy of lead and lead alloys c. Improvement of mechanical properties of lead with insoluble metals by suspension in the mushy state. All three of the foregoing, a, b, and c should start with a review of the literature and pres ent knowledge and reference to similar work underway by others. $50,000 (The foregoing would be under the supervision of a subcommittee composed of A, D. Turnbull, The Consolidated Mining & Smelting Co. of Canada, Ltd., chairman, and I. L. Barker, Cerro de Pasco Corp.) Lj4C06g To the Board of Directors _ of the L.I.A. f' * "4" ' ' d. Lead chelates and their applications e. Perfluorinated organolead compounds f. Lead oxide condensation products with organic materials g. Lead hydrides - properties and applications These four projects, d, e, f, and g, would be pursued primarily through one or more gradu ate research fellowships in each category. (The foregoing would be under the supervision of a subcommittee composed of Roy Dahlstrom, National Lead Company, chairman, and T. E. Lebedeff, American Smelting & Refining Co.) April k, 1958 125.000 Total Recommended Basic Research Contingency Fund Total Research, 1958 175,000 13.000 1130,000 RECAPITULATION OF RESEARCH BUDGET - 1958 Items Already Approved and Subscribed 127,000 Items Recommended for Approval: Applied Research Basic Research Contingencies Total Research, 1958 H5,000 75.000 13.000 I1Q3.000 1130,000 Respectfully submitted, INDUSTRY DEVELOPMENT COMMITTEE o ' th- LIAOOfc49 COPT HOME LIFE INSURANCE CCMPANY 62 Halsted St, East Orange, N. J. Orange 3-0383 Roderick C. Bouchard, C.L.U. Field Underwriter October 15, 1957 "Our 98th Year" Mr. Robert L. Ziegfeld Lead Industries Association 60 East 42nd Street New York 17, N.Y. Dear Mr. Ziegfeld: This letter outlines the Group Life Insurance plan which the Home Life In surance Company of New York is proposing for the employees of the Lead Industries Association. From the information supplied to us, we have created three classes of em ployees, with the individual amounts of Insurance determined by Salary level as follows: Total Ins. Annual Earnings Amount of Ins. No. of Employees at risk Class I Class II Class III $4,000 and under $4,001 to $8,000 over $8,000 $3,000 $5,000 $10,000 5 $15,000 3 $15,000 J $40,000 12 $70,000 Evidence of insurability (Statement of Health) is required for amounts in excess of $5000 - The Home Life reserves the right to limit the insurance to $5000 for those who do not qualify. The proceeds of the employee's Life Insurance will be paid at his death to any beneficiary named by him, other than his employer, and may be paid in one sum or in installments as provided under Home Life's liberal settlement options. This coverage also includes a disability benefit under which the employee's Life Insurance is continued without payment of premiums during his total disability if the disability occurs before his sixtieth birthday and continues until his death. If the employee leaves the employ of the Association, his Life Insurance continues for 31 days, during which time he may convert it without a medical exami nation to any policy, except tern insurance, then issued by Home Life. Accidental Death and Dismemberment provides a benefit to the employee or his beneficiary in the event of non-occupational, accidental death or dismemberment. The benefits are shown in the following table, and the "maximum amount" is equal to the amount of the employee's Life Insurance under the plan. This benefit is in addition to the Life Insurance benefit. IN THE EVENT OF 'a .SS OF Life one hand one foot one eye more than one i. j ,, \re as the result of the , aocident The benefit is iml t H Tmiffl amount one-half maximum amount one-half Tna-Hrmma amount one-half maximum amount maximum amount N 652.03 LI AC 06 5 0 Hr* R.L.Ziegfeld Page 2 October 15, 1957 (There are certain limitations found in all standard Accidental Death Benefit clauses). Should any employee remain on the payroll beyond age 70, his Life Insurance automatically reduces to |2000. Based on current ages of the employees, the monthly premium for the above coverage is $121.78, an average of $1.74 per month per $1000 of coverage. _ We would propose that the Lead Industries Association assume the entire cost for the first $3000, of coverage and that the individual employee contribute 60 cents per month per $1000 toward the cost of the excess Insurance to which he or she might be en titled. On this proposed basis, the total cost to the Association would be $101.38 per month. The balance of the premium would be paid by the employees: 3 employees, with $2000 contributory Insurance @ $1.20 per month 4 employees, with $7000 contributory Insurance $4.20 per month Total by employees $3.60 $16.80 $20.40 Should the Home Life find it necessary to limit the Insurance to $5000, in the case of any one of those employees entitled by salary level to $10,000, the total cost to the Association would be reduced._ For example, in the case of Mr. Bowditch, age 67, his total premium above is $45*20 per month. (31% of the total). If his Insurance were limited to $5000, the Association^ monthly premium outlay would be $81.78, and the contributing employees would pay $17.40 for a total of $99.18. Should the Association, for the sake of economy, feel obliged to keep its monthly expenditure to a lower figure, we feel certain this could be accomplished by ad justnents in the amounts of coverage. Installation and administration of the plan is relatively simple. The coverage becomes effective, subject to Home Life approval, on the date selected by the Association. No waiting period is necessary for those currently employed. Future new employees would become eligible after a waiting period of three months. Very truly yours, RODERICK C. BOUCHARD (SIGNED) RCB:lf Roberick C. Bouchard, C.L.U. LI A OOfc 51