Board Rooms, June 10th, 1937
The Board met in regular session at 4:00 P. M, with President
L. Howard Jenkins presiding.
The meeting was opened with prayer.
The following members were present: Brethren Coleman, Montague,
Gwathmey, Jenkins, Miss Foster and Mrs. Atkinson; also Assistant
Executive Secretary, Miss Ford, and Treasurer Buxton, and J. L. Slaughter.
The minutes of the last meeting were read and approved.
On motion it was voted to change the date of the July meeting
from July 8th to the 16th on account of the absence of th^ Executive
Secretary at the time of the regular meeting.
-«
Miss Ford reported for the Executive Secretary who was absent.
She read a letter of appreciation from the Argentine Baptist
Convention to which Dr. Harris was requested to reply.
The following resolution as presented by the American Baptist
Foreign Mission Society regarding the reorganization of the China
Baptist Publication Society, Federal Incorporated, was read and ap¬
proved:
Foreign Secretary J. W, Decker recalled to the Board the phase
in the earlier history of the China Baptist Publication Society by which
the
С. В.
P. S., Federal Incorporated, — incorporated under the China
Trade Act of the United States Government — had, without due authoriza¬
tion, assumed title to the joint property of the Foreign Mission Board
of the Southern Baptist Convention and of the American Baptist Foreign
Mission Society in the
С. В.
P. S., and had borrowed money and issued
debentures against the property to provide funds for the erection of a
new building in Shanghai. On April 30 last the Board of Managers took
action with the full understanding and concurrence of the Southern
Board authorities, in part as follows:
" (3) That the Foreign Mission Board of the Southern Baptist
Convention and the American Baptist Foreign Mission
Society arrange for the administration by their directly-
appointed representatives of their joint property as
represented by the real estate now registered in the
name of the China Baptist Publication Society Federal
Incorporated, separating the management of the property
entirely from the management of the China Baptist
Publication Society as a literature producing and
distributing agency. The Administration of the property
must be shaped so as to liquidate the indebtedness and
to support as far as possible the program of literature
work of the
С. В.
P. S.
That the percentages reported by the Joint Committee
on Equity of the two Mission Boards, namely, 85$ for the
F.M.B. of the S.B.C. and 16$ for the A.B.F.M.S., be
accepted as the basis for the equities of the respective
Boards in the property and for the ultimate liabilities
of the respective Boards for any outstanding indebtedness
of the C.B.P.S., Federal Incorporated;"
For the implementation of the above provis ions certain steps
have been agreed on with the Southern Board authorities and are now
recommended to the Board of Managers for action. It was
VOTED: (1) That Rev. L. C. Hylbert or his representative, Rev. W. R.
Taylor, who now holds 125 shares of the stock of the C.B.P.S. Federal
Incorporated, be advised formally to transfer 75 shares of this stock
to the ownership of the A.B.F.M.S. and 50 shares to the F.M.B. of the
S.B.C. , with the understanding that the Southern Board will arrange to
have the remainder of the 500 shares of stock outstanding, which re¬
mainder is held by persons affiliated with that Board, similarly trans¬
ferred to the ownership of the F.M.B. of the S.B.C. By this arrangement
"(4)
