67
Board Rooms ,
Friday, March 23, 1934.
In the absence of Brother Jenkins, Brother R. A.
Williams was chosen to preside, at called session at 4.P.M.
The meeting was opened with prayer by Brother
Slaughter.
The following were present: Coleman, Williams ^laugh¬
ter, Gaines, Montague, Harris, Bryant, Davis (Maryland) ,
Dr. Loving, J. H. Binford. Also Secretary Maddry, Treas¬
urer Buxton, and Brother Caverlee of Fredericksburg, and
Miss Jessie Ford.
Brother Montague reported for the Administrative
Committee as follows:
The Administrative Committee submits with its
recommendation that it be adopted, a resolution with ref¬
erence to the Annuity Plan as follows:
RESOLVED, That the Foreign Mission Board of the
Southern Baptist Convention enter into a contract with the
Relief and Annuity Board of Dallas, Texas, to be dated
March 23, 1934, effective as of April 1, 1934, the draft
of which contract has been submitted to the Board at this
meeting held on March 23, 1934, whereby the Relief and
Annuity Board agrees to act as trustee for the existing
annuity contracts as well as of future annuity contracts
to be made by the Foreign Mission Board, and the Foreign
Mission Board agrees to deliver to the Relief and Annuity
Board in cash or securities accepted as cash, an amount
sufficient to cover the reserve required at the date of
the agreement, to maintain such existing annuities, which
amount is approximately $210,000.00, and hereafter to pay
to the Relief and Annuity Board the required reserve upon
its acceptance of new annuity contracts according to the
fact.
That the President, Executive Secretary, Treas¬
urer and Recording Secretary be, and they are hereby
authorized and directed to execute such agreement with the
Relief and Annuity Board on behalf of the Foreign Mission
Board of the Southern Baptist Convention.
That when said agreement shall have been ex¬
ecuted by the said respective Boards, the Treasurer of
this Board is hereby authorized and directed to deliver
the required cash, securities and mortgage loans as agreed
upon by the Administrative Committee of this Board and the
Relief and Annuity Board.
The following is a copy of the AGREEMENT :
TRUSTEE AGREEMENT BETWEEN THE FOREIGN MISSION BOARD OF
THE SOUTHERN BAPTIST CONVENTION AND THE RELIEF AND ANNUITY
BOARD OF THE SOUTHERN BAPTIST CONVENTION FOR THE ADMINIS¬
TRATION OF ANNUITY CONTRACTS ISSUED BY THE FOREIGN MISSION
BOARD.
WHEftEAS , the Southern Baptist Gonvent'ion in St. Peters-
burg, Florida, in May, 1932, adopted the following minute:
"We recommend that all matters concerning Annuity
Contracts be referred to the Executive Committee; that
the Committee shall confer with the executives of the
various agencies, and with an experienced actuary; that
when an agreement is reached on any matter by the Confer¬
ence, then that regulation shall, at once, be in force;
and that if no agreement is reached on any matter, such
matter shall be presented to the Convention for action": and
WHEREAS, the Executive Committee of the Southern Bap¬
tist Convention appointed a Committee on Annuity Con¬
tracts, which reported to the Executive Committee as fol¬
lows:
"The writing of Annuity Contracts by our agen-
