Tobacco Documents Online

172~ November17~, 1944 A regular meetingofg theBoard. of Directors of P. Lorillard Cbmpany was held today at the office of the Company, 119 Yrest 40th Street, New York City.. There were present -6fessrs.:.G'. H. HummeZ H: A..Kent G. D:. Wh.i;tefield -E. S. Bowling Yd.: J.Halley J.: A.Glascock Ft, Hopewell J. T. Keel I. Ff., Peak Hi. F.. Templel F...Gladden'Searie Todd Wool, previous meeting.wasdispe.nsed with.. Mr. Hummel, ChaSrmari, presided, and.,th"e Secretsry acted as Secretary the: meeting. On motion dii1y made and seconded, the reading off thee minutes of the on motion of Mr. 'Nhitefield',, seconded! by Mr. Bowling, it was unanimously RF]:ALVED: That the dividend of $1.75 per share on the Preferred Stock of this Company, which would otherwise be payable on the first business day in. January, 1945, be and the sameis.hereby,e by way ofanticipationy de- clared and made payable on December 22, 1944, to stockholders of record at the close:of business December 1, 1944... FIIRTHER.. H:BSOLVED e. That a final' diiyidend for the y.ear 197,.4;' of .25¢ per share on the outstanding,Common Stock.ofthis-Comnanybeand the same is - hereby declared and mede payable on December 22, 194.4, to stockhold!ers of record' at the olose'of business on Dece,mber 1', 1944• •_. FURTHEfl RESOL.VED: That the proper Officers of the ComparV be and they hereby are authorized and directed.to deliver,., on or before the 2.1stday of'.December„ 1944, the amount required to make payment of'the above dividends,to wit, the sum'of~,733i170.47, to The NewYork Trust Compaqv,.. 1J5Broadv,ay, I1ew York City,. NL.Y.,, which said sum in this manner is hereby irrevocably set aside for and~allocated.to the _e)a.ymentof said dividends and shall.be used.by said Trust Company forthepayme:nt of said divideaadszn accordance with the terms of. this Resolution.. ,. - FUftTHr:N. RESOLVED: That the aforesaid david'end!s and each of them, be, charged against current earnings of the uom,aqyf'or the year1944, out.ofand with respect to wl,ich they aree intend'ed.to be decSared'.and paid, and that to thee extent such earnings ai'eQ not.sufficient._`or that.purpose, they be chargedaga~inst surplus.and,unjivtided profitsof the Company. On mo*.ion.ofMr.. Hopewell, seconded by Mr.Te.mpley. the f:olloning advertising,expenditurewas.inmalL,respectsapproved, ratified, andd con~ firmed: Estimate #196ofJ. NlalterThompson Compaqya, dated November 1, 1944„ cover- ing.newspaperadvertising of OLD GOLDCigarettesdSZring, October, Noveg:ber„

173 and necember, 1944, at a cost of($3,853.87. Mr.:. Halley, Vice-fresident of the Company, stated to the :aeeting that pur- suant to instr¢ctions of the Chairman of the-Board of IDirectors and the Presi- dent, he, tpgether with.Idessrs. E.S. Bowling,, Vice-Presidentr Todd Wool, Vice- President, L.E, Clemens and T.I1. Perk3;n5,= Assistant Secretaries;.liad "for some time past as a¢ommittee for tlie purpose, keen investigatiing a.p3an 1or Group '_ Life lnsurance for'the'employees o£' the Compazq; that conferences had.been held with. representatives of various life insurance companies and the matter studied very thoroughly; that in.the opinion of the committee it is advisable for the Company to adopt a plan for such insurance and he presented.and read for the consideration of the meeting,a planfor Group Life Insurance and a form of pre- liminary application for such insuraneeaddressed to the 1~jui~table. LifeAssurance. Society of the United States,,.whereby app]licationn is made f'oz a poliicy of Group Life insurance by the Company for its•employees. Thereupon,,after full dis- cussion of the'.principles. of the plan'and its.anticipated re.sult.uponthe .. operations of the Compan,y, upon.motion of' Mr.: Searle:; seconded by iYw. Temple, it was-unanimously .. RESGLVFTi:' That whereas it is the opinion of the Board of Directors that the institution of a Group Life Insurance Plan for the employees of this Compa1w iss a sound and! progressivepolicy in employee: welfai•e and relationships anai will redound to the benefit of'the Company and its employees, NUK; TiiEREFORE, BE IT RESOLVED: That,thss Board formulates and!approves the plan forGroup~LiPe Insurance for the employees of the.Company (and of any or all ofits subsidiariesif' they determine it advisable so to do) which has beenpresented and read to this meeting and a copy of which is. ordered filed with the Secretar,^,p and the President and arty Vice-President of this Company is hereby authorized and directed on behalf of this Company to sign and deliverr said preliminary application dated November 17, 1944 for Group Life Znsurance for. the employees of this'. Comoany, addressed to.` the Equitab]le Life Assu.rance, . S9oi:ety of.the T(pi:tbd-States,: to..,pay all neeessary" premiums atrdtoao any and- all things that may bee neeessar.{or requisitetoplace said,pl'an "or Group Life. Insuranpein operatioaas proipptly as possibI!e. . . . . FURTM:dt i~:;SOLUEll: That the Board of ?Directors of' the Compac~.be and!"they. . .hereby are authorized from time to_time to make sucfi, modifications, extensions. or-changesin:said. plan.for Group Life Insurunce as they may from time.to time deem proper and for thee best.interests of the.Company. ' FURTiii,R. PLESGLVEDa That saidd plan for Group Lii'e. Insurr..ncee is. r,e:.reby adopted subject tothe.approval of the Stockholders of the Com;~arv at the: next annual meetino of stoci:hol!r;.~er.s too be held on 4larch 1~, 1945, Un motion dulymade anc seconded, the meeting,adjourned to meet Friday,,iso-vemberZ4r. Ty44,, at 11 o'clock.A'.;d. seeret_ry