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mentioned, or should the stockholders fail to complete their election, or other such business as may be presented for their consideration, those present may adjourn from day to day until the same shall be accomplished.

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ARTICLE XVII.

Voting. At all corporate meetings each stockholder either in person or by proxy shall be entitled to as many votes as he owns shares of stock. Such proxy shall be in writing and filed with the Secretary.

ARTICLE XVIII.

Medical. There shall be two or more Medical Directors of this Company, two of whom, at least, shall be chosen from among the Board of Directors. Said Medical Directors shall hold office during the pleasure of the Board and shall perform the duties and accept the compensation to be prescribed by the Board for the work of such medical supervision; and the President shall, with the consent of said Board, appoint such assistant or acting Medical Directors as the Board may deem necessary in the absence or any disability of the Medical Directors, and the Medical Directors shall have full supervision of the entire medical department of the Company, including the appointment of medical examiners.

(Seal)

ARTICLE XIX.

The Company shall have a Common Seal consisting of a circle, having on its circumference the words "Conservative Life Insurance Company, Los Angeles, Cal. Incorporated May 16th, 1900," and is in the form set opposite hereto.

ARTICLE XX.

Amendments. The By-Laws may be altered or amended at any meeting of the stockholders by a vote representing two-thirds of the subscribed stock, that is,

by the assent of the holders of two-thirds of the entire Capital Stock, and not otherwise.

I hereby certify that I am the Secretary of the Conservative Life Insurance Company, and that the foregoing constitute the By-Laws of the said Conservative Life Insurance Company as they are constituted at this date. In witness whereof I have hereunto set my hand and the corporate seal of the Company, this 21st day of Nov., 1903. A. W. MORGAN,

(Seal)

Secretary.

CHARTER AND BY-LAWS of the Des MOINES LIFE INSURANCE COMPANY.

CHARTER.

THE STATE OF IOWA,

SECRETARY OFf State.

I, W. B. Martin, Secretary of State of the State of Iowa, do hereby certify that the attached instrument of writing is a true and correct copy of Amended and Substituted Articles of Incorporation of the Des Moines Life Insurance Company, Des Moines, Iowa, as the same appears of record in this office.

In testimony whereof, I have hereunto set my hand and affixed the seal of the Secretary of State of the State of Iowa.

Done at Des Moines, the Capital of the State, November 19, 1903. (Seal)

W. B. MARTIN,
Secretary of State.
By D. A. HITES,
Deputy.

The undersigned, President and Secretary of the Des Moines Life Insurance Company, do hereby certify and acknowledge that at the annual meeting of the members. of the Des Moines Life Association, held at the home office of the Association in Des Moines, Iowa, on the 16th day of January, A. D. 1900, the following Amended and Substituted Articles of Incorporation of said corporation were duly adopted, and the undersigned were designated and appointed by the members at their said meeting to sign and acknowledge the same on behalf of said corporation and its members.

AMENDED AND SUBSTITUTED ARTICLES OF CORPORATION.

ARTICLE I.

The name of this corporation is changed to and shall be the "Des Moines Life Insurance Company," by which name it shall have and retain all its property, rights and privileges which it possessed prior to the adoption of these Amended and Substituted Articles of Incorporation. It is organized and shall conduct business under the provisions of Chapters one (1), six (6) and eight (8) of the Code of Iowa of 1897, as a mutual life insurance company on the level premium plan.

ARTICLE II.

The principal place of business of this corporation shall be Des Moines, Iowa.

ARTICLE III.

The business of this company shall be insurance upon the mutual plan on lives of individuals, and all and every insurance pertaining to life, and issuing policies or contracts for the payment of endowments or annuities to the persons named therein as beneficiaries, and to do all and any business usually done or permitted to be done by franchises granted by existing laws of Iowa to corporations conducting life insurance companies.

This corporation shall possess and enjoy all powers, privileges and franchises granted to companies by the provisions of the Code of Iowa, under which it is incorporated, and all powers, privileges and franchises granted by existing laws of Iowa to corporations conducting the insurance business on the level premium plan, or which may be hereafter granted by the laws of Iowa.

ARTICLE IV.

The time of the commencement of this corporation was the first day of August, 1885, at which time its original Articles of Incorporation were recorded, and it shall endure for fifty (50) years from said date, with the right of renewal as provided by law.

ARTICLE V.

The private property of the members, officers, directors, and managers of this corporation shall be exempt from all corporate debts.

ARTICLE VI.

This corporation shall have a common seal bearing the imprint "Des Moines Life Insurance Company."

ARTICLE VII.

The highest amount of indebtedness to which this corporation shall subject itself at any time exclusive of its insurance liability upon its policies and insurance contracts, shall not exceed ten thousand dollars ($10,000) nor shall such indebtedness exceed its current income.

ARTICLE VIJI.

All the corporate powers of this corporation shall be exercised, and its business and affairs managed, conducted and controlled by a Board of Directors.

Said Board shall be bound to carry out the wishes of the members of this corporation as expressed by annual or special meeting. Said Board of Directors shall consist of twelve (12) persons, each of whom shall be a citizen of the State of Iowa and a resident of said State for more than one year prior to his election, a majority of whom shall constitute a quorum for the transaction of business.

The Board of Directors shall have power to permit a member in good standing, whose policy has been issued prior to this date, to apply his personal unused contribution in the reserve fund, to supplying premium or reserve upon any policy bearing a higher rate of premium, which may be taken by such member in exchange for his existing policy upon surrender of the same.

The following named persons having been duly elected, shall constitute the Board of Directors of this corporation for the terms hereinafter designated, respectively, and until their successors are duly elected and qualified, viz. Charles W. Eaton, O. P. Wright, T. M. Langan and Geo. R. Sanderson until the annual meeting in

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