EXHIBIT 10.6(b)
AGREEMENT made this 27th day of April, 0000, xxxxxxx Xxxxxxxx Xxxxxx
Insurance Exchange, a Virginia reciprocal insurer (the "Reciprocal") and
Southern States Underwriters, Incorporated, a Virginia corporation
("Underwriters");
In consideration of the mutual covenants and agreements contained
herein the parties agree as follows:
WITNESSETH:
1. The Reciprocal and Underwriters do hereby agree to a modification of
the Subscribers Agreement and Power of Attorney (the "Agreement") to delete from
the Agreement ARTICLE I. CLASSES OF SUBSCRIBERS; VOTING RIGHTS and replace it
with a new Article I as follows:
I. CLASSES OF SUBSCRIBERS; VOTING RIGHTS
Each Subscriber shall be deemed to be either a Class I Subscriber or a
Class II Subscriber. Each Subscriber which is a cooperative association, as
determined by the Advisory Committee (described in Article IV below), shall be
deemed to be a Class I Subscriber, and all other Subscribers shall be deemed to
be Class II Subscribers. Class I Subscribers shall have the sole power to vote
in the election of the Advisory Committee, the removal by Subscribers of members
of the Advisory Committee, or any other affairs of the Reciprocal which the
Advisory Committee may put to a vote of the Subscribers, and only Class I
Subscribers will be entitled to notice of, or to attend, any annual or special
meeting of the Subscribers. On all matters on which the Class I Subscribers are
entitled to vote, each Class I Subscriber shall be entitled to one vote. Proxy
voting is permitted. There will be no fractional votes.
2. The Reciprocal is joining with Underwriters to effect this
modification of the Agreement pursuant to the action of the Advisory Committee
of the Reciprocal at its April 26, 1988, meeting mandating the modification
under the authority granted in Article IV 7 (vi) of the Agreement.
3. The foregoing modification of the Agreement will be communicated by
Underwriters to all subscribers and become a part of each Agreement then in
effect or thereafter entered into effective as of July 1, 1988.
WITNESSETH the following signatures and seals as of this 27th day of
April, 1988.
SOUTHERN STATES INSURANCE EXCHANGE
BY: /s/ Xxxx X. Xxxxx
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Chairman of the Advisory Committee
SOUTHERN STATES UNDERWRITERS, INCORPORATED
BY: /s/ Xxxx X. Xxxxxxxx
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President
