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October 7, 1954     Indian Valley Record
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October 7, 1954
 

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j NOTICE TO VOTERS .... NOlqC]E IS IPEBY GIVEN te the electors of the State of California tsas the ollowlng Bond Act  be submitted to the People of the State of California for their rateatlon at the nex general election to be held ca the second day of November. A.D 1954. FRANK M. JORDAN, Secretary of State. ]FOR THE VETERANS BOND ACT OF 1954. This act provides for a bond issue of one hundred seventy- five million dollars ($175,000,000) to be used hy the Depart- ment of Veterans Affairs in assisting California war veterans to acquire farms and homes. I AGAINST THE VETERANS BOND ACT OF 1954. This act provides for a bond issue of one hundred seventy- five million dollars ($175,000,000) to be used by the Depart- ment of Veterans Affairs in assisting California war veterans. This proposed law, by act of the Leg- islature passed at the 1954 First Ex- traordinary Session, is submitted to the people in accordance with the pro- visions of Article XVI of the Consti- tution. (This proposed law does not ex- Drew;sly amend any existing law; there- for<., the provii,ms thereof are printed in BLACK-FACED TYPE; to indicate that they are NEW.) PIOPOSED LAV An act to add Article 5e to Chapter 6 of Division 4 of the Military and Vet- erans Code, authorizing the creation of a debt or debts, liability or liabili- ties, through the issuance and sale of state bonds, to create a fund to pro- vide farm and home aid for veterans in accordance with the provisions of the Veterans Farm and Home Pur- chase Act of 1943 and acts amenda- tory and supplemental thereto defin- ing the powers and duties of sad committee and of the Department of Veterans Affairs and other state offi- cers in respect to the administration of the provisions hereof: providing ways and means, exclusive of loans, for the payment of the interest of such debt or debts, liability or lie. bilities, as such interest falls due, and also for the payment and dis- charge of the principal of such debt or debts, liability or liabilities, as such principal matures; and provid. ins for the submission of this act to a vote of the people at the general elec. tion to be held in the month of November, 1954. The people of the State of California do enact as follows: Section 1. Article 5e is added to Chapter 6 of Division 4 of the Military and Veterans Code, to read: Article 5e. Ve:'erans Bond Act of 1954 996.25. This article may be cited as the Veterans E;ond Act of 1954. 996.26. For the purpose of creating a fund to provide farm and home aid for veterans in accordance with the provi- sions of the Veterans Farm and Home Purchase Act of 1943 and of all acts amendatory thereof and supplemental thereto, the Veterans' Finance Com- mittee of 1943, created by Section 991, shall be and it hereby is authorized and empowered to create a debt or debts, liability or liabilities, of the State of California, in the manner and to the extent hereinafter provided, but not otherwise, nor in excess thereof. , 9'J6.27. After.adoption of any reso- lution by the Veterans' Finance Com. mittee of 1943, provided for in Section 996.34 the State Treasurer shall arrange for the weparatJon of the requisite number of suitable bonds in accordance with the specificatios contained in such resolution. The aggregat par value of all bonds issued under this ar- ticle shall not exceed the sum of one hundred seventy.five million dollars ($175000,000) and shall bear interest at a rate not eceed ng 5 percent per annum payable as provided in such resolution. Both principal and interest shall be payable in lawful money of the United States, at the Office of the State Treasurer, or at the office of any duly authorized agent of the State Treas. urer. All bonds issued undor this' article shall bear the facsimile =dgnature ef the Governor and the facsimile countersig- nature of the Controller and shall be endorsed by the State Treasurer either by original signature or by a signature stamp, and the bonds shall be signed, countersigned, and endorsed by the o$fl. ers who shall be in office on tbe date of adoption ot" tAD resolution of the Veterans' F|nance Co--tee of 19143, and each of said bonds I1 bear an impress ef the Great Sea{ of the State e4 California. InteNt coupons attached to ea(id bondP eha/l be the facsimile signature of the  easurer who shall be in office on the dalai of adoption ef the resolution of the Veterans' Finance Committee of 1943. The Velar. ans'.Finance Committee of 1943 may requl that said bondl b euthentl. eased by th State ControlYer or by any Deputy State Controller., and in such event no bond authorized hereunder shall be valid unleu so authenticated in the manner eo required. The bonds or ouponl so eigned, countersigned, en- dorsed, and sealed, when s01d, shell be and constitute a valAd and binding gee. aral obligation upolt the State of Calt- fornia, altheugh the sale or delivery thereof be madeira date or dates upon which the officere having signed, coun- tersigned, end endorsed said bonds or ouPons, or any or either of said offlcere, shall have ceased to be the incumbents ef the offices held by them at the date of adoption of the resolution of the Vet. erans' Finance Committee of 1943. Each bond issue under thll article shall con- lain a clause or clauses referring to this ertisle end to the resolution of the Vet- erans' FInanee Committee of 1943 hare- ndeP by virtue of which said bond is ued, and if subJect to call or redemp- pri,P to maturity, shall contain I IPecital to that effect, The State Treasurer shall, on the respective dates of maturity or prior redemption of said bonds, or as Seon thereafter as said bonds:are, sur- dered to him, pay the same rut of proseeds of the Controller, s, w tlnte drawn in his favor as provided lie Section 996.g9 and perforate the |lands so paid with a suitable device t a manner to Indleate such payment lind the date thereof. The State Tress- met., or his duly authorized agent, hall slID@, on the respective dates of maturity, oanael all bonds and appurte. mat eoupone bearing slid dates of SSturity and remaining unsold, by rforetlee with suitable devise in anner to indleate such eancella. end the date themfl provided, mw, new bends may be prepared 1 exesutod In lieu of bends canceled stair IW ,asem ef te fast that =ueh bonds have not been sold prior to their fixed maturity dates, whenever the Veterans' Finance Committee of 1943 shall determine such new bonds shall be prepared and executed, subject to the condition the total indebtedness created hereunder shall not exceed the maximum limit herein specified. Not less than four years after the final maturity date of a particular issue of bonds, the State Treasurer, or his duly authorized agent, may destroy or cre- mate any bonds of such issue which have been previously paid or canceled as hereinbefore provided. 996.29. All bonds herein authorized which shall have been duly sold and delivered as herein provided, shall constitute valid and legally binding general obligations of the State of Cali- fornia, and the fdll faith and credit of the State of California is hereby pledged for the punctual payment of both principal and interest thereof. There is hereby appropriated from the General Fund in the State Treasury such sum annually as will be necessary to pay the principal of and the interest on the bonds issued and sold pLIrsuant to the provisions of this article, as said principal and interest become due and payable. There shall be collected annually In the same manner and at the same time as other state revenue is collected such a sum, in addition to the ordinary rove. hues of the State, as shall be required to pay the principal and interest on said bonds as herein provided, and it is hereby made the duty of all officers charged by law with any duty in regard to the collections of said revenue, to do and perform each and every act which shall be necessary to collect such additional sum. On the ceveral dates of maturity of said principal and interest in each fiscal year, there shall be returned into the General Fund in the State Treasury, all of tbe money in the Veterans' Farm and Home Building Fund of 1943, not in excess of the principal of and in- terest on the said bonds then due and payable, except as hereinafter provlde for the prior redemption of said bonds and, in the event such money so re- turned on said dates of maturity being less than the said principal and in. I terest then due and payable, then the balance remaining unpaid shall be re. turned into the General Fund in the State Treasury out of said VeteransP Farm and Home Building Fund of 1943 as soon thereafter as it shall be- come available, together with interest thereon from such dates of maturity until so returned at the same rate as borne by said bonds, compounded semi. annually. Both principal and interest of said bonds shall be paid when due upon warrants duly drawn against said ap- propriation from the General Fund by the Controller of the State in favor of the State Treasurer, or his duly au- thorlzed agent, and the money to be returned into the General Fund in the State Treasury pursuant to the pro- visions of this section shall likewise be paid as herein provided upon warrants duly drawn by'the Controller. The Department of Veterans Affairs, by ree01utlon approved by the Veterans' Finance Committee of 1943, shall direct the State Treasurer to call bonds (which are then subect to redemp- tion) if such call is des)Pable and when. ever funds are avaUable to effect such redemption, the part Of each issue eo called to be not less than all of the bonds maturing in any oar year. Notice of such redemption shal be given by the State Treasurer in the manner provided in the resolution authorizing the issuance of said bends. 996.30. The bonds authorized to be issued under thisartile shall be sold by the State Treasurer to the highest bid- der for cash, either at public auction or upon sealed bids as the Veterans' Fi. nance Committee of 1943 may by reso- lution determine. The Treasurer must reject any and all bids fr raid bonds or for any of them, which shall be below the par value of said bonds so offered plus the interest which shall have so- cued thereon between the dte of put- chaser's layment for said bonds andthe last preeedirl interest maturity date; and the Treasurer may from time to time, by public announcement at the place and time fixed for the sale, con- Unue such sole, as to the whole of the bonds offered, or any part thereof of- fered, at such time and place as he may select. If said bonds are offered for sale upon sealed bids, then ca-oh bid shall be in writing and signed by the bidder and sealed, and shall be accompanied by the deposit of a certified check or cashier's check for five thousand dollars ($5.000), Temporary or Interim bonds, certifi- cates, or receipts of any denomination whatever and with or without coupqns attached thereto, to be signed by the State Treasurer, may be ssued and de- livered until the definitive bonds are executed and available for delivery. Signatur( of the State Treasurer may be by signature stamp. 996.31. Due notice of the time and place of sale of all bonds shall be given by said Treasurer by publication in one newspaper published in the City and 3ounty of San Francisco and also by )ublication in one newspaper published n the City of Sacramento and by publl. :ation in one newspaper published in the City of Los Angeles once a week during two weeks prior to such sale. In addition to the notice last above pro- vided for, the State Treasurer may give such further notice as he may deem advisable, but the expense and cost of such additional notice shall not exceed the sum of five hundred dollars ($500) for each sale so advertised. The pro- ceeds of the sale of such bonds and such amount as may have been paid as ac- crued interest thereon shall be forth. with :aid over by said Treasurer into the Veterans' Farm and Home Building Fund of 1943 and must be used exclu. sively in aiding veterans in the acquisi. tion of, or payments for, farms and homes, in accordance with the provi- sions of this chanter; provided, that the proceeds from the sale of said bonds may be used to pay the debt created by the issuance and sale thereof. 996.32. The Department of Veterans Affairs is authorized, with approval of the Department of Finance, to invest any surplus money in the Veterans' Farm and Home Building Fund of 1943 in bonds or obligations of the United States, or of the State of California, or of the several counties or municipalities or other political subdivisions of the State of California, and to sell such bonds, or obligations, or any of them, at the governing market rates, upon approval of tAD Department of Finance; or the Department of Veterans Affairs may, with the approval of the Director of Finance invest money in such fund, in interest-bear ng cert ftcates of de- posit of state banks having a paid-up capital of five hundred thousand dollars ($500,000) or more; provided, the total amount of money so deposited with any one bank shall not exceed a sum equal to 50 percent of the paid.up capital of such bank; provided, however, nothing herein contained shall inhibit the de- positing in banks in accordance with Chapter 4, Part 2, Division 4, Title 2 of the Government Code, of money of any of the funds subject to the control of the Department of Veterans Affairs or ap- propr ated for its use. Interest accruing upon the deposit of money of the Veterans' Farm and Home Buildmg Fund of 1943 shall be paid into and credited to said fund. 996.33. Upon request of the Depart- ment of Veterans Affairs, supported by a statement of the plans and projects of said department with respect thsreto and approved by the Governor, the Vet. erans' Finance Committee of 1943 shall i determine whether or not it is necessary or desirable to issue any bonds author- ized under thie article in order to carry such plans and projects Into execution, ! and, if so, the amount of bonds then to be issued and sold. Success ve issues of bonds may be authorized and sold to carry out said plans and projects pro. gressively, and it shall not be necessary that all the bonds herein authorized to be issued shall be sold at any one time. 996.34. Whenever the Veterans' F[. nance Committee of 1943 shall have determined that the sale of all or any part of the bonds authorized to be is- sued under this article is necessary or desirable to carry such plans into exe- cut on, n whole or in part, it shall adopt a resolution to thiseffect. The said resolution shall authorize and direct the State Treasurer to provide for the prep. arati0n of the requisite number of suit- able bonds then authorized to be sold and shall specify as to such bonds then to be sold: 1. The maximum number of each denomination or denominations, agate. gate par value, and the date of the bonds to be then sold. The date appear. ing on said bonds shall be deemed to be the date of issuance for all purposes of this article, irrespective of the actual date of delivery of such bonds and the payment of the purchase price thereof. Successive issues of bonds herein au- thorized shall be identified by the num. bet of the issue, or the entire authorized issue may be divided into series or divl. s=ons appropriately identified by letter or number. 2. The date or dates of maturity, and the number and numerical sequence of the bonds maturing at each date of maturity, to be at annual intervals. 3. The provisions, if any, for the re. tlrement of said bonds at any time or times prior to their maturity, the man. net thereof, and the price or prices st which said bonds shall be redeemed 4. The annual rate of interest which the bonds te be issued shall bear, to be in multiples of one.fourth of 1 percent, which rate, at the discretion of said committee, may bo determined by th( bidder at the time of sale of said bonds not to exceed $ percent payable el herein provided. 5. The provisions, If any, for the in. terexchange of bonds of different de. nominations, the issuance of new bonds of different denominations in lieu of, or n exchange for, bonds of a like agars. gate principal amount but of different denomlnatlone, and the authentication of any bonds by the State Controller or by any Deputy State Controller. S, The technical form and language of said bonds and of the interest oou. pone to be attached thereto. In determining the date or dates of maturity of the said bonds and the drawn on a bank or trust company au- amount of bonds maturing at each date thorlzed to transact and transacting of maturity, the Veterans' Finance busine=l in the State of California, pay- Committee of 1943 shall be guided by able to the Treasurer of the State of the amounts and dates of maturity of California, such deposit not to bear In. the revenues estimated to accrue to the terest. Thedepoeitofeachuneuccesaful]Veterane' Farm and Home Building bidder shall be returned to him lame- Fund of 1943 from the transactions to dlately upon the nonacceptance of hie ] be financed by each issue, and shall fix bid; and the dePOsit of the euccessful J and determine said dates and amount| bidder shall immediately upon the a. ] in such manner that. together with the eptenoe of his bid become and be the ] dates and amounts of interest payments ppety of the State of California and I on the said bond issue, they snail coin. be pls tn the State Treasury to the ] ride, as nearly Ss practicable, with the credit Of the Veterans' Form and Home I dates and amounts of such estimated Building Ftmd of 1943, and shall be I revenues.; provided, the Ionoe ,rat to credited to the successful northeast I mature in each ISSUe snail mature not un the otcha= m'i nf {lla bonds I later than five years and the bonds last h|d for IIt'eam m-,;k'.,,-{..--;.|* IS| to mature in each issue shall mature - - in lb  - --7"  ....... " .... not later than 45 years from the date of gld Y him wttlda the time mu-  .... tuall.a.grsad upon between the su-] issuance tnereoT. easeful bldder and the Treasurer. If the J The rate of interest to bs borne by purchase prlce)e not so paid, the sup- I the bonds need not be uniform for all osasful bidder snail have no right in and ] bonde of the same issue or aeries or to said bonds or by reason o{eald bid, [ division, and may be determined and or to the. recoverer of said depeeit so. [ fixed by the Veterans' Finance Com. ompanylng sale Did, or to any allow. I matter of 1943 by resolution adopted at ands or crod|t oy reason of such deposit | or after the sale of said bonds, but unless it snail e.p.Psar that the bonds[ not exceeding in any case 5 percent "would not be Vallaly Issued if delivered | per annum payable semiannually. The to the purcnasenln ::e form and man. | highest bid received on the sale of the her proposed. . o Lee the purchase] bonds shall be determined by deducting price Is not so paiD, tits lends  sold[ the total amount of the premium bid (if but notpsld for shall bs resold by the[ any) from the total amount of interest State Troesurer uoon not!re as IWO-/which the State.would be required.to vNed In esee of eflilmm sme. / pay from the Date of the Dongs or tee last preceding Interest payment date, whichever is latest, to the respective maturity dates of the bonds then offered for sale at the coupon rate or rates specified in the bid, and the award shall be made on the basis of the lowest net interest cost to the State. The lowest net interest cost to the State shall be computed on a 360.day year basis. The interest coupon first payable may, tf the Veterans' Finance Committee of 1943 shall so determine and speclfy be pay. able at any time within one year after the date of issuance of said bonds/ 996,36. All actual and necessary ex. pensee of the Veterans' Finance Com- mittee of 1943 and of the members thereof incurred in the performance of their duties arising out of the provi- lions of this article and expenses in. curred by the State Treasurer in having said bonds prepared and in advertising their sale or their prior redemption shall be paid out of the Veterans' Farm and Home Building Fund of 1943, on Controller's warrant duly drawn for that purpose, and shall constitute ex. )enses of the Department of Veterans Affairs. Whenever the Veterans' Finance Committee of 1943 deems it advisable to obtain a legal opinion as to the validity of the bonds, prior to or after sale, from attorneys other than tbe Attorney General, the committee may authorize the State Treasurer or the Department of Veterans Affairs or both to obtain such a legal opinion. Payment for such legal services shall be made from the Veterans' Farm and Home Building Fund of 1943, on Controller's warrant duly drawn for that purpose, and shall constitute expenses of the Department of Veterans Affairs. 996.36. The Controller, the Treasurer and the Veterans' Finance Committee of 1943 shall keep full and particular account and record of all their pro- ceedings under this article, and they shall transmit to the Governor an ab, strict of all such proceedings there- under, with an annual report, to be by the Governor laid before the Legisla. ture biennially; and all books and papel;s pertaining to the matter pro. vided for in this article shall at all times be open to the inspection of any party interested, or the Governor, or the Attorney General, or a committee of either branch of the Legislature, or a joint committee of both, or any citizen of the State. 996.37. So long as any bonds author. Ized under this article may be outstand- ing, the Director of the Department of Veterans Affairs shall cause to be made at the close of each fiscal yar, a survey of the financial eondition of the Division of Farm and Home Purchases, together with a projection of the divl- sion's operations, such survey to be made by an independent public ac. countant of recognized standing. The results of such surveys and projections shall be eet forth in written reports and said |ndependent public accountant shall forward copies of said reports to the Director of the Department of Vet. erans Affairs, the members Of the Cati- fornia Veterans Board, and to the members of the Veterans' Finance Committee of 1943. The Division of Farm and Home Purchases shall reim- burse said independent public account- ant for his services out f any funds which said division may have available on deposit with the Treasurer of the State of California. Sec, 2. This act shall take effect upon its adoption by the people as to all its provisions except those relating to and necessary for its submission to the people, and for returning, canvass- ing, and proclaiming the votes and ae to said excepted provisions this act shall take effect immediately. Sec. 3. This act shall be submitted to the people of the State of California for their ratification at the ner:t general election, to be held in tho month of Nevenlber, 1954, and all ballots at said electron shatl have printed thereon a;d in a SlMare thereof, the words: "For the Vetorans Bond Act of 1954," and the same square under sa|d words the following in eight.point type: "This act provides for a bond issue of one hundred seventy.five million dollars ($175,000,000) to be used by the Depart- ment of Veterans Affairs in assisting California war veterans to acquire farms and homes." In the square ira. mediately below the square containing such words, there shall be printed on raid ballot the words, "Achiest the Veterane Bond Act of 1954," and in the same square immediately below said words, in eight.point type shall be printed "Thie act provides for a bond Issue f one hundred seventy.five mil- lion dollars ($175,000,000) to be used by the Department of Veterane Affairs in assisting California war veterans." Opposite the words "For the Veterans Bond Act of 1954" and "Against the Veterans Bond Act of 1954," there shall be left spaces in which the voters may )lace a cross in the manner required by law to indicate whether they vote for or against said act, and those voting for said act shall do so by placing a cross opposite the words, "For the Vet. erane Bond Act of 1954" and those vot- ing against the said act shall do so by placing a cross opposite the words "Against the Veterans Bond Act of 1964.- Provided, that where the voting of Ild general election Is done by means of voting machines used pureu. ant to law in such manner as to carry out the intent of this section, such use of such voting machines and the ex- pression of the Voters' choice by means thereof, shall be deemed to comply with the provisions of this section. The Governor of this State shall include the submission of this act to the people, as aforesaid, in his proclamation calling for said general election, See. 4, The votes cast for or against this act shall be counted, returned and canvassed and*declared In the same manner and subject to the same rules as votes east or state officers; and if it appear that said act shall have re- ceived a majority, of all the votes cast f0r and against it at lam election as aforesaid, then the same shall have effect as herelnbefere p. rovided, and shall be irrepealablc until the prtnipal end interest of the liabilities herein created ehatl be paid and diechrped, sad the Governor shall make proclama. tide thereofl but if a majority of the pates cast as aforesaid are against this act then the same shall ba and become void. 8so. $. It shall be the duty of the Seerotary of State in accordance with lawto have this act published In at least one newspaper in'each county, eP city aria county, if one be published thereto, throughout tale State, for three months next preceding the general election to be held in the month of No- vember, 1954. The costs Of publication shall be paid Out of the General Fund, on Controller's warrant| duly drawn for that purpose and shall be refunded to the General Fund out of the Veterans' Farm and Home Building Fund of lg43, Said refund shall be made upon Con- troller's warrants duly drawn against said fund for said purpose upon de- mends audited by the State Depart. ment of Finance. Page Three INDIAN VALLEY RECORD Thursday, October 7, 1954 TAYLORSVILLE NEWS Bill White, Jim Switzer, Jack Kester and James Miramor of Los Angeles, who are camped out hunting, were dinner guests on Friday evening at the home of the Bill Youngs. Mr:. Bill Burford entertained several ladies Wednesday at a dlicious Chinese luncheon fol- Io,wed by an afternoon's play of Canasta. Those attending were Mesdames Bill Masters and her mother Mrs. Floucher, Carl Paul- sen, Kermit Fishr, Burr Sher- rick, Henry Cherry, Al'o Sor- soli, Ike Bohne, Dave Tremayne, and the hostess. Lee Johnson, who has bee.n un- der the Care of a Sacramento doctor for several months, was able to return home Saturday. Mrs. Ted Kunzler and family of Oroville, called on friends here Friday afternoon. Mrs. Florence Tremayne and daughter Sondra, and Mrs. Jessie Cherry, were overnight vPitors at Reno Thursday. Mr. and Mrs. Al Ortner and family had as their week end guests their daughter and fam- ily of the Travis Air Base. He was among the successful deer hunters here Sunday. Bob MDonald of Modesto spent several days here with his sis- ter, Mrs. "Chuck" Wilson and family. Miss Barbara McCutcheon, who is going to college in Sacramento, spent the week end here with relatives. Mr. and Mrs. Clarence Hand- ley left Sunday for their home in Biggs after spending a week here guesting at the home of Dr. and Mrs. Bill Masters. Mrs. Angelina Cozzalio of Oak- land spent the past week here visiting at the home of her broth- er, John Sobrero and family. Mrs. Winnie Taresh returned home Thursday from three days spent in Stockton. She was ac- companied by her sister, Mrs. John Aventi, who will visit here for several days with relatives. Carroll and Arthur Underwood of Modesto spent Saturday and Sunday with their brother, Dwaln Underwood and family. Mrs. John Hardgrave and Mra, Ethel Hardgrave of Portola, spent several days last week in Reno. Bill Giles of Woodland arrived Thursday to spend several days here hunting, being the gue't of Mrs. Winnie Taresh and family. Mrs. Dolly Strang and daugh- ter, of Oakland. visited with Mrs. Juno Pierce Friday and called o friends in the alley. i 0 C0UNITY CHURCH IN SURPRISE MOVE SUNDA; PODOLI3 IEAYE GREENVILLE Dr. and Mrs. Wilbur C. Batson were taken by surprise last Sun- day when called upon by the Rev. Podo]l to come forward for ad- mission into church membership. They were scheduled to have taken the step next Sunday, but the pastor called for them a week early due to it being his last Sunday in Greenville. Also ac- cepted into the church were Mr. and Mrs. Lelie G. Henry of the Forest Service. Rev. and Mrs. Podoll and their family Robert, Ellen and Mar- garet, departed yesterday for a brief visit with his parents in Reno before taking charge of his new parish, the Hamilton Methodist Church of San Fran- cisco. The have lived in Green- ville for the past two years, and the Community church has grown materially during that time. Rev. and Mrs. H. A. Hughes, from the State of Ohio, are ex- pected to arrive in Greenville in time to take over the pulpit for Sunday, October 31. Mearwhile the services are in charge of the lay leader, V. V. Roulsten.