Los Angeles daily herald., 1875-05-21
Eos angeles 3tsrald.
FRIDAY,....-.........~ MAY 2l, 1875.
OFFICIAL.

SECRETARY'S OFFICE,
So DIS. AGRICULTURAL SOCIETY OF CAL,
Los ANGELES, May Is, 1875. }
AT the regular monthly meeting of this So
cety, held in this city on-the Sd of April, 1875,
and quorum being present, the following
resolution was offered by DR.. John s. Griffin
| and unanimously adopted:
| Resolucd, That Mai. Ben. C. Truman, Hon.
| H. X. S.O'Melveny and Hon. +. A. McDougall
| do constitute acommittee with full power and
authority to act in all matters with direct ref
erence to raising the capital stock of the
| Southern District Agricultural Society from
| $4,000 to S60,0t0, and from 500 shares to 800
| shares in a legal manner.
And that said Cor mittee cause to be pub
lished legal notice to the effect that on acer-
| tain day, at a stockholders meeting of this
| Society said proposition will be submitted to
the members Of this Society; and further,
debtedness Of this Society, and hx the price
of the unsold stock and report the same at
the next regular meeting of the Society.
At the next meeting of the Society, held in
Los Angeles ON the sth day of May, 1875, a
quorum being present. the following report Of
the above-named Committee was read and
unanimously adopted:
| To the President and Directors and Stoc hold
ers of the Southern District Agricultural
| Society of California: " 1AEfE8
The undersigned Committee, to whom was
| referred the subject of increasing the stock of
| the corporation and ascertaing the debts of
| said corporation required to be paid as soon
/ as practicable, respectfully reports that by q
| vote of the stockholders at a regular meeting
| Of the Society, the same in their opinion may
/ be legally done.
That upon examination of the Articles of
Incorporation on file in the Clerks office, as
! we'll as upon reading and examining the Con-
| stitution and Bylaws of the Society, there is
| fed as capital stock of said corporation; and
| the only reference made to that subject is SIM
| ply resolution adopted by the Society and
| recorded among its proceedings
We are, therefore, of the opinion that no le.
| gal obstacle exists to prevent this Society
| from increasing the capital stock of said Soci-
| ETY. from five hundred shares to six hundred
| shares, as indicated in yoirf late resolution in
| the appointment OF this Committee. Upon
| the report of the Secretary of this company
| and corporation, which we believe to be relia-
| BILE and correct, we report as the Indebtedness
/ which IL Is necessary to take steps 10 provide
means for the early and prompt payment, to
| amount to the sum of about $40 ,000 and to ac-
complish that object consistent with the prin-
| ciples indicated In the resolution Of the So
| ciety by which we were appointed, we re-
| spectfully submit the following resolution, to-
| wit:
First-That the capital stock of said South
| ern District Agricultural Society be, and the
| same Is, hereby increased from $4,000 to the
! sum OF $60,000, and that the same be divided
! into shares of one hundred dollars each, and
| that the aggregate number OF shares of said
| stock is hereby fixed at the number of six
|
| heretofore authorized = -e9 q
Second-Thateach Stockholders as represent
| ed by the number of shares now owned by
| him or her, shall be entitled to receive of the
additional shares OF stock hereby authorized
| to be issued, one additional share of stock for
each share of stock now owned or held by
such stock holder.on payment to the Treasurer
/ OF said Society the sum of thirty-hve (S3500)
| dollars for each additional share of stock SO
| paid for, and on presentation of the Treasu-
| rers receipt to the Secretary OF the Society
finn ,fgt of<x nh
| held by the respective holders as paid-up
stock in full, and shall so express on the face
| of the certificates of stock SO issued, and in no
| case shall he be liable to pay assessments.
Third-That in case any stockholder in Sid
| Society now owning shares of stock, declines
to receive and accept an equal number Of
| shares of the additional stock to the shares of
stock now held and owned by him or her, in
| that event the shares of additional stock SO
remaining unaccepted by such shareholder
shall be sold In separate shares to any stock
holder who will bid the highest price therefor,
| but no bid shall be accepted of o less sum
than S35 per share, the sale to be, after due
notice, at public auction.
Fourth-That upon these resolutions being
| adopted by majority vote. by ballot, OF the
stockholders Of the Society, It shall be the
duty OF the President and Secretary Of this So
| who presents the Treasurer's receipt OF the
payment of thirty-fve dollars for each share
of stock owned by him, an additional share of
| stock under the seal OF this corporation, which
shares of additional stock SO issued shall ex-
| press on the face thereof that the same is paid
In full, If stock holder of the original stock
heretofore issued shall not desire to take an
equal number of shares of the new stock to
that held and owned by him of the original
stock, in that case such stockholder shall be
entitled to such less number as he may desire
to accept, on payment of thirty-five dollars for
| each share, and the residue of the shares he
would be entitled 10 shall be sold as provided
| in resolution No. 3 hereof.
| That all proceedings or resolutions hereto
| fore adopted by this Society which are in con-
| fict in any manner with the foregoing resolu-
| tions, be, and the same are, hereby rescinded
| and repealed.
| BEN. C. TRUMAN.
| H. K. s. O'MELVENY.