The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1897-01-12

should be paid ont of the first proceeds o
the fair of 1896. Mr.. Wells thought th,
proper move would be to cancel tn,
second mortgage and give a new one
Mr.. Risdon had been made Trustee fol
the note holders and if he was exclusively
that it was all right. but if all the floating
debts discovered early last year and made
since came in under the mortgage it was
all wrong.
Mr.. Lewis said the mortgage recites that
it is to secure those who gave the notes.
Charles Collins wanted to know if all
claims are In. He was told they were.
Col. Sloan asked for information about
the debt incurred in 1896. He was en-
tirely in favor of securing those who had
advanced money, but he had doubts
about passing the resolution just now.
He moved to lay it on the table. The
motion did not prevail and the resolution
was adopted.
Mr.. Lewis then said he had been con-
suited with reference to the contin-
uance of the Fair on certain plans. Some
of the present board are of the opinion
that it will be possible to increase the
stock sufficiently to pay all debts and
continue existence. Under the existing
law governing corporations this meeting
is powerless to act on the subject. The
new board of directors must, if they deem
such step advisable, pass resolution de-
laring the change necessary Every stock
holder must be notified of a meeting to be
held to consider the question. A majority
of those present could adopt the resolution,
but in order to comply with the law, the
signatures of two-thirds of the stockho
ers must be secured.
Several points we're discussed, such as
whether more than one share of stock
could be held by the same persons, and
whether proxies could be used in voting
and signing.
B. Frank Deacon said the charter of the
society particularly mentioned that prox-
les could not be used
Capt. Merritt recited the law upon the
subject and said he thought that would
take precedence over the charter.
In order to get some intelligent action,
Capt. Merritt offered resolution that the
incoming board of directors be instructed
to proceed in the proper manner to in
crease the capital stock of the society to
sum not exceeding $4,000. This was
adopted.
Nominations for directors were then
received.
The old board was named hut Henry G.
Risdon declined to serve.
COL Sloan hoped Mr.. Risdon would STAY
in the board. He was too valuable man
to refuse at this important period.
Mr.. Risdon replied that he was elected
for one year, and was perfectly satisfied
with his term of Office.
Col Sloan again insisted that Mr.. Ris-
don should be a candidate, stating the
very many little places on which he could
keep an eye. He said "Mr. Risdon
and myself do not always agree, but he
generally lands on his feet. There is no
monkey business where Risdon is"
Somebody then nominated Col. Sloan.
Ohs NJ OAHU buC COlOu6l, LQlH So
ciety has made several mistakes, but this
would be the worst. Talk about a bull in
a china shop; he would not be in it.
And want to say right here, that you
have not done the fair thing. You have
left floating debt unprovided for, and
have shouldered upon the new board the
responsibility of providing for It,"
John b. Trick and Charles Collins were
named but declinad n Harry Wv;cht
consented to serve. The board selected
was as follows:
Henry j. Trick, ]. Holmes Longstreet.
Joseph 6. Bower, G. Frank Harvey, Ed
ward B. Jones, Davis c. Wells, Thomas
II. Marter, William A. Townsend, John
R. Jones, William Rogers, D. Harry
Wright.
The chair appointed finance commit
tee consisting of Henry C. Risdon, John
B. Davis and Judson c. Gaskill and the
meeting adjourned.