Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1901-12-18
M y u | G I: /.

PURSUANT no "A RESOLUTION
of the Board of Directors of the
Seneca Cotton Mills, meeting of the
Stockholders of the Seneca Cotton Mills
is called to be held at the Office OF the
Company on the 18th day of JANU-
AIRY, 1902, at 2 O'Clock p M, for the
purpose of considering the adoption of
the following resolutions, which have
been adopted by the Board of Directors:
Resolved, That the capital stock of the
Seneca Cotton Mills be increased from
Two Hundred Thousand Do ars to Three
Hundred Thousand Dollars, of which
increase fifty thousand dollars to be COM
mon stock and fifty thousand dollars
preferred stock, so that the stock of the
Company shall consist of one hundred
and fifty thousand dollars of common
stock, divided into fifteen hundred
shares of one hundred dollars each, and
one hundred and fifty thousand dollars
OF preferred stock, divided into fifteen
hundred shares of one hundred dollars
each.
Resolved further, That such preferred
stock shall be entitled to dividends at
the rate of seven per cent per anni,m,
payable semi-annually; that it shall be
the duty of the Directors, after paying
the expenses of said mill, to set apart,
out OF the earnings, any balance which
may remain, for the purpose of paying
said dividend of seven per cent on the
preferred stock. In no event shall any
sum he carried to surplus or any other
account until said dividend shall be
paid. In the event the balance so set
apart shall not be sufficient to pay the
entire seven per cent at any period of
six months herein provided, then, and
i'm that event, said dividend in arrears
shall be charge upon the profits until
the full dividend is paid the intention
being to make the charge of seven per
cent on the preferred stock preferred
lien upon the profits until the same is
fully paid, the Company to have the
option of retiring, by lot or otherwise,
as the Directors shall determine, all or
any portion Of said stock at par after
five years At the end of ten years any
portion OF said stock, together with the
amount of all unpaid accumulative divi-
dends, II any, not retired, shall be con-
verted into First Mortgage Gold Bonds
upon the Company's property, and in
lieu OF dividends shall receive interest
at the rate of sly per cent per annum
for period of ten years from said date.
Resolved further, That during the
life of the preferred stock hereby author
lied, the common stock shall not receive
any dividends in excess of seven per
cent per dnnum, and shall not be enti-
tied to any dividends whatever until
the full dividend of seven pec cent is
paid upon the preferred stock as above
provided, and that any and all earnings
in excess of such dividends on the pre-
ferred and common stock, shall be held
rs sinking fund to provide for the
retirement of the preferred stock.
Resolved further, That in order to
carry out the terms under which said
stock is issued and received by the sub
scribers, that no incumbrance of any
character be placed by the Board of
Directors in the shape of a mortgage or
lien on the property of the Company
unless the same shall provide for the
retirement of the preferred stock, with
accumulated interest, as above pro-
vided. l.. w. JORDAN,
President and Treasurer. ?.
Seneca, S. O., Nov 18th, 1901. 81