The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-03-12
PLAN To REORGANIzE
HOW GUARDS ARE TO GET OUT OF
RECEIVERS HANDS.
WILL SOON BE DONE.
THROUGH EFFORTS MADE BY RE-
ORGANIZATION COMMITTEE.


of Bonds VIII Aggregate $4,000.
Details of the Plan Under Which
Reorganization Will BE Effected.
Col. William Garrard, Chairman OF
the REORGANIZATION Committee,
Reports Upon the Matter of Taxa
ton of Guards Property.
The Committee on Re-orga nization
of the Savannah Volunteer Guards has
requested the receiver of the Guards
property, Mr.. John D. Carswel, to
make up and have ready his final re-
port, which win be ready in a few
days. The committee has also for
INFLATED the bond to be issued in re-
organization and is having prepared
the deed of trust securing the same.
This is being done in conference with
the Creditors Committee The bonds
will be printed, and then the final de-
cree will be presented to the court.
1t is the hope of the committee to con-
clude all the preliminaries and get the
final decree within a few days.
1t will be matter of congratulation
for all the many members and friends
of the Savannah Volunteer Guards to
know that the efforts of the committee
to remove their property from the
hands of a receiver are soon to be
crowned with success. This relief
from the receivership will come at an
suspicious time, as it will but shortly
ante-date the one-hundredth anniver-
sary of the organization of the histo-
ric command.
The Committee on Reorganization
has worked long and hard upon the
details of the reclamation of the
Guards property from the jursdic-
ton of the courts. The committee is
comprised of Col William Garrard,
chairman Maj. w w. Williamson,
Capt. W. W. Mackall, Capt. Henry c.
Cunningham, and Mr.. George ].
Baldwin. The plan drawn up
by this committee provides
among other things, for the adjustment
of the bonded debt of the corps covered
by it's issue of bonds of May 1, 1894,
the agreement relating thereto being
made with the bondholders' commit
tee, dated March q. 1901.
Bonds have been deposited under this
agreement with the Oglethorpe Savings
and Trust Company, trustees, to an
amount sufficient to make the agree
ment effective. for all the purposes
named therein, and a new issue of
bonds, to-wit, an issue of ST, $780, is con-
temDlated as provided in the reorgan-
ization agreement: and
AS a necessary part of the reorgan-
cation plan an agreement was made
on Oct. 1, 1901, between the Guards
and the Penn Mutual Life Insurance
Company, providing for an extension
OF time for the payment of the debt
due to the insurance company, and for
other purposes therein named. In fur
Their pursuance of the plan, all debts
due to general creditors have been set
tied, except such as were due for
money borrowed, which latter have
been satisfactorily arranged. A de-
cree of the Superior Court of Chatham
county will be necessary to confirm
and carry out the reorganization plan
in all of its terms, so as to discharge
the receiver and restore the armory
property to the corps.
The Guards have adopted the report
or their committee, and resolved as
follows:
THAT the reorganization plan and
agreements pursuant thereto, and all
the actings and doings of the Commit
tee on Reorganization are hereby rati-
fed and approved.
That the said committee are hereby
authorized to consent to such decree
as may be necessary for the purpose
OF making said plan effective.
That the commanding officer and ex-
offlclo president and secretary are
hereby authorized and empowered to
execute on behalf of this corps, a GER
tain series of bonds aggregating sew
enteen thousand five hundred dollars
(Slf,500) to be used in carrying out
the said reorganization plan as here
inbefore stated, and are further au-
thorized and empowered to execute
and deliver to the Oglethorpe Savings
and Trust Company, a mortgage or
deed of trust conveying to said COM
pany as trustee the armory propertv
known as lots 81, 80 and SO, Jasper
ward, and the improvements thereon.
as security for said bonds, the said
mortgage or deed of trust being sub
Ject, however, to the prior lien of the
mortgage or deed of trust held by the
Penn Mutual Life Insurance COMPANY
dated Oct. l, 1892, and subordinate also
to the agreement made with said Penn
Mutual Life Insurance Company of
the first of October 1901, and to anv
other agreement which may be here
after made between this corps and
said insurance company relating to
said Indebtedness; the said bonds and
mortgage securing the same to be dat
ed as Jan. /, 1902
That the commanding officer and
ex-ofticio president and secretary of
this corps are hereby further author
lied and directed to execute such other
papers and documents as may be nee
essary to carry out and make effective
said reorganization plan and to do all
other or further acts as advised nv
the Reorganization Committee NAV be
necessary. All details as to form and
terms of said bonds and said mort
gage or other instruments are hereby
expressly left to the discretion of the
commanding officer and ex-officio pres
ident, advised, as he will be, by the
Reorganization Committee"
A further report has been made to
the Guards by Col. Garrard upon the
sale of the ''old Jail" tract on Barnard
street to Mr.. A. B. Girardeau for Sc 600
The following report for the commit
tee was also made by Col. Garrard
showing the status of the Guards in
the matter of taxation:
I'm the matter of taxation of prom
crty of the Savannah Volunteer
Guards, the Committee on Reorgani-
"a ton beg to report that in the sprine
of 1901, we made the point with the
city of Savannah and with the state
and county authorities that the prom
erty of the corps was exempt from
taxation by its charter, the point es
pecially arising in regard to the sale
of the tract of land fronting on Bar
rard street about 104 feet and running
back to Howard street, parallelo-
gram in shape, portion of the old