The Union times. [volume] (Union, S.C.) 1894-1918, 1905-12-29
TO INCREASE CAPITAL
STOCK.

Union, 5. c., December %, 1905.
At meeting of the directors of
Bailey Furniture Manufacturing
Company held at the office of said
company in the town of Union, S. c.,
on December 18th, 1905. the following
resolutions were adopted:
Resolved, First. That the capital
stock of the Bailey Furniture Manu-
featuring Company be increased from
$4,000 to $4,000 of which increase
$4,000 to be preferred stock, so that
the stock of the company shall consist
OF $4,000 common stock, divided into
two hundred shares of one hundred
dollars each, and $4,000 of preferred
stock. divided into one hundred shares
of 500 each.
Resolved, further, That such pre-
fered stock shall be entitled to divi-
dends at the rate of seven per cent
that it shall be the duty of the direc-
tors after paying the expenses of the
said business, to set apart out of the
earnings any balance which may re-
main, for the purpose of paying said
dividend of seven per cent on the pre-
fered stock. In no event shall any
sum be carried to surplus or any other
account until said dividend shall have
been 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 in that event said dividend
in arrears shall bea a charge upon the
profits until the full dividend is paid !;
the intention being to make the charge
of seven per cent Oh the preferred stock
| preferred lien. upon the profits until
the full dividend is paid: the company
to have the option of retiring by lot
| or otherwise as the directors shall de-
tcrmine, all or any portion of the said
stock at par after five years. At the
end of the five years any portion of
said stock together with the amount
| OF all accumulated unpaid dividends,
if any, not retired. shall be converted
into First Mortgage Gold Bonds upon
the company's property. and in lieu of
| dividends shall receive interest at the
rate of six per cent per annum for a
period of five years from said date.
Resolved, further, That during the
life of the preferred stock hereby au-
thorized, the common stock shall not
receive any dividends in excess of ten
per cent per annum, and shall not be
| entitled to any dividends whatever
until tho full dividend of seven per
cent is paid upon the preferred stock
as above provided, and that any and
all earnings in excess of such dividends
on the preferred and common stock,
shall be held as a sinking fund to pro-
vide 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
subscribers, that no enoumbrance Of
any character be placed by the board
Of directors in the shape of mort
gage 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 provided.
Resolved, further, That meeting
of the stockholders of Bailey Furniture
Manufacturing Company will be held
in the office of said company in the
town of Union, S. g., on January 9th,
| 1905, at 10 O'Clock a. m, to act upon
the foregoing resolutions
T. T.. BAIfEY,
+. NJ. FAIR,
EMsLIE NICHOLSON,
JOHN A. FAINT,
52-4t Directors.