The Union times. [volume] (Union, S.C.) 1894-1918, 1906-01-12
TO INCREASE CAPITAL
STOCK.

Union, ,. O., December ~, 100.
Al meeting Of the directors of
Bailey Furniture Manufacturing
Company held at the office Of said
company in the town Of Union, s. O.,
Oh December 18th, 1908. the following
resolutions were adopted:
Resolved, First. That the capital
stock of the Bailey Furniture Manu-
featuring Company be increased from
$20,GN to $4,000 of which increase
| $4,000 TO be preferred stock, SO that
| tn" 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-
| fyred stock shall be entitled to divi-
dcnds at the rate of seven per cent
per annum, rayablc scmi-annualiy,
| that il shall h" the duty of the dircc-
tors after raying the expenses of the
said business, to set apart out Of the
earnings any balance which may re-
main, for the purpose Of iaying SAID
dividend of seven FER cent on the pre-
| fcrcd stock. In no event shall amy
sum he carried tn surplus or any other
account until said dividend shall have
| been paid. In the event the balance
- set apart shall not be sufficient to
pay the entire seven per cent, al any
| period Of six months herein provided.
then and in that event said dividend
in arrears shall he Il chargr upon the
profits until TIE full dividend is paid F.;
the intention being to make the charge
of seven per cent on the preferred stock
a preferred lien upon the profits until
the ful! dividend is paid: the company
to have the option of retiring 10y lot
or otherwise as the directors shall de-
tcrminc. 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 bc converted
into First Mortgage Gold Bonds upon
the comlany's property. and in lieu OF
dividends shall receive interest ut the
rat" of six per cent per annum for n
period OF five years from said date.
| Resolved, further, That during the
life If the preferred stock hereby au-
thorizrd, the common stock shall not
recciV" any dividends in excess Of ten
per cent per annum, and shall not be
lcntitlcd TO any dividends whatever
until the full dividend of seven yer
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 he held as Il sinking fund To pro-
vide for the retirement of the preferred
| stock
| Resolved. further, That i'm order tn
carry ont the terms under which said
>tock is issued and received by the
subscribers, that no cncumbrance of
any character be placed by the board
# 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
-t"ek with ,aGcumula.ed interest as
iahovc provided.
| Resolved, further, That n meeting
of the stockholders of Bailey Furniture
Manufacturing Company will be held
in the office Of said company in the
town OF Union. 5. G., on January 27th
1905. at 10 o'clock Il. m, to act upon
the foregoing resolutions
7. f. BAILEY,
F. NJ. FAIR,
EMSLIE NfCH0LsoN,
JoHN a. FAINT,
24t Directors.