The Union times. [volume] (Union, S.C.) 1894-1918, 1906-01-19
TO INCREASE CHpITTL
STOCk.

Union, S. c., December %, 1905.
At n meeting of tho directors OF
Bailey Furniture Manufacturing
Company held at the office of said
company in the town of Union, S. c.,
OH December 18th, 1905. the following
resolutions were adopted:
Resolved, First. That the capital
stock of the Bailey Furniture Manu-
featuring Company he increased from
$4,000 to be preferred stock, so that
the stock of the company shall consist
of $2O,CO0 common stock, divided into
two hundred shares of one hundred
dollars each, and $4,000 of preferred
stock, divided into one hundred shares
of 800 each.
Resolved, further, That such pre-
fered stock shall be entitled to divi-
dends at the rate Of seven per cent
per annum, payable semi-annually,
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 OH 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 balashce
SO set apart shall not be sufficient 70
pay the entire seven per cent. at any
period of six months herein provided,
then and in that event said dividend
in arrears shall be a 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
| Il 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-
termine, 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 i'll 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 the full dividend of seven per
| cent is paid upon the preferred stock
as above provided, and that any and
III earnings III ckCcSS Ol SUCH ulN lueuuS
on the preferred and common stock,
shall be held as 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 encumbrance of
any character be placed 10y 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 n 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,
1906, at 10 O'Clock a. m, to act upon
the foregoing resolutions
II. f. BAILEY,
f. M. .FARR,
EMsLIE NICHOLSON,
JOHN A. FAINT,
SEAT Directors.