Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1908-03-18
NOTICE INCREASE OF CAPITAL.

Resolution Of Board Of Directors of
Oconee Knitting Mill Increasing
Capital Stock to Fifty Thousand
Dollars.
Whereas, an increase of the capital
stock of OCONEE KNITTING MILL
tc Fifty Thousand Dollars is deemed
! advisable by the Board of Directors
OF said Oconee Knitting Mill, a cor
poration organized under the laws
OF the State Of South Carolina;
Therefore, he it Resolved:
First That the capital stock of
| Oconee KniLti,.e Mill be increased to
Fifty Thousand Doiiers by the issue
OF Twenty Thousand Dollars addi-
tional, or two hundred shares of the
par value of One Hundred Dollars per
share.
Second. That the new stock. thus
created be hereby constituted q Pre-
| ferred Stock to the extent and for the
period hereinafter stated.
Third. This Preferred Stock shall
be entitled, for the period OF ten
years, from July l, 1908. q any ALI
quot part thereof, to dividends from
the earnings Of the corporation at
the rate Of seven per cent per annum,
payable semi-annually on the. first
days Of january and July in each
year, before any dividend shall be
paid Upon the original stock. the first
Of said semi-annual dividends becom-
ing due and payable January 1st,
1909. These dividends shall be Gu
mulative, that is, If the earnings are
not sufficient TO pay them at the end
OF any six months, when the same
shall become due and payable, such
defaulted dividends shall he added to
the dividends falling due on said
Preferred Stock at the end Of the
next six months, and so on, until all
of said dividends are paid. After
payment OF an equal annual divi-
dend on the original stock. all earn
ings applicable to dividends shall be
shared alike by the new and origi-
nal stock, and in case of liquidation
at any time, the preferred stock shall
take precedence over the original
stock; that is, the Preferred Stock
shall be paid in full, and the amount
Of all cumulative unpaid dividends
thereon, before any payment Is made
on the common stock. The holders
Of this Preferred Stock shall be en-
titled to vote at all meetings Of stock
hoi ders in like manner as holders Of
the original or common stock.
Fourth. The holders of Preferred
Stock may, at any time before July
1st, 1913, exchange the amount of
their Preferred Stock for the same
amount of common stock, which shall
be issued to them by the Oconee
Knitting Mill. If such exchange is
made, the holders will then be on the
same footing as holders OF original
stock as to payment of dividends and
all other rights and privileges, and
the Oconee Knitting Mill reserves the
right to retire the Preferred Stock
at any time after January 1st, 1914,
by paying to the holders thereof the
face value in money, and also in
money the amount Of all unpaid GU
mulative dividends up to date Of said
payment.
Fifth. After the expiration Of ten
t10O years from July 1st. 1908, any
Preferred Stock then outstanding
shall become seven per cent inter-
est-bearing debt against the corpora
ton for it's face value, with the
amount Of all unpaid cumulative div
idends, if any, and shall be a first
lien on the property Of the corpora
Gion.
Sixth. That meeting Of the Stock
holders Of Oconee Knitting Mill Is
hereby called to meet at it's Office on
SATURDAY, the 18th day Of APRIL,
1908, at 3 p. M, to consider the fore
going resolution and also such other
business as may be incident thereto
r. T. JAYNES, President.
JAS. M. MOSS,
ecretary-Treasurer
Walhalla, S. c., March IA, 1908.