Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1909-01-06
NOTICE OF INCREASE OF CAPI-
tai STOCK OF OCONEE KNIT
TING MILL.
Office of Oconee Knitting Mill
Walhalla, S, c., Jan. 5, 1909.

Office of Oconee Knitting Mill.
Walhalla, S. c., Jan. 5, 1909.
At meeting Of the Board Of Di-
rectors OF Oconee Knitting Mill, held
at the office Of Oconee Knitting Mill.
Walhalla, S. c., on the 9Th day of
January, 1909, present r. T. Jaynes,
James M. Moss and ]. w. Wickliffe.
On motion of James M. Moss the
following resolution was adopted:
Resolved 1. That the capital stock
Of Oconee Knitting Mill be increased
to Seventy-five Thousand Dollars by
the issue Of Twenty-Five Thousand
Dollars additional, or Two Hundred
and I"fty Shares of the par value of
One Hundred Dollars per share.
Resolved III. That the new stock
thus created be hereby constituted q
First Preferred Stock to the extent
and for the period hereinafter stated;
that five thousand dollars, or fifty
shares Of said stock shall be domi-
mated Employees Preferred Stock"
to the extent and with the rights
hereinafter stated.
Resolved III. This Preferred Stock
shall be entitled for the period Of ten
years, from March l, 1909, or any
aliQuot part thereof, to dividends
from the earnings Of the corporation
at the rate. of seven per cent per an
mum, payable semi-annually on the
1st days of March and September in
each year before any dividend shall
be paid upon the Common Stock or
the Second Preferred Stock, the first
of said semi-annual dividends becom-
ing due and payable September l,
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 be added to
the dividends falling due on said
Preferred Stock at the end of tn,
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 and on
the Second Preferred Stock all earn
ings applicable to dividends shall be
shared alike by the new and the
Common and Second Preferred
Stock, and in case Of liquidation at
any time the Employees Preferred
Stock" above mentioned, shall take
precedence over any other stock, and
the first preferred shall take prece-
dence over the second preferred and
the second preferred over the origi-
nal stock. The holders of this Pre-
ferred Stock shall be entitled to vote
at all meetings of Stockholders in
like manner as holders Of Common
Stock
Resolved w. The holders Of this
First Preferred Stock, including the
Employees Preferred Stock" as
above mentioned, may, at any time,
before March 1, 1914 exchange the
amount of their Preferred Stock for
the same amount of Common Stock,
which shall be issued to them by
Oconee Knitting Mill. If such ex-
change Is made the holders will then
be on the same footing as holders Of
the Original or Common Stock as to
payment Of dividends and all other
rights and privileges, and the Oco-
nee Knitting Mill reserves the right
to retire this Preferred Stock at any
time after September /, 1914, by pay
ing to the holders thereof the face
value thereof In money, and also in
money the amount Of all unpaid Gu
mulative dividends up to date Of said
payment.
Resolved V. After the expiration
of ten years from March /, 1909, any
Of this Preferred Stock then out
standing shall become a seven per
cent interest-bearing debt against the
corporation for it's face value with
the amount of all unpaid cumulative
dividends, If any, and shall be first
lien on the property of the corpora
ton.
Resolved VI. That a meeting of
the Stockholders of Oconee Knitting
Mill S hereby called at the office of
the Oconee Knitting Mill on Satur-
day, the 9th day Of February, 1909,
at p. m, to consider the adoption
OF the foregoing resolution and such
other matters as may pertain thereto.
r. Y. JAYNk,',
JAS. NJ MOS.1