The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-24
Tota


The secretary further reported that
there were 722. .6o4 shares OF the company
issued and outstanding at this date,
More than majority OF the issued and
outstanding stock being present at the
meeting. the chairman declared the meet
ing ready 10 proceed 10 business. The
secretary read the call OF the meeting
and also reported to the meeting the
financial condition of the company, and
read report from the general manager
OF the company as 10 the conditions at
the mine.
A fun discussion was then had OF the
also OF the best means 10 be adopted TO
take care OF the Indebtedness of the
company, and the sense of the meeting
was that efforts be made TO sell the
companys property for an amount. net
TO the company. OF not less than the in
debtedness OF the company at that time
II sale can be made within a time
deemed reasonable by the board and
that the board at once call on the stock
holders to contribute pro rata according
to their stock holdings sufficient money
10 pay the companys Indebtedness: and
that IL A sale of the property be not
made within time deemed ressona BILE
by the board that the property be con-
veyed TO trustee for the then creditors
of the company.
On motion duly seconded the following
resolutions were passed and adopted by
the vote by ballot OF all the 499. 200 shares
OF stock present at The meeting. TO Wit:
Resolved-CD That all the property and
assets of this corporation be sold for
price not less than the outstanding In
of sale. and on such terms. provisions.
conditions and agreements as the board
of directors deem proper.
(2l That the president and secretary
OF the company are authorized and en-
powered to make in the name and under
The corporate seal and as the act and
deed OF this corporation a deed of con-
veyance OF all said property and assets
deliver
place same in escrow for delivery TO the
purchaser on the payment of the pur-
chase price.
CD That the exact amount OF the pur-
chase price above said minimum, II any.
is left 10 the best Judgment and dis
cretion of the board Of directors
CD That III sale OF the property is
not effected under the foregoing rcsoIu-
tion. then the president and secretary of
the company arc authorized and empow-
cred to convey in the name. under the
OF this company, all said property and
assets to some person To be designated
by the board OF directors as trustee for
and for the benefit of all the then exist
ing creditors of the company pro rata
with full power In said trustee to sell
and convey and convert into cash all said
proceeds OF tho sale 10 the payment of
the claims held by said creditors pro
rata and without preference. and the
board Of directors is authorized 10 in
sert in such first mentioned conveyance
such covenants, terms. provisions and
conditions as 1t deems proper.
(S) That the board of directors is su-
thorzed and empowered 10 do all such
things. and take all such steps and pro-
ceedings as in the Judgment of said
board may be necessary, advisable or
proper TO carry out and make effective
the foregoing resolutions.
Further resolved, That the board of d.
rectors be and they are hereby directed
TO at once solicit all stockholders for
pro rata contribution of a sum suf-
1cient to meet all Indebtedness OF the
company and issue the notes or other
proper obligations OF the company for
such contributions. payable on demand
and bearing interest at a rate to be fixed
by the board