The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1914-03-10
LEGAL ADVERTISEMENTS.
PETITION TO AMEND CHARTER


1. That it was originally incorp orat-
ed for term of twenty years by or
der of this court granted July 2, 1891,
with a capital stock OF three million
dollars, and its charter was renewed
by order OF this court granted June
81, 4SI1, for a term of twenty years,
and by the terms of said order of
June p, petitioner was authorized to
reduce its capital stock to five hun
dred thousand dollars.
2. Petitioner shows that it has &C
quired and has in its treasury twenty
thousand shares Of its capital stock,
and has now outstanding only ten
thousand shares of it's capital stock
of the par value of one hundred dol
lars each.
g. That petitioner has disposed of
some of its properties and the rea-
sonable value of its remaining assets
is now about fifty thousand dollars,
and desires to have its charter amend,
ed so as to authorize a further reduc-
ton of its capital stock to fifty thou
sand dollars, to be divided into ten
thousand shares of the par value of
five dollars each, SO that the par val
ne of it's stock shall correspond with
the value of its assets.
4. That the stockholders of petition
er in regular annual meeting assem-
bled, on February 2, 1914, all shares
being present and voting in the af-
firmative, passed the following pre-
amble and resolution, to-wit:
Whereas, by the provision of the
charter granted by the superior court
of Glynn county, Georgia, On July 2.
1891, Incorporating North American
Investment company, the capital stock
of the corporation was fixed at three
million dollars, to be evidenced by
shares of the par value of one hun
dred dollars each, with the right to
increase such capital stock up to five
million dollars upon a two third vote
of the capital stock of the company;
And Whereas, by the provisions of
an order Of said court granted June
81, 1911, renewing and amending the
charter Of said company, the corpor
alton was authorized to reduce its
capital stock to five hundred thousand
dollars;
And Whereas, the properties and
assets now owned by the company
. are worth en- a reasonable and fair
valuation not more than fifty thousand
dollars, and it is desired to reduce
the capital stock to correspond with
such Valuations;
And Whereas, there are now in the
treasury of the company twenty thou.
sand shares of the authorized capital
stock WHICH .@e bwpdd hy-ths,,G9rs.
pany and there are only outstanding
ten thousand shares of the par va nc
of one hundred dollars each, and al
of which outstanding shares were e
sued and are held as fully paid stock;
Now Therefore Be and it Is Her aby
Resolved, by the stockholders O.
North American Investment COMPANY
in annual meeting assembled (lll
charter Of this company be amended
so as to authorize reduction in tfe
pregent outstanding capital stock of
ore million dollars to fifty thousand
dollars, and that the par value Of al
certificates of stock shall be reduce,
from one hundred dollars per share
to five dollars per share.
Further Resolved, That such redrc-
ton shall be made by q surrender TO
the company for cancellation by each
stakeholder of all of the shares Of
such capital stock now owned by such
stakeholder, and thereupOn there
shall be issued and delivered to each
stakeholder shares of stock Of the pa
value of five dollars each to be e7d9l
in amount to the proportion of Stock
to which he shall be entitled on the
basis of capitalization of fifty thou
sand dollars.
Further Resolved, That after slcll
capital stock is so reduced to ffty
thousand dollars the corporation sial
have the right to again increase its
capital stock to any amount u
amounts not exceeding five hun rel
thousand dollars by a majority Vcts
Of the stock outstanding at the time
the action is taken on such Increase.
Further Resolved, Tint the CGjcars
CT this company are hereby fully au-
thorized and empowered to do all acts
and things necessary and prorer to
carry out the provision of this res
olation"
Attached to this petition as Exhibit
"A" is a duly certified copy CT said
resolution.
5. That petitioner only owes twenty
three hundred dollars and twenty-f-2
cents and that none of its property o.
assets are encountered, and all of its
stockholders have assented to such an
amendment to its charter as appears
by the passage of the resolution set
cut, and are willing to surrender all
shares of stock owned by them respec-
lively, and take in lieu thereof their
FRO rata of such capital stock based
al, Ill Inc