The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1914-03-07
LEGAL ADVERTISEMENTS
PETITION TO AMEND cAAnrEn

American IN
vestment Company respectfully sbo.ys
/. That 1t was originally incorLoraf.
ed for term of twenty years by or
der of this court granted July >. 1891
with capital stock Of three million
dollars, and its charter was renewed
by order Of this court arantad limo.
81, 81, Cor a term OF twenty yea-s
ard by the terms of said order Of
June q, petitioner was authorized To
reduce its capital stock to five hun.
dred thousand dollars.
2. Petitioner shows that it has &C.
CURED and has IN its treasury twenty
thousand shares CT its capital stock.
and has COW outstanding only ten
thousand shares of its capital stock
of the par value Of one hundred dol.
lars each.
8, That petitioner has disposed OF
some of its properties ana the rea-
sonabie value of its remaining assets
is now about fifty thousand dollars.
and desires to have its charter amend
ed so as to authorize 4 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 car val
ne of it's stock shall correspond with
the value of it's assets.
4 That the stockholders of petition
er in regular annual meetins assem-
bled, on February 2, 1914. all shares
being present and voting in the at
irmative, 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 .
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 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 corror
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 on a reasonable and fair
valuation not more than fifty thousand
dollars, and it is desired to reduce
the capital stock to correspond wit!
such valuations;
And Whereas, there are now in the
treasury OF the company twenty thou
sand shares Of the authorized capitsi
stock which are owned by the cola-
pany and there are only outstanding
ten thousand shares of the par N Tie
Of one hundred dollars each, and ii
of which outstanding shares were g
sued and are held as fully paid stock;
Now Therefore Be and it Is Hereby
Resolved, by the STOCKHOLDERS oil
North American Investment C0mplAv
in annual meeting assembled (tnI
shares being represented, That N : !
charter Of this company be amended |
SO as to authorize a reduction in tee !,
present outstanding capital s.05k of
ore million dollars to fifty thousand
dollars, and that the par value Of al
certificates of stock shall be raduc,i /
from one hundred dollars per share
to five dollars per share.
Further Resolved, That such relUc- +
ton shall be made by q surrender 10 (
the company for cancellation by each .
stakeholder of all OF the shares Of
such capital stock now owned by such +
stakeholder, and thereup0n 5bc-c I
shall be issued and delivered to each
stakeholder shares of stock Of the pa"
value of five dollars each to he e1dal
in amount to the proport on of stock |
to which he shall be entitled On the |
basis of a capitalization of fifty thou |
sand dollars.
Further Resolved, That after slcA |
capital stock is so reduced TO dfty |
thousand dollars the carr GRAFTON Shi1l
have the right to again increase its
capital stock to any amount o.
amounts not exceeding five hun 70 ]
thousand dollars by a majority vc'e
OF the stock outstanding al the Tine
the action is taken on sUc'l Increase.
Further Resolved, That th2 officer
of this company are hereby fully au-
ihorized and empowered to do all acts
and things. necessary and proper to|
carry out the provision of this res
olution'
Attached to this petition as Exhibit
"a, is a duly certified copy Of said
resolution.
8. That petitioner only owes twenty