The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1914-03-05
LEGAL ADVERTISEMENTS.
PETITION TO AMEND CHARTER

GEORGIA-Glynn county.
In the Superior Court OF Said Comfy
fhe petition OF North American In.
vestment Company respectfully shows
1. That it WAS originally incorr orat-
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 granted June
u, 1911, Cor term OF twenty wears
and by the terms of said order OF
June 81 petitioner was authorized to
reduce its capital stock to five nun
dred thousand dollars.
2. Petitioner shows that it has ac-
CURED and has in its treasury twenty
thousand shares CT its capital stock,
and has ROW outstanding only ten
thousand shares of its capital stock
of the par value OF one hundred dol
lars each.
3. That petitioner has disposed of
some of its properties ana the rea-
sonahle 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.
tion 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
lie 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 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 it's
capital stock to five hundred thousand
dollars;
And Whereas, the properties and
assets now owned by the company
are worth on 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 new in the
treasury OF the company twenty thou
sand shares OF the authorized capital
stock which are owned by the csla-
pany and there are only outstanding
ten thousand shares Of the par vaue
of one hundred dollars each, and Ii
of which outstanding shares We're Is
sued and are held as fully paid stock;
Now Therefore Be and it Is Hereby
Resolved, by the stockholders C
North American Investment COMPANY
in annual meeting assembled (tll
shares being representeO, That the
charter of this company be amended
so as to authorize a reduction in the
present outstanding capital stock of
one million dollars to fifty thousand
dollars, and that the par value of all
certificates of stock shall be reduced
from one hundred dollars per share
to five dollars per share.
Further Resolved, That such reduc-
ton shall be made by a 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 these
shall be issued and delivered to each
stakeholder shares of stock Of the pa
value of five dollars each to he equal
in amount to the proportion OF stock
to which he shall be entitled on the
basis OF a capitalization Of fifty thou
sand dollars.
Further Resolved, That after slch
capital stock is so reduced to fifty
thousand dollars the corporation shall
have the right to again increase its
capital stock to any amount o.
amounts not exceeding five hun rel
thousand dollars by a majority yc5e
of the stock outstanding al the time
the action is taken On such Increases.
Further Resolved, That the cliaa"+
of this company are hereby fully au-
thorized 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.
). That petitioner only owes twenty.