The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1914-03-24

CleIk superior court, flynn county, |
Georgia.
PETITION TO AMEND CHATTER
GEORGlA-Glyn county.
In the Superior Court of Said County.
The petition of North American In.
ve5tmeEt Company respectfully shows
/. That ii was originally inCorporat
ed for Il term Of twenty years by or
der OF this court granted July 2, 1891
with capital stock OF three million
dollars, and its charter was renewed
by order of this court granted June
81, 1911, Cor a term OF twenty years,
and by the terms Of said order OF
June u, petitioner was authorized to
reduce its capital stock to five hun
drcd thousand dollars.
2. Petitioner shows that it has &C
CURED and has in its treasury twenty
thousand shares of its capital stock,
and has now outstanding only ten
thousand shares Of its capital stock
of the par value OF one hundred dol
lars each.
5. That petitioner has disposed of
some OF It's properties and the rea
sonablo value of its remaining assets
Is row 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
i've dollars each, 50 that the par val
no OF its stock shall correspond, with
the value of its assets.
A., That the stockholders Of petition
er in regular annual meeting Assem-
Died, On February 2, 1914, all shares
being present and voting in the az
lirmative passed the following pre-
amble end 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 ard 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 on a reasonable and fair
valuation not more than fifty thousand
dollars, and 1t is desired to reduce
the capital stock to correspond with
such valuations;
And whereas, there are now in the
treasury OF the company twenty chou
sand shares Of the authorized capital |
stock which are owned by the con-
pany and there are only outstanding
ten thGrgGnd shares of the par yauc
of one hundred dollars each, and Ill
Ct which Gu Standing shares were e.
sued ard arc ha.d as fully paid stock;
Ncw "hcrcfnro &c Gnd 1t Is Her aby !
Resolved ny the stockholders e !
North American Investment COMPANY |
in annual meeting assembled IN |
shares being represented), That ihe |
nngrfar Cf fhio nnnnar, l,n nu,n,d,a |
so as to authorize reduction in the |
prc@ent outstanding capital stock of !
ore 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 rer share.
Further Resolved, That such reduc.
ton shall be made by a surrender to |
the company for cancellation by each
stockholder Of all Of the shares OF
such capital stock now owned by such
stakeholder, and thereupon lhese
shall be issued and delivered to each
stockholder shares of stock Of the pa.
value Of five dollars each to be e1dalI
in amount to the proportion OF stocl.
to which he shall be entitled On the
basis Of a Capitalization of fifty thou
sand dollars.
Further Resolved, That after sIoh
capital stock is 50 reduced To afty
thousand dollars the corporation Shall
have the right to again Increase It's
capital stock TO any amornt =?
amounts rot exceeding FIVE hun rel
thousand dollars by a minority gcse
Of the stock outstanding al the inc