The herald., 1915-11-11

TO purchase such stock at book value plus
twenty-five per cent, the value TO be ascer-
tanned in the manner herein prescribed. The
right to acquire said stock hereby first vested
in the other stockholders OF record shall fol-
low the stock into any hands TO which it may
pass and may be exercised against the hold
ers thereof within ninety days from the time
any sale or transfer thereof has been offered
to be entered on the books of the corporation.
Ii shall be the duty of any holder of stock
in this corporation who intends or desires to
sell, transfer, ALLEVIATE otherwise dispose
of the same, to give ten days written notice
of such intention or desire TO the board OF
directors of the corporation, who are hereby
constituted agents of the other stockholders
for the purpose of such notice, and said board
of directors shall give immediate information
thereof, in writing TO all the other stockhold-
ers of record Before the expiration of the
ten days from the receipt OF said notice by
the board of directors, any shareholder OF
record may offer to purchase and may acquire
the right to purchase said stock by notifying
the board of directors in writing and there
after shall deposit the price of said stock in
cash with the corporation on or before the
expiration of eighty days from the last men
toned date.
Upon the receipt of the first mentioned no.
tice, the board of directors shall advise the
person owning said stock his agent or rep
resentative, TO join the said board in hxIng
the value Of said stock, which value shall be
established on the basis of the last annual or
semi annual statement report OF the cor
poration and the last monthly trial balance
preceding the date of such notice, and TO the
value thus found and established there shall
be added twenty-five per cent, and the sun
thus found and established shall constitute
the value and price of said stock.
If within the twenty-four hours after such
notice, the owner, his agent or representative
does not join with the board IN establishing
/ the price or value of the stock, the board may
proceed without further delay to FIX the said
value, using the report and trial balance
| aforesaid for that purpose, which writings are
declared to be conclusive evidence Tor ano
against all parties in interest IN the prem
! ises. whether the value is established by the
| Joint act of the owner, his agent, WIDOW
/ heirs or representatives or by the board Of
directors acting in default of the cooperation
| of said person or persons.
| Upon receipt of the offer or acceptance O.
any shareholder to purchase said stock anC
| upon obtaining guarantee satisfactory to sait
| board for the price thereof, the board OF ui
] rectors shall thereupon give notice tnereot .
| the owner of the stock, his agent, or repre-
sentative, and before the expiration of thu
| period of eighty days aforesaid, shall call II
| the certificate or certificates representing suci
| stock and pay the price or value thereoi an'
| cause the same to be transferred on the DOCK
| to the purchaser.
| Second: The preference, option and right
| purchase heretofore vested by paragraph mrs
| in the other shareholders shall exist IN tul
| force and effect in their favor TO acquire IN
| shares of stock of a deceased stakeholder, an
the formalities and course of procedure, tn
terms, conditions, stipulations and delay
hereinabove established in said paragraph
shall apply in all respects to the proseduT
| TO be followed in case OF death lmmediateI'
| unon receipt of information of the death o
any shareholder, it shall be the duty OF tn
hoard of directors to cause the necessary step
to be taken to carry out and enforce those pre-
visions. -
of purchase hereinabove established shall Iu
in favor of each shareholder of record tor M
yirile share in proportion to his existing mold