The Hawaiian gazette., 1917-09-21
LIMIT DIRECTORS
] AS TO ASSESSMENT
Mineral Products win Reorganize
and Vote At Meeting Is
Unanimous On Plan S5

Plans Tor the reorganization of Min.
eral Products Company as Hawaii cor
poration erystalized at the meeting of
the stockholders held in the rooms Of
the chamber Of commerce yesterday af-
ternoou. The Nevada corporation will
transfer AL Of its property to the Ha.
wall corporation and the latter will as
sumo all the liabilities Of the old com.
pany.S stockholders of the present com
pany may exchange their shares for
shares in the new company, share for
share, but the new shares will be only
seventy.fiye per cent paid and subject
to assessments up TO twenty-five per
cent. No assessment In excess Of Ave
per cent, however, can be levied with
cat the further consent of stockholders
in the new corporation and il is I'M.
probable that any single assessment will
be more than two cents share a
month. -,s X,
Ready To Go Ahead Y sts 1l =.
Mineral Products win be in posi-
tion 20 20 forward with its undertake.
ings, The more important features Of
the plans suggested by the directors
were adopted yesterday afternoon
though there were notifications which
distinctly lessen the powers Of the di-
rectOrs of the new corporation in the
levying Of assessments. Instead of hav-
ing power to levy a full twenty five
cents a share they must again consult
the stockholders after a total Of five
cents has been levied. This was the
only change that was made in the plans
presented for consideration Mt the hd
journed meeting. ~
OF the 1900 stockholders Of the Min
eral Products Company there were pres
ent in person enough Of them to fill
the assembly room Of the chamber Of
commerce and overflow into the hall
At the previous meeting there were not
sixty per cent of the shares represented
but at the meeting yesterday about sew
enty per cent were represented by the
holders in person or by proxy.
Events Follow Past
When it was found that there were
q sufficient number Of shares represent.
ed Of the meeting TO enable the desired
action, President A. +. Judd called ON
Judge Whitney to read the proposed
resolution. This completed, things be-
gan 70 happen and 70 happen fast. II
was Quickly evident that without some
modification the proposed rlans would
have decided opposition. Even before
there was q subject before the meeting
before q motion had been made and
seconded for the adoption Of the resolu-
tion, A. Hooking was on his feet with
modified plan. He moved 10 amend
by making the stock in the new corpora
ton ninety per cent paid up instead of
seventy five per cent paid up and sub.
Jeet, therefore, to a total of assess
nents OF only ten per cent.
Says Money Was Squandered 81
There has been enough money
sauandered already, Y said Mr.. Hook.
ing, without putting another twenty
five cents on top Of the twenty five
e"nts that has gone before. I under
stand that amount of money is not
needed. Ten cents a share would give
5000, 900. and that certainly ought to be
enough to carry things through
At that point President Judd de-.
clared there was no business before the
r'eetin" until 4 motinn had been made
to adopt the original resolution. Mo-
ton was made aud seconded end then
Mr.. Hooking renewed his amendment.
Some Figures Given 49,
,. w, Klebahn inquired as 70 debts
end liabilities Of the company and cost
Of carrying on proposed experiments,
He was Informed another $4,000 had
been borrowed but the president did
not know just how much remained nm
eypended. This made the indebtedness
100000, besides the accommodating liza.
bnIty for purchase which was about
$4,000, or 100000. Operating expenses
are about 10000, and diminishing, and
$4,000 Ia expected to be sufficient 10 put
IN the experimental plant. Length Of