The Winslow mail., 1920-04-23
CERTIFICATE RELATIVE TO
AMENDMENTS OF ARTICLES
OF INCORPORATION OF
&c. PENNEY COMPANY

We, AdtA ~ o@l1o, OSloOl1C; ebA
George H. Bushnell, Secretary of tn
j. G. Penney Company a corporation
created, organized and existing unde
and by virtue of the laws of the stat
of Utah, hereby certify to the Count.
Clerk of Salt Lake County, State o
Utah, and to the Secretary of Stat
of the State of Utah, that at a specia
meeting of the stockholders of sal,
corporation duly, regularly and legal
ly called and held upon due motto
thereof having been given by publica
tion thereof for a period of twent-on
(21) days in the Salt Lake Telegram
a newspaper printed in the Englisl
language and having a general cir
culation in the County of Salt Lake
State of Utah, and which said notice
stated the proposed changes OF
amendments to the Articles of Incor
poration of said company and the time
and place of such stockholders meet
ing, and was so given in the manner
and form required by law, and said
stockholders meeting was duly and
regularly and legally held in accord
ance with said notice and in accord
ance with the requirements of the
Articles of Incorporation of said com
pany and with the laws of the State
of Utah in the principal office of the
company, Suite COS Boston Building
Salt Lake City. Utah, on Monday, the
End day Of February, 1920 at ten
O'Clock in the forenoon of said day, al
which said meeting more than ma
jority Of all the outstanding shares OF
the common capital stock (being the
only voting stock Of the said cor
poration was represented by the own
ers and holders there of either in per
son or by proxy. The following
amendments were duly adopted by a
vote representing at least majority
of shares OF the outstanding common
capital stock Of said corporation, and
the same were duly, regularly and
legally adopted and passed, amending
the said Articles of Incorporation OF
said j. C. Penney Company as fol-
lows:
RESOLVED:
/. That Article x be and hereby is
amended to read as follows:
"The subscriptions for and owner
ship Of all common stock in this cor
poration are made and taken upon the
condition that the purchaser or holder
thereof, desiring to sell the same,
shall first deliver the same to the
Board Of Directors of this corporation
for sale, which Board of Directors
shall fix the sale price Of said stock
by computing within a reasonable per-
iod Of time, the value Of said stock
which valuation shall be fixed by ref
srence to the tangible property be-
longing to the particular store, the
stock of which Is offered for sale. In
no case shall good will, or other in
tangible assets be included in the
value. And in making such computa-
tfon, the directors shall deduct items
of liability chargeable to said store.
as an Indebtedness for borrowed
money, bills, notes and accounts pay
able and taxes accrued.
"As soon as the price Of said stock
has been fixed, the Directors shall
forthwith offer the same for sale at
said price to the stockholders holding
the class of common stock offered for
sale, who shall have thirty 500 days
time in which to exercise their right
to purchase the same at said price
then the Board of Directors shall, un
bidders, divide the same between them
in the same proportion as each OF
their individual holdings of stock in
the branch, the stock of which is be-
ing offered for sale, bears to their
aggregate holdings of stock in such
branch.
In case of their neglect or refusal
to purchase the same at such price
then, and in that case, the Board OF
Directors may offer the same for sale
at said price to any other person. OF
persons. and If within thirty (90) addi
tional days time no such person OF
persons shall have purchased said
stock at such price, then, and afteI
the expiration of such time, the stock
holder offering such common stock
for sale shall be free to make any
other sale or disposition of his com
mon stock.
These provisions shall be binding
upon the successors, heirs, administra
tors, executor or assigns of the hold
ers of common took of this corpora