Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1922-10-23
NoTIcE ro srocKHoLpERs.

special meeting 81 the stockholders
OF the United states Credit Corpora
ton will be held In the offices OF the
corporation. 100 Genesee street. Utica,
y. Y. on the tenth day OF November.
1922. AZ o'clock In the afternoon. The
object OF the meeting will be 70 vote
upon a proposition authorizing the d.
rectors % the United States Credit
Corporation 20 sell ms entire assets 70
new corporation 20 be formed, 20 be
known as the North American Credit
Corporation or by some other appro-
An outline Of tho proposed plan OF
sale Is substantially a. follows:
A new corporation win be lmmedi-
ately organized under the laws Of the
State OF Delaware. with a charter slmi-
states Credit Corporation and author
izinE the Issuance Of hfty thousand
(6e,0oo) shares OF preferred stock, par
value Of Atty dollars (S5Q.ool each. hav-
ing substantially the following prefer
ences. and such other preferences as
may be deemed advisable.
The preferences and distinctive fea-
lures Of the preferred stock are sub
the preferred stock shall be entitled "a
RECEIVE when and as declared, from
The surplus or net prohts ~ the cor
poration. yearly dividends AZ the rate
OF seven per cent. C7F) per annum and
no more. PAYABLE somi-annually on
dates 70 be fixed by the bylaws, the
said dividends 70 be cumulative ono
interest. however. 20 be paid on ac-
cumulationsl. No dividends shall be
paid upon the common stock until the
said dividends upon the preferred stock.
with all Accommodations. shall have been
paid IN full 20 the end OF the last pre-
ceding dividend period.
In the event 81 any liquidation. dis
untary or Involuntary o. the corpora 81
ton, the holders 81 the preferred stock
shall he entitled 70 be paid In fun both
the par value Of their shares and the
dividends accumulated and unpaid
thereon. before any amount shall be
paid 10 the holders Of the common
stock and after payments 20 the hold
era Of preferred stock OF tie par value
and the accumulated and unpaid dlvl-
dends thereon. all further sums. prop
erty and assets shall belong 20 and be
paid 20 the holders Of the common
stock. but the holders OF the said pre-
ferred stock shall not have the right
20 any further participation In the
Save as aforesaid. tho holders Of said
preferred stock shall not be otherwise
Interested In or entitled 70 share In the
profits or assets of the corporation and
In the event of the capital stock 81 the
corporal ton AZ any time being Increased.
the holders Of said preferred stock shall
not be entitled 10 any right Of subscrip-
ton 10 such increased stock
The preferred stock shall be redeem
able as n whole only at the option %
the corporation az slxty-hve $50 dol
lars per share and any accrued dlvi-
dend thereon. upon any dividend ia ID
subsequent 20 one year from the date
OF this instrument. upon sixty f60l
days previous notice by mail. 20 the
holders OF the preferred stock. AZ their
last registered address on the books 81
the corpora ton. The holders ~ the
preferred stock shall not be entitled 70
Tie new corporation win also he au-
thorlzed 10 issue fifty thousand f50.900)
shares % stock with no nominal or
pa value. The purchase price 10 be
paid 20 the United States Credit Cor
poratiop by the new corporation VIII
he substantially rs follows; The num-
her OF shares Of It's preferred stock
fully paid and worcestershire equal 70
the number % shares Of preferred stock
OF the United States Credit Corporation.
Of preferred stock of the new corpora
tion AZ par equal 10 The dividends ac-
cumulated and unpaid on she preferred
stock OF the United states Credit Cor
poration. and IN addition 70 this pre-
ferred stock. the new corporation VIII
grant 70 the present common stock
holders OF the United states Credit
Corporation. the right 70 subscribe 70
Of the new corporation for each one
share they now hold ~ the United
States Credit Corporation. az three
(t3 00l dollars per share. this right "a
subscribe may he exercised by the com
mon Stockholders upon their turning IN
their common stock 20 the United states
Credit Corporation The new corpora .
ton will assume the OUTSTANDING notes
and accounts payable Of the United
States Credit Corporation, appearing
on the books OF said corporation on the
date OF sale. -
ort1s-70 Secretary.