Document 2jOZQb4BL3eb487Ey5Mom1rvN

c o pt or t he; mew t r s m t h l jaasrihc OF ms DQftfil) Of SB.GOOHS Of TUB SUBHBIW-iHLJ.IilOl OOtfAXT. Bald January 36. 193*. The fmsidaBt reported that the option for the *o<*ul*tfelon of b properties and wwU Of tbs Darffi Tltanlua Conpany hod beau ainraload and the; grii--tint nnrninaatart. Thereupon, on Motion fcy Hr. A. X. Steudel, onoondsd bar Mr. D. A. KOhr, and aarrled, ths follosing resolution. m adopted* HUSRfiAS this Board of Directors at its last nesting determined that tbs properties and assets of Burgess Titanium Conpany, nuieh tide Company Bed a right to acquire taller lie agrenment with the Titanium Com pany dated July 26, 1937, bid a fair value to ibis Company in s mmmw not only of tin par value but also the actual value of 5500 shams of this Ccepany's Canaan Stock, to wit, in eacoess of 4600,000* and that ths acquisi tion of such properties and assets hr this Company for such consideration, : which eae tbs conaidumtion specified in said agreement, vats advisable, and! this Board thou authorised such Requisition for such constderstianf and VHKf&iS, pursuant to such autiority conferred by this Board, sueh properties and assets of Burgees Titanium Coepaiy bans been enquired by this Company, ooneidaration, as a result of further negotiation by the president, of the issuance and delivery to Burgess Titanium Company of five thousand (5,000) shams of full-paid and noo-asaesmblo common stock of this Company? and VHUUA3 it has for many years been the policy of this Company to cany intangible assets on its books at a nominal value of #L.(X>? SOW, Ti&ThJm'., BL XT KL&&VUC tint the Treasurer and other proper officers of tide Conpany be, and they bamhy are, authorised and direoted to enter upon the books of the Company, at tbelr fair value to it, only the tangible properties and assets inoluded in tiu properties and assets of Burgess Titanium Company so acquired, and to enter no value upon the books of the Ceiqpiny for the intangible properties and assets of said Conpany so soquired, and to charge off the difference beteeen tne par value of 5,000 shares of title Conpicy's common stock issued in eonadbdenttion of all tr.e properties and aseote of Burgess Titanium Company acquired by this Canpaiy and the fair value of the tangilile properties end asaeta so soquired against the eurnlnga of the Canptuy for the currant fleoal year. N24199