Document 3ewRar4G2wDjmd841EyyvkrOJ

'- : . . D A tr A C 0 R F 0 R A T 10 H .. .. ' MINPIES OF SPECIAL MEETING- OF THE BOARD 0T BTRErragg : . >. - ' ' A meeting of the .Board'pf Director's pf DANA- C0RP0RA.TIQN .v*s..- h?Id v: at The Xoledp Cliib,: Tbledo, Ohio, on Thursday, June. 9, 1966, at 12:00 o'.clock ,/. noon,'.pursuant to waiver of notice of the. meeting signed, by all of the Director: -.Present:;- '> v; ' MeesrsV'.---.v---l-}J. E;-'Mart ih.\:^:-*?-W, v-Miller-:; >v;:- V1'-:-; :-v :-r T. Ji Dolan.-' . V:' ? ,V-V:.S w.. W.: Ihight *; JrV -V 'V/V. ' 5 '/'.v'V;.'.'-' ' ..r. 1.' C."McPherson' '' ' ; ' ' V constituting, a. .majority of the Board. . / - . - -Mr. Martin, President,-presided as Chairmen.of the meeting; Mr . ' W.-.J. Hoshal, Assistant Secretary, acted' as Secretary of :the meeting.. yv - ' ' Mr. Martin itaeed. that he and other.- Officars of Dana. Corporation - had conducted negotiations with;.the Officers and. principal shareholders of- '; Victor Manufacturing & Gasket Company of Chicago, Illinois, an Illinois cor poration, for. the purchase, by this .'Corporation,-' from the shareholders 'of. '. Victor Manufacturing & Gasket Company dfail of this outstanding capital stock - of'"said:Company, conaistlag of 33,566 shared of common stock with apar. value pf. $10.00 per share and 13,000 shares .of preferred stock with a par. value of $100.00 per share: for ah aggregate amount of $24,000,000, of which $7,200,000 is to be paid-upon [delivery-of the stock and the balance -to be paid in.install ments. at agreed- upon intervals over a period ending on September 1, .1968, to gether with Interest on unpa id -inst ailments attberateof 5- 1/2X per' innumi-".-'; ' After .a detailed discussion, of. the .desirability, of this acquisi tion, the following resolutions, were duly made,, seconded and. unanimously . - adopted: - .- ' - . .. .' ; i. ' -. "S . . ' . - .. RESOLVED,, that.Che President-b* authorized to enter into an. Agreement with the shareholders of Victor Manufacturing s Casket - ,' i-Company, or their designated . representative, .for the purchase of-V .... or,..substantially-.all- of the issued;, and'-' out st andIng';sharejrj.'of:;.;.: / i'H^cotnmon;.ink preferred stock of Victor Manufacturing & Gasket Company.': for-a consideration hot to exceed $24,000,000, payable in an amount.' - . V ; ;; not to exceed'$7,200,000 in cash upon delivery-.of the stock-and-the; V ' ,:V ; balance to.be paid in installments, approved by .the President, 'over`. .. .- , * .-period ending on; September 1, 1968^ together with interest on. un-'.. .; : ' paid installments at.the- rite of 5-1/2X per annum, such Agreement . V ;. :;'to. hive such. other terms'and -provisions aa thePresident 'may -.'approve. v j;;with the advice' of.eounsel; andbe it; further-'-- :vv V;. ;. RESOLVED,.that. the President, and other Officers of this ' Co5rpor-`;"' : ' . .-'ation be .and'they-hereby are authorized and directed to take all such' - ' -. " 'further action,, and to make, execute and deliver ell such further - . f- documents, as. they, with the advice' of counsel, may deem necessary' >. ' . \ or desirable in order to carry out the intent and purpose -of the-. . - - foregoing resolution. " . ' .. ... - Oh motion duly made, and seconded,--the meeting adjourned. .. ' ' .. . Approved:/ ; - Secretary of-the Meeting V iS- . : ' .-- ;` - jv 3- } >< Chairman of the Meeting ; S>-. . :/ - - -, " . :;; `