Document KgMwBjKbz9dmbxKD9mk47Y60

PLAINTIFF'S EXHIBIT MINUTES OF: A special, meeting of the Board of Directors of. VICTOR MANUFACTURING-' & GASKET COMPANY,'an Illinois.corporation, held at the office ofsaid Company, . . , S7S0 West:Roosevelt Road, in the. City of Chicago, in the.County of Cook and. ;. .. State of Illinois, on the 31st day of August,. A*' ;D. 1966,. at 8:30 A.M. pursuant .. . to waiver of notice by-all the Directors of the Company. ' ' ...... . '..,...The following. Directors; cgnstitutirig a majority of the Board.of. ;-.:G'eorge E.' Victor ' ... . . . ... :Orrin W. Clifton - '. : ; > William F; Victor '-. : .:>::-.Wayne:D. Neathery.. .7 7;3... - :J.-r 77 Mr? George-E.-Victor,. Chairman Mr. Frederick B. .TuttleSecretary.of the corporation; recorded the,proc.eedings. " f- -.-;The!.Secretary reported.that a majority of the Directors.were present ,irt person at the meeting; and, therefore, the. meeting was-.legally constituted for the transaction, of business. \\ \ - ' ; " >The Chairman stated-that the first order Of business, was consideration of dividends to be- paid in August.. ' . 7' .-' ' .The'. Secretary then presented .a report to the Directors relative to the financial position of the corporation.and the .results of its operations for.the . . > first .seven fiscal months of this year:" ' ;/ .. ' .. . . ' ' . ... Comparative Statement of Sales and Tentative Profits : First Seven Fiscal Months (00.0 omitted) .; ' '" -: ' V " .* -> * ; * ' . Increase or :% of , : . 1966 . . 1965 .. ' (Decrease) ;..Ghanae -Parent Cohi'P'Shv-^fewludihg .'siiaidiarie^):' ",'-'': jr- ;V?`C )"_/ ' 'VV Net.-Sales:..UV.--'.7 $22,415 $22,026.;. $389 333 -TehtatiyecNet.:P^bfit37:3-* v^U,2:6_3 ;;-;l>()42'r';-;;;;:;y2-79):vg^:;;;^.--26^8; . ; : Ali Subsidiaries: .. . .-Net.Sjles 3` ' : -Tentative Net-Profit . -' ;;v - V2.;S2S' ,2^224 ;; ' . 60.1'. ...+ 27.0 .,134 ;.(V 108) ; ;242 > .^224.1 ^ParentrandiiAlhrSubsidiaries:; -v\. /"' V-; *' ; - -Tentative Net Profit.... , .. .897 ,934 V. V'. -;.A" 'i'.V-Vxj.'v/v. ^i^'4;iv ( 37) ,. - 4.0 % of Profit to Net Sales . ; ' . ;-3.`6 7.,'3.9'.. The corporation currently has no.short-term borrowings. Its subsidiary,; Smith & Kanzler Company, .has recently borrowed SI ,200,000. -The.amount, terms! of the'-'Note Agreement w is approximately $1,331,490. > T .' ..'The Secretary recommended that a dividend'of SlvSO pe'r share , ori' preferred.stock, and a dividend of $2.00.'per.share on oo.mmon;.stock be. paid.'ori Augustto'shareholders 'of -'redordonAugust-30 ,' 1-: arid upon:motion duly made,-.seconded, and unanimously, carried,..it was: :> . /RESOLVED that a iiyidehd^of -One' Dollar arid- Fifty ... ., 0::',V-::'.Cents-.($1.50)'-per.-share ($.27,000) be, and the same is if.".hereby, declared on the preferred stock Of the .Victor.'; ^ XV V;.-^Manufacturing & Gasket Company .out of the most-' : . '-"recent earnings of this .corporation, available for sucHy''.' A'.'-v '.-purposes, payable'to the holders of preferred stock.bf .? ; - .: i; this corporation in' proportion to their respective holdings f ';. ; y -of-preferred stock, of 'record at the close'of business on'. i'i-y the. 30 th day. of August,-A. D..1966; the> payment of y-..;-- -. - - " .said..dividend to be made in cash, on .the 31st day Of *K- V* ' Augus.t, A..: D. 1966.. - . ' '' ' .. FURTHER RESOLVED that a dividend of Two Dollars ' ' .. ' ($2.00) per .share ($67,132) be,- and the same is . . . hereby, declared on the common stock of the Victor '. / -/Manufacturing fit-Gasket.Company out of the most recent '. \ earnings of this corporation available .for such purposes,' payable to-the holders of common stock of this corporation ..in proportion to their respective holdirigs of common stock of;record at the close of business- on the 30th day of . ;-. ^Augusti-'A--.-:' D. ..1966; the- payment of said.dividend'.t'6'bd.; i/v.K' made-' iri cash 'on.the .31 st day. of August A..-.-D. 1966;'..y'/ rChaihh'arf-sthte'd"that whiie'the'Secretary was lri;.Cpidmbi'a-it;.was'.''s', riece s s ary' for -the; Secretary, to purcha s e fifty s hare s of s cock of Re pue s tos.AutomotOre s'' de.Colombia^Ltda v.rom Demecrid Guntaras. at 1,500. pesos per share....For Colombiari transfer records, a .resolution .of this Board ratifying .the'purchase is neces saryy. --The - '' total of 75,000 pesos is;approximately $4,700. ; -V :-y. . "a itwad -''. : ' - ' .v.v-^`-V-;/ ;-v -RESOLVED that the actions of the Secretary. - Treasurer of ' this Company,. Frederick-B. .Tuttle, in purchasing 50 -. snares of REPUESTOS AUTOMOTORES DE COLOMBIA'LTDA. front Dexnetrio Guntaras at. Fifteen Hundred U ,500).Pesos per share be,, .and they hereby are, ratified and approved. Schulze ,' Jr. , residence because. Schulze was being transferred by the .Company, to ' ; C.hurubusco/.Indiana, in order to.become-Plant.Manager of Plant #9 ' approyed,' it was.vi Y-/ -Vi:vV-- :;Yy"-:/'..'.Y; in purchasing, the.Paul W. Schulze," Jr. residence at -;'v Si2.Gartner Road'/ Naperville, Illinois,'for Twenty-Seven CiCtvj? Thousand Dpllars ($.2 7 > 000) for `the,'^purpose of facilitating'. '>.? >, iY the tranSfer-of a plant ;manager to/ahotiter geographical/:;YYf ') iocation.df One pf: this-Company^s 'plants andwitli the Y-vYy'-YYy .'ih.tentioh.bf rebelling .this .residende' be' ,;'.and -they Kejreby>y';/;'V;;'-;;; are ; ratified' and' approved. /Yv-Y -V -o'\j '.: Y; ; //Y/ ` ;Y YYY. Y/Y There being no.'further business , .the meeting'thereupon.adjourned Secretary-". =.