Document LgKLVoKkOqoNakGkV3k7KzYX3

MEETING OP D2BSCTQES OP THE SSSSWET-fflLllAMS CCKPANT. A meeting of the Directors of this_ Company was hold at #601 Hoad, N. 1., Cleveland, Ohio, at 2:30 ?. M. .'Emreday, April ath,* 192C. Mr. S. ?. Pom, Tice President, la the Chair. Mr. 0. A. Martin reported to tha meeting that under tha resolution adoptad by tha Board of Directors at Its meeting haId on January 17th,. 1920, tha Prasldaat or Tice Praaidant and tha Saeratary of tha. Company vara aathoriaad and dlractad to purchase at par tha antlra authorised capital stock of tha Interstate Paint & Tarnish Company (nov Acme Vhita Laad A Color Works) as soon as and whan said capital stock should have been inoraaaad from Tan.Thousand Dollars ($10,000.) to Ons Hundred Thousand Dollars ($100,000.), and to loan said Company such mount in axcess of ths mount paid for tha atoek tharaof aa should ba naoaaaary to cca- Plata tha payments raqoirad to ba aada in tha purehaaa of tha businaaa and assets, other plant and machinery, of tha Aos Vhita Laad A Color Works (now Motor City Paint Company), undsr tha eontraet aada batwaan Walter H. Cottingho and aaid Acaa Vhita Laad A Color Works; that in pursuance of auch authorisation this Cost* pany now owns or controls ths sntirs eapital stock of tha Intarstata Paint A Tarnish Company and had loanad to said Company tha im of $3,846,680.09. Mr. Martin farther stated that it would materially iaprov* ths ersdit rating of ths Interstate Paint & Tarnish Corqpany that ne Indebtedness to this Company, on account of ths suras so advanced, should exist, end that this Compary will not be In any way injured if tha amount so advanced, together with ths amount already paid for tha stock of said Compsny, ba considered as payment for tha pur chase of aaid stock, and ha recommended that tha Board take action in ths matter. Tha matter was fully discussed and considered. Thereupon, on motion dnly made end seconded, the following resolution was, on vote, unanimously adopted:- BES0L7ED That the mount heretofore paid for the stock of ths Interstate Paint & Tarnish Ccnpaay, together with the amount heretofore advanced to said Company to complete tha payments required to be made in the purchase of the business and. assets acquired by said Company from ths Aoms White Lead & Color Works (now Motor City Paint Coapany) ba, and tha sms is assumed to be, and la hereby considered as paysmnt for the etOckwf aaid Interstate Paint A Tarnish Coapany; and the proper offleers of this Ctepasyare hereby authorised, empowered and directed to proper entries on tte books of the Coapany, and to do all other things nec essary, to carry out the purpose and intent of this resolution. .1 1 i On motion, duly seconded and unanimously adopted, It was - E2S0LVED: That Tha Sherwin-Willios Coapany guarantee the payment of all notes, RECORD BOOK PAGE ju.fi tiuia . 2 drafts, or other evidences of indebtedness of tht Acme White Lead & Color Works end that the Treasurer or Assistant Treasurer Is hereby authorised to execute the following form of guarantee to Steelman d Bedfield of Hartford, Cormacticut:- "KKOW ALL UE2? BT THESE PRESENTS that The Sherwls-WlUiaau Company, a corporation having Its principal office in Cleveland, Qhia, in consideration of one dollar and other valuable considerations re- . ceived by it from the firm of stadmon 4 Redfleld, of Hartford, Connecti cut, does hereby for itself and ite successors guarantee the prompt payment at maturity to the holder or holders thereof of all notes, drafts, or other evidences of Indebtedness now made, or hereafter to be mads from time to time, accepted or endorsed by Acme White Lead A Color Works, of Detroit, Michigan, Provided o^ly that such notes, drafts or other evidences of indebtedness have been at any time sold or transferred to, by or through Stedmen & Bedfleld of Hartford, Connecticut. Notice of the acceptance of this guaranty is hereby waived* This guaranty may be cancelled at any time by written notice to said Stedmen & Bedfleld, hut such cancellation shall apply only to trans actions occurring after but net before receipt of notice thereof by aid Stedmaa A Bedfleld. In Witness Whereof Tha Sharwin-Willlmna Oonpnny has hereunto sat ite hand end seal by the hand of L. H. Sehroeder,' its Assistant Treasurer, hereunto duly authorised, this 8th day of April, A. D. 1920. THE SHESWIK-WILLIAMS CO. In tha presence of (SEAL) H. C. Schofield. Asst. Secretary*" L. S. Sehroeder. (L.S.) On motion unanimously adopted, it wee - BXSOlTEDi That as of April Sth, 1920, Miss Basel Green be appointed Cashier at Tenses City, 21b. , la place of Kiss X. A. Tanaeman, resigned, end authority to sign sad countersign cheeks for The Sherwin-Williams Company in Kansas City, Mo., against "Contingent Tend" account in Union Avenue Bank of Commerce, is hereby granted unto Hiss Easel Green, Cashier, Ur. J. S. Covert, Credit Manager, and Ur. J. B. Barts, District Manager, two signatures being reared in each and every oaee. The Secretary is instructed to forward a copy of this resolution to n* > / 0007-SWP-000005260