Document M2gg3Q28DzjR4a0bRw3Z4n4a

Min u t e s o f Re g u l a r Mo n t h l y Me e t in g o f t h e 3o a r d o f Dir e c t o r s o f NATIONAL LEAD COMPANY h e l d a b o a r d t h e Ya c h t "CAPTIVA", o f f t h e Co a s t o f Pa l m Be a c h , Fl o r id a , Tu e s d a y , Ja n u a r y 29, 1952, ____________ a t 9: 4 5 o 'c l o c k A. M._______________ _____________ PRESENT: w. V . 3 u R L E Y . H. Qr e w e s J A# Ma r t in o D. A. Me r s o n G. L. Ra t c l if f s J. H . Re id ,v i n t h r o p Sa r g e n t , J. A. Ta y l o r H . T . Wa r sh ow H . C . WI LDNER Jr . A33ENT: Me s s r s . L. T. Be a l e a n d Ch a r l e s Simo n Th e Pr e s id e n t , J. A. Ma r t in o , a c t e d a s Ch a ir ma n o f t h e me e t in g , a n d J. B. He n r ic h , a c t e d a s Se c r e t a r y . A SUMMARY OF THE MINUTES OF THE LAST PRECEDING MEETING h e l d No v e mb e r 27, 1951, w a s p r e s e n t e d a n d u p o n mo t io n , t h e r e a d in g OF THE MINUTES OF THE PREVIOUS MEETING WAS WAIVED AND THE MINUTES WERE UNANIMOUSLY APPROVED. Up o n s e p a r a t e mo t io n s d u l y ma d e a n d s e c o n d e d , t h e f o l l o w in g RESOLUTIONS WERE EACH UNANIMOUSLY ADOPTED: RESOLVED, Th a t t h e a c t io n s o f t h e Ex e c u t iv e Co mmit t e e a s s e t f o r t h in t h e min u t e s o f it s me e t in g s h e l d No v e mb e r 28, De c e mb e r 6, a n d De c e mb e r 19, 1951, a n d o n Ja n u a r y 3, Ja n u a r y 9, Ja n u a r y 16, a n d Ja n u a r y 23, 1952, s u b mit t e d a t t h is me e t in g a n d in v o l v in g e x p e n d it u r e s a n d a p p r o p r ia t io n s o f $6,545,140.27 a n d $1,015,8 83.1 I r e s p e c t iv e l y , b e a n d t h e y h e r e b y a r e APPROVED. RESOLVED, Th a t Div id e n d No . 241 o f $1.75 a s h a r e o n t h e Cl a s s A Pr e f e r r e d St o c k o f t h e Co mp a n y a n d o n t h e Pr e f e r r e d St o c k o f t h e Co mp a n y a u t h o r iz e d p r io r t o Ap r il 21, 1927, a n d s t il l o u t s t a n d in g , b e AND IT HEREBY IS DECLARED, PAYABLE FROM SURPLUS FUND a n d Pr o f it s o n Ma r c h 14, 1952 t o s t o c k h o l d e r s o f RECORD AT CLOSE OF BUSINESS FEBRUARY 20, 1952. Up o n s e p a r a t e mo t io n s d u l y ma d e a n d s e c o n d e d , t h e f o l l o w in g RESOLUTIONS WERE EACH UNANIMOUSLY ADOPTED: RESOLVED, Th a t in c o n f o r mit y w it h t h e Sy La w s o f t h e Co mp a n y , t h is Bo a r d h e r e b y f ix e s Ma r c h 27, 1952 a s t h e r e c o r d d a t e f o r t h e d e t e r min a t io n o f s t o c k h o l d e r s e n t it l e d t o v o t e a t t h e An n u a l 0000-NLI-000022017 (BOARD OF DIRECTORS - Ja n u a r y 29, 1952) Me e t in g or St o c k h o l d e r s o f t h e Co mp a n y t o b e h e l d AT ITS PRINCIPAL OFFICE IN OAYREV ILLE, N E W JERSEY, o n Th u r s d a y , Ap r il 17, 1952, a t 11:00 o 'c l o c k A. H. RESOLVED, Th a t Wil l ia m V. Bu r l e y , Al f r e d H. Dr e w e s , Win t h r o p Sa r g e n t , Jr ., a n d Ja me s A. Ta y l o r , b e a n d t h e y h e r e b y a r e d e s ig n a t e d a s t h e n o min e e s o f t h is Bo a r d f o r e l e c t io n t o t h e o f f ic e o f Dir e c t o r o f Na t io n a l Le a d Co mp a n y a t t h e An n u a l Me e t in g o f St o c k h o l d e r s , t h e r e o f , t o b e h e l d Ap r il 17, 1952. RESOLVED, Th a t s u b j e c t t o t h e a p p r o v a l o f t h e s t o c k h o l d e r s a t t h e An n u a l Me e t in g o n Ap r il 17, 1952, THE FIRM OF LYBRANO, ROSS BROS. & MONTGOMERY BE ENGAGED TO AUDIT THE COMPANY'S BOOKS AND ACCOUNTS FOR THE YEAR I 952. FURTHER RESOLVED, Th a t a r e p r e s e n t a t iv e o f s a id f ir m b e p r e s e n t a t t h e An n u a l Me e t in g o n Ap r il 16, 1953. RESOLVED, Th a t Da v id A. Me r s o n , Jo s e p h H. Re id , a n d Ha r r y C. Wil d n e r , b e a n d t h e y h e r e b y a r e CONSTITUTED A COMMITTEE TO RECEIVE AND VOTE PROXIES f o r t h e An n u a l Me e t in g o f St o c k h o l d e r s t o b e h e l d Ap r il 17, 1952. RESOLVED, Th a t Jo s e p h J. Mo r s ma n , Jr . a n d Ar t h u r K. Sn o w d e n , b e a n d t h e y h e r e b y a r e a p p o in t e d In s p e c t o r s o f El e c t io n t o s e r v e a t t h e An n u a l Me e t in g o f St o c k h o l d e r s t o b e h e l d Ap r il 17, 1952. Up o n s e p a r a t e mo t io n s d u l y ma d e a n d s e c o n d e d , THE F OLLOj i n g r e s o l u t io n s w e r e e a c h u n a n imo u s l y a o o p t e o : RESOLVED, Th a t Ge o r g e L. Ra t c l if f e b e a n d HE HEREBY IS ELECTED A VICE PRESIDENT OF THIS COMPANY. RESOLVED, Th a t Jo s e p h J. Mo r s ma n , Jr . b e AND HE HEREBY IS APPOINTED A MEMBER OF THE ADMINIS TRATIVE Co mmit t e e o f t h e Co mp a n y 's Pr o f it -Sh a r in g Pl a n , in s u c c e s s io n t o Ch a r l e s Simo n , r e t ir e d . ^ RESOLVED, Th a t Jo s e p h J. Mo r s ma n , Jr .b e i jj AND HE HEREBY IS APPOINTED A MEMBER OF THE PENSION ] a n d Lif e In s u r a n c e Bo a r d o f t h e Co mp a n y , in s u c c e s s io n t o Ch a r l e s Simo n , r e t ir e d . 0000-NLI-000022018 Up o n mo t io n , t h e me e t in g t h e n a d j o u r n e d . \ DIRECT0I New Yo r i M.____ Jr * TAN OF TI . G MEETII READING II NUTES (BOARD OF DIRECTORS - Ma y 27, 1952) RESOLVED, Th a t t h e p r o p e r o f f ic e r s o f t h is Co m p a n y AND OF ITS FOLLOWING WHOLLY-OWNED SUBSIDIARIES: Na t io n a l Le a d Co mp a n y o f Oh i o ; Me t a l l u r g ic a l & Ch e mic a l Co r p o r a t io n ; Un it e d Le a d Co mp a n y ; Sa y r e a n d Fis h e r La n d Co mp a n y ; Co b a l t Nic k e l Re d u c t io n Co mp a n y ; Ma g n u s Br a s s Mf g . Co mp a n y ; Ma g n u s Me t a l Co r p o r a t io n ; Ame r ic a n Be a r in g Co r p o r a t io n ; Tit a n iu m Pig me n t Co r p o r a t io n ; Tit a n iu m Pig me n t Ex p o r t Co r p o r a t io n ; Na t io n a l Le a d Co mp a n y o f Ma s s a c h u s e t t s ; Ev a n s Le a d Co r p o r a t io n ; Ho y t Me t a l Co mp a n y ; Na t io n a l Le a d Co mp a n y o f Ha w a i i ; b e a n d t h e y h e r e b y a r e a u t h o r iz e d a n d d ir e c t e d t o ma k e , e x e c u t e a n d o e l iv e r in THE RESPECTIVE NAMES OF AND ON BEHALF OF THIS COMPANY AND OF ITS AFORESAID WHOLLY-OWNED SUBSIDIARIES, AN APPRO PRIATE LETTER FORM OF REQUEST FOR RENEGOTIATION ON A CON SOLIDATED BASIS FOR THE YEAR 1951. Th e Ch a ir ma n s t a t e d t h a t a d d it io n a l l o a n s a mo u n t in g o $655,000.00 HAD BEEN MADE TO TITANIUM METALS CORPORATION OF lAMeRICA FOR USE AS WORKING CAPITAL AND THAT THE PREVIOUS LOAN OF )WINS RE! s765,000.00 MADE TO THE SAID TITANIUM METALS CORPORATION OF AMERICA, :XECUT I Vf MEETING! '952, SUf ruRES AN! HEREBY 'URSUANT TO THE AUTHORIZATION GRANTED BY THE EXECUTIVE COMMITTEE ON lAY 29, 1951, HAD BEEN USED BY THAT CORPORATION FOR WORKING CAPITAL. Th e r e u p o n , o n mo t io n d u l y ma d e , s e c o n d e d a n d u n a n i- IOUSLY CARRIED, IT WAS $ I.50 -A Co mp a n y , ipl u s 3LDERS 3 OF 250 TOOK OF AND STILL! BE AND "UNO AND RECORD AT Co mp a n y RESOLVED, Th a t t h e a c t io n o f t h e o f f ic e r s o f in ma k in g l o a n s a g g r e g a t in g $1,420,000.00 t o t h is Tit a n iu m Me t a l s Co r p o r a t io n o f Ame r ic a f o r it s u s e a s WORKING CAPITAL (SAID LOANS BEING EVIDENCED BY THE BELOW- IDENTIFIED DEMAND NOTES OF SAID TITANIUM METALS CORPORA TION o f Ame r ic a p a y a b l e t o t h is Co mp a n y : no t e dat ed Ju l y 18, 1951 f o r $700,000.00; n o t e o a t e d Ju l y 5, 1951 f o r $300,000.00; n o t e d a t e d De c e mb e r 28, 1951 f o r $320,000.00; n o t e d a t e d Ma r c h 7, 1952 f o r $100,000.00) b e a n d t h e s a me is h e r e b y a p p r o v e d , r a t i f i e d a n o c o n f ir me d . WHEREAS, TITANIUM METALS CORPORATION OF AMERICA (h e r e in a f t e r OWING RES c a l l e d t h e "Bo r r o w e r ") is in o ebt ed t o t h is c o r po r at io n ,N THE a g g r e g a t e p r in c ip a l s u m o f $1,420,000 r e p r e s e n t e d b y d e ma n d 0000-NLI-000022019 (BOARD OF DIRECTORS - Ma y 27, 1952) PROMISSORY NOTES OP THE BORROWER PAYABLE TO THIS CORPORATION IN j SUCH AGGREGATE PRINCIPAL AMOUNT', AND j WHEREAS, t h e Bo r r o w e r d e s ir e s o r ma y d e s ir e a t is o me t i a n d /o r FROM TIME t o TIME TO OBTAIN l o a n s OR OTHER FINANCIAL ACCOi DATION FROM, OR CONDUCT TRANSACTIONS WITH THE CHASE NATIONAL BAN OF THE CITY OF NEW YORK a n d /o r MELLON NATIONAL BANK AND TRUST COMPANY (h e r e in a f t e r c a l l e d t h e "Ba n k s '*); a n d WHEREAS, THIS CORPORATION OWNS 50% OF THE STOCK OF THE Bo r r o w e r a n d is f i n a n c i a l l y in t e r e s t e d in it s a f f a ir s a n d e x p e c t TO DERIVE ADVANTAGE FROM EACH AND EVERY LOAN, ACCOMMODATION, AND t r a n s a c t io n ; RESOLVED, t h a t t h is c o r p o r a t io n s u b o r d in a t s SUCH INDEBTEDNESS OF $1,420,000 OWING BY THE BORROWER f THIS CORPORATION TO ANY AND ALL INDEBTEDNESS OF THE BOR ROWER t o t h e Ba n k s w h e t h e r n o w e x i s t i n g o r h e r e a f t e r ARISING AND THAT THIS CORPORATION EXECUTE AND DELIVER T t h e Ba n k s a n a g r e e me n t o f s u b o r d in a t io n in t h e f o r m p r e s e n t e d TO THIS MEETING, WHICH SAID AGREEMENT OF SUBORDII TION AND ALL OF THE TERMS AND PROVISIONS THEREOF ARE IN ALL RESPECTS APPROVED AND ADOPTED; AND THAT THE PRESIDEI o r a n y Vic e Pr e s id e n t o f t h i s c o r p o r a t io n b e a n o h e r e b y IS AUTHORIZED AND DIRECTED TO EXECUTE IN THE NAME AND 01 BEHALF OF THIS CORPORATION AND TO DELIVER TO THE BANKS I AGREEMENT OF SUBORDINATION IN SAID FORM, WITH SUCH CHANI IF ANY, AS THE OFFICER OF THIS CORPORATION EXECUTING THE SAME MAY APPROVE, HIS EXECUTION THEREOF TO BE CONCLUSIVE EVIDENCE OF HIS APPROVAL, AND TO DO SUCH OTHER ACTS AND THINGS AS MAY BE NECESSARY OR ADVISABLE IN ORDER TO CARI OUT AND PERFORM ON THE PART OF THIS CORPORATION THE TE RE AND CONDITIONS OF SUCH AGREEMENT. Up o n mo t io n , t h e me e t in g t h e n a o j o u r n e d . 0000-NLI-000022020 i i