Document bE3Bd7Vm5VVpL3DDkvQyMxy3

FILE NAME Cape Asbestos CAPE DATE 1976 Apr 23 DOC CAPE146 DOCUMENT DESCRIPTION Minutes from NAAC Annual Directors Meeting Legal - Tibbs Case Exhibit 44 BECTRONIALY i sd MINUTES OF ANNUAL MEETING OF DIRECTORS OF NORTH AMERICAN ASBESTOS CORPORATION HELD APRIL 23 1976 AT 11:15 M. FILED Charles G. Morgan Herbert C. Brook and Max E. Meyer constitu- FILED ting all of the directors and Joan Holtze Secretary of the corporation - 2023 were present in person Mr. Morgan acted as chairman and Joan Holtze acted as secretary of the meeting Oct Mr. Morgan presented a management report reviewing NAAC's activities during 1975 and for the first quarter of 1976. He noted that 18 commissions on contract sales from the mines provided only 23 of the 12:13 net profit before taxes Sales of amosite fiber are declining Demand 12:13 PM is decreasing both because of health hazard problems and increased prices Blue fiber is in short supply and by 1977 it is expected that pipe - manufacturers will be accepting amosite fiber for this purpose because blue fiber will not be available RICHLAND Mr. Morgan expects that 1976 will be a good year although not as good as 1975. Mr. Morgan presented to the directors a year compari- - son of tonnage sales of amosite and blue fibers and sales from the GSA COM ON stockpile He also presented a year comparison of sales of Cape fibers GSA fibers and textiles as well as selling and administrative expenses and commissions as well as profit for the same period Mr. Morgan reported on the difficulty in renewing products liability insurance and the greatly increased cost The directors were unanimously PLEAS of the opinion however that there is no alternative but to renew adequate - coverage if it can be obtained regardless of the cost The chairman stated that the next order of business is to elect officers The following persons were unanimously elected to the offices 203CP41759 set before their respective names for the term provided in the laws President and Treasurer .....se.eceee- Charles G. Morgan Vice President and Assistant Secretary .. Max E. Meyer Secretary and Assistant Treasurer ...... Joan Holtze The chairman stated that the next order of business is to consider the declaration of a dividend After discussion seconded it was unanimously on motion duly made and . RESOLVED that this corporation pay a dividend of 250,000 which may be paid in installments on or before December 1 1976 to shareholders of record on June 1 1976 J. ML PLAINTIFF'S EXHIBIT _ 816 14114111AS AJUSN 015 CAPE00081CAPE6000816