Document dY3g4d8pnGN4vM7x2mXZBGKm5

Minutes of Regular meeting of the Board or directors of National Lead Company held at No. Ill Broadway, New York City, on Thursday, May 24, 1954, at 11:15 o*clock A. ;.i.____________________________________________ Present: Messrs. E. F. Beale, L. . Beale, Carter, Cornish, Croft, marsh, .ueredith, nockwell, oiaford, Taylor, Thompson and >arshow. Absent: Messrs. Beschorman and Caselton. Present by invitation: Mr. Greene. Mr. Cornish, Chairman of the Board, presided. The minutes of tne regular monthly meeting and of the annual meeting held ^pril 13, 1954 were read and duly approved. upon motion duly made and seconded tne actions of the executive Committee since the last meeting of the Board, as set forth in the minutes of its meetings held "pril 25, may 5 and fay 17, 1S54, submitted for the approval of the meeting, were culv and unanimously approved, the roll being called on ail items involving the expenditure of money. upon motion duly made and seconded the affixing of the seal of the Company to sundry documents as enumerated in schedule submitted by the Secretary was dulv and unanimously approvea, ratified and confirmed, and sa.u schedule was orcerec filed with the minutes of the meeting. On separate motions the following resolutions were each unanimouslv adooted, the roll bein-: called where tne exoenaiture of money was involved. RESOLVED, that dividend no. 29 of Si.50 a share on the Class B Preferred Stock of the company be and it hereby is declared, payable from Rurplus Fund and Profits on August 1, 1254 to stockholders of record at close of business July 20^- 1954. 0000-NLI-000021888 li Rr SOLVr D, that a quarterly dividend of $1.25 a share on the .Common Stock of tne Company be and it hereby is declared, payable from surplus Fund ana Profits on oune 50, 1954, to stockholders of record at close of business June 15, 1554. Ru SOLVr L, that the action of the officers of the Company in paying to Cne Twenty-Six South Thirtieth Street Corporation (formerly Wetherill and Brotner), pursuant to tne contract between tne Company and saia Wetherill ana Brother dated December 50, 1355, the acaitional sum of $4114.53, representing tne contract value of the excess amount of white lead actually delivered tne Company under said contract in excess of the estimated amount tnereof heretofore paid for, and in accepting from "etherill & brother, Inc., as purchaser from the Company of all white lead delivered it under said contract, the further promissory note of said V. ether ill * brother, j-nc. for <*>4115.23, in payment for the additional amount of wnite lead so received by it from the company over and above the estimated amount thereof as aforesaid heretofore paid for by it, be'anc it hereby is and said payment ana acceptance are in ail respects approved, ratified and confirmed. nEsOLVBb, that the purchase by 1Itanium Pigment Company, Anc. of 62.765 acres of land for a plant site at Sayreville, hew Jersey, at a total cost of 538,000., pursuant to Executive Committee resolution of April 23, 1934 approving the purcnase of not to exceed 60 acres at a price of $1500. per acre, and the proposed expenditure by said Company of the further sum of $16,250. for the purchase from the State of the land under the Raritan River between high water line and ests' lis-ied bulkhead line lying in front of and adjacent to said site for a distance of 1300 feet measured along said bulkhead line from the southwesterly bounaary line of said site, in conformity with letter of Tr. C. 1'. Garesche, Vice President, dated ^ay 24, 1954, be and it hereby is approved. RRSOLVEJj, that the proposed expenditure of the sum of $8'635. by Titanium Pigment Company, Inc. for building extension to house additional lead filters at its St. Louis Riant, in conformity with letter of Er. c. R. Garesche, Vice President, datea iJey 15, lu54, be and it hereby is approved. 0000-NLI-000021889 \