Document gEQbZRGb2bZ9Mq72ko6LnM34Q
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 Bo a r o o f Dir e c t o f NATIONAL LEAD COMPANY h e l d a b o a r d t h e Ya c h t "CAPT IVA", t h e Ho w a r d Bo n d Ya c h t Ba s in , a t Mia mi, Fl o r id a , Tu e s o a y , ________________ a r y 29, 1957, a t 11:15 O'CLOCK A.M.
PRESENT: ASSENT:
A i Dr e w e s
o L, RATCLIFFE
F K OEGLER
J. H , Re id
J Ma r t i n o
J. A , Ta y l o r
D MER SO N
H . T, W A R S H 0 W
H. C WILD NER
L. T. Be a l e Win t h r o p Sa r g e n t , W. J . We l c h
Jr
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
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 MEETt|
h e l o No v e mb e r 27, 1956 a n d Ja n u a r y 22, 1957 w a s p r e s e n t e d a n d u p <
MOTION, THE READING OF THE MINUTES OF THE PREVIOUS MEETINGS WAS
WAIVED, AND THE MINUTES WERE UNANIMOUSLY APPROVED.
Up o n mo t io n 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
RESOLUTION WAS 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 OF ITS MEETINGS HELD ON NOVEMBER 28, DECEMBER 5, De c e mb e r 13, a n d De c e mb e r 13, 1956; a n d o n Ja n u a r y 15, a n d Ja n u a r y 23, 1957; s u b mit t e d a t t h is MEETING AND INVOLVING EXPENDITURES AND APPROPRIA TIONS o f $10,832,903.25 a n d $11,332,866.61 r e s p e c t iv e l y , BE AND THEY HEREBY ARE APPROVED, RATI FIED, AND CONFIRMED.
Up o n mo t io n d u l y ma d e a n d s e c o n o e d , t h e f o l l o w in g
RESOLUTION WAS UNANIMOUSLY ADOPTED!
RESOLVED, Th a t in c o n f o r mit y w it h t h e By -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 23, 1957 a s t h e r e c o r o 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 Me e t in g o f 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 a t it s p r in c ip a l o f f ic e in Sa y r e v il l e , Ne w Je r s e y , o n
Th u r s d a y , Ap r il 13, 1957, a t 11:00 o 'c l o c k A.M.
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RS 0L U
RESOLU
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(BOARD OF DIRECTORS - Ja n u a r y 29, 1957)
Up o n mo t io n 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
WAS UNANIMOUSLY ADOPTED:
RESOLVED, Th a t Le o n a r d T. Be a l e , Jo s e p h H. Re id , He r ma n T. Wa r s h o w , a n d Ha r r y C. W i l d n e r , be an d t h ey h er eby ar e d es ig n at ed as THE NOMINEES OF THIS BOARD FOR ELECTION TO THE 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 13, 1957.
Up o n mo t io n 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
r e s o l u t io n s w e r e u n a n imo u s l y a d o p t e d :
RESOLVED, Th a t s u b j e c t t o t h e a p p r o v a l UM 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
13, 1957, t h e f ir m o f Ly b r a n d , Ro s s Br o s . & Mo n t g o me r y b e e n g a g e d t o a u d it t h e Co mp a n y 's b o o k s a n d a c c o u n t s f o r t h e y e a r 1957.
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 i l 17, I 953.
Up o n mo t io n 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
r e s o l u t io n w a s u n a n imo u s l y a d o p t e d :
RESOLVED, Th a t Al f r e d H. Dr e w e s , Da v id A. Me r s o n , a n d Wil l ia m J. We l c h , b e a n d t h e y h e r e b y ARE CONSTITUTED A COMMITTEE TO RECEIVE AND VOTE PROXIES FOR THE ANNUAL MEETING OF STOCKHOLDERS TO b e h e l d Ap r il 18, 1957.
Up o n mo t io n 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
RESOLUTION WAS UNANIMOUSLY ADOPTED:
RESOLVED, Th a t Jo h n J. Mic h a e l Us s b e a n d t h e y h e r e b y a r e 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 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
La w l o r a n d APPO I NTED t h e An n u a l Ap r il 16, 1957.
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(BOARD OF DIRECTORS
Ja n u a r y 29, 1957)
Th e ; f o l l o w in g r e s o l u t io n p r e v io u s l y a d o p t e d b y t h e
Ex e c u t iv e Co mmit t e e u n d e r d a t e o f No v e mb e r 23, 1956, w a s u p o n
mo t io n d u l y ma d e a n d s e c o n d e d , u n a n imo u s l y a d o p t e d :
RESOLVED, Th a t t h e Pr e s id e n t o r a Vic e Pr e s id e n t
o f t h is Co mp a n y b e a n d h e h e r e b y is a u t h o r iz e d a n d d ir e c t e
t o e n d o r s e in t h e n a me o f a n d o n b e h a l f o f t h is Co mp a n y , t
p r o mis s o r y c o g n o v it n o t e s , e a c h in t h e a mo u n t o f Se v e n Hut
Th o u s a n d Do l l a r s ($700,000.00), t o b e ma d e a n d e x e c u t e d b y
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 t o t h e o r d e r o f Th e
Lo u is 3e r k ma n Co mp a n y , e a c h o f w h ic h s a id n o t e s is p a y a b l e
b y 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 a s f o l l o w s : o n e
HALF OF THE FACE VALUE OF EACH ON OR BEFORE DECEMBER 31,
1957 AND THE OTHER REMAINING ONE-HALF OF EACH ON OR BEFOREL
De c e mb e r 31, 1958; t h e a g g r e g a t e o f w h ic h n o t e s r e p r e s e n t s
THE BALANCE DUE BY TITANIUM METALS CORPORATION OF AMERICA
ON THE PURCHASE PRICE OF THE OHIO RIVER STEEL DIVISION PLAt
o f Th e Lo u is Be r k ma n Co mp a n y , a t To r o n t o , Oh io , in a c c o r
d a n c e WITH THE TERMS OF AN AGREEMENT BETWEEN THE LOUIS
Be r k ma n Co mp a n y , a s Se l l e r , a n d 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 , a s Pu r c h a s e r ; s a id e n d o r s e me n t t o w a iv e n o t ic e ,
p r o t e s t , t h e r ig h t t o e x h a u s t io n o f a l l r e me d ie s a g a in s t
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 a n d g r a n t in g t o t h e
HOLOER THE RIGHT TO TAKE COGNOVIT JUDGMENT ALL AS SET FORTH
in Ex h ib it s D a n d E a t t a c h e d t o s a id Ag r e e me n t ; a n o t h a t t h e .
Se c r e t a r y o r a n As s is t a n t Se c r e t a r y b e a n d h e h e r e b y is a u t h ;
ized an d d ir ec t ed t o at t es t an d t o af f ix t h e s eal o f t h is
^
Co mp a n y t o t h e e n d o r s e me n t o f t h e t w o s a id p r o mis s o r y c o g n o iii
no t es.
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 .
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