Document re7k5NR49pZZEwRb2drMgpnLr

M INUTES O F SPECIA L M EETING ,' - . O F BOARD OF DIRECTORS O F ' ' ' PA U L W. WOOD COMPANY (FO R M ER LY NAM ED INDRAMACH CORPORA TIO N) . On. F e b r u a r y 25, 19 6 4 , a s p e c ia l m e e tin g o f th e B o a r d of D i r e f t r :^ f . ^ u J . _ ^ J :3V'.o.Q.d C o m p a n y w a s h e ld a t 2 :0 0 P . M . a t .the p r i n c i p a l o ffic e ,o.f th e .c p rp .o .ra ,tio r^ a t'jA 08 H u n tin g to n D r iv e , _S .quth.P asadena,. .C a lif o r n ia ,, p u r s u a n t to notice.,.duly m a ile d to ...... all D irecto rs. . D ire c to rs P a u l W. W ood, W ilbur Jo h n so n , H e n ry M u lry an , H e n ry _T. M u lr y a n ,. an d E , L. T o lie s , b ein g a ll th e d i r e c t o r s w e re p resen t. M r. Colin K. S q u ires, s e c re ta ry of the co rp o ratio n w as also p resen t. It w as re p o rte d to th e m eetin g th a t the C e rtific a te of A m end m en t of the A rtic le s of In c o rp o ra tio n chdging'tS 'nam e of th e c o r- . p o ra tio n fro m In d ra m a c h C o rp o ratio n to P a u l W. W ood C om pany had b een file d .with the S e c re ta ry of S tate, m aking th e n a m e change ' o f f ic ia lly e f f e c tiv e o n D e c e m b e r 12, 1963. It w a s f u r t h e r r e p o r t e d !. th at a c e rtifie d copy of th at C ertificate of A m endm ent had been filed w ith the C ounty C le rk of L os A ngeles County, as re q u ire d by law . The m in u tes of the sp ecial m eeting of the B oard of D ire c to rs of th is co rp o ratio n (then nam ed Indram ach C orporation) held on N ovem ber 4, 1963, w ere re a d and upon m otion duly m ad e, seconded and unanim ously c a rrie d , those m inutes w ere approved, , ` EXHIBIT CAM-222 It w as sugge i th at the P re sid e n t, W ilbur S. ohnson, and the' V ic e - P r e s id e n t, H en ry T. M ulryan, be ad d ed to th o se au th o riz e d to sign ch eck s and d ra fts fo r the co rp o ratio n and upon m otion duly m ade, seconded and unanim ously carried it w as RESOLVED, that until such authority is revoked by w ritten n o tific a tio n to th e C ro ck er C itize n 's N atio n al B ank W ilb u r S. Jo h n so n - P re s id e n t H enry M ulryan V ice P re sid e n t and T re a s u re r H en ry . T . M u lry an - V ice P re sid e n t . C. K S q u i r e s - Secretary, and S hirley M eyers - A ssistant S ecretary of th is c o rp o ra tio n be, and they a re h e re b y , a u th o riz e d to sign ch eck s an d d ra fts .for and on behalf of th is c o rp o ra tio n draw n ag ain st its acco u n t o r accounts. A ll such checks and d rafts s h a ll r e q u i r e th e s ig n a tu re of any two of th o s e o ffic e rs . . The fin an cial re su lts achieved by th is co rp o ratio n since its in ception w e re d iscu ssed and H enry T. M ulryan re p o rte d that p relim in a ry fig u re s in d ic a te th a t the lo ss, if any, fo r th a t p e rio d would be nom inal. At the re q u e st of the Board, M r. C h arles D avidson of Lybrand R oss B ro s, and M ontgom ery-joined the m eeting and the status of this c o rp o ra tio n 's acco u n ts w ith S ie rra T alc C om pany w as d iscu ssed . On m otion, duly .m ade, seconded and unanim ously c a rrie d , the o fficers of th is c o rp o ra tio n w e re au th o rized to execute a d em an d note payable to S ie rra T alc C om pany in the am ount of $55, 000 w ith in te re s t at the rate of 5% p e r y e a r , to e v id e n c e th e e x is tin g in d e b te d n e s s of th is c o rp o ra tio n , and th ey w e re fu rth e r au th o riz e d to b o rro w a d d itio n a l am ounts if, as and w hen n eed e d , up to $50, 000 on the sam e b a sis. F in a l se ttle m e n t under the A g reem en t fo r P u rc h a s e and Sale of C e rta in A s s e ts to -th is co rp o ratio n fro m P a u l W. W ood Com pany, In ' L iq u id atio n , w as d isc u sse d . It w as explained th at th e only significant 2 -- . - CAMC-Logiudice-001129  d iffe re n c e of opinion 1 reen the b uyer and s e lle r appe i to r e la te to in v e n to rie s of P la s tib e s t 20 and S ie r r a S ag g er #7. A fter a d is c u s s io n w ith M r. 'W ood, r e p r e s e n tin g the s e lle r , it w as a g re e d th a t th e n e t d iffe re n c e of . opinion as to th e .p ro p e r valuation of th o se item s (such d ifferen ce aggregating a p p ro x im a te ly $822. 99) be sp lit on a 50-50 b asis. It was concluded th at any ' a p p a re n t d iffe re n c e s relatin g to accounts receiv ab le could be cla rifie d and so elim inated by a review of the d iscrep an cies. U pon m otion duly m ade, .seconded and unanim ously c a rrie d , the o ffic e rs w e re au th o rized to m ade fin al settlem en t of the A greem ent in a c c o r d a n c e w ith t h e ;f o r egoi-ng-. s corporation oraw : T h e r e fo llo w ed a d is c u s s io n of: (1) p ro p o s e d in c r e a s e s in w a reh o u sin g r a te s to b e c h a rg e d to th is c o rp o ra tio n by the P a u l W. Wood R ealty Company; (2) c e r ta in o p e ra tin g d iffic u ltie s w h ich h ad a r is e n in San F ra n c is c o ; (3) the .in ad eq u acy of th is c o rp o ra tio n 's S an F ra n c is c o office sp ace, and (4) th e need fo r su p p lem en tal w arehousing fa c ilitie s in the E ast Bay area. U pon m o tio n duly m ade, seconded and c a rrie d , it w as - - R E S O L V E D , th a t the. o f f ic e r s o f th is c o r p o r a tio n b e , a n d th e y a r e h ereb y , authorized to take such action as they deem ap p ro p ria te regarding this corporationls: w arehousing a rra n g e m e n ts, including, if deem ed ap p ro p riate, the term in atio n of any existing arrangem ents, u u --" _ nr-: . , R E S O L V E D F U R T H E R , th a t th e a ctio n s .of'the o ffic e rs in a r ranging fo r supplem ental w arehousing facilities in the E ast Bay a re a and fo r new San F ra n c isc o office space be, and they are h ereb y , ratified and approved. T h e re being no fu rth e r b u sin ess,' the m eeting w as adjourned. C.' K. S q u ire s , S e c r e ta r y CAMC-Logiudice-001130 t .... . * '.J ' ' M INUTES OF SPEC IA L M EETIN G O F BOARD OF DIRECTORS OF PA U L W. WOOD COMPANY On M ay 25, . 1964, a sp e c ia l .m eeting of the B o ard of D ire c to rs of P a u l W. W ood C om pany w as held a t 10:30 A. M. a t th e p rin c ip a l office . of th e c o rp o ra tio n a t 1608 H untington D rive, South P a sa d e n a , p u rsuant to notice duly m a iled to a ll D ire c to rs. D ir e c to r s P a u l W. "Wood, W ilbur Jo h n so n , H e n ry M u lry a n , H enry T. M ulryan and E, L. T olies, being all the d ire c to rs , w ere p re se n t. M r. C olin K. S q u ires, S e c re ta ry of the co rp o ra tio n w as also present. ' . 'T t * ,* ; T h e m i n u t e s o f th e s p e c ia l m e e tin g of th e B o a r d of D i r e c t o r s of . - th is co rp o ratio n , held on F eb ru ary 25, 1964, w ere read . The reference ** o n p a g e 3 to t h e P a u l W. W ood C o m p a n y w a s c o r r e c t e d to r e a d " P a u l W. Wood R ealty C om pany", and the ex p ressio n "ap p ro x im ately $645" was c o r r e c te d to r e a d "$ 8 2 2 . 99". W ith th o s e c o r r e c tio n s , th e m in u te s -were approved, on m otion m ade, seconded and unanim ously c a rrie d . The m eetin g d is c u s s e d and reso lv ed the d iffere n ces w hich had a r is e n b etw ee n th e -c o rp o ra tio n and th e -P a u l W. W ood C om pany, In Liqui- . 1 dation, re g a rd in g in v e n to ry 'v a lu a tio n and o th er m a tte rs re la tin g to the fin al pay m en t due u n d e r th e ir A greem ent, On m o tio n m ad e, seconded and unanim ously c a rrie d it was CAMC-Logiudice-001131 RESOLVED, that the officers of this corporation be, and th e y a r e h e r e b y , a u th o riz e d to p a y th e s u m o f $7, 580. 71 to th e P a u l W. Wood Com pany, In L iquidation, in f u ll' ' se ttle m e n t of a ll am ounts due the se lle r u n d er th e ir A g ree m ent .for P u rc h a se and Sale of C ertain As se ts. M r. H en ry M ulryan rep o rte d on the fin an cial re su lts of the c o rp o ra tio n fo r th e 1st q u a rte r of the c u rre n t y e a r, and M r. W ilbur Jo h n so n re p o rte d on th e sa le s outlook. . - T he m a t t e r of obtaining h is to ric a l sa le s d a ta fro m th e old P a u l W. W ood C om pany w as ag ain d is c u s s e d and M r. P a u l W. W ood ag ree d to o b ta in fo r th e co rp o ratio n a su m m ary of 1963 sa le s fig u re s, by principals, On m otion m ade, seconded and unanim ously c a rrie d it w as, RESOLVED, th at this corporation hereby adopts the calendar y e a r as its fisc a l y ear for tax and accounting p u rp o ses. T h ere being no fu rth er business, the m eeting w as adjourned.