Document renaxxqm9ZB5yK81y7d7n4vQG

MXSUTES OP TEE BEGULftR HOKTHW MEETIKO OF SHS BOABD OF MFBCfOBS . : OP tfflR OUCD23I CCMPAW ? . Minutes of tbo. so Company held 13^6 DbionCooraerce Buij^iog/cieveieiri^C^ 17> 1951*: at iOiOOA.H* ?be following Director* vere.presentj Dwight Py Joyce P. B. Sprague . John?. Ruth . Ar 9* Purican . B W. Maxey ; J6bn B* .Veeka R. 9. Berner\V V.,0. Phillips V* C. Lighter B L.Blaughter * * ^* Mr. ptrlgbt P. Joyce, President, presided ana Mr. R. D. Horner, Secre tary, recorded the Minutes. . Copies oftbealnuteeofthe Jk>vttaber eting'of tbo BoerdoiDlinec- tors having teen nailed to eechDirector, the Directore proeent, upon motion duly Mde end .aeoosded, unanimously agreed to.dispense vith the reading of the minutes and spprovedtbea as &*; \ action teksn.hy tbrExecutire Ccmnittee since February XI, -195*1, ' tbe^last pre vious. date of Board approval of Executive Committee action, as reported iaVf: copies^minute* of the Executive Ccisalttee meetings mailed to each Director. . \y:jlbe President coeaeated fevoretdy on saXea s^ p^fltv.as reporied . in tW Compsny'e PreXisdnary Cpereting statement for each of. its major Divisior Xe alao rorlsysd brttfly conpers^^ data prepared bjr Mr. B. w. Maxey, ' tioe Prsaidant-Flnanoe, relative to the sales and profits of. eacb major . Dlvlsloa';'6f;..tba Company for a alne~year period, the operating .Vice Prealdente eaefc dlaeuaaed tbe tread of their respective Division's sales and earnings for V : / / GUD008886 '^ t '. . t ; : [ .>*. . b&- the first few nontha of the current fiscal year. . Bie President coaoented to the Board particularly on the iaproved current earnings of the Food Division azid the very fine current shoving of the Chttalcals-Pignents-Hstals and Kaval Stores Divisions.. \: W'V-" ; a h PFS*s approved by tbeBxecutlve Cotsaittee and/or . the. President; es vail as those Department as eet forth la a Dscenber 15, 1954# covering the 'period fro*oveBberl3 to DeeenberlO, 195V and totaling ^i3i9^yere,:^ andaiconded, -unaniaously approved by the Directors. - \ v-k-' r. .- v Niva.';k.i slaughter submitted PIE Ho. 21-256 in the eaount of $65,000 covering cleaning end painting of buildings and equipment at the Louisville .. plant, covers for nine vegetable oil tanks, and proylalon for an office for a Federal Government inspector on tbs second floor of the Louisville Division's office building, \kr Blaughter eyplsined that approval, of this P|X vouid not. only effect a substantial Uprovssient in a very large segsent of the Louisville plant, but" would also petalt the manufacture of animal fat. products at Louis- . villa vbieh were subject to inspection by the reds^ Oovenaient's Bureau of Aniasl Industry. Following careful ebtulderstionandjupon notion dulyttsd* and seconded, PIS Bo. 21-258 was unanimously approved by the Directors* Tbs Directors, upon motion duly aads andseconded, unanimously approved asi; expenditure of not to exceed $120,000 ter a eecoodmerineleg, and ^3,365 for an additional alevator Xtg/'aa . part of the Caluact ttvar teneinal flprain elevatorprojectapprovad by Jibe; Board <ktobar22> 195V. ;A ; proposal for theseadditional expenditures fadi bean originally submitted by Nr; Willard C. Lighter, Vice Praatdant in charge of tbs Cheaurgy Division# to Mr. Dvight p. Joyce in a Naaorendtss dated Deceaber 9, 195V. this proposal,; ae GL0008889 13/17/5* v>.V ifK:^ ,lfc lilv. Wj - pretnt4 In Mr/letter >6 Hr. Joyce, bail reviewed by the " Executive Cossalttce on Deeonber 10i 195** end had teen given tentative approve! by the Ccaomlttec, subject to fine! action by ttePlrectore. Hr. R. t. Loron, Assistant to Mr. C.JP. Matson* Director of Purchases* prevented a wthly report on developments during the preceding nonth . per taining to the price and' cvaileMllty of ehenlcslo, pigtents end vcgoteble oils and otter agriculture! ccaaaodities, notels, container* and otter Ksterlels purchased by tbe Coapeny. ; . y v' ; ' . The Directors considered policy established by tbe Boardi Junr lV, ';; , 191*9 requiring that a Division Vice President approve ahy biting of hourly waged ortAlarled etaployeeBOvertO year* of age. It vceunaninouBly agreed that tfaio policy should be rescinded; that, in the future, Oogpany policy de- claione Involving age requirements for employment with the (ta&aay be revised by tte Circetbr of Personnel subject to the direction of tbe President) and v that until such tine ess different general policy tee adopted, all Division* of the Company should be' guided by Pertefctel Bulletin Ho* 116 Issued June fi> . ; v .- V-` 'V'vv ' . ' ;.*>. .1: 1952 on this subject., IJpon motion duly Dade endeeoooded, it vae uneniitously v RESOLVED, that the. policy establisted by resolution of. tbia *'; Board;of Director# June17* ^ apteiWag djW'ipnteivUitst . for futuro ca^loynimt of ail bonrly teged and aalaried attployea* . /.rof this Companybaa*4 it ia tetete reacindad. : Cocurtderotlte was te to retirlng bourly waged and aalaried amploysss ted' salesmen. Ofpoa the reccosendatite ** Mr. B. V*Maxay, l^^gen:^ and f01- lowing careful consideration oftbe Board* it wes, upon notlon duly mads and : seconded, unanimously RESOLVED, that is is and shell continue to bs tbe policy of ibis Company to require tbet ltd employs#* rstire frag active employment upon reaching normal ratlrmssnt age, as established ` ' V: ' ;' GL0008890 ?>. : ** * k*V . ?$j&' m IKK*v" by the Retirewmt Flanssdbptedby this Board .of Directors, eefrcn tine to tine easn&ed, abject, hovever,to such e*- ' tensions of et5>loyunt ft isay be grented ; . ; ; ./ ; (l) to any hourly employee or salesmen, for such aoocea- siva periods of not more thenoneyeareach j&s'.aay be approved \by tbs" Pension' 'Cofflaittse>;\:^^:J; / -V ;1 - (S) to* ony Officer, pirector/ Begional Director, Division Manager, or Headquarters Staff Department Bead; upon rscosa*' meadstlon of the Pension Conidttse^ for:. such successive v . periods of ohe;y*er esch as nay:ba approved by the. Board of:. -Directors or ^ecutive; Ooan^ ; (3) to any other Mlhricd,b>P^cyae for a peilod of not C - j ore. than bneyearby the tension Cooalttee/and; thereafter, . , upon recocaaendation of the Penaion Coanittee, for such, succes*. . sive periods. of hot oretbah one year each, ss ny be approved ;; bytbe Board of Directors orJOceentive Coianlttee) nod;: ' TORTHTORE^ tha^the 'itflioi, Cooaittee shell report to the Vice Prealddhtrfinance lsaedlately following each calendar couth, any .action token by said Ccasalttee, during such Months postponing tboretirea*ntof aty eapibyea; beyond said, norns! retimDentdatojand' . FURTHER RESOLVED, tbat the resolution adqptedby this Board, :of/Directors- October 15/.19W establishing a ganeralretlre* . neat policy applicable-to employees'covered by this Company's . Retirement Flan forfiaiarled Eaploytes be and it la hereby super* 'ceded./ v"v^-\. .^v ' gbe Secretary presented proposals for eisandaent of the Code of Begu lotions of the Company which vere oerefully considered end discussed by tbe k Directors. Vpon motion dulymade and seconded, It uas unanlmoqily RBSCSiVXDf that, subject to the approval, bif,tha Stockholder of : this Ceapany, the following Bastions of tha Coda of Regulations of.thi* Ooapany,as heretoforewended, ba amendedso as to read,. \ as follovai v;.7-''- A.'1 >V0;f .1 V' rV - *' : ARTICUtl -/'"A-\ '.-///, ;/v./ *^e**M* r:- - "Section 1. Annual Heating. \gba annual --ting of the stock* holders Nor ths election of Dlractora and tha consideration of tha reports to be laldbeforeeoehnartlng shall be held at . tbs principal office'off tha Company, in the City of Cleveland, ChlOi or at such other pitos in the Stats of Ohio as nay be GLD008891 1 tl :V*'. ;v , * a>Vv: : ' directed by the'Board of Plreetoro# c ^ s^ooft Thursday in ' Dcceober, 1953; and each year thereafter/ at 10:00 o1clock A.M,h ABTICUS XXX ; : Officers / ; , k.v '. >giectlon 1* : Designations j;-:; pie Ca^iny sbail bay* * President# a Secretary# Treasurerand a Controller end issyalsohave# If ^the Board 'of Directors so detenaiticsi aChftlmsn of the Board of Directors# a Vlce Ctolr^ of t^ Board of Dtreotor, one or '>'' Bore .Vice PresldentaijuAesletast $epreterles>;Assistant Treasurers , and Assistant Controllers* Tbs Board of Direotora may -also?/; slept or appoint suchother officers as ;tbs; Board ofDireptors .... msy from .time to tlBe daea expedlent/ Vbb aball have such poversi : and perform such'duties as Bay be prescribed by the Boort-pf Directors* /.V^S.V;- *3W Chairman of the Board of Directors#: the VlceCbaiiiBaD of;: the Board of Blreetori and tbe President shell be chosen from tbe meaber* of the Board of Director*. < other officers need not be members of tbe Board of Directora* Any two or noro offices nay be held by one siiWl the saae person# except that tbe offices - of Chairman of tbe Board of Directors and ;.?lce Chairran of the ; Board of Blreotors# theoffices of President and Vice President# the offices of Treasurer and Controller# ribs' offices of ' Treasurer and Assistant Treasurer# .the officesof Secretary and , Assistant Secretary andth# office* ;of^Controller and Assistant Controller my"not be beid by ths eaaaperson. * V :Va r t ic u ! iv%y:\y. `V-'; '' Duties.of .Officers''; ^Section 3* President. The .President shall perform such duties './ as specifically imposed uponhinby statute and such'other duties as freer time to tlma nay be lmpcsedupoo bln by the Board. , of Dlrectors or by tbe Xxecutlre Ccaalttee or by the Chairman ot';v. the Board ofDirectors#^ and shall betbt general manager of the .business of the Company# subject# however#; at all tinea to tbe control of the Board of Directors, and of tba Bxeoutlve Committee aind of the Chairman of the Board of Director## and in cast of the : absence dr disability of both the Chairman of the Board of Dirac* tors and Vice Chairman of.ths .Board of Directors# or of vacancies inthe offices of bothofthes, the President shall b* vested with sll of the powers# and' be regulredto perform all of the duties#. of tbs .Chairman of .tbb;tosrd'Of^wectorsr;v>'. "Bectioa 7* "Tfesturef# t fhs. fbsasttrer. shall receive and safely keep all moneys# checs# notes of drefts receiTed by tbe Cosvany btlonglns to It# and maw proper deposit cf<ths asms ln the ndme ;of the Company and shall disburse #aid:Moneys unler^the direction of the.Bosrd of'pispdtdrsr fns freesUrer gsnerally shall perform those dutles ususlly pertalnlng to ths office of Treasurer# and such other duties as the Board of Directors or the Executive i GLD00889* laAtM Coanlttee or Chairman of..the Board of Directors shall re quire end at the temination of !his taro of office,. shall : t ..^deXiver 'all'.Dionayi and! other prbpaH^of^ ; ">-vthe pOcsession ofbis successor or tb the Cbairrsanof the /; Board of Director*;,".; ' i' ^Section-9. CtmiroViirSf sballkeep the. books : Sf^aecount, accounting recordsatid financialyecords of the " Cow end be shall oalatain internal audit and control ovary *:. ' all disbursements <xf funds and other financial transactions of L\- the Cas^any/ subject^ hcwevcr, at eUtiaestothocontrol of . ? the Board of Director* and of the Executive Cdraolttee * He . shall render to the Chaiiaan of the Board of Director* and to ...'the Board of Director* and to the Executive Coanlttee report* > and sistCBxmts of the- financial condition of the Company `and-.. /!; ?':} auch otherfiMnci*Xet*tentfl aeenyofthtn taayreaueet^and shall perform such other duilet at My be f^ulred by. the Board 1 of Directors'or by the Executive Cossittee or by the Chairman of ; the Board of Director* and shall render at nestings of stock* . bolder* Such financial statements bf the Company as nay be ro-. quired by law.* . "Section 10. Assistant Controllers, The Assistant Controllers of the Company Wll perfora' sucfc dutie* at froa tine to time : : may be respectively lapsed tpon them by the..Board, of Directors V. or by the Executive Cc^ttee or by the Chatman of the Board of Directors; and in-cate of the abeenee or disabili^r of the . ' .. Controller, or of a vacancy in bis office, the Assistant Con* . 7 troliar (or if there be aore thsnhne Atsistant Controiler, then / r the Assistant Controller vho Is then the [senior in office) shall ? .: be vested irith all the Controller's povers and required to per^. r . font all the Controller's duties* * : : ' j u r x x o ej b. -^r v i . . executive Coeaittee . "Section 1. Humber and Slsctlon; 1b* Board, of Directors smy at any time elect frea ibeir auSberaalxecutive Comaittee which V aboil consist of not last than three (3) members, each bf-vbca: . shall hold *offic* during the pleaaureof the Board and may be v: . removed at anytime vith or vithoUi ceuserlgr the vote thereof,* -"flection g Duties. The Executive Ccmaltteeshall be vested with' the pbversoit'tbe Board of Directors between meetings of V : theBoard, subjeet to limitations vhlcb may freer ti.: to time be placed upon tbs Executive Coattittee by the Board ofDlrectors, r. ; '"Section 3. Meetings. Heetittfls of the Executive Cowlttee . . : shall be held, on call of .the Chatman ofthe-Boardof Directors or of aw tvo meatoersof the Coanlttse* All member* of the COmlteee shall be notified of its meetings, and a majority of Its neabers shall constitute s guorta. tbeExecutiv* Cocnittee shall keep a record of its neetlaga and transactions Vhidh shall at all times be open to the inspection of any Director". - .1? i - $ '* .i- 1 GLD008893 12A7/5b a ^ h` ;y ' *K"v s'i*. ' .' . v V "< '`:.ASIICU5;mi-: Bigaingof. Checks, lot**, Etc. -v'' r"' :- ''All cheeks, notes and other obligaiion#orevid*ne*a of in- one -or.more .... _ ty by .resolution of ;tbeboard <rfpire<^ra^^ Board of Ccopany, oneor sore countersign cbeckssndto endorse, for collection or deposit to the creMt Of t^ Cce^pWj CbscU/ notes^ or other oblifi*tlons or evidences of Indebtedness* * fv :K*'&vT ABJICUS*X ' 0 nscsi;irtsr- ber l,195b end end August31,1955 end subse^uentfiscal dor year following* micts x Ansndnents :,'These regulations iMy be altered* repealed or aaended by the eonsent in writing of two-tblrds of tbe outstanding capital. stock at tbe tine entitled to voting privileges, or at any purpose* by tbevote of the holders of a Majority of the out- . standing eapital atoOk at tbe tiae entitled to voting privilege*-* ;. ..-V, yvv /.. . *,,. ;J d 0 . -H . * Tbe Ditvctors considered an CMdsent of tbe Article# etlztoorpox*- Ccepasy to Cooaoo Stock vltb glO Par Value, tfeon Motion duly wade and tecoaoded. It was unanimously u, BBBCMlbj -tbat, subject to tba approval of the Stockholder* of this Company, tba Amended Articles of this Corporation, ** heretofore anenled, be furtb*r a*o4ed es follows) ; ....... . ? '/ -f > . . . V v(aX Section 1* tit Artldle fourth.rtf saldAmended Articles, ' as heretofore amended, is bereby furtber ameoded eo aa to Peedaefollowst '*/ "Section!. tha eorporation iibsa^auufetebonrilslelldonnu(s3b,t0r0o0,f0s00b)e9reaslol fof GL0008B94 \ xzfrl/lk *. ' * .7 ' i I which bell W share# of Con>n Stock with a* par. ; value or Ten Collars ($10.0?) each." (b) Article Fiftbbfsaid^ is hereby 3. attended. so as to reed a* followst V-./' :.7 . ........................... . , , . v. .. the corporation shall bo Teh Collars ($10.00) for of tbs corporation, askingan aggregate stated capital of ^aaty-teo Million Bins Hundred and l ($22,934,550.00) at the tig* of filing this satad* gent to the Attended Articles of the corporation. * FURTHER RESOLVED, be and tbeyere berebyauthorlted and dlreotadln the nsae i and on behalf of this Ccapenytoprepars/aaceouto and file 1 with the Rev Toric Stock Exchange the atipplegsntal listing shares of Cassava Stockof tblaOoc^enylletedon said Exchange, -1 said euppleaentel listing application to be affective upon the stockholders1 adoption of theforegoing resolution and tbs > proper filing of said eraendsent In the office .of the Secretary.' of State .of tha State of Ohio* : . . 'The 6ecretry sub*ltt*d to .th Cirectorrs proposed Rotice, Prory, and Proxy Statement to he Bailed to holders of Oeotton Stock of record Jamiory ll,1955 in nectloa i^th the februszy 10# 1955 Annuel Stockholder# Ueetlng. Tbe Cirectors csrefully coosldered itees of b^ulness to be aeted upon by the stockholders of the Ceepapy and, uponnotion duly *ede and seconded, unanimously adopted the following resolution! ~ *' v . v- decrsssed trm twelve (12) to ten (lo)) f, m .;- v -v - r ; a '\ .4 . > y (b) that .tSie shares of Cwnidn Btosk of the Coapany ..* * .> ' be changed frog shares .without par value to shares 1 of the par-waive of $10 each; - () that the proposed saenihsnts of tbs Regolaticns of the Ooopeny, vhlch have been presented to this. : . Meeting, be adopted by the stockholders) and GUD008895 (d) that the stockholder* of the Ccopanyberequested : .to d68lgoftt ft fl of lDdcpfidfit Certified ' = Public Accountants to be engaged as auditor* by, , v tha Caapanyj'v.*// / ?;-T'.V-O- .; .X' >rov ^BS^ts^oEa^, sas6aLV$3> ^beic*; holders of tbeCoB$any,vhioh, Ainder .tbe provisions of tbs Bcgulatloas cif the Company/ is to be .bold on JObruary 10/. 1955, st 10:00 o9e^ooH A*Hi* bo celled for,tbsfolloving l puxpoMei---V- V ' '*.>v ' <* -iX'v;' .i-'Xv';*:/./; .;; vv-v: ;//.,.. vx (1) To fix the nuSber'of dixbdtors tdbe elected ot v - sold \x) .Tq elect directors or ^cne voopauyjf' / - r. > * > TV X .**? X /X-r- ,;X & $ \2't % '(3) To conslderand sot. upon .a proposatto anend the Aaended. Articles of the Ccsgany so es to.change ' . ;;:Vthe'issued sad outstanding'shares, ffon shares without par value to shares of the par value of ' $10 each;; . (U) to consider and act upon the above nentioned proposed aaaadaents of the Regulations of the Company; & Ernst s* auditors fortb* Company* (6) To transact such other business as. properly nay ecnebeforetbe ^tia^jXX;-Xy;'T of the stockholders,, as required by lev and tbe Regulations of theCoapanyj and: ' 7URXBSB HX8XVED that the Board of: Directors recooa*hd to tbs slectod si ssld snaual jMietlsig be fixed at tea (10), that said proposed asea&Mfit of. the Aaended Articles of tbe Cwpaay be . adopted, that said proposed eaeadmata of the Begulatlonsof and . 0tockbelder*;to be held on February 10> 1955/:tb* fom of frmqr: gist--at to acedepsay Said aotlee, tad tbs fora ofProxy to be used at said meeting/;vbloh have beta preeeated at tbisaeetlng of tba Board of Pireetors, be aa& tbsy hereby ere spprovad by the Board of Directors, subject to sucfc change* therein* if aay# ae nay be required by the Beearitiee and KxoheagtOoMlaslca or as nay be approved by.tbePresldant and the Secretary of tbs Cc^eny* ; GLD00&896 An aaenfaent dated. December .8, 195Vtothe Shplo^steat Agreeaent of Hr. Ptflisht P. Joyce a* Presidentend GpeWl'Hsnaj^^ for adjustment of Hr. Joyce *a annual salary andadditioDul compensation U the event of approval by the atdckbpldere on mtiwiy 10>;yl95^ o tb#\ pro/,' V, >^; . a.--'V A?V >"::;^ir- 'V r / r - . posed .change`In.tfca.Co^iy'e.fitoal; year^vat present^ by Hr* 8* W Hucey, y .; Vice President--Fioanee, and vss, upon notion duly Md and seconded, tmapi-;'' ' ' :' V/.'Ao-"'V;nously approved by the Directors//v > -. ;C.' ; ;duly nsde and seconded,. tmanlwourty cp-.: ; proved sart authorised Hr. P* Sprague, Chairann of the Stock Option Cosnlttee to execute on bebalfof the Company a fora of Bnployee's Stock Option Contract submitted by the Stock Option Gcnittlttee for use in connection vith a tender of Options to puCbase Cc*aon Stockof the Coapeny tote madeto keyenployees in Deceober by tbe Stock CfctlonCcanittee, subjeet to approral of thePresi- dent, pursuant to the Company9* Stock Option Incentive Elan. . ' " SbeBoard/ upon notion doly iade ind seconded^nianiisously approved the Donation Coalttoa> December It/195H:^rUx^^p6zt as sutedtted to : the Directors by Hr. V. 0. Phillips; Chalneen of this Ccaalttee* Cfcon notion dulyaede and seconded, the Directors wshtnoesly adopted tbe following resolution relative to approval of indemnity bonds usedln connec tion iritb stock certificate replseeaeat*. ; im^VED, that the authorisation of J. A. Eaters# . Treasurer, to approve Inflennlty Bonds use&byTbe Clara- ( . land Trust Coa^any, Transfer At, and tha iJentral Rational Bank ofCleveland/ Registrar ofihis Corpora tion, as , basic for; issuing,eountersigsing and regis* taring nev certificates for shares represented by and in ; / ' placement of certificates reported by shareholders of this Corporation as lost* destroyed or atoies. be and the sane is hsreby terminated, and that 0*.Phillips, ; Treasurer, be and be U hereby authorised to approve said indemnity Bonds. , Ct,O08897 Mr. P. E. Bp** vea pre* 5-iv* - : f ;. \ - . i ', . ' 1\ / . - * i ' paring plane for a tall oil project involving an expenditure of up to $6,000,000. i A concrete proposal covering this project, be atated/ would be'. . Submitted in the near future to the Board. The Directors, upon w>tlon duly made Dd eecoii^d# utmni3UBly * authorised Mr. Sprague to hejsptiate vith Turpentine il Kotin factors/ 'XnoVpf j j $i Jackeohville, Florida for tbe eale to WR of the (k^pdny'e 50^ etoelc cwer^. : ship in its subsidiary, the Jacksonville Processing Corporation. This authori sation vat conditioned upon Jacksonville Proceseing Corporation first dia* . \ tributlug its entire earned surpluses* dividend to lie stockboldersprior to .' March 31, 1955/ the date of the proposed sale; the Company receiving from &K/ as consideration for its atook, payments aggregating $115,220, $77,720 fvhich ; youldbepaidon t& Vute of a^ tbe haiance o^r h perlod of^ a _ evidenced by a proudasory note heving a naturlty and bearing interest setlsfao- - --v-; tory to the Company; as veil da. certain other requirements to ha Included by : Mr. Sprague in a lettertolda setting forth tbe Company's proposal to sell its Jacksonville Processing Coiporstlon stock. - Tbe Directors, upon notion duly BSde endsecondcd, unanimously ap~ a proved extending the employment of Mr. M. A* ftalle, Purchasing Agent for the; Cfcemiccla-Pipaenti-Metale Baltimore Division, for a period of aix sooths beyond February 11, 1955, his normal retirement date. Mr. B.V. Mtmay, Chair man of the Pension Ccmedtteei explsiimd tbst tois extension mould pexnitthe Company, to use Mn Palle serviced fora period of sharply Increased pur- .rii I / Cooilttee bod ever/ expectation that Hr. Haxsori' vould be fully qualified tad >', oble to aoetoie Hr. I'olle's duties July 11, 1$>55* . There being no further business to coae before the Directors, the . meeting was cdjoumed.. .../.