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HomeMy WebLinkAbout24W The president� stated the corporation had be n fo ed for the PUrPOOO 0 lowing certain Of the key emp-Oy::s t.rM,,q.ir. an equity .t:r:it in the construction business, it h necessary in.order to retain the key employees " become The President to Offer such an inter:storn the business. subp crib" Zor fur r stated that th C al Corporation w!ll th Investment Inc r- 51 percent� Of the out�standing stock and MW d a holding company owned by certain of the k y ranployees, Porat:ul�scribe for the other 49 per -ent of the outat:ndxng w1l 1 stock of t�his corpor tion. The matter was discussed and the considered ft r whi:h on motion duly made and seconded fo I Owing r: solutions were unanimously adopted: RMSOLVED, that the pr::id:n and secretary Or hereby authorized to d h:ll issue stock to th subscribers at the rate of $ f� per share an: upon full payment of the subscription the shares of stock shall be issued to the subscriber. president and secretary FURTHER RESOLVED and &!I necessary a e i:hattthe r hereby autho; ad o du any this corporation. act. to complete the formation of The presiden aforesaid ta:tated that it would be necessary fo the corporation to tablishnanbank ucount as r nt with The Oregon and uggested that the Board cps n acc:c Banks The Board t�ho'ouqhly considered the matter , aft er seconded, the following which, on motion duly made and resolution was unanimously adopted: RESOLVED, that The Oregon Bank at any one or more of its officers, . hereby designated banking depository of this corperation, and the following are hereby authorized to sign, on behalf of this corporation ' orders for payment or withdrawal Of money, whe n drawn against its checking account - Such orders shall �� signed by any two Of the following persons: Jay W ' Minor Robert Dean Clapperton, Jr. C�orge L. N;len, Jr. Robert Laam James Irving S ch authority shall remain in full force until u the revoked by written notice to eaid.bank of a 'tion a Board of Dire torn of this taken by th corporation. Upon motion au'-y made and seconded, the following resolutAOfts were unanimously adopted: RESOLVED, that this corporation borrow moneY.frOM time to time fro. The Oregon Bank, the amoun thereof not to exceed in the aggregate any one time the Sum of il 20,000-00, and th.' of the following persons: Jay W. Minor Robert Deane Clapperton, Jr. George L. Hylen, Jr. Robert Laam James , rving Or hereby authorized and empowered wntthe name of r i hot its this corporation to execute with -3- I.