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Informal colley To be clinical Minutes of a regular meeting of the Board of Directors held at the office of the Corpor- ation, No. 58 Pine Street, New York City, April 27, 1921, at 12 o'clock. Present: Messrs. Evarts, Cross, Roeder, Schwab, von Sochocky. Mr. Roeder, Chairman of the Board in the chair. Mr. Roeder made a statement of the financial affairs of the Corporation, whereupon by motion duly made and seconded, the following resolution was adopted: RESOLVED, that Mr. Roeder, Treas- urer of the Corporation, be and he hereby is authorized to borrow such further sum or sums for the Corpor- ation as may be absolutely necessary for the conduct of its business, the sum borrowed not to exceed the amount of $ and that every effort be made by him to convert the inven- tory of the Corporation into cash and to reduce the borrowings of the Corpor- ation at the earliest possible date. RESOLVED, That the fees of the Di- rectors heretofore paid for attend- ance at Directors' meetings be dis- pensed with for the time being.