Jasper County Democrat, Volume 19, Number 101, Rensselaer, Jasper County, 17 March 1917 — UNANIMOUS VOTE UNNECESSARY [ARTICLE]

UNANIMOUS VOTE UNNECESSARY

Five Directors Can Transact Business of Grain Company. In last Saturday’s Democrat, in speaking of the purchase by the Farmers’ Grain company of the Harrington Bros, elevator, it was stated that The Democrat had been informed that the vote taken on February 16 by the directors to not pay over SII,OOO for this property bad never been rescinded, and that a unanimous vote of the directors was necessary for any action of this kind or to make the purchase at the price of $11,500. We have since been shown the minutes in full of both thettaeeting of February 16 and the later one at which, a majority of the directors voted to pay $12,000 for the property rather than not get it—negotiations had been under way for some time and the owners had come down from $16,000 to the above figure—and while the bylaws do not specifically say that a majority of the directors can go ahead and transact business, section 9 says that “five directors shall constitute a quorum for the transaction of business at all meetings of directors.” Four of the directors at the March meeting voted in favor of paying the $12,000, two voted against and did not vote. Cine of those voting in the negative then, after further negotiations having -brought the figures down to $11,500, has since agreed to the purchase at $11,500 and, with the president, secretary and four other directors, signed the contract for its purchase, thus making the necessary five as provided by the by-laws to transact business. The other two directors still hold out against the purchase at this figure although they had voted on February 16 to pay as high as SII,OOO. ’’ Those favoring the purchasd’ at $11,500 feel -that it was a very wise decision to purchase this' elevator rather than to build a new one and thereby have three grairi elevators here instead of two, with the consequent greater opposition to their business which would have resulted. . . ’ , < J „In order to get the voice of all the members, however, meeting -of the stockholders has been called for next Tuesday to ratify the actio* of the board to this matter. ,