Report Volume 54-56

Report Volume 54-56

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1886 edition. Excerpt: that.meeting, while under consideration by the Board, was withdrawn. Directly after the annual meeting, steps were taken to effect an adjust ment, but, on account of Mr. Deane's failure to make or accept any proposition, the matter lingered until the early part of this year, when, upon express demand by the Board, a settlement was accomplished. The terms of the settlement are essentially as follows: Mr. Deane's indebtedness to the Society is fixed at $132,000. Mr. Deane agrees to pay the Society $66,000, as follows: $r,00o in cash; $1,500 on May 3, and $2,500 on June 13, 1887, for. which satisfactory notes were given; and $1,500 every three months thereafter, beginning with Nov. I, 1887, until $61,000 is thus paid, for which notes are given by Mr. Deane, and endorsed by his brother, bearing. six per cent. interest. When payment in full of the foregoing amounts is 1nade, the Society shall release Mr. Deane from further obligation. In default of payment of any of said notes at maturity, and the same remaining unpaid for thirty days, the entire amount of the original indebtedness, at the option of the Society, becomes due and payable, and the Society may proceed to collect the same, and to enforce any other remedies against Mr. Deane which it would have had if this agreement had not been made. Inasmuch as the Society directed the Board to effect an "adjustment," rather than resort to severer measures, and inasmuch as the general sentiment of the friends of the Society was in favor of this course, it is believed that the action of the Board, all things being considered, will receive the commendation of the Society. In this connection it may be stated that, pursuant to the recommendations in the report of the Special...
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Product details

  • Paperback | 142 pages
  • 189 x 246 x 8mm | 268g
  • United States
  • English
  • black & white illustrations
  • 1236970454
  • 9781236970459