The Board has resolved that the authorized capital of the association be increased from $60 million (comprising 8,000 ordinary “A” shares of fifty cents each and 60 million 7 1/2% Cumulative Participating Preference shares of $1.00 each) by to $120 million by creation of 60 million 7 1/2% Cumulative Participating Preference shares of $1.00 each to rank pari passu in all respects with the existing 7 1/2% Cumulative Participating Preference Shares in the capital of the Association.
There is no immediate plan to issue shares but provision is being made to facilitate prompt response in teh event an issue of shares seems advantageous in the future or the market appears to be right for raising additional equity.
