Director's Meeting,
Lynchburg Glass Corporation - February 25, 1926

These minutes were scanned, converted to text, and edited by Dennis Bratcher from original copies now in the Jones Memorial Library in Lynchburg, Virginia. The original minutes were typewritten. The text versions were converted to a screen font for ease of reading. As a result the exact formatting of the original has not been preserved. A scan of the original is below (parts of the scan are slightly distorted).

Directors Meeting
Lynchburg Glass Corporation.

A meeting of the Directors of the Lynchburg Glass Corporation was held in the directors' room of the First National Bank this city on Thursday morning February 25th. l926, at eleven o’clock, with the following present;
W. H. Loyd, John Victor, C. L. Snidow, R. T. [sic] Watts, and J. D. Owen.

This making a quorum with the remaining four members being reported absent from the City, the meeting was called to order.

The president stated that the meeting was called to decide upon the disposition of the current assets of the corporation toward making a final settlement of the indebtedness of the corporation, stating that the one and only creditor was the syndicate, represented by the First National Bank of Lynchburg, who held the entire bond issue and notes payable formerly owned. by the Chatham Phenix National Bank and Trust Company of New York City.
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Upon motion of John Victor, duly seconded by R.C.Watts, [inserted:] <and unanimously adopted> the president was authorized and instructed to pay over to the First National Bank of Lynchburg, the entire cash balance of the corporation's amounting to the sum of $4,871.57 to be applied to their notes payable.

Regarding the rest of the corporation's assets, the following resolution was offered by John Victor, duly seconded by R. C. Watts and unanimously adopted:                  Whereas, all of the real estate, plant and fixed assets of the Lynchburg Glass Corporation of Lynchburg, Va., have been sold by H. M. Sackett, Trustee, under a deed of trust, securing a bond issue, to R. W. Massie who directed that the conveyance of said property be made to the First Natl. Bank of Lynchburg Va. and

Whereas, the only assets now owned by said Lynchburg Glass Corporation, consists of certain accounts receivable and inventory of finished stock and raw materials and supplies of an aggregated value, not exceeding the sum of $20,000.00, which cannot be used by the said Lynchburg Glass Corporation, because of the sale of its plant and equipment under the said deed, of trust; and;

Whereas, the First National Bank of Lynchburg has agreed to purchase all of the said remaining assets for the sum of $20,000.00 and apply this amount as a credit on the debt due it, which said sale the board of directors of the Lynchburg Glass Corporation deem it advisable to make:

Now, therefore, be it resolved: That the President of the Lynchburg Glass Corporation, be and he is hereby authorized and directed to sell and forthwith deliver to the First National Bank, all of the assets of said corporation, now owned by it, for the sum of $20,000.00, which sum shall be paid by crediting the debt held by the said First National Bank of Lynchburg, with $20,000.00.

There being no further business the meeting adjourned.

[signed: W H Loyd]  President