| HENDRICK TREE FARM - NEWS LETTER #1 | DECEMBER 1980 |
Dear Hendrick Family:
GO, STOP, BACK UP!!! In my rush to get things done in 1980 and in the mail by Christmas I failed to do some things in the most acceptable manner, so the Atty. says and I agree. Fortunately nothing that can not be readily corrected, with your help. Please mail back (soon) all the stock you received. Use of the "pre-incorporation subscription" could cause complications so will be eliminated. Consider it a donation. The TF property is valued at $199,500. I accepted 700 shares in even exchange, accepting shares at $285 each. You will receive 10 shares, value $2850. Deduct $50 the amount of your donation leaves $2800 as the "accounting" value of your gift. IRS permit up to $3000 as a per year tax free gift per person.
The $1000 was deposited to meet current expenses. To date: State Application fee $30; printing stock blanks $45, corporate seal $25; All one time expenditures. Misc. office supplies, postage, etc. $25, attorney $100; typewriter $275. Total $500. I have reached the place where most of the time my writing is not legible. The blank stock has a stub on it, much like a bank check, that makes it 13½ inches long, too big for my little $60 manual portable. The new one, electric, also has some other goodies which help in making out the stock certificates.
Under Oregon laws and in accordance with our application I am presently a "one-man" corporation, President, Board of Directors, everything. I had Voni sign as Secretary (so as to be less lonesome). The Application states that I as the "initial" Board of Directors "shall appoint 3 or more persons" on a board to adopt By-Laws. Appointing a Board provides for continuity in case of my death. TF business could proceed uninterrupted. So:
As of December 31, 1980, I hereby appoint the following five to serve as such a board to serve in 1981 as of January 1. If any are unable to serve I will upon request appoint another to serve in their stead.:
R. W. Hendrick, President; Paul E. Fox; Nancy E. Hendrick; Marie F. Grady; Lee Hendrick; & Roy W. Hendrick,III,Field Manager.
If we set up By-laws to that effect we can conduct board meetings by correspondence or phone when we wish. I suggest that each family group or single have a 3 ring binder in which to file this and other TF correspondence for ready reference in the years to come whenever needed.
Have also discussed with Joanne the idea of an "in person" shareholders meeting this summer in Santa Barbara and she thoroughly approves. So try to be there. Start planning now.
See the paper attached to the back of your stock when you get it back. Such things as assessments, sale of STOCK, ETC. WILL BE COVERED LATER IN SUGGESTED BY LAWS.
R.W. Hendrick, President
Hendrick Tree Farm, Ltd.
P.S.: Almost forgot. One of the reasons for return of the 10 share certificate is so I can make it read John Doe and/or Mary Doe with rights of survivorship. Do you want the change made?