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Collection: Original Records > Articles of Incorporation

Golden Empire Aviation Inc (AI-G255)(1973) (4 pages)

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CERTIFICATE OF PRESIDENT AND TREASURER OF ENDORSED GOLDEN EMPIRE AVIATION, INC. FILED Ta tho offica of the Secretary of Stato of the State of California ON DISTRIBUTION OF REDUCTION SURPLUS MAY S 1973 EDMUND G. BROWN, Secretary of State By JAMES E, HARRIS Deputy The undersigned, BURTON BROKAW, President of Golden Empire Aviation, Inc., a California corporation, and the undersigned, JAMES M. WARD, Treasurer of said corporation, hereby certify and Specify: 1, The stated capital of said corporation has been heretofore duly reduced from the amount of $250, 000, 00 to $25, 000. 00; and 2. a. The estimated debts of the corporation are $15, 000, 00; and b. The estimated liabilities of the corporation are $3, 000, 00; and 3. The estimated present fair value of the assets of the corporation is $53, 500. 00; and 4, The amount of the reduction surplus of said corporation resulting from the aforesaid reduction of its stated capital is $225, 000. 00, and $12, 000, 00 is the amount proposed to be distributed to the shareholders of this corporation; and 5. The Board of Directors of said corporation has determined, as set forth in the resolution of said Board heretofore duly adopted on February 16, 1973, that by the proposed distribution or withdrawal of such surplus, said corporation will not be rendered unable to satisfy its debts and liabilities when they fall due and that the assets of said corporae tion, after such distribution or withdrawal, taken at their fair present value, will at least equal one and one-quarter times its debts and liabilities,.