CHAPTER 27 - AUTHORIZING SALE OF STOCK OWNED BY STATE OF DELAWARE
AN ACT TO PROVIDE FOR THE SALE OF THREE HUNDRED AND TWENTY-SEVEN (327) SHARES OF THE PREFERRED STOCK OF SUNSET OIL COMPANY AND ONE THOUSAND, THREE HUNDRED AND EIGHT (1,308) VOTING TRUST CERTIFICATES FOR THE CAPITAL STOCK OF SUNSET OIL COMPANY OWNED BY THE STATE OF DELAWARE.
WHEREAS, the State of Delaware owns three hundred and twenty-seven (327) shares of Preferred Stock, being Serial No. 214 dated February 19, 1937, of the Sunset Oil, Company, a California corporation, and one thousand, three hundred and eight (1,308) shares of Voting Trust Certificates for capital stock, being Serial No. 12794 dated February 19, 1937, of Sunset Oil Company, a California corporation, which shares were received by the State Tax Department in accordance with orders of the United States District Court for the Southern District of California, Central Division in settlement of its claim for franchise taxes due from the predecessor corporation of said Sunset Oil Company, namely, Sunset Pacific Oil Company, a Delaware corporation, filed in the matter of Berryessa Cattle Consolidated Company vs. Sunset Pacific Oil Company, being Consolidated Cause numbered U-100-H in Equity;
WHEREAS, it seems advisable to liquidate and reduce to cash for deposit in the School Fund of the State of Delaware, said preferred shares and said voting trust certificates;
Now, therefore, be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:
Section 1. That the Governor and State Treasurer be and they are hereby authorized and directed to sell the said three hundred and twenty-seven (327) shares of Preferred Stock and one thousand, three hundred and eight (1,308) shares of Voting Trust Certificates of the Sunset Oil Company of California at the best price obtainable, but not less than the preferred market price therefor; and the Governor and State Treasurer are hereby authorized to assign and transfer the said shares to any purchaser or purchasers thereof and to execute in the name of the State all appropriate instruments in writing to effectuate such transfer.
Section 2. That the Governor and State Treasurer be and they are hereby authorized and directed to pay the net proceeds of the sale of such shares into the School Fund of the State.
Approved April 19, 1937.