Michael Kraus formed the NAC Foreign Extension Fund Corporation, 565 Conestoga Road, Waterloo, Ontario in 1972
Let's see, the first five Directors were (public information):
Frederick Louis Dreger, R.R. No. 2, Breslau, Ontario
John Gartshore Martin, 31 Aberdeen Road, Kitchener, Ontario
Richard George Meunier, 12 Cloverdale Crescent, Kitchener, Ontario
Stephen Ross Cameron, 356 Sundowne Drive, Waterloo, Ontario
William Ronald Greenwood, 114 Hearth Crescent, Kitchener, Ontario
The listed 1972 object for which the corporation is incorporated is:
Jimminy! The original object is sooooo different from what NAC Foreign Extension lists today:
Going back to the 1972 Certificate of Incorporation:
Each of the 5 guys have 1 share, with Common Class Designation, with the amount to be paid as $1.00.
Let's take a look at the by-laws:
Golly! Do you think Kraus might have taken action alone on any "Property" transactions????
(turn on Romanian accent) VE'RE NOT BEGGARS!!!!!!! That's right!!!! You're BORROWERS!!!!!
Let's see, the first five Directors were (public information):
Frederick Louis Dreger, R.R. No. 2, Breslau, Ontario
John Gartshore Martin, 31 Aberdeen Road, Kitchener, Ontario
Richard George Meunier, 12 Cloverdale Crescent, Kitchener, Ontario
Stephen Ross Cameron, 356 Sundowne Drive, Waterloo, Ontario
William Ronald Greenwood, 114 Hearth Crescent, Kitchener, Ontario
The listed 1972 object for which the corporation is incorporated is:
To purchase or otherwise acquire and to hold, sell, exchange or otherwise dispose of and deal in real or personal property for New Apostolic Church throughout the world.
Jimminy! The original object is sooooo different from what NAC Foreign Extension lists today:
"To promote the religious teachings in Christ in Foreign Countries, we help build churches for divine services, Sunday School, teaching and confirmation classes. To provide assistance to the sick and needy."
Going back to the 1972 Certificate of Incorporation:
7. The authorized capital is divided into 400 shares without par value; provided, however, that the aggregate consideration for the issue of the said shares without par value shall not exceed in amount or value the sum of $40,000.00 or such greater amount as the board of directors of the Corporation by resolution determines, provided that such resolution shall not be effective until a certified copy thereof has been filed with the Minister of Consumer and Commercial Relations, all prescribed fees have been paid and the Minister has so certified.
9. The restrictions, if any, on the allotment, issue or transfer of shares are no shares shall be transferred without the express consent of a majority of the directors, to be signified by a resolution.
The special provisions, if any, areand then, we have the following:
1. That the number of shareholders of the Corporation, exclusive of persons who are in its employment and exclusive of persons who, having been formerly in the employment of the Corporation, were, while in that employment, and have continued after the termination of that employment to be, shareholders of the Corporation, is limited to not more than fifty, two or more persons who are joint registered owners of one or more shares being counted as one shareholder.
2. That ny invitation to the public to subscribe for securities of the Corporation is prohibited.
3. That, subject to the provisions of the The Business Corporations Act, the Corporation may purchase any of its common shares out of surplus.
Each of the 5 guys have 1 share, with Common Class Designation, with the amount to be paid as $1.00.
Let's take a look at the by-laws:
2.04 Execution of Instruments. --Deeds, transfers, assignments, contracts, obligations, certificates and other instruments may be signed on behalf of the Corporation by the President alone or by any two directors. In addition, the board may from time to time direct by resolution the manner in which and the person or persons by whom any particular instrument or class of instruments may or shall be signed. Any signing officer may affix the corporate seal to any instrument requiring the same.
Golly! Do you think Kraus might have taken action alone on any "Property" transactions????
(turn on Romanian accent) VE'RE NOT BEGGARS!!!!!!! That's right!!!! You're BORROWERS!!!!!
3.01 Borrowing Power. -- The board may from time to time, in such amounts and on such terms as it deems expedient:
a. borrow money on the credit of the Corporation;
b. issue, sell or pledge debt obligations (including bonds, debentures, notes or other similar obligations, secured or unsecured) of the Corporation;
c. charge, mortgage, hypothecate or pledge all or any of the currently owned or subsequently acquired real or personal, movable or immovable, property of the Corporation, including book debts, rights, powers, franchises and undertaking, to secure any debt obligations or any money borrowed, or other debt or liability of the Corporation.
