CHAPTER 76

STATE TREASURER

PROVIDING FOR SALE OF STOCK OF MUNSON LINE, INCORPORATED

AN ACT TO PROVIDE FOR THE SALE OF TWO (2) SHARES OF THE CLASS C PREFERRED STOCK, TWO (2) SHARES OF THE COMMON STOCK, SCRIP CERTIFICATE FOR 36/100THS OF ONE SHARE OF THE CLASS C PREFERRED STOCK AND SCRIP CERTIFICATE FOR 36/100THS OF ONE SHARE OF THE COMMON STOCK OF MUNSON LINE, INCORPORATED OWNED BY THE STATE OF DELAWARE.

WHEREAS, the State of Delaware owns Two (2) shares of the Class C Preferred Stock, being Serial No. CL-1444, dated March 20, 1939, Two (2) shares of the Common Stock being Serial No. XL-1479, dated March 20, 1939, Scrip Certificate for 36/100ths of One Share of the Class C Preferred Stock, being Serial No. SC-691, dated March 20, 1939, and Scrip Certificate for 36/100ths of one share of the Common Stock, being Serial No. SX-725, dated March 20, 1939, of Munson Line, Incorporated, a Maryland 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 New York in settlement of its claim for franchise taxes due from the subsidiary corporations of the predecessor corporation of said Munson Line, Incorporated, namely, Munrio Steamship Corporation, a Delaware Corporation and Redman Steamship Corporation, a Delaware Corporation, filed in the matter of Munson Steamship Line in proceedings for reorganization of a corporation being No. 59,923;

WHEREAS, it seems advisable to liquidate and reduce to cash for deposit in the School Fund of the State of Delaware, said Class C preferred shares, common shares, scrip certificate for Class C preferred stock, and scrip certificate for the common stock;

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 State Treasurer be and is hereby authorized and directed to sell the said two (2) shares of the Class C Preferred Stock, two (2) shares of the Common Stock, Scrip certificate for 36/100ths of one share of the Class C Preferred Stock and Scrip Certificate for 36/100ths of one share of the Common Stock of Munson Line, Incorporated at the best price obtainable, but not less than the preferred market price and common market price therefor; and the State Treasurer is 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 State Treasurer be and is hereby authorized and directed to pay the net proceeds of the sale of such shares into the School Fund of the State.

Approved May 1, 1939.