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ISLAND AIR FERRIES, INC
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
TO THE HOLDERS OF "CLASS A" AND COMMON STOCK

A special meeting of the holders of "Class A" and Common stock of Island Air Ferries Inc. will be held as provided in the by-laws, at the office of the Company, at MacArthur Airport, Town of Islip, Long Island, N.Y,, on the 10th day of January, 1952 at ten o'clock A.M., for the following purposes:

1. To authorize the officers of the Company to execute and file a certificate of amendment to the certificate of amendment to the certificate of incorporation of the Company, pursuant to Section 36 of the Stock Corporation Law, such certificate of amendment to provide as follows:
  A. That the authorized capital of the Corporation be increased from 151,500 shares consisting of 1,000 shares of Preferred Stock, 500 shares of "Class A" Stock, and 150,000 shares of Common Stock, to 1,001,000 shares consisting of 1,000 shares of Preferred Stock, and 1,000,000 shares of Common stock. 
  B. That in connection with such increase of authorized capital of the Corporation, no change whatsoever be made with respect to the 1,000 shares of Preferred Stock, presently authorized. 
  C. That the presently authorized 500 shares of "Class A" Full-Voting Stock, issued and outstanding, be eliminated, and that the shares of such Class A stock be issued and outstanding, be exchanged, share for share, for Common Stock so to be authorized.
  D. That the presently authorized 150,000 shares of Non-Voting Common Stock, of which 54,693 shares are issued and outstanding, be eliminated, and that the 54,693 shares of such Common Stock, so issued and outstanding, be exchanged, share for share, for the new Common Stock, so to be authorized. 
  E. That the 1,000,000 shares of Common Stock, so to be authorized, shall have a par value of ten cents($.10) each, and shall have full-coting rights. 
  F. That the pre-emptive rights, if any, which otherwise might exist in favor of the holders of the Class A and Common Stock to subscribe for any of the Common Stock so to be authorized, be eliminated. 

2. To authorize the issue of 225,000 Warrants to purchase Common Stock at $1.25  per share, expiring June 1, 1956; and that the presently authorized 30,000 Warrants, of which 24,748 are issued and outstanding, be eliminated, and that the 24,748 Warrants, so issued and outstanding, be exchanged, warrant for warrant, for the new Warrants, so to be authorized. 

3. The transaction of such other business as may properly come before the meeting. 
By order of the Board of Directors.
Clarence A. Hammond, Jr.
Dated: December 26, 1951.  Secretary
You are cordially invited to be present at the meeting. If you do not attend, you are urgently requested to execute and mail to the office of the Company the enclosed proxy, which is solicited on behalf of the management of the Company by authority of the Board of Directors. Kindly mail your proxy in time for it to be voted in the meeting.

Clarence A. Hammond, Jr.
Secretary