Partner Meetings

3 November 1947

Preliminary Meeting of Organizers of V. Traverso Co.

Attendance: Jack, Vic and Walter A. Dold, Attorney

The Articles of Incorporation presented, accepted and signatures notorized.

21 November 1947

Officers elected: Vic, President; Jack, Vice-President, Treasurer; Walter, Secretary. Reported articles of incorporation filed and certified by the Secretary of State on 10 November 1947 and County Clerk of San Francisco City and County on 14 November 1947. By-laws adopted. Certificate for shares presented and approved.

10 December 1947

Issued and sold 32,826 shares ($328,260) to brothers. Walter resigned. Bill nominated and elected to become Secretary. Adoption of Bank of America National Trust & Savings as corporation's bank. Board of Director salaries adopted.

5 January 1948

The brothers (vendors) filed a Notice of Intended Sale of V. Traverso Co. (vendee). The sale was considered to be closed and the purchase price or consideration to be paid at their attorney's office on 19 January 1948 at the hour of 3 o'clock P. M. The notice was recorded at the recorder's office in San Francisco on 7 January 1948.

16 January 1948

Presentation of application to Department of Investment Division of Corporation of the State of California, dated 7 January 1948.

Based on reviewing the tax filings for the business at that time, the rent became a liability for the business and an income for the partnership which held 1050 Battery Street, 491 Grant Avenue and 1654 Greenwich

The brothers filed a lease between themselves (lessors) and V. Traverso Co. (lessee). The lease would begin on 1 February 1948 and run for one year. The rent was $12,000 ($1,000 per month for the year). The lease was renewable at each one year anniversary date.

11 July 1958

Vic, the president of the corporation, passed away on 1 June 1958. There was a reorganization electing Jack as president, Vic's son, Victor W. Traverso, to serve as vice-president, assistant secretary and treasurer. Bill continued as secretary-treasurer.

30 October 1964

The adoption of the plan of liquidation of V. Traverso Co. was resolved by unanimous consent of the shareholders. The minutes from that special meeting reported the obligations and indebtedness were met; and liquidation of assets enabled a first distribution to the shareholders at the rate of $5.00 per share.

8 January 1965 | Special Meeting of Directors

With all work done to dissolve the corporation, there were shares of Pacific Gas & Electric held as the last asset. It was resolved to transfer the shares to the following members: Jack, Bill, Grace (Vic's wife), Vic, Jr. (Vic's son and a director), Gloria and Georgia (Vic's daughters).

The meetings of the board of directors were held monthly beginning in 1947 and ending in 1964.

A stockholder's meeting was held each year in January when they elected the board officers for that year. The positions they held from the beginning did not change until 11 July 1958, the year Vic passed. His son, Vic, Jr. became a member of the board and Jack stepped up to president.

Traverso Archives

Walter A. Dold was the attorney of record for the company. He was a graduate of the school of law at Golden Gate College in 1933. He attained Assistant City Attorney for San Francisco during his public life.