From an article in the “Savannah Morning News” dated August 11, 1942 (transcribed by Charles E. Varner)
CHARTER GRANTED FOR NEW HOUSING
Development to Accommodate New Shipyard Workers
$100,000 SHARES STOCK
Petition sighed by Judge Grice Here Yesterday
Petition for charter for the incorporation of Pine Gardens, Inc., a housing development to accommodate the influx of workers anticipated in the proximity of Southeastern Shipyards Corporation and which will ultimately result in an expenditure in excess of $250,000, was signed and granted by Judge Joseph H. Grice in Superior Court yesterday.
Petitioners are J. M. Wainwright of Birmingham, Ala., and J. Gerald Lewis and Joseph Weintraub, both of Miami. They are represented by Gazan, Walsh & Bernstein and Thomas H. Gignilliat, local law firms.
Capital stock of the corporation will consist of forty-eight shares of common stock of no par value, 500 shares of first preferred stock of the par value of $100 a share, and 500 shares of preferred stock of a classification other than first preferred of the par value of $100 a share. Amount of capital with which the corporation will begin business will be $18,000 in cash, all of which will be paid in.
The development will be in the vicinity of President street and Pennsylvania avenue where approximately eighty acres of land have been recently acquired. Actual work is expected to begin within the next several weeks, it is understood.
Petitioners were incorporated for a period of thirty-five years under the name and style of Pine Gardens, Inc.
The general nature of the business or businesses to be transacted are described in the petition as follows:
(a) To purchase and otherwise to acquire, own, hold, improve, develop, sell, convey, assign, transfer, lease, exchange, mortgage, pledge and otherwise to deal in real estate and personal property of every kind within and without the state of Georgia, to buy, sell and deal in real estate n its own account and for the account of others for remuneration and to do all things customarily done by real estate development companies:
(b) To purchase, manufacture, sell and deal in lumber, brick and other building materials, to build and repair houses, boats and barges and other structures, to build, maintain and operate sewers, services, streets and ways, including marine ways and docks, to conduct a mercantile business in connection with said operation and to buy, sell, and deal in on its own account and or for the account of others for remuneration, materials, commodities and products of every nature and description, including stocks and bonds of other corporations as well as its own.