PNY Piedmont Natural Gas Company, Inc.

UNANIMOUS CONSENT
OF THE
BOARD OF DIRECTORS
OF
STOCK DIVIDEND FUND, INC.

December 6, 2012

The undersigned, being all of the members of
the Board of Directors (the 'Board') of
Stock Dividend Fund, Inc., a Texas corporation (the
'Corporation' or the 'Fund'), hereby
consent to, approve and adopt the following resolution
s, which resolutions shall have the same
force and effect as if adopted at a formal meeting of
the Board duly called and held for the
purpose of acting upon proposals to adopt such resolutions.

Approval of form and amount of Fidelity Bond

RESOLVED, that the Fund's Mutual Fund Bond
Insurance Policy with Great
American Insurance Company will be renewed and that it
surpasses the requirements
pursuant to Rule 17g-1 of the Investment Company Act
of 1940. The Bond will be
effective at 12:01 a.m. on December 26, 2012 to 12:01

a.m. on December 26, 2013. This Bond continues coverage from expiration of the last Policy, which expires on December 26, 2012 and is from the same Insurer.

Distribution of all Net Income and Net Capital Gains
for 2012

RESOLVED FURTHER, that the Fund will pay a
distribution on or before
12/31/2012 representing all net income and net capital
gains for 2012.

IN WITNESS WHEREOF, the undersigned have
subscribed their names as of the date
set forth above, in attestation to the accuracy of
the foregoing unanimous written consent and of
their approval of each action set forth above.

Piedmont Nat Gas (NYSE:PNY)
Historical Stock Chart
From Jun 2024 to Jul 2024

Piedmont Nat Gas (NYSE:PNY)
Historical Stock Chart
From Jul 2023 to Jul 2024