AZ vs. CA:04 California Exhibits, Vol. IV; Nos. 151-192

page 343

FORTY-FIRST .SESSION. 343 CHAPTER 172. An act authorizing the Imperial irrigation district to acquire the irrigation system and works of the California Development Company and its subsidiary company and successors in California and Mexico by condemnation or purchase, and, in case of purchase, to exchange bonds of said district for such irrigation system' and works or for property interests therein. [Approved May 4, 1915. In effect August 8, 1915.] The people eif the State of California do enact as follows: Section 1. The Imperial irrigation district, in the county of Imperial, State of California, is hereby authorized to acquire, by condemnation or purchase, the irrigation system and works of the California Development Company in Cali- { fornia and the capital stock of the Mexican corporation or J corporations owning the portion of the irrigation system Dp through which the lands in Imperial irrigation district are Coinpany-supplied with water, lying in the republic of Mexico. In case of purchase said irrigation district may exchange bonds for said irrigation system and works, or for the capital stock representing the ownership thereof, or of any part thereof, and the board of directors of said Imperial irrigation district is hereby authorized to enter into such contracts for the acquisition of said irrigation system and works, or for the capital stock representing the ownership thereof, as it may, in its discretion, deem for the best interests of said irrigation district, and it is also hereby authorized to enter into separate contracts with all or any of the judgment and other creditors or stockholders of said California Development Company and its subsidiary companies, and their successors in interest and with other persons or corporations owning property interests in said irrigation system and works through stock ownership or otherwise in the United States or in Mexico, and to provide in said contracts for the exchange of bonds of said Imperial irrigation district for such property interests upon such terms and conditions as said board of directors may, in its discretion, deem for the best interest of said district; provided, however, that the whole amount of bonds so agreed to be exchanged shall not exceed three million dollars.