OCR Text |
Show 99. Vtnrfit** «mv retain ami have, tor its own use sad benefit, all Moneys and other property accru-ing from the sale thereof. IT IS FURTHER AGREED that • portion of said sixty thousand shares of stock, to-wit, twenty-five thousand shares thereof, shall be deemed to be subscribed for by the party of the second part, from and after the date of this agreement, and that it will pay all assessments which may be levied thereon, but it shall, upon the sale, to third parties, of any of said twenty-five thousand shares of stock, be relieved from paying subsequent assessments on the portions so sold. AND IT IS FURTHER AGREED that the residue of said sixty thousand shares of stock, to-wit, thirty-five thousand shares thereof, shall remain as unsubscribed treasury stock of the party of the first part, until it shall, in parcels or as a whole, be subscribed for or sold, at the instance of the party of the second part. AND IT IS FURTHER AGREED that the party n( the first part will, at all times hereafter, upon the request of the party of the second part, issue any of said sixty thousand shares of stock, in such parcels and to such person or persons as the party of the second part may designate, and cause such stock to be located upon the lands of such person or persons, subject at all times to llie provisions of the Ry-I.aws and Articles of Incorporation of the party of the first part. ANT) IT IS FURTHER AGREED that the purty of the second part tnay, from time to time, upon request, have portions of said sixty thousand »hare« of stock inMted to itself, and located upon any of the several tracts of the irrigable land of said "Rlythe Rancho" then owne I by it, in lieu nf the right hereby granted to it to sell •nch -t"ck. AND IT IS FURTHER AGREED that the residue of the capital stock of the party of the first part, other than said sixty thousand share*. to-wit, forty thousand shares of said capital stock, shall be and remain unsubserilxd and unsold treasury stock of the party of the first part, until all of said sixty thousand shares of Murk shall have been sold, or issued and located upon land, by or at the instance of the parly of tlie second part, for its own use and hem-fit, as aforesaid; and the party of tin second part hereby agree* that it will not, prior to such time, Sell or contract to sell any of said forty thousand shares of stock, or locate or contract to locate any of «amr upon any land, or issue or contract to issue air, of same, or furnish or contract to furnish any irrigating or other water on account of llir same or any of same. AND IT IS FURTHER AC.HI.I.D that ih. party of the fir-i |>art may, at any tune, j>ay to the party of the second part the thin inarket price of and for each ami all of sairl sixty thousand shares of stock, excepting such of the same as may have been theretofore sold at the instance of the party of the second part, and excepting such thereof as may have ben theretofore located upon the said land* of the party of the second part, at its request, in lieu of sale, and excepting a number thereof equal to the niimbet of acres of irrigable land in said "Mlythe Rancho" upon which none of the capital sd,ck of the parly of the first part may. then have been located; and upon such payment being made, the party of the first part shall become entitled to sell and issue, at any time thereafter, for fts own use and benefit, any or all of said stock so paid for. and any or all of said forty thousand shares of unsubscribed treasury stock; and upon such payment |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |