AZ vs. CA:14 California Exhibits, Vol. XIV; Nos. 2051-2100

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14 1 In exchange for the properties purchased or acquired 2 from the United States and from time to time transferred, 3 conveyed, or delivered to the corporation by the President 4 or the Secretary of War, arid for all unexpended balances 5 now under the control of the Secretary of War and appli-0 cable to the nitrate plants at or near Muscle Shoals, Alabama, 7 the corporation shall cause to be executed and delivered to 8 the President a certificate for all of the common stock of 9 the corporation. The certificate shall be evidence of the 10 ownership by the United States of all stocks of the 11 corporation. 12 In consideration of the issuance of such common stock 13 to the President, the President is authorized and empowered 14 to transfer, convey, and deliver to the corporation all of the 15 real estate, buildings, tools, equipment, supplies, and other 16 properties, belonging to, used by, or appertaining to the 17 plants and properties to be acquired by the corporation under 18 the terms of this title, and to transfer, convey, and deliver 19 as nnd when he may drem it advisable any other equipment, 20 accessories, plants, or parts of plants, or other property 21 referred to in this title, and which the corporation is author- 22 ized to acquire or purchase from the United States under its 23 provisions. 24 DISTRIBUTION OF EARNINGS 25 All net earnings of the corporation, not required for its 26 organization, operation, and development, shall be used-