OCR Text |
Show ($160,000.00) dollars; and Engineer Rodolfo Castaneda, fifty shares, in the value and amount of five thousand (5,000.00) dollars.- Sixth :-The "Sociedad," shall be governed and directed in conformance with the Statutes, which shall be inserted in the thirteenth clause of the present document. The duties which the Directors and Officers shall perform, shall be those specified in said Statutes:- Seventh :-The Reserve Fund shall be formed annually from the net profits, in the amount agreed to by the Board of Directors, excepting that it shall not be less than five per cent of said profits, until it shall reach the amount of at least one fifth of the capital stock: Eighth :-The distribution of profits and losses corresponding to the members of the "Sociedad," shall be made in the following manner:- A balance sheet shall be drawn up at the end of each year, and shall be distributed at the General Meeting of Stockholders. In the event of its approval, the Treasurer, under the Direction of the Board of Directors, and after reserving the necessary portion for the payment of costs and formation of the reserve fund, shall apportion to the stockholders, their corresponding profits or losses as the case may be, in proportion to the number of shares which they shall possess, with the understanding that the Board of Directors, shall at their judgment decide whether all or a portion of the profits shall be devoted to improvements or works undertaken by the Compania, or whether it shall remain in the Treasury or be placed in the reserve fund, the understanding that on no occasion shall the stockholders be held responsible for the obligations of the "Sociedad" for more than the value of their shares.- |
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. |