OCR Text |
Show -13- however, that said sum of Sixty Thousand Dollars shall not become due and payable until first party shall be able to pay same from its revenues without creating a debt or levying an assessment therefor. It is mutually agreed that as soon as the income of party of the first part shall permit, said sum of $60,000 shall become due and payable at the rate of One Thousand ($1,000) Dollars United States Gold Coin per month from the time that said second party enters upon his duties as General Manager of first party. VI. In the event that any dividends shall be declared upon the stock of first party hereto prior to the delivery of said one-fourth of said stock to said second party, then and in that event second party shall be entitled to receive all dividends upon said one-fourth of said stock so to be delivered to him as herein provided. In Witness Whereof, party of the first part has caused these presents to be duly executed upon the day and year first above written by its President and Secretary hereto duly authorized by resolution of its Board of Directors, adopted on the 20th day of March 1900, which resolution reads as follows: Resolved that the Vice President of the Company, Mr. C. R. Rockwood, be and he is hereby appointed a representative of this Board of Directors to carry on negotiations for the purpose of financing the Company, on such lines and on such terms and conditions as in his judgment he may see fit, with George Chaffey, of Los Angeles, California, S. W. Fergusson and associates, or with any per- |
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. |