Cunningham Coal Entries

Cunningham Coal Entries

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ... by the six named by the parties. 4. The title or all or said properties, including said inchoate water rights, shall be transferred to said corporation, in consideration for which there shall be issued to said vendors 25,000 shares of said capital stock. 5. The other half of said capital stock, viz: 25,000 shares shall be deposited in escrow with the Bank of California, Seattle, with instructions to make delivery of same to Mr. Guggenheim or his nominee upon his payment to said depositary to the credit of said corporation or the sum of $250,000, or at the rate of ten (10) dollars per share. Said $250,000 shall be paid in such sums and at such times as may be called for by the board of directors. Said money to be considered as "working capital" to be expended by said corporation in the equipment, development, and operation or said properties. As payments are made by Air. Guggenheim to said bank the bank shall be authorized to deliver to him one share of stock for each ten dollars so paid by him. Mr. Guggenheim shall have the privilege of paying said entire amount of working capital at any time, and thereupon to receive the entire 25,000 shares of said stock. 6. Should said sum of $250,000 prove inadequate for the purpose of equipping and developing said property, Mr. Guggenheim shall advance or loan to the corporation an additional sum of money not exceeding in the aggregate 100,000, the corporation binding itself to repay such advances on or before three years after the date of making the same, at the option of the board of directors of said corporation, with interest at five per cent per annum. 7. Said corporation shall enter into an agreement giving to said Guggenheim or his nominee the exclusive right to purchase for...
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Product details

  • Paperback | 54 pages
  • 189 x 246 x 3mm | 113g
  • United States
  • English
  • black & white illustrations
  • 1236834410
  • 9781236834416