The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-06-25


fare Of said gas company.
Ehhs-The Memphis Gaslight Com.
pAny agrees and undertakes that while
this contrsct shall remain in force 1t
will carefully keep the expense
account within the smallest limit
that will eufIice for the efficient and
proper conduct Of its business, aud
that the aggregate of the Gala
ries OF the pes dent AID sec
retary shall not exceed annually the
sum Of 1900; and further that, it will
not create other talafied officers with
out the consent of the Faid Taxing
District, first /, the oreAtion thereof,
and 10 the salaries 10 be paid therefor.
All purchases by and pay rolls Of
the company shall be submitted
monthly to the President OF the Board
OF Fire aud Police Commissioner for
examination aud approval. And If
he, the said President, and the officers
of said company shall not be able to
agree upon the propriety ahi correct
ness of any one or more OF the items
OF said expense account, the matter
shall then be first referred by said
PIE ident Ia the Legislative Cou. ell
Of said Dstrlc' And II, upln con-
sidtra ion thereo', the said Council
cannot agree with the officers OF said
company in respect 10 such il m or
items, the same shall be summary
settled by three Mbiuators--one to be
appointed by said company, one by
eaid District aud the third by those
two-said arbitratois to act promptly
upon the mater or matters ref rred
to them, and The award Of q majority
10 be conclusive. II either party ehsll
refuse, upon request, to appoint an
arbitrator, the other party may ap-
point the entire number.
Sixth-Ths Memphis Gaslight Com
pany agrees and undertakes hereby
that the said Taxing Dietr'c', for the
protection OF is interests under this
contract, may appoint two suitable
persons who shall be notified by said
company of the meeting of its board
of directors, and have tae privilege ot
attending those meetings, and taking
part in the deliberations and discus.
sions thereof and making repolt
thereof to thu said Taxing
District; and that said perIons
shall at a times, within business hours,
have the privilege o. access to the
books and accounts OF said company
AID the right 10 inve stigate its opera
tlons; aud the said gas company
undertakes ard agrees, through the
pc sons 80 appointed, 10 furnish to
taid Taxing District semi.annual ct ate'
ments, coiuoident with the semi
annu,l regu'at meetings OF its
directors, Of the Affairs and operat one
of the company, and showing every
fact material to tbs interests oil said
Taxing Disnic', under this contract;
aud, In addition, Ahat II will, at any
time when 30 requested, furnish to
sad Taxing D'HiHct any particular
statement that may be called for, and
any specific Inflammation es 10 the
affairs and operations Of the compan,
which said District may Officially
require. ~.
: Seventh-It is further agreed tina,
. said Gas Company will at any time, ct
1 the request OF the Taxing District, re-
+ duce the price of gasto such figures
9 as that the profit will only amount Ia
4 30 much as will be sufficient 10 pay
d the interest on the bonds, 7 per cent
!. dividend on the stock, salaries, oper.
d ating expentes, aud cost Of improve
: menis and extensions, as herein pro
p vided for.
o Eighth-In the event the Taxint
y District should become the owner
n one.half the improvements, as pro
o vided in paragraph 4 hereof, 1t i
y agreed that said company will pur
% chase, snd shall have the right to pui
ID chase the same, by issuing to the Tax
inp Distr ct an amount OF stock equa
10 to the book yalus thereof. But It'll
$, believed that legislation is, or may be
:. nece IS AIRY to enable said Gas Compan
ID to issue and said Taxing District to re
oeive and hold said stock. In tn
ut event such legislation is necessary
OF and cannot be or Is not bad, II
Id agree d that sad Taxing District shal
u, in all respects, as nearly 80 prac lcabl
I'D have the same rights and be put upo
wv the ZANE footing as II such stock WI
ng actually issued 10 II. That Is to So
y; sad District shall, for the use OF sal
lis intere /. receive a nominal per centul
he on the book amount OF said int re
ot equal 10 the Iper centum OF divideu
or pa d by said company on its stock,
w he paid at the same time with the div
at deuds. Bat such right shall be G
er ordinate with and not superior to u
ay right of the stockholders to dividend
as And al the final winding up OF u
". affairs of said corporation the Taxi
ot District shalltbe entitled, on accou
to ofsa'd interest, TO receive Just 80 nIC
nd Az It would receive II held 40 amour
49, of stock equal ID the brook value oll
he interest, this right also to be equalar
lie coo dtnate with and not in any retpe
,er snuerior or preferred to the right
all Ihss,ockholders knd the said cor
ny pany shall have The like right to issl
IRE TO its stockholders stock for the GA
oil half Of the betLerments secured to
49, under this contract, or falling 10 issI
* the stock to treat its half thereof as
nd herein provided for, the oue-half tho
40 Of going h. TIE Taxing District
nd Ninth-This contract is made Ia nm
m. adjustment aud settlement OF tho di
OF ierences heretofore existing hetwee
It said company and the Taxing DlstIic
ds touching the quality Of gas here oto
OF mpplied and hereafter 10 be supphe
all by sai company, the obligation
by ga d company 10 supply all the inhal
It's itauis of The District applying theref
a. W In gas, and Bs TO the power o. 5 |
De D'sric. to regulate aud control Il
be price Of the IS furnished by sa
lct company, a1d the operations OF "a
10 company; and ,he said Taxing d
on tict, in consideration Of the premise
I'D a ,rees ard OBJ igstes itself to pay "a
'es QFs company the sun OF ~
la' annually for the gas to
Ute supplied to the District, under he fir
be eiion OF this contract. But It
TX fortber agreed and underato d that
g, anv other corporation or individa'
nd or a,socia ion Of corporations or int
IN vidusls, should here3f.er establish q
he nu inc a Of manufacturing and seilil
ha illumi atlpg gas, within the co'por'
he limits OF sad District, by mCars
~ pipts laid in he sJests, a | US
.ne highways thereof, in competition wi
NJ sid Memphis Gsslght Comp n
en eft er said Memphis Gaslight CoI
M nanv or SAID Taxing Dletric', mi