The Lehi banner. [volume] (Lehi, Utah) 1891-1917, 1894-01-04
Lam, JAN. 4 lc04.
CoHpromise.

>CssfhS~N'
The meeting OF the stockholders OF the
Lehi Irrigation Co. and the North Cen
tire Ditch Go. held some time ago for the
purpose oftaking steps to compromise
was not very we'll attended considering
the large number Of people who are in
terestcd. The several questions put to
the chairman with regard to the notice
given and II IL did not take a majority
of the stock 10 transact business at such
ameeting are vital questions and should
have been answered in some manner 80
that the stockholders would have been
able to proceed in an intelligent manner
and do the business legally. As there
was no satisfactory answer to the ques-
tions IL would have been better TO
have adjourned the meeting TO such n
time as would.givc the directors chance
to find out the legal status in The matter.
Throgh information CLEANED since the
meeting our opinion Ia more confirmed
than at that time that the majority OF
the stock should DO represented at such
meetings, or y notice should be sent
personally TO every stakeholder and
hen II lac should fail TO DO present at
the meeting he can raise no objection,
and those present can do the business
legally. None c6n deny that the above is
just and right, and such being the case
the recent meeting must be null and
void for II is safe to say that there was
no. one-i fourth Of the stock represented.
When the directors refuse to act then
the matter goes TO every stakeholder. 1t
ia not clear but what the directors have
the right to settle such questions with
out calling the stockholders together,
many who are well informed say they
have this right. Do that as IL may, II
was stroke Of good policy to get an ex-
preston OF the stockholders on the mat
ter.
The motion OF Prime Evans TO contin-
ne the suit did not sound very friendly |
nor economical when the whole situa-
ton and question Is considered. Report
has II that the Company 10 heavily in
debt and has not yet paid the last court /
expenses. and is paying big interest on
borrowed money. The tax for the last
two years has been as high as the law
will allow and the company has run be-
hind. At present there is q list of de-
linquent taxpayers, many OF whom do |
not see how 10 pay II. This alone should |
cause every stakeholder 10 think well be-
fore voting to involve the company in
more debt. Another vital question is
where are the directors to borrow mon
ey to carry on the suit. To borrow
money now is almost impossible. II
they did the terrible drain OF interest
would come ont Of the peoples pockets.
Ii by spending this money more wa.er
NNhlu pc bIpuknt W Jul City anu iuIlhH
all would be willing TO spend it so that
not only those who are now here can
have the water they need but others
can come and locate with us and i'm.
prove the vacant lands.
The motion Of Israel Evans Jr TO com
promise was right and should preya.i
before his matter goes any farther and
for the purpose of giving every stockhol-
der a chance TO vote another meeting
should be- called and every stakeholder
given notice Of the meeting.
From talk which has been heard since !
the meeting some of those who voted TO !
go to law have changed their mind. AZ
ter thinking the matter over more thor
oughly and would now 5ote Tor compro-
mise. Some Of those who thought a
compromise would not be legal have |
their minds.
A compromise should be effected il |
possible, to save all the money possible
or get the other company to come into
the Lehi Irrigation CO. and prevent any |
farther trouble.