The Weiser signal. [volume] (Weiser, Idaho) 1890-1904, 1898-03-17
LEGAL TANGLES STRENGTHENED
This Event Is of Great Moment to the Future
Of the Fat Land Of Weiser.

the week previous, the Extension
Ditch Co. held meeting at the office
of Frank Harris, in Weiser, last Sat
urday.
The attendance was larger than has
been brought out yet, nearly all stock
holders being represented, and the
meeting, which was very import
ant one to the future OF the grand
land Of Weiser, lasted the greater
part of the day and until after mid
night.
The compromising OF matters be-
tween Peter Pence and the Ditch peo-
pie by which the company is put in |
shape to go on with its organization
and develop the ten thousand acres
OF superb land south of the Weiser
river constituted the main feature of
the meeting.
When the ditch was first organized
or thought to be organized, Mr.. Pence
turned over his ditch property in con-
sideration OF a written agreement
given him that the ditch would be en-
larged to certain size and that Pence
should have so paid up shares (par
value $4,000 in the company, all
shares belonging to him to be exempt
from assessment except those upon
which he used water. The ditch com
pany claimed that said shares were
exempt only for one year, by verbal
agreement; but as the contract stated
no time, but simply that they were
exempt, the exemption could be
claimed by Pence as long as the ditch
company existed-and don't think,
stranger, that he wouldn't doit. The
attempted assessment of these shares
was what brought the ditch company
into court against Mr.. Pence, who re-
fused to pay. The ditch company
had to give in. Things ran along
until it was discovered that there was
no ditch company, from the fact that
1.-THE bylaws had never been legally
adopted. By adopting the bylaws
and some other things by two-thirds
vote the company would have a Legal
existence and could ratify and make
binding past acts, but to get the two
thirds it was necessary to get the vote
of Mr.. Pence, whose sixty shares
represented one-half of the stock
Seeing he had them on the hip, Mr.
Pence held his contract over theil
heads as sort OF graft for the ex
traction of few more personal ben
efits before giving up the votes whicl
would set the company on its working
feet. By vote the holders agreed
that if Mr.. Pence would give up tn
contract and hand in the votes b
should be credited on the books wit
So, 800 being 5000 above the par val
ne. BY this arrangement he is NO
liable for assessment until all th
shares sold are paid up to 800, an
there being many which are but partl
paid, all money needed will be b
call on the capital stock unpaid whic
. leaves out all paid up shares as we
as those OF Mr.. Pence. This is tt
correct way, and as soon as all share
are paid up then the money must
raised by assessment against all share
and then Mr.. Pences shares come
for assessment, but he will have Il
5000 to his credit on the books al
his assessment can only be charge
up against that until it is balances
which, il he has sold most OF b
-. stock in the mean time, Will probab
cover his assessments as long as
III can ever have any interests in u
ditch, and he will never have to d
up the cash, but the stock be mi
lev lev sell will be subject to assessment
epl soon as it passes into the hands Of
second party.
,ws With this agreed to and settled t
en-, business OF the meeting was proceed
with harmoniously. The original b
emf en-. laws were adopted, new set
and books opened and all accom-
Strengthened out. the old board