The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1909-08-12
DITCH MERGER OF
MILLION DOLLARS
Continued from Page One.)

to be capable of diversion to the 9TH
er, and the water contemplated to be
may become a fruitful source of con-
troversy and litigation involving a loss
to either or both of the companies.
There is susceptible of development
for the mutual benefit and advantage
of both, vast supply Of water con-
tiguous to and easily available for Ell
Their or both of the bitches.
From time to time certain outside
parties have sought to gain control
of either OF both Of the companies
for the purpose of using them or Ell
Their of them as Subsidiary compa-
MES to other interests inimioal to the
best interests of all the stockholders
of both companies.
Not for the purpose of retaining in
Office any person on persons now Off
GERS in either of these two companies,
nor to pursue any fixed policy other
than such policy as shall work to the
mutual benefit and advantage OF all
the stockholders of both companies,
but in order to preserve the, control of
said companies in the hands of those
best capable of enhancing the value
of their and each of their stocks, and
to prevent the control from passing
into the hands of people less quail
fled and disposed to conduct said
business in. manner most advantage
GUS to it's welfare and to make the
business of said companies successful
and their estates valuable, this agree
ment is made.
THE AGREEMENT.
Following is the substance OF the
articles of agreement:
For and in consideration OF the mu-
tual convenience and agreements and
the sum of one dollar by Parker to
McCrosson in hand paid, Parker will
turn over to a corporation to be in
corporated under the laws OF the Ter
ritory by charter 10000 shares of the
capital stock of Kohala Ditch Co. Of
the par value of $4O2, 900 on the basis
of its contemplated increase of capt.
talization to 100000, or in the event
that said capitalization shall not in
crease then to turn over 25,1G0 shares
of the par value of 1851 900. McCros-
son on his part engages to turn over
to the same corporation $4,000 shares
of the capital stock of Hawaiian Irri-
cation Co. of the par value of $685.
600.
Parker and McCrosson sSse that the
stock shall be divided as follows:
To McCrosson, 60,1OO shares of the
par value of $40 each, equal to $6O1,-
COO
To Parker, $4,000 shares, of $780,
600 par value.
The unissued shares of stock, 3d.
coo shares of 100000 par value, to
remain in the treasury for the bene-
fit of the corporation.
Each of them shall out of their
shares of stock deposit with Henry
Waterhouse Trust Co., Ltd, to be re-
tanned by it for the period of twenty
years from and after the death of Ell
Their party to the agreement-by Par
ker 900 shares valued at $3.50
and by McCrosson 3S1 900 shares va
ued at 1891 ,O00-the certificate or GER
tificates evidencing such shares to be
endorsed with certain words, given,
showing them to have been issued in
accordance with this agreement.
Out of the remaining shares there
shall be placed with Henry Water
house Trust Co. 900 shares which shall
be held by it for the purpose of pay
ing claims and obligations due from
and entered into by Parker and Nc
Crosson in promotion OF the two ditch
companies, and the remainder of the
shares, $4,000, value of $650,000, shall
be divided equally between Parker
and McCrosson. Provided that il these
5000 shares or any portion thereof
shall not within reasonable time,
to be determined by Parker and Nc