Imperial Valley press., 1912-01-13
ANNUAL MEETING OF
NO. EIGHT COMPANY
Three Directors Reelected in Close
Cc-+es+ md Stahl and Harmon
Are Added-May Sell Stock

Tho annual meeting Water Company
No. was held at Brawley last Tues
day ID. H. Imler, H. B. Stewart and
G.. j. Reiner were reelected on the
board of directors and the new men,
bers elected were c. n. Stahl and |. L..
Harmon.
The annual report of Secretary
Reiner showed that the company dur
ing the past year has paid $4,000 more
to the receiver Of the California De-
velopment Company for water than it
has received from the share holders
for water. Manager Stewart explained
that the loss was in delivery to
ranches off from the principal later
ais and in the stock water delivered
without charge.
James F. Hoskins, Philo Jones and
w. d. Nealey We're appointed IS a
proxy committee
A resolution introduced by H. B.
Stewart was laid on the table until the
adjourned meeting, which is set for
February 6. This resolution reads:
Whereas, there is standing in the
name of Imperial Water Company No.
on the books of the company 49,
040 shares of the company'S stock,
which said stock was bought in by
the company for delinquent assess
ment thereon, and
Whereas. the board of directors of
Imperial Water Company No. s has
been advised by it's attorneys that
said stock is held by said, Imperial
Water Company No. s for its stock
holders, and
Whereas, it is desirable that said
stock be sold at as early a date as
possible and the revenue from the
sale thereof accrue to the stockhold-
ers, and
Whereas, there is a suit pending in
the supreme court of the state of Cal
ifcrnia seeking to invalidate such sale,
and
Whereas, w. H. Holabird, receiver
plaintiff in said suit, has indicated
that he was willing to stipulate that
trustee be appointed to sell said
stock and hold the revenue from such
sale in trust pending the final deter
mination of said suit and at that time
to account to the prevailing party in
said suit for the revenue from the
sale of the same;
Now, therefore, be it resolved that
that said 13,O4O shares of stock be
placed in the hands of a trustee to
be by him sold at SIS per share and
the revenues of such sale held by said
trustee in trust pending the final de-
termination of above mentioned suit,
and should the same be in favor OF
the plaintiff in said suit then said trus-
tee shall retain for his services 2
per cent of the stock sold by him
and shall account to the receiver for
so per cent of the balance of said
selling price and to the stockholders
of Imperial Water Company No. s
for the remaining 20 per cent in pro-
portion to the number of shares held
by each of them at the date of such
stipulation with the receiver, any stock
remaining unsold to be turned back
to Imperial Water Company No. s to
be sold by it as provided in that GER
tain agreement dated March l, 1907,
between Imperial Water Company No.
8, the California Development Com
pany and the Metropolitan Bank and
Trust Company.
In the event that the final deter
mination of said suit in favor of I'm
perial Water Company No the said
trustee shall retain per cent of the
proceeds of such sales and account to
the stockholders of Imperial Water
Company No. for the balance of the,
entire revenue derived therefrom and
shall continue to sell said stock and
account to the stockholders semi-an-
nually until the same shall all have
been sold;
That the board of directors of this
company be authorized as agent for
the stockholders to stipulate and
agree with the receiver as to the terms
and conditions of said sale, provided,
however, that the price realized from
the sale of such stock be not less than
SIS per share.
ID D -WS--------------