Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-08-17

celve interest and sinking fund payments
Tor the said quarterly periCd.
tc) The cost OF the city's transit facil-
tiles upon which the city Is entitled to re-
ceiNe interest and sinking fund payments
Tor the said quarterly period as per the
statements Of the city Controller and the
director. furnished by them 10 the board
AUDITING OF ACCOUNTS
a complete audit Of the accounts OF the
company. In form prescribed by the director,
shall he made by public accountants at the
expense OF the city as OF the date upon
which this contract shall become effective,
and thereofter the accounts OF the company
shall be audited annually in form as pre-
soribed by the board by public accountants
mutually agreed upon by the City Con-
troller and the president of the company
and the audit in detail shall he published
and submitted TO Councils and TO the COM
pany, For that purpose the city shall have
access TO the books, records and memo
randa of the company and may require the
examination. under oath. of any OF It's
officers or employees, the cost OF such annual
audits and examinations shall be paid by
the company as part OF the expenses Of the
unified system.
II exception he taken, either by the pub
lie accountants or the City Controller TO
the propriety of any charges appearing in
the accounts cf the company or by either
the public accountants or the company TO
the propriety Of any charges appearing
IN the accounts Of the city, as TO the
cost of the city's transit facilities the
board shall pass upon and finally deter
mine Tor all the purposes OF this contract
the propriety Of the charges e. which ex-
ception shall have been taken.
WAIVER OF DIVIDENDS
The company hereby valves the cumula-
tive provision under Section 6 of the 1907
NOT ., tie .Ig -
from January T. 1907. until the date upon
which this contract shall become effective
except that in lieu thereof the company re-
serves the right to distribute to ita stock
| holders after FIVE years from the date upon
which this contract shall become effective
the then remaining surplus of the company
accumulated previous to the date upon
| which this contract shall become effective
as provided in Article XVII
The company shall keep reasonably in
| sured against fire and other usually insura-
! hle accident or contingency all property of
! the cty's system liable 10 be damaged
thereby and the policies for such insurance
! shall he kept separately from those for
! other property OF the company. The insur-
| ance policies covering any of the city's
| transit facilities or any parts thereof shall
be made payable to the city.
In case of damage TO or destruction of
| any of the city's transit facilities by war
! rot Rood. earthquake or other extraordi.
! nary occurrence not ordinarily insurahle
and generally comprehended under the term
! act of God or Wis major. the same shall
he repaired or replaced by the city and
! charged to the cost of the cty's transi,
! facilities
RIGHT OF RECAPTURE RESERVED
In addition to the right reserved by the
! city under Section IL Of the 1907 contrac
| to purchase all the property. ieasehold,
and franchise of the company on or after
| July ], 1857. the city shall have the right
AT any time between July l. 1927 and Jul,
j. 1897, upon giving the company six months
| notice of its intention so to do, to tcrmi
nate this contract. recapture its own prom
orlN, and acquire all the company's prop
erty. leaseholds and franchises by paying /,
the company at the date named in the sa |,
notice an amount equal to the amour
Which mas been paid in upon all of its can
ltai stock outstanding at the time of th
purchase and recapture. together with IN
any dividends on new capital stock IN
pald an amount equal to any unpaid nor
tloh OF dividends in each year Mt the rat,
. or one million five hundred thousand dol
Iafs '$l,aoO,N ,No0) per year from the DAT
! upon Which this contract shall become Of