Arizona republican., 1917-12-27

svstems of transportation. Until ana except so far as said director shall from time to time by general or spe- cial orders otherwise proVide, the boards of directors, receivers, otflcers and employees of the various trans portation systems shall continue the operation thereof in the usual ana or dinarv course of business of common carriers, in the names of their respec- tive companies.
 Until and except so far as said d. rector shall from time to tune olher- wise by general or special orders ue- termine such systems Of transportd tion shall remain subject to all eAlst- ing statutes and orders of the inter- state commerce commission and to all statutes and orders of regulating com missions of the various states in which said systems or any part thereof may be situated. But any orders, general or special, hereafter made by said dl- rector. shall have paramount authority and be obeyed as such. "Nothing herein shall be construed as now affecting the possession, oper- ation and control of street electric passenger railways, including railways commonly called interurbans, whether such railways be or be not owned ol i controlled by. such railorad companles or systems. By subsequent order and proclama ton if, and when 1t shall be i found necessary or desirable, posses i sion, control or operation may Dc l taken of all or any part of such street railway systems. including subwayS and tunnels; and by subsequent ordel and proclamation, possession. contro and operation in while Or in part may also be reliquished to the owner! thereof oSany part of the railroad sys- tems or rail and water systems, pos session and control of which are here by assumed.
 "The director shall as soon as may be after having assumed such pos- session and control enter upon nego- tiations with the several companie: looking to agreements for just and req
 sonable compensation for the posses
 sion, use and controf of their respec
 tive properties on the basis of an an
 nual guaranteed compensation, abov
 accruing depreciation and the main
 tenance of their properties, equivalent
 as nearly as may be, to the average 0
 the net operating income thereof fo
 the three year period ending June 3( 1917-the results of such negotiation
 to be reported to me for such actiol
 as may be appropriate and lawful.
 But nothing herein contained ex pressed or implied, or hereafter don or suffered hereunder, shall be deeme in any way to impair the rights of tn stockholders, bondholders, creditor
 and other persons having interests i
 said systems of transportation or i ! the profits thereof, to receive just an
 adequate compensations for the us
 and control and operation of thei property hereby assumed.
 Regular dividends hitherto declared and maturing interest upon bonds, de , bentures and other obligations may b paid in due course; and such regula dividends and interest may continue { be paid until and unless the said direC tor shall from time to time otherwis by general or special orders determine , and subject to the approval of the di . rector, the various carriers may agre upon and arrange for the renewal an , extension of maturing obligations. Except with the prior written as
 sent of said director, no attachment |
 mesne process or on execution shall 1 c levied on or against any of the proI
 erty used by any of the said transpol
 tation systems in the conduct of the