The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-06-27

to 5000 900 par value, of which at least
$2oo,O0O shall be common stock and the bal
anee preferred stock, and the trustees have
consented TO act in the capacity of trustees
to receive md conserve payments made on
said stock until the completion of the sale
NOW THEREFORE, for the purpose OF
fixing the duties and liabilities of said trus-
tees, it is hereby agreed between the par
/. The seal of the corporation and its
stock certificates and stock record books
by the Hotel company and will remain IN
the custody of the trustees until completion
of the sale of at least 100000 of the stock
of the company.
2. Upon payment to the trustees of cash
covering the full subscription for shares
purchased by any individual, suitable
certificate of common or preferred stock, as
the case may be, shall be issued to such in
dividual promptly by the trustees, which
certificate will not be valid until signed
by the president or vice president and SEE,
rotary of the company, and countersigned
by one of the trustees
3. As money is paid in to the trustees
on account of such stock, the Hotel com.
pany shall make suitable investment Of said
fund. but the trustees shall be and are
hereby vested with power of joint control
| to the end that no investment may be made
| by the Hotel company without the approval
company alike shall be liable for any negH-
gence in the investment of said fund.
4. If S250,000 of common stock shall not
have been subscribed and paid for in full
| by January l, 1922. then within 80 days
thereafter the trustees shall return to the
holders of preferred stock the full amount
| paid in by them, and in addition thereto
interest at per cent per annum upon the
| sum paid in by those who have paid in full
| for their stock from the date of such final
payment, far the interest received
| by them and the proceeds from the sale of
amount paid by the purchasers of preferred
stock, and interest thereon as aforesaid,
! whatever shall be charged to or deducted
| from the funds received by the tru.tees.
Any funds remaining in the hands of the
| trustees thereafter shall be paid over by
them to the Hotel company and the trHs
| tees shall thereupon be discharged. The
| Hotel company shall then pay all expenses
and the balance of said funds shall be dis
| tributed by it pro rata among its common
stockholders.
$250,000 of the common stock, and sub
scriptions for preferred stock for the bal
ance. the trustees shall turn all funds and
all subscriptions, stock records. and books
and seal. to the directors of said company
and be discharged.
g. If any property be offered to the
Hotel company in lieu of cash for the pur-
chase of common stock and the offer shall
| be deemed acceptable by the Hotel COM
pany, it shall nevertheless not be closed
and stock issued therefor until the terms of
the offer shall be submitted in writing
in five days after the submission to them
of such offer by the Hotel company
unanimously approve the transaction if
of cash be deemed in their Judgment equal
to the amount it is to be taken in for; if
not so approved, the transaction shall not
! be made. This right is limited to the mat
| ter of value only. the question of the To-
cation of the hotel shall not be considered
| by them.
| IN WITNESS WHEREOF. the parties
| have hereunto affixed their signatures, the
day and year first above written.
| THE TOPEKA HOTEL COMPANY
By o. B. Cutler, Its President.
Frank c. Beck, e. C. Arnold E. H. Lup-
| ton, Trustees.
Attest: C. G. SICKLER, Secretary.