Arizona republican., 1922-01-26

collected as provided in paragraph 6,
shall be sufficient to fully repay the
advances and the interest thereon.
The final deduction shall be for an
amount equal TO the actual balance
due from the employe. II the amount
payable to an employe on any pay
roll from which q deduction should
be made is insufficient TO meet the
installment due, the employe must
pay the difference in cash to the
Company. An employe shall be en-
titled, at any time. to pay off the
unpaid balance of the advances made
for his account, together with the
interest thereon, after which the
stock will be delivered 10 him as
provided in paragraph 5.
8. As indicated in paragraph 5 in
terest on deferred payments will be
charged at the rate of six per cent.
per annum. This interest will be
computed on monthly balances due
from the employe but will be charg-
ed against the employees account
only at December 31st, the close of
the Company's fiscal year, and at
the time of the final settlement.
Dividends collected will be credited
to the account on the same dates
that interest is charged against II.
8. Nonpayment, Tor any reason,
of three successive installments by
an employe remaining in the service
shall terminate such employees right
TO complete stock purchase. In such
event stock purchased for account
of such employe shall be sold in the
omen market and the proceeds of
such sale credited TO the employees
account. the resulting balance due
to or from the employe TO be settled
in cash.
ability, or death, the employe or his
estate may
(a) Complete payments in month
ly installments or in a lump sum,
and receive the full amount of stock
purchased for his account as here-
inbefore provided, or
(b) Receive a certificate for the
largest number of shares which the
deductions heretofore made and the
dividends heretofore collected, less
the interest on the advances. will
nav for in full; any balance less
than the cost of full share to be
paid to the employe. or his estate
| in cash. The remainder of the
stock purchased for account OF such
employe shall be sold for account
of the Company.
Option (b) of this paragraph shall
also apply in the case of any em-
ploye leaving the service, voluntarily
or otherwise, before the advances
made for his account, and the in
terest thereon, have been fully paid
| by him.
II. Where the stock purchased
for account OF any employe is less
| than the maximum number of shares
provided for in paragraph l. the
Company will, at any time, upon
! the request of such employe, made
| on the form and in the manner
hereinbefore provided, purchase Tor
his account, under the terms ana
conditions hereinbefore set, forth.
such additional shares as the em-
ploye may desire up to the limit
/ permissible. An employe haVlns
| completed the payments Tor any
stock purchase made for his account
may purchase additional shares un-
der the same terms and conditions
provided that in no event VIII the
! Company, at any one time, carry
more than fifteen shares in the ag-
gregate for any one employe.
~. The Company reserves the
right TO amend or 10 withdraw the
| foregoing plan at any time. Pro
! vided, however, that any such
amendment or withdrawal shall not