The Birmingham age-herald., 1924-12-03

their employment to enter into agree ments with the company that the pat ents for all such discoveries or lnven- tions shall be and becomes in whole or in part the property of the corpora tion.
 M To assume any or all obi.
 gations of the United States entered
 into in connection with the con-
 struction, maintenance, and opera
 tion of the plants to be trans-
 fefred to tho corporation under tho
 provisions of this act.
 (j) To sell and export any of its surplus products not purchased by the United States or by persons, firms, or corporations within the United States.
 (1) To invest any surplus of avail able funds not immediately used for the operation, construction, or maintenance of its plants or properties in United States bonds or other securities issued by the United States.
 (m) To lease or purchase such buildings or properties as may be deemed necessary or advisable for the administration of the affairs of the corporation or for carry ing out the purposes of this act; :; and with the approval of the secretary of war to lease to other persons, firms, or corporations, or to enter into agree ments with others for the operation of such properties not used or needed for the purposes named herein. In the operation, maintenance, and develop ment of the plants purchased or ac- quired under this act the corporation shall be free from the limitations or restrictions imposed by the act of June 3, 1914, and shall be subject only to the limitations and restrictions of this act. Capital Stock And Bonds
 The capital stock of the corporation shall consist of one hundred shares of common stock of no par value. The corporation shall also issue an amount of twenty-year bonds bearing interest at the rate of five per centum per an- mum which shall be first lien on the property of the corporation and in an amount not to exceed fifty million dol lars, to be sold from time to time as needed to carry out the purpose of this act. The terms for the sale of said bonds shall be approved by the secretary of war. The terms for the sale of said bonds shall be approved by the sec retary of war. If at the end of any fiscal year after the fourth year the corporation shall not have earned net sums sufficient to meet the interest on said bonds as evidenced by audits of the accounts of said corporation by the secretary of war, the corporation shall forthwith cease operations and shall not resume until authorized so to do by the congress.
 In exchange for the properties pur- chased or acquired from the United States and from time to time trans ferred, conveyed, or delivered to the corporation by the President or the sec retary of war, and for all unexpended balances now under the control of the secretary of war and applicable to the nitrate plants at or near Muscle Shoals, Alabama, the corporation shall cause to be executed and delivered to the Presi- dent a certificate for all of the common stock of the corporation. The certifi- cate shall be evidence of the ownership by the United States of all stocks of the corporation.
 In consideration of the issuance of such common stock to the President, the President and the secretary of war are authorized and empowered to transfer, SOANCJt anu uCAAfCA " bhC NOL POA oIioh all of the real estate, buildings, tools, equipment, supplies, and other proper ties, belonging to, used by, or apper- taining to the plants and properties to be acquired by the corporation under the terms of this act, and to transfer, convey, and deliver as and when they may deem it advisable any other equip ment, accessories, plants, or parts of plants, or other property referred to in this act, and which the corporation is authorized to acquire or purchase from the United States under its provisions.
 Distribution Of Earnings
 All net earnings of the corporation not required for its organization, opera tion, and development, shall be used
 (a) To pay interest on the bonds and create fund for their payment;
 (b) To develop and improve its plants and equipment;
 (c) To create a reserve or surplus fund until such fund amounts to $2,5OO,- 900.
 (d) The remainder to be paid as div