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

nitrogen as provided for in Section 8 of this act shall be used, when not re- quired for national defense, as far as it is practicable to do so, in the manu- facture of commercial fertilizers. The United States, its agents or lessees or assigns, shall manufacture nitrogen and other commercial fertilizers, mixed or unmixed, and with or without filler, according to demand, on the property herinbefore enumerated, or at such oth- CT plant or plants near thereto as 1t may construct, using the most economic source of power available, with an an- nual production of these fertilizers that shall have nitrogen content of at least ten thousand tons the first year, twenty thousand tons the second year, thirty thousand tons the third year, and thereafter forty thousand tons of fixed nitrogen. In order that the farmers and other users may be supplied with ferti- lizers at fair prices and without excess profits, the United States, it's agents, lessees or assigns, shall be limited to maximum net profit which may be made not to exceed eight per cent of the fair annual cost of the production thereof.
 Section 5. That the secretary of
 war, with the approval of the Pres-
 ident, is hereby authorized and em-
 powered to lease the properties
 enumerated under Section of this
 act, with proper guarantees for the
 performance of the terms of the
 lease, for a period not to exceed
 fifty years.
 The lessee being required and obli- gated to carry out 7the production of nitrogen and the manufacture and sale of commercial fertilizer the purposes and terms enumerated in Sections l, ?, 3, and of this act, and such other terms not inconsistent herewith as may be agreed to in the lease contract. The lessee shall pay. an annual rental for the use of said property an amount that shall not be less than four per pended in the building and construction of dam Number at Muscle Shoals and the purchase and emplacement of all works and machinery built or in- stalled in connection herewith for the production of hydroeleetrie power. The lease shall also provide the terms and conditions under which the lessee may sell and dispose of the surplus electric power created at said plants. The lease shall also provide for the protection of navigation at said dam Number and the operation of the locks connected herewith. The lease contemplated in this section shall be made with the un- derstanding that the, United States shall complete and have ready for operation dam Number 2 and the locks connected herewith, together with the plants and machinery for the production of electric puower, and that after the lease is en- tered into the lessee shall maintain the property covered by the lease in good repair and working condition for the term of the contract.
 Section 6. In the event the secretary of war is unable to make lease under the terms of the power herein granted to him before the first day of July, 1925, then the United States shall main- tain and operate said properties de- scribed in Section 1, in compliance with the terms and conditions set forth in Sections 1, ?, 3, and f of this act, and under the power and authority pre- scribed and granted in the following sections of this act.
 Section z. That the secretary of war is hereby authorized and empowered to designate any five persons to act as an organization committee for the purpose or organizing a corporation under au- tnOrlty or, ana TOT Ine purposes euuH- erated in, this act.
 Organization
 The persons so designated shall, under their seals, make an organization cer- tificate, which shall specifically state the name of the corporation to be or ganized, the place in which it's principal office is to be located, the amount of capital stock, and the number of shares into which the same is divided, and the fact that the certificate is made to en- able the corporation formed to avail it. self of the advantages of this act. The name of the corporation shall be The Muscle Shoals Corporation.
 The said organization certificate shall be acknowledged before judge of some court of record or notary public, and shall be, together with acknowledg- ment thereof, authenticated by the seal of such notary or court, transmitted to the secretary of war ,who shall file, record, and carefully preserve the same in his office. Upon th, filing of such certificate with the secretary of war as aforesaid, the said corporation shall be- come a body corporate, and as such,