*This is the amount taken up to date of an authorized issue of TIs. 1,000,000 and the total will be sub-joch to-adjustment in the case of further allotments being made.
Tu the event of the Council deciding not to take over these debentures, it is assumed that arrangements will be made for their discharge without any cost whatsoever to the Company or the liquidators thereof or to the de venture holders.
Contracts—The Council is to adopt and carry out all contracts existing at the date of purchase between the Company and third parties and to indemnify the Company and the liquidators thereof against all claims in respect thereof. Rents, insurance premia, interest and other apportionable charges are to be apportioned as at the date of purchase. 7 In the case of contract work being carried out by the Company for third parties at the date of purchase, the Council is to recoup to the Company the actual cost to the Company of such contract work to that date together with the proportion of profit on same.
Outstanding Accounts.—The Council is to act as the Company's agent for the collection of all outstanding accounts as at the date of purchase for which service the Council will receive ae remuneration 1 per cent, on the amount collected.
Transfer.—All costs and expenses of transferring rea] estate and other assets to the Council are to be borne by the Council.
Interest.—The Council is to pay to the Company or the liquidators thereof interest from the date of purchase on the purchase price (or any balance outstanding thereof) unti] date of payment at the rate of 7 per cent. per annum.
Shares Issued Free to the Council in 1905.—In accordance with the undertaking given by the Chairman of the Council at the Ratepayers' Meeting held in 1905, the Council will not be entitled on the distribution of the purchase price, to any share of such price as the holder of the 975 shares (or any of them) issued in accordance with Clause 2 of the Agreement of July 1905.
Private Fire Hydrants—In accordance with the arrangement made in 1917 reference to which is made in the Company's letter ta
Text read from the printed page and cleaned; old type leaves the occasional error.