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Whereas a new corporation to be named
the California Street Cable Railroad Company,
with a capital stock of One Million Dollars,
to be divided into Ten thousand shares of
the par value of One hundred Dollars
each is about to be formed under the
laws of this State for the purpose of carrying
on the business of the road now
operated by this Company, and of such
extensions thereof as may be hereafter
made.

And whereas it is desired by the stock-
holders of this corporation that all the
property, assets and franchises of this
corporation which it now owns or may
hereafter obtain, be granted, conveyed
and assigned to such new corporation
for the consideration of Five hundred
thousand Dollars, which shall be paid
by the issuance to the stockholders of
this corporation, in exchange for the
stock of this corporation, of certificates
for the stock of such new corporation at
the rate of two shares of such new stock
for one share of the stock of this corporation,
which certificates shall bear upon their
face the statement that $50. has been paid
on each share of such new stock on account
of its par value.

Now, therefore, be it resolved that when
such new corporation shall have been