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and the administration and application of said fund shall be provided for
ST. I.UCIE C~UNTY~ ~!~„ in the Supplemental Indenture in respect o! such Bonds.
CoworsiM Sec. 3.7 The holder of any Series "A" Bond may, st his election and
Privio=e subject to the provisions of this Article, at any time prior to payment of
the principal amount thereof (whether before or after notice of Redemption
has been given by The Company), convert such Bond into fully paid and
non-assessable shares of common stock of The Company, par value $25
per share, at the rate of 20 shares of said common stock for each $b00
principal amount of such Bond.
Each such Bond so to be converted, accompanied by all unmatured
Coupons appertaining thereto, shall be surrendered for that purpose at
the office of The Company, or its agent, in the Borough of Manhattan,
City and State of New York, accompanied by written notice, in form
satisfactory to The Company, duly executed by the holder thereof or by
his duly authorized attorney, of his election so to convert. The Company
shall cancel all Bonda• so surrendered.
Comrsioa Sec. 3.8 As soon as practicable after such surrender, The Company
shall issue and deliver to, or upon the order of, the holder of such Bond,
a ;,crtifi:.atc ar cer ;ifi^,.s+,~s f^r the mimhar of sharps of the common stock
of The Company isauable upon such conversion. The certificates shall be
issued as of the date of such surrender. unless such surrender is made ,
while the books for the transfer of such stock are closed for any purpose,
in which event the issuance and delivery of such certificates shall be
nostnoned until the opening of such books. The Company shall pay any
tax with respect to the issuance or delivery of such certificates (except
one arising from the transfer involved therein). In the event a taxable
transfer is involved, the issue and delivery of such certificates shall not
be made unless and until The Company has been paid the tax applicable
to such transfer, or hss been satisfied that such tax has been paid.
~terest Sec. 3.9 If a Series "A" Bond be surrendered for conversion on, or
pP~ during the calendar month preceding, any date for the payment of interest
Coorersiw thereon, the interest, if any, which would be payable thereon on such date
(exclusive of accumulated Unearned Interest) shall be paid on such date to
or upon the order of the holder of such Bond; and all other rights with
respect to interest thereon shall cease and determine.
Reser~ntiea Sec. 3.10 The Company covenants that at all times there shall be
~ authorized but unissued, and reserved solely _`or the purpose of this Article,
Comwo~ a sufficient number of shares of its common stock, par value $25 per share,
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Stock to enable it to comply with the provisions of this Article if all Series "A
Bonds at the time Outstanding should be presented for conversion as
provided herein. If, while any Series "A" Bond is outstanding, Tiie Com-
pany shall reclassify, or change the par value oi, its common siix:k, eac}i
Series "A" Bond shall be convertible into such number of shares of stock
of The Company of such class or classes as shall represent the equivalent
of the number of shares of common stock of The Company, par value $25
per share, to which the holder thereof would have been entitled but for
such reclassification or change.
Ce0ldllgtle/ Sec. 3.11 In the event The Company shall be Combined with any
other corporation while any Series "A" Bonds shall be Outstanding, and
in connection with such Combination, Securities or other Property shall be
issuable or deliverable for common stock of The Company, then as a part
of such Combination lawful provision shall be made so that the holders of
Series "A" Bonds shall thereafter be entitled to receive, upon conversion
of the same, in lieu of each share of common stock of The Company, the
same kind and amount of Securities or other Property as may be issuable
or deliverable upon such Combination with resFsct to each share of such
stock of The Company Outstanding at the date of such Combination ; and
thereafter holders of Series "A" Bonds shall have the right, upon con-
version thereof, to receive such Securities or other Property in lieu of such
stock of The Company.
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