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duly formed and when all the stock of
this corporation shall have been delivered
up by the holders thereof in exchange for
such certificates of such new corporation
in the proportion and mode aforesaid,
then the Directors of this corporation be
and they are hereby authorized and
directed to cause all the assets, property
and franchises of this corporation which
it now owns or may hereafter obtain,
to be granted, assigned and conveyed
to such California Street Cable Railroad
Company.