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be paid in due course. Of the said 50,000 shares,
7,500 shall be allotted to the Compagnie Internationale
d'Orient or their nominees (hereinafter called the
Belgian Group) and 2,500 shares out of such 7,500 shall
be transferred or the benefit thereof made over to the
Yangtze Valley Company Limited on such terms and condi-
tions as the British Group shall think fit. Of the
50,000 shares held by the British Group or their nom-
inees 5,000 have been already transferred to the Bel-
gian Group and in the event of certain American capit-
alists to be approved of by the British Group (herein-
after referred to as "the American Group") agreeing
within twelve months from the date hereof as to which
time shall be of the essence of the contract to accept
such participation but not a smaller one in the Company
the British Group shall transfer or make over the
benefit of a further 7,500 shares out of their 50,000
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shares to the American Group but only upon such terms
and conditions as the British Group shall think fit
and in the event of the American Group not agreeing
within the time aforesaid to participate as aforesaid
the