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f a Mr. Sutten believes this can be done but will make an investiga­tion. 3) I t was also decided that for the time being the IVL&WCo. should net divest it s e lf of properties ether than the water properties but that i f the bonds to be submitted by the la s Vegas Valley Water D istric t to the voters at an election now scheduled for the spring of I f 13 f a il to pass, considera­tion should then be given to separating the water department from the other properties now held by the LVI&WCo. Two p o ssib il­it ie s e x ist (a) divesting'the LVI&WGo. of the other properties by tran sfer to the li& S l or another subsidiary, and (b) the creation of a new corporation to which the water department properties of the IVh&WGo. would be transferred, leaving the other properties in the ownership of the IVI&WCo. The present thought of the conference was that because of tax hazards i t might bo better to allow the non-water .fa c ilitie s of the 1FI&W Go. to remain in It© ownership, amending it s a rtic le s so as to elim inate any- reference in the name of the corporation or in the body of;the a rtic le s to the carrying on Of a water produc­tion or d istribution business and to tran sfer the water de­partment f a c ilit ie s to a new corporation. Mr. Sutton w ill in-' vestigate the tax consequences of each of these plans.