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beeti sent out, if, would have to be clearly understood as a condition to the transfer of the license to the George Melies Company that there should be an arrangement on his part not to sell stock in the George Melies Company to exchanges. Lodge assented to this and expressly stated that in view of the objection he woiiid not sell any stock to exchanges or persons interested in exchanges (Dyer, pp. 83i;,-7,-8; Melies, pp. 413-416).
Relying upon these representations and believing them to be true and the promises to be bona fide Mr. Dyer on behalf of the Edison Company executed the transfer of the license agreements (referred to in the bill as Schedule "C) September 18th. 1908. At the same time as the execution and deliveiy of said agreement of transfer, to-wit, on September 18th, 1908, the Edison Company and the complainant executed an agreement, of which the following is a copy (Deft 's Ex. No. 4, p. 714):
"Sept. 18, 1908.
" J. J. L(H)GE, Esq.
Chicago, 111. Dkak Sik:
The Edison Manufacturing Company agrees to and does transf<'r to the George Melies Coiiif)any, a corpoiat,if)n of Illinois, the license dated January 31, 1908, granted to George Melies, of Paris, France, and Gaston Melies of New York City, under Reissued Letters Patent No. 12,037 and No. 12,192, only under the condition (accepted by the Directors of the George Melies Coni[)any) that the said license as to tlie George Melies Company, shall terminate, if, at any time during its life, the control of said Company shall pass from Lincoln J. Caiter of Chicago and yourself or cither of you, or such successors as may be accepted in writing by said Gaston Melies or George Mf^lies, or (in the event of the death or incapacity of both of tliem) Paul Melies, or if Gaston Melii's, for anv reason, should cease to be the president and a director of the George Mt-lies Company, and not be succeeded in such offices by bis son, Paul MeHes, as [)rovided in Paragraphs 1 and 5 of a certain agreement entered into by and between George and Gaston