1
 Gulf Resources & Chemical Corp. said
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attribution

2
 it agreed to pay $1.5 million as part of an accord with the Environmental Protection Agency 
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3
regarding an environmental cleanup of a defunct smelter 
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the company formerly operated in Idaho.
3
elaboration-object-attribute-e

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 In 1984 the EPA notified Gulf Resources,
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 which was a part-owner of the smelter,
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elaboration-additional-e

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 that it was potentially liable for sharing cleanup costs at the site under the federal Superfund program.
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 The 21-square-mile area is contaminated with lead, zinc and other metals.
7
elaboration-additional

9
 Gulf Resources earlier this year proposed a reorganization plan
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 that would make it a unit of a Bermuda concern,
9
elaboration-object-attribute-e

11
 potentially exempting it from liability for the smelter's cleanup costs.
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 The company said
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13
 that as part of its agreement with the EPA, it made certain voluntary undertakings with respect to intercorporate transactions
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 entered into after the reorganization.
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elaboration-object-attribute-e

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 The company,
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 which issued a statement on the agreement late Friday,
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 said 
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that $1 million of the payment was previously provided for in its financial statements
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 and that $500,000 will be recognized in its 1989 third-quarter statement.
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20
 The agreement and consent decree are subject to court approval,
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 the company said.
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attribution

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 Gulf Resources added 
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that it will seek to recover equitable contribution from others for both the amount of the settlement and any other liabilities
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 it may incur under the Superfund law.
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elaboration-object-attribute-e

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 Under the agreement, Gulf must give the U.S. government 45 days' advance written notice 
26
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before issuing any dividends on common stock.
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 The company's net worth cannot fall below $185 million
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 after the dividends are issued.
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temporal-after

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 The terms of that agreement only become effective the date of Gulf's reorganization,
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 which 
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we anticipate 
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attribution-e

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will occur sometime in early 1990, 
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said Lawrence R. Mehl, Gulf's general counsel.
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attribution

34
 In addition, Gulf must give the government 20 days' advance written notice of any loans
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35
 exceeding $50 million
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36
 that are made to the Bermuda-based holding company.
35
elaboration-object-attribute-e

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 Gulf's net worth after those transaction must be at least $150 million.
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elaboration-additional

38
 Separately, the company said
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attribution

39
 it expects to hold a special meeting for shareholders in early 1990
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span

40
 to vote on its proposed reorganization.
39
purpose

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