Arizona republican., 1901-02-08

men stock; such dividends shall be
 cumulative, that is to say. if in any year, the dividends paid shall amount
 10 less than four per cent (4 per cent,
 per annum on such preferred stock. tn l, deficiency shall be charge on the ne. profits and be payable but without in- terest. before any dividends shall be paid upon or set apart for the common
 stock. If. after providing for the pay
 ment of full dividends for any fiscal year. or proportional amount for any shorter period, on the preferred stock
 outstanding, there shall remain any
 surplus or net profits in the treasury
 of the corporation. in excess of the
 amount set aside for working capital
 and surplus fund reserved By the
 board of directors, all said surplus or
 net pnofits shall constitute a sinking
 fund which shall be used solely for
 the redemption of the preferred stock
 outstanding. the whole. or any part of
 which shall be subject to redemption
 on the date of the payment of any
 dividend. The redemption of the pre-
 ferred stock shall be nude in five equal
 partial payments. Whenever there is
 sufficient money in the sinking fund 10
 make partial payment to all of the
 holders of the preferred stock out
 standing. the boari of directors shall.
 immediately cause to be paid to the
 holders of the outstanding preferred stock, the partial payment then due.
 In the event of the liquidation or
 Atcp .l,,t,A x,c I1
 final distribution of its assets, and
 after the payment of its debts, the
 holders of the outstanding preferred
 stock shall be paid in full both the
 principal of their xhares unpaid. and
 the accrued dividends charged. if the
 assets of the corporation. including surplus and accumulated profits arc sufficient: if the assets are not suffI- cient to redeem the said stock at par
 and the accrued dividends charged.
 then all the said assets, or their pro- ceeds. shall be distributed ra,tahly among the hciders of such prefer,ed stock.
 l; the assets are more than sufficient to redeem the unpaid principal Of the preferred stock at par, and accrued dividends charged. al, the surplus funds and assets remaining after such redemption. shall belong to and be di- vided rata'bly among the holders of the common stock of the corporation.
 The holders of the preferred stock shall have no voting power whatsoever on any question. the votipg power be- ing vested exclusively and irrevocably in the holders of the common stock. The foregoing provision shall be con strued as limitation upon the voeing power of the holders of the preferred stock of the company, any future law of Arizona in any wise to the contrary notwithstanding. said provision of these articles of association having been agreed upon between the parties to these presents as constituting a condition precedent to the organization of the company.
 The common stock shall be subject to The prior rights of the holders of the preferred stock as herein declared. If. after the outstanding preferred stock has been fully redeemed at par. both the principal and accrued divi- dends charged. or its full payment pro- vided for, there shall remain any sur plus or net profits in the treasury of the corporation. all or any portion of such surplus or net profits not, in the opinion of the board of directors, re- quired to provide for the maintenance, improvement. enlargement and opera tion of the property and business of the corporation. or for she payment of it's liabilities, shall be applicable and may, in the absolute discretion of the board of directors. be distributed as dividends among the holders of the stock when, and as from time to time, the same shall be declared by the board of directors
 From time to time the preferred and common stock shall be issued in such amounts and proportions as shall be determined by the board of direct ors; or they may in lieu thereof au- thorize the treasurer or secretary to issue receipts or preliminary certifi- | cates to those entitled to stock, which | receipts or certificates will entitle the | holder thereof on demand to the stock | represented thereby. and to all Its ben afits Any or all of the stock of the | corporation may be issued by the di- l rectors, payable by subscription and | at, or less. or more than it's | par value. or It may be issued for ands, or other property, either real or conveyed or assigned to this company: or for the stock of any com pany or companies. or for any other property, or for service rendered. or Tor any other consideration the board | # directors or the executive commit .ee may determine, and the stock so ssued shall be declared and forever ,e deemed fully paid up ard non- and not liable to any fur her call or assessments or debts of he company, neither shall the holder hereof under any circumstances, ever De liable in any way whatsoever, for my further calls or payments. The &C., ion of the board of directors, in the absence of actual fraud. in issuing tock for money. property or services r other consideration, shall be con- lusive ard lrrevocable even f issued or money, property, services or other far less valuable than he par value Q: the stock.
 The private property of the stock elders of this corporation, shall. un- ar all circumstances and forever, be xempt from all corporate debts. The ighest amount of indebtedness or ability direct or contingent to which