The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-03-01
STEEL TRUSTS CHARTER


tion shall have power to issue bonds
and other obligations in payment for
property purchased or acquired bv
1t or for any other object In or about
its business; to mortgage or pledge
any stocks, bonds, or other obllga-
tions or any property which may be
acquired by 1t, to secure any bonds
or other obligations by it issued or
incurred; to guarantee any dividends
or bonds or contracts or other obIiga-
tions; to make and perform contracts
of any kind or description, and in
carrying on its business for the pur-
pose of attaining or furthcring any
of Its objects, to do any and all other
acts and things, and to exercise any
and all of the powers which a CO.
partnership or natural person could
do and exercise, and which now or
hereafter may be authorized by law.
Small Capital Stock.
A. The total authorized capital
stock of the corporation is $4,000 div
idend into 80 shares of the par value
Of 500 each. OF such total author
lied capital stock Is shares, amount
ing to $1,500, shall be common stock.
From time to time the preferred
| stock and common stock may be in.
creased, according to law, and may
be issued in such amounts and pro-
portions as shall be determind by the
board Of directors and as may be per-
mitted by law.
The holders Of the preferred stock
shall be entitled to receive when and
as declared from the surplus or net
profits of the corporation yearly divi-
dends at the rate Of per centum
per annum and no more, payable
quarterly on dates to be fixed by the
bylaws. The dividends on the pre-
ferred stock shall be cumulative and
shall be payable before any dividend
on the common stock shall be paid
or set apart, so that If in any year
dividends amounting to per cent
shall not have been paid thereon the
deficiency shall be payable before
any dividend shall be paid upon or
set apart for the common stock.
Whenever all cumulative dividends
on the preferred stock for all previ-
| Gus years shall have been declared
and shall have become payable, and
the accrued quarterly installments
for the current year shall have been
declared and the company shall have
paid such cumulative dividends for
previous years and such accrued
quarterly installments, or shall have
set aside from its surplus or net
profits a sum sufficient for .he pay
ment thereof, the board of directors
| may declare dividends on the common
stock, payable then or thereafter, out
of any remaining surplus or net
profits.
In Case Of Litigation, Etc.
In the event of any litigation or dis
solution or winding up (whether vol
untary or Involuntary of the corpor-
alton the holders of the preferred
| stock shall be entitled to be paid in
| full, both the par amount of their
shares and the unpaid dividends ac-
crued thereon, before any amount
shall be paid to holders of the com
mon stock; after the payment to the
holders of the preferred stock of its
par value and the unpaid accrued
| dividends thereon the remaining as
sets and funds shall be divided and
paid to the holders Of the common
stock according to their respective
shares.
5. The names and postoffice ad-
dresses of the incorporators and the
number Of shares of stock for which
severally and respectively we do
hereby subscribe Qhe aggregate Of
our said subscriptions being three
thousand dollars Is the amount Of
capital stock with which the corpor-
alton will commence business) is as
follows: Charles G. Cluff. 81 Newark
street, HObOken, N. j.. number of
shares, preferred, FIVE; common, five.
William ]. Curtis, 81 Newark street,
Hoboken, N. j.; number of shares,
preferred, FIVE: common, five
Charles Macveagh, 81 Newark street
Hoboken, N. j.. number of shares,
preferred, FIVE; common, five.
| @. Duration of the corporation shall
be perpetual.
Z. The number Of directors of the
company shall he fixed from time to
time by the bylaws, but the number
IL fixed at more than three, shall be
some multiple Of three.
The Directors Restricted.
| Unless authorized by votes given
In person or by proxy, by stockhold-
ers holding at least two thirds Of the
capital stock Of the corporation
which is represented and voted upon
In person or by proxy, at a meeting
specially called for that purpose, or
at any meeting, the board Of direc
tors shall not mortgage or pledge any
| OF its real property or any shares of