Arizona republican., 1902-11-10

terly.
 The dividends on the first preferred stock shall be cumulative and the same T is guaranteed by the company and shall
 be set apart or payable before any divi- dend on the second preferred stock shall be set apart or paid, and before any dividend on the common stock shall
 be set apart or paid, so that if in any calendar year dividends amounting to six co per cent per annum shall not have been paid on the said first pre- ferred stock or set apart for that pur- pose, the deficiency shall be payable before any dividend shall be paid upon or set apart for the second preferred stock or the common stock.
 | The holders of the second preferred stock shall be entitled to receive when and as declared from the surplus or net profits of the company yearly divi- | dends at the rate of six (6) per centum per annum, from January 1st, 1903, such dividends to be paid semi annually. | The dividends on the second preferred stock shall be cumulative, and shall be payable after the payment of or provision for, dividends on the first preferred stock as aforesaid, and be- fore any dividend on the common stock shall be paid or set apart, so that if in any calendar year dividends amounting to six (6) per cent shall not have been paid upon the first and second pre- ! ferred stock, the deficiency shall be payable before any dividends shall be paid upon or set apart for the common stock
 | Whenever all cumulative dividends on the first and second preferred stocks | for all cbo declared, and shall have been payable, and the company shall have set aside or paid such cumulative dividends for all previous years. and have set aside from it's surplus or net profits. a sum sufficient for the payment of the divi- dends on the said preferred stocks for the then current calendar year. the board of directors may at its discre- ton declare dividends on the common stock to the extent and at the rate of and amounting to six 6) per cent per annum for said current calendar year. and that after such dividends on such common stock have been paid as pro vided for and set apart, then if any surplus or net profits remain unpaid and not set apart or disposed of. then the Board of Directors may declare ex- tra dividends. and in that case the same shall be payable upon preferred and common shares, share and share alike.
 In the event of any liquidation or dissolution or winding up (whether voluntary or involuntary of the com pany, the holders of the preferred stocks 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 the holders of the common stock, and after the payment to the holders of the preferred stocks of their par amounts and the unpaid accrued dividends thereon. the remaining as- sets and funds shall be divided and paid to the holders of the common stock until they shall have received the par amount of their shares and after such amounts have been paid as afore- said, if a surplus shall remain, then the same shall be allotted to the holders of the preferred and common shares pro rata per share, according to the number of shares held whether preferred or common, share and share alike It is further provided that the first preferred stock or any part thereof, may. by vote of the Board of Direct CTS. be retired at the end of any divi- dend period upon the payment of one dollar and twenty cents ($12O) per share and accrued dividends.
 It is further provided that the sec ond preferred stock or any part there of, may, by vote of the Board of Di- rectors be retired at the end of any dividend period upon the payment of One Dollar and ten cents ($110) per share and accrued dividends
 The Board of Directors may in re- tiring either said First or Second Pre- ferred shares issue in lieu thereof a like number of common shares which shares shall be for the benefit of the com pany's treasury, or the Board of Di- rectors may, by a unanimous vote, au- thorize the exchange of said common shares for said preferred shares paying such difference or premium, if any, in | United States gold coin.
 ARTICLE VI.
 The Directors of this company in carrying on the business thereof shail not undertake to purchase, or purchase | the stock of any other corporation. un- | less the resolutions for such purchase have been unanimously passed. That the highest amount of indebtedness and | liability direct or contingent to which | the company shall be liable at any one time outside of liability to stockholders shall not exceed twenty per cent | (25 per cenD of the capital stock. to- wit: Five Million ($5,0OO, ,OOO) Dollars.
 = ARTICLE VII
 The time of the Commencement of | this company shall be the day of the filing of these Articles of Incorporation in the office of the County Recorder ir the County Of Maricopa, in the Terri ory of Arizona, and shall exist for the period of twenty-five (25) years from that date, with the power to renew the l period of extension for the period of twenty-five (25) years and for the sue cessive like renewals, from. time to time upon the vote of three-quarters of the capital stock represented at any regu- lar meeting called and held for that purpose.
 ARTICLE VIII
 The affairs of this company shall be managed and controlled by, and shall 1 be vested in a Board of Directors con- sisting of seven persons to be elected by and from the stockholders of the company, al the regular annual meet