Arizona republican., 1902-11-07

centum per annum, from January 1st. 1903, such dividends to be paid quar- terly.
 The dividends on the first preferred stock shall be cumulative and the same 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 (6) 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, 190S 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 previous years shall have been declared, and shall have been payable. and the company shall have set aside or paid such cumulative divideads 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 it's discre- ton declare dividends on the common stock to the extent and at the rate of. and amounting to six GO 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
 
 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- In of ha J 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 C$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 oi One Dollar and ten cents (s11O) peI share and accrued dividends.
 The Board of Directors may in re- tiring either said First or Second Pre- ferred shares issue in lieu thereof 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 payint such difference or premium, if any, II ] United States gold coin.
 ARTICLE VI.
 The Directors of this company fr carrying on the business thereof shai not undertake to purchase, or purchaS, l the stock of any other corporation, un | less the resolutions for such purchas, have been unanimously passed. Ina the highest amount of indebtedness ant | liability direct or contingent to whicl | the company shall be liable at any ont | time outside of liability to stockholders shall not exceed twenty-five per cen | (25 per cent of the capital stock, to wit: Five Million ($5O0O, ,O0O) Dollars | ARTICLE VII.
 | The time of the commencement O | this company shall be the day of tn filing of these Articles of Incorporation in the office of the County Recorder il the County of AIaricopa, in the Terri ory of Arizona, and shall exist for tn period of twenty-five (25) years iron that date, with the power to renew tn period of extension for the period O i twenty-five (25) years and for the sue cessive like renewals, from time to tim upon the vote of three-quarters of tn capital stock represented at any regu lar meeting called and held for tha purpose.
 ARTICLE VIII.
 The affairs of this company shall b managed and controlled by and shal be vested in a Board of Directors con sisting of seven persons to be eIecte bV and from inc StOckhO1derS of fh