Hattiesburg daily progress. (Hattiesburg, Miss.) 18??-1909, 1903-02-25

said corporation shall have power to
| ISSUE 40 per cent of its capital stock
as preferred stock, but such preferred
stock shall not be issued except upon
the authority by vote of IS per cent OF
the stock, and in the event that
preferred stock shall be issued, the
net earnings of the corporation shall be
applied to the payment of interest on
preferred stock to the extent of per
cent before any dividend shall be paya-
bic to or upon any common stock; after
the payment of the 6 per cent on the
preferred stock a like amount of interest
shall be paid upon the common stock
out of the net earnings, after making
such engagements, additions and re-
pairs rs may be needful; and after per
cent shall have been paid on the common
stock then if there should he anything
remaining from said net earnings. the
residue shall be paid on the several
shares of stock in proportion TO the
amount Of each in the event there should
not he s, fficlenl of the net earnings in
any year TO pay 6 per cent on the pre-
frrred stock, after making tbs needful
Extensions, improvements and repairs,
then the net earnings of any subsequent
year or years shall be first applied to the
interest on the preferred stock to a
sur cient amount to make the same 6
per cent per annLm and after said sum
OF sums shall have been paid in full, the
remainder of the proceeds may be
applied to the interest on the common
stock in tue manner aforesaid. Upon
majority vote of So per cent of the stock
the corporation may sell or dispose of its
property in it's entirety and may dis
solve or relinquish the franchise and in
that event or in the event it is dis
solved by law, the proceeds OF the prop
perty shall be first applied to
the payment in full of the preferred
stock to its face value and the remainder
shall be applied to the payment of the
common stock to its face value and ii
there should be anything remaining the
residue shall be prorated among the
different shares in the corporation: in
the event that any holder of pre- erred
stock shalt desire to sell or transfer the
same or any part thereof, an option
shall first be given to the holders of the
common stock to buy thu same at the
price at which the holder OF the pre-
ferred stock may be able to receive for
same and the common stock holder sha
have the first right to buy the preferred
stock so offered for sale at the price for
which the same car. be sold to Others
Sec. 5. All subscriptions to the capt.
tai STOCK shall be paid either in cash or
land, timber. lumber, machin ry, or
other necessary property for the use
and benefit of the cor pocation, hut If
any par of the capital stock or any part
subscribed to the capital STOCK, shall be
paid in anything but cash the same shall
taken t, My ut its actual cash market
value and no stockh0lder shall be liable
for any debts or liabilities of the corpo-
ration except for the amount or balance
hat may remain due or unpaid on the
stock subscribed fol- ny him.
Sec. 6. That this charter shall take
effect and be force from and after its
approval by the governor and it's record
as required by law.
J. T. WILDER.
r. N. STEADMAN.
II NALL
E. W. Imam.