The oasis., 1907-02-23

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 capital stock is tu be and consist 0f the follow
 inR tO-witi Ten thousand shafes tiOo0O) shall
 be known and designated as "COmmon Stock
 of Che corporation and as sueh shall bc entitled
 C. dividends in conjunction with Che preferred
 stock of the corporation after the priority pay.
 ment of dividends of eight (sl per centum per
 annum from the earnings of the corporation
 shall have been paid on thc issued preferred
 shares as hereinafter provided, and Three l thousand (3000l shares of the capital stock Of | the corporation shall be known and designated | Hs convertible, Cumulative, Eight Percent
 Preferred Annual Dividend stock and as such it shall have preference and priority over the Common Stock of the corporation, in tae ap- pOrtionment of the corporations earnings, to
 the extent of Eight (S) per centum per annum
 and the payment of any and all accumulated
 dividends thereon to be payable annually on its par value when issued, and in case of ad- verse or amicable dissolution or termination
 of this corporation, 1t shall in addition have
 the further preference in being considered,
 when issued, prior lien to the extent of it's
 par value and cumulative interest, as to any
 and all of the corporations rights, properties
 and assets against any rights or interests
 whatsoever attaching to the Common Stock.
 all of which conditions shall be provided and
 specified in said Preferred Stock Certificates.
 A further provision of said Preferred Stock Certificates shall be, that the holders thereof at their option, may convert the same into the Common Stock of the corporation, and the
 basis of such conversion shall be one share of Common for one share of Preferred, and when so converted said Preferred shares shall be re- tired and cancelled It is the further intention of the lncOrporators that these Articles of h. corporation shall make the duty mandatory on the present and all future Board of Direct ors of this Corporation to set asi 1e, during each year of it's existence, or until such time as all of the shares of Preferred Stock of the corporation Is converted into Common Stock and retired sufficient of the first gross earnings of the corporation in each year to iqudHte such annual dividend charges and any &C., cumulated dividenos thereon as may be due or ma m ri Inn riF,r coid fha Dra ferred Shares
 At such times and under such conditions as the Board of Directors may direct, such capital stock shall be paid into the Corporation, either by cash or by the sale and transfer to it of real or personal property or services for the use and purpose of said corporation, in payment of which shares of the capital stock shall be is- sued, and such stock when issued shall be fully paid and non-assessable, and the judgment of the Board of Directors as to the value of the property purchased or services rendered shall be, in the absence of actual fraud, conclusive.
 The capital stock may be increased or de- creased by the affirmative vote of the majority of the stock then issued; but in case of the in crease of the capital stock, each shareholder of either of the Common or Preferred shares shall have the privilige of subscribing for such number of the proposed increase as he may be entitled to according to the number of shares held by him as evidenced by the Records of the company before the stock is increased.
 ARTICLE VT. The business affairs of this cor poration shall be conducted by Board of Di- rectors consisting of not less than three nor more than eleven members, each of whom shall be q shareholder, and whenever a Di- rector ceases to be stockholder he shall at the same time cease to be Director.
 They shall be elected annually by the stock holders at their annual meeting, which shall be held on the first Monday in January, 1905 and OF said date each year thereafter and said meetings to be held in any of the offices of the company, and they shall hold their offices untl! their successors are duly elected and qualified.
 Bylaws of this corporation in the election of Directors shall provide, that the vote of any stockhOlder may be cast in person or by writ ten proxy, which written proxy when once executed shall continue in force until revoked in writing and such revocation filed with the Secretary 0f the corporation.
 Any vacancy in he Board of Directors may be filled by the remaining members of the Board by appointment from among the stock holders and such appOiu tment shall be for the uneXpired term of which the appointment is made
 The first Board of Directors shall consist of the following persons, to-wit: Charles W. BoIen, Cyrus J. Mitzel, Benjamin S. Phillips, John GlassOn and H Gordon Glore.
 The present Board of Directors are empow- cred to add to the Directorate, at any time prior to the Annual Stockholders meeting to be held on the first Monday in January. 1908, ! six new members majority of the Board of Directors shall constitute quorum for the of all business
 The Directors shall have full power and l to adopt By laws and to change and i amend the same IS they deem expedient.
 It shall be duty mandatory on the Board of | Directors of this corporation, to annually set a side, sufficient amounts In cash from the cOrpOr ! itOns first gross earnings, to be applied to the [ exclusive purpose of liquidatng all interest or | dividend charges. maturcd or maturing during l. he year on any and all If its issued and out t tanding Preferred stock.
 All earnings Of the corporation, excepting | 70 much thereof may have been, or from ime to time is deemed expedient and neces- ary by the Board of Directors to be set aside or the future successful conduct of its busi- less, payment of liabilities, purchasing, quipping developing, improvements, en- agreements, operations and for sinking fund 1T reserve purposes must be divided annually y means of Dividends declared on the stock t the annual meeting Said earnings to be irst apportioned to the extent of Eight per entum per annum on the par value and pay nent of accumulated dividends, if any on the issued Preferred Stock, all as pro- 'ided in Article herein.
 ARTICLE VII Within a reasonable time after he election of any Board of Directors, they hall meet at any of tho offices nf tho cnrpora- |