The Socorro chieftain. [volume] (Socorro, N.M.) 1902-1959, 1908-03-21

STOCK Win WHICH SalO corpora
tion shall commence business is
twenty-five (25) shares of prefer
red stock of the par value of two
thousand five hundred dollars
($25, 10000.
Fifth, The names of the under
signed incorporators, and the
number of shares subscribed by
each, are as follows:
Emmett A. Drake, who has
subscribed for ten shares.
Morris Loeweustein, who has
subscribed for five shares.
Aniceto c. Abeytia, who has
subscribed for five shares.
James G.. Fitch, who has sub
scrlbrd for FIVE shares.
The postoffice address of each
of the undersigned incorporators
is Socorro, New Mexico.
/ Sixth, The term of existence of
said corporation shall be fifty
years from and after the date of
the filing of these articles in the
Office of the Secretary of the
Territory of New Mexico.
Seventh, The number of direc-
tors shall be five; but the stock
holders may, after the first three
months of the existence of said
corporation, by proper bylaws
change or alter said number.
The names of the directors who
shall manage the business of
said corporation for the period of
the first three months of its ex-
istence are, Emmett A. Drake,
Morris LoewenStein, Aniceto Z.
Abeytia, James G.. Fitch and l..
E. Woods.
The board of directors shall
have the power to make and al
ter such bylaws as are not in
consistent with the powers here
in conferred upon them, or of the
other provisions Of these articles;
but any bylaws made by the di-
rectors under the power 50 con-
{ 'rred may be altered or repeal
ed by the stockholders.
The board of directors shall
not have the power to issue any
bonds, nor to mortgage or other
wise incumber, or to incur any
Indebtedness which will be a lien
upon the property, or franchises
of the corporation without the
consent of two-thirds in interest
of each class of stockholders
present in person or by proxy at
meeting duly called for that
purpose.
Said board of directors shall
not have the power TO sell or dis
pose of any franchise or to sell,
diSmantle or otherwise dispose
of any power plant or lines for
the transmission of power with
out the consent of twothirds
in interest OF each class of stock
holders present in person or by
proxy at meeting duly called
for that purpose. But this pro-
vision shall not be SO construed
as to prevent said board of di-
rectors from selling or disposing
of any worn out or discarded
machinery, appliances or mater
ial with a view to installing new
or better machinery, appliances
or material, nor from changing
or altering lines for the trans
mission of power in such manner
as they deem expedient.
Eighth, The preferred stock ol
said corporation shall be fully
paid up in actual cash, and the
holders thereof shall be entitled
to receive, and the corporation
shall be bound to pay thereon
preferred, cumulative dividend:
at the rate of eight per cent pei
aunum out of the net profits oil
the business of said corporation
that is to say, if the net profit:
for any one or more years arr
not sufficient to paw dividend ol
dividends on said preferred stocl
at the rate of eight per cent per
annum, then the dividends fol
such year or years, or such par
thereof as may remain unpaid
shall be paid out of the ne
profits of the next succeeding
year or years, in which said ne
profits are sufficient to pay tn,
same together with the dividend
of said succeeding year or years
: before the holders of the com
mon stock shall be entitled [,
any dividend whatever. AM
after the payment of a dividen'
or dividends amounting to eigh
per cent per annum to the hold
ers of said common stock, the
: the holders of said preferre,
stock shall be entitled to
further dividend in participatio
with the holders of said commo
: : stock to the amount of two pc
: cent per annum. In case of tn
!, dissolution or winding up OF tn