The advocate. [volume] (Charleston, W. Va.) 1901-1913, 1910-07-07

($5,1OO) par value thereof now in
the treasury Of the company and I'M
issued, tO-Wit: a total Of one million
dollars ($1,00O,000) par value Of
sad capital stock, consisting Of ten
thousand GO,000) shares Of one
hundred dollars ($10O) each, be,
and hereby is, made and declared to
be common stock;
And, BE it Further Resolved,
That said preferred stock and said
common stock shall further be en-
Titled and subject to the following
rights, privileges and preferences,
respectively:
'&s'The @pTar rlt'etfd stSc8S shaIrtaes ena
tltfnd, otft"of any aru~all surpfrs" ct
profits remaining after payment Of
AL outstanding bonds Of the COM
pany, to the following:
"(a) Whenever. declared by the
board Of directors, to cumulative
dividends at the rate of, but not ex-
ceeding, five per ccntum (5%) Der
annum, for the year beginning on
the first day Of June, 1910, and for
each and every year thereafter, pay
able in preference and priority to
any payment Of any dividend on the
"(b.) In the event Of the dissolu-
ton or winding up Of the corpora
ton, the holders Of the preferred
stock Shall be entitled to receive the
par value of their preferred shares.
With accrued cumulative dividends,
out of the funds and assets of the
corporation, before anything shall be
paid thcrcfrOm to the holders Of the
common stock;
tc.) All surplus net profits re-
naming, after the payment Of the
outstanding bonds Of the company,
principal and interest, prior to the
first day Of June, 1913, shall be ap-
piled to the retirement from all
holders thereof, pro rata, Of said pre-
ferred stock, at the par value there
OF and accrued unpaid dividends
thereon to date fixed for the redemD-
ton thereof;
"(d) Beginning on TIC first day
OF January, 1914, and IN the first
day Of January Of each and every
year thereafter, the surplus net
profits of the company, up to $50, 900
per annum (Which last named
amount shall from said first day of
January, 1914, be cumulative shall
be applied to the retirement from
all holders thereof. pro rata, Of said
preferred stock, at the par value
thereof and accrued unpaid divi-
dcnds thereon to date fixed for re-
demDtion thereof:
"(c) All proceeds from the sale Of
any Of the property Of the company,
or liquidation Of any or its assets,
shall be applied to the retirement
from all holders thereof, pro rata, Of
said preferred stock, at the par value
thereof and accrued unpaid divi-
dends thereon to date fixed for re-
demDtion thereof;
Whenever the company has set
aside, under any Of the above pro-
visions, any moneys for the purpose
OF retiring, pro rata, any Of said pre-
ferrcd stock. the portion so redeem
able from each stakeholder shall
cease to be entitled to dividends or
transfer from the date feed for re-
demption thereof; written notice of
WHICH, and the amount then 50 to be
redeemed, shall be given by the com
pany to all preferred stock holders at
least ten days prior to said rcdemp-
ton date.
THE common stock shall be sub
ject to the prior rights Of the hold
crs Of the preferred stock, as herein
declared. If, after paying or pr0vid-
ing for the payment Of and setting
apart, fun dividends for any year on
the preferred stock, together with
all accrued unpaid dividends there
on, and the redemption Of preferred
stock for such year, as hercinb2fore
provided for, there shall remain any
surplus net profits, such surplus net
profits may, in the discretion of TIC