The border vidette., 1911-11-04

for the purpose of assuring the per manency Of the preferential dividends. dividen paying s'curitIe:' of mining companies approved by the board of directors of Lh.. corporation, purchased and owned by the corporation or to be purchased and owned by the corpora tion, shall. from time to time, as may | become necessary, be segregated from the other holdings of the corporation and transferred to an independent trnst fund winch shall, however. be nd minis tered by the president and the secre- tary and treasurer of the corporation, as trust, es. or by such other trustees as the board of directors may design ate, under the supervision and control of said bna-d of directors. The agRre-
 gate securities thus segregated shall
 net in dividends at least eight per centum per hnnum upon the par
 amC unt of the Preferred shares issued.
 and surDlusage of income a ter pay ment of the preferential dividends shall,
 from time to time, be re invested by said trustees and shali go to increase
 said trust fund. Under the direction
 and approval Of the board of directors
 or the executive committee, the trus- tees may, also. from time to time. sell securities in said fund and TO- invest the proceeds for the benefit Of the fund,
 in other d vidend pay ing min ng stcu'i- ties Having once transferred to such fund the securities necessary hereunder to assure the preferential dividends. the corporation shall mt be obligated 1 to make q further transfer on account of the same shares. and a transfer to | said fund on account of any lot of shares shall be computed and fixed with respect to that lot of shares only | and without regard to whether the l income Of such fund as previously ex- isting shall have q unfinished increas | ed and such tot of shares shall partici-
 pate in the trust fund on common and hos h ,olt issued
 | Such trust fund shall be deemed l to be and shall be thing apart from
 the other business Of the corporation
 and the property of the preferred 1 shareholders. and the proceeds shall be
 applicable to the payment Of the pre- | ferential dividends regard less of whe- | ther the general operations of the cor poration show q profit or a loss: and | the holders of the preferred shares l shall. under all circumstances, be the
 benefciaries of both the principal and | the income from said fund to the eX | clusion Of any and all creditors of the | corporation and of the holders of the
 common shares. l VH-The capital stock of the corpor- | ation, made up as aforesaid, shall be
 paid for at such time and in such man | nar, either in cash or by the sale and
 ti iansfer of property to the corporation.
 or by services rendered, as the board or directors snail uetermlne: ana Sald
 stock when issued shall be fully paid and non -assessable.
 VIII The corporation shall begin
 business on Novemb Der first, 1911, shall
 continue for twenty five years from
 said d ate. and then shall terminate.
 | N-The business of the corporation shall be conducted by a board of di-
 rectors seven in number, elected at the
 annual meeting of the shareholders, to | hold office ntil the next annual meet
 ing and thereafter until their successors
 are elected and qualify; also by pre-