The herald., 1911-12-14
ARTICLE ".

The authorized capital stock of this cor
porati0n is hereby fixed at two hundred and
fifty thousand dollars $3.50. 600. OOD. divided
into and represented by five thousand TO-
OoOl shares of the par value of fifty dollars
$4,000 each said stock shall consist of
two different classes: one thereof being
known as the preferred stock and the other
as the common stock: the amount of the
preferred stock shall be one hundred and
twenty fve thousand dollars (S12J. 200. OOD
divided into and represented by twenty five
hundred (2.500l shares of the par value of
fifty dollars $4,000 each.
Said preferred stock shall be entitled by
preference and priority over the common
stock Of the corporation to dividends OF six
per cent. per annum, payable out of the net
profits Of each year: said dividends shall be
cumulative and limited to six per cent. per
annum and said preferred stock shall be
entitled TO no other or further share in the
net profits.
No dividends shall be declared or paid on
the common stock until the full redemption
and retirement of all preferred stock issued
and outstanding together with all accumu-
lative dividends thereon.
Said preferred stock or any part thereof
then outstanding, may at the option of the
company exercised at any time he called in,
redeemed and retired by the company at
par and accrued dividends.
The right to fOreclOse or dissolve the
corporation or have receiver appointed
therefor shall not be vested in the holders of
the preferred STOCK on account or the failure
or inability Of the corporation TO pay such
dividend in each and every year: but in
case Of such failure the deficit in the divi-
dend for such year shall be added TO the
dividend due for the following year or
years.
In the event of any liquidation or dissolu-
ton of the corporation the holders of the
preferred stock shall be paid in full the
par value of their shares with all accrued
dividends; and after the payment to the
holders of the preferred stock of Its par
value with all such accrued dividends, the
remaining assets and funds shall be dstrib-
uted among the holders of the common stock.
The common stock Of this corporation Is
hereby fixed at the sum Of one hundred and
twenty five thousand dollars (S125 900 00) 4.
divided into and represented by twenty-five
hundred (2,5O0l shares of the par value Of
fifty dollars (S50.00) each.
Said common stock shall be entitled to
dividends and TO share in the assets and
funds Of the corporation subject to the re-
strictions above provided in favor of the
preferred stock.
The holders of common and preferred
stock shall have respectively the same right
to participate in the management of the af-
fairs of the corporation and shall be alike
entitled to hold its offices, be members of its
board of directors, and vote at stockholders
meetings: provided, however. that no sale
or mortgage of the real estate at any time
belonging TO said corporation shall be made
without the written consent of the holders
stock at that time issted and outstanding /:
and provided, further. that no increase of
the capital stock of said corporation shall
be made until approved In writing by the
holders Of at least a majority of the said
preferred stock then issued and outstanding.
The stock of this corporation in whole or
in part may he issued for money or pro-
perty paid or made over to the company or
in payment for services or labor performed
for the corporation. All of said stock shall
be full paid and worcestershire. Transfers
thereof shall not be binding upon the COM
pany unless recorded on its books. The cor
poratiOn may begin its operation and bust
ness as soon as one hundred thousand dol
are of its common stock shall be subscribed
for.
ARTICLE V.