The Coconino sun., 1911-07-21

tirement at such times, after Jan uary I, IoI5, and before January I, 1917, as in the opinion of the board of directors is warranted by the net earrings of the company. The holder or holders thereof shall received for each share re- deemed one dollar and ten cents (SI.Io) and declared and unpaid dividends, if any, at the time of said redemption. Shares for re- demption shall be selected by the board of directors, but shares vol untarily offered for redemption prior to such selection at less than the maximum price aforesaid, shall first be redeemed at the price offered, preference of re- demption to be given to the shares offered at the lowest figure. Thirty days previous notice in writing shall be given to the reg istered preferred stockholders of the intention to return preferred stock, and the amount to be re- tired, and thirty days thereafter, the board of directors shall select as above provided, the shares to be retired and redeemed, and shall then notify the holders of such shares of such intention, and at the expiration of said second period of thirty (3o) days, said stock may be declared cancelled whether surrendered or not, but the holders shall be entitled to the redemption value thereof as above provided without interest upon demand and surrender of the cer- tificate or certificates therefor; shares of preferred stock redeemed shall be cancelled and never again re-issued, and upon the redemp- ton of the entire issue of pre- ferred stock, the proper steps shall be taken to reduce the capi- talization of the company in ac- cordance with the laws of South Dakota.
 The holders of preferred stock shall, in case of liquidations or dissolution of the corporation, before any amount shall be paid to the holders of the common stock, be entitled to be paid the amount paid up on their shares, but shall not participate in any assets in excess of the sum so re- quired, such excess shall belong and be paid to the holders of the common stock.
 SEVENTH
 No stockholder shall be liable for the debts of the corporation in any amount greater than his unpaid subscription.
 EIGHTH.
 In furtherance, and not in limi- tation of the powers conferred by statute, the board of directors are expressly authorized
 To make, alter, amend and re- cind the bylaws of this corpora ton, to fix the amount to be re- served as working capital, to authorize and cause to be executed mortgages and liens upon the real and personal property of this corporation.
 From time to time to deter mine whether and to what extent, and at what time and places and under what conditions and regu- lations, the accounts and books of this corporation (other than Book of By-Laws"), or any of them, shall be open to the inspection of the stockholders; and no stock holder shall have any right of in- specting any account or book or document of this corporation ex- cept as conferred by statute or authorized by the directors, or by a resolution of the stockholders.
 This corporation may in its by laws confer powers additional to the foregoing upon the directors, in addition to to the powers and authorities expressly conferred upon them by the statute.
 This corporation reserves the right to amend, alter, change or repeal any provision contained in this certificate of incorporation, in the manner now or hereafter pre- scribed by statute, and all rights conferred on stockholders herein are granted subject to this reser-