Arizona republican., 1912-02-08

SECOND: All of the said preferred shares issued shall carry a fixed cum ulativa preferential dividend at the rate of eight (S) per cent per annum on the par value thereof, to be com
 puted from the date of issue theraOf
 II in any year dividends amounting to eight tS) per cent Der annum shall no'
 be paid on said preferred stock. the deficiency shall he charge on the net profits of the corporation anu be pay able. but without interest, before any dividends shall be paid or set apart for the common stock.
 THIRD: After the payment of said cumulative dividend at the rate of eight CD I-ar cent per annum to the holders of -he preferred stock. cumu- lative dividends at the rate of eight ,) per cent per annum on the par value thereof may be distributed and raid to the holders of the general or common stock. as and when the board 0: directors shall in their discretion determine.
 FORTH: After the paymen: of said cumulative dividend at the rate of eight Cs) per cent per annum to the holders of said common stock. all of the dividends and net profits applied 10 the payment of dividends. shall be- long to and be payable 10 all the is- sued stock. preferred and common. share and share alike
 FIFTH: In the event of the liqui- dation or dissolution of the corpora ton, the surplus assets and funds thereof shall be applied in the first place to repaying the holders of the aforesaid issued cumulative preferred stock the full amount of the principal and par value thereof and the ac- crued dividends. if any charged. before any amount shall be paid Upon the common stock, and after such pay ment in full to the holders of said cumulative preferred shares, the sur and b@ divided among the holders Of all the common of general shares of stock Of said corporation.
 ARTICLE ".
 The time of the commencement of this corporation shall be the date of the filing of these articles of ircorpor- 2tion in the office of the county re- corder of Maricopa county. Arizona, and q certified copy thereof in the Of- flee of the auditor Of Arizona. and the termination thereof shall be twenty five years thereafter. but the same may be renewed and extended for like periods perpetually
 ARTICLE V.
 The affairs Of this corporation shall be conducted by q board of directors and such officers as said board may elect and appoint. The board of direc- tors shall consist of not less than three (3) nor more than ninc 60 di- rectors, each of whom shall be q stock older. Any director teasing to be a thereupOn immediately ceases to be a director The number of directors shall t-e determined by the stockholders holding the common stock, and shall be elected from among the stockholders by the stockholders holding the common stock at the an nual meeting of stockholders, which shall be held on the second Monday in January of each year. in the manner . determined at such meetings |
 Until otherwise determined the f number of directors shall be three (3) ard until their successors shall be 1 elected. the following persons shall be directors: J. l.. olson. A w Galpin 'nd Charles Bowman.
 In furtherance and not in limitation )f the powers of the board of directors conferred by law the said board is powered to, by election or appoint ment as the case may require, fill all vacancies that may occur either in the board of directors or any office or officer of the corporation for the un- cNpired term of such director or off c1r; to have one or more offices and to keep the books and records and seal and hold the meetings of the corpora ton and perform all corporate acts at such places as said board may deter mine and direct; to fix the time for jeclaring and paying dividends; to au- thoriZe and cause to be executed notes and payment of dividends; to authorize notes. bonjs, debentures, certificates. stock cer- tificates, and agreements. mortgages, deeds. and deeds of trust, liens, con- veyances, assignments, contracts. powers of attorney, appointments, re- cognizances, verifications, acknowl- edgments, justifications. affidavits. and any and all other kinds of ap- pointments of agents. attorneys and and any and all other kinds of instruments in writing whatsoever; and to sell, assign, transfe-, grant, distribute deliver. or other wise dispose of any or all of the prop crty real or personal of the corpora ton and to acquire in any manner whatsoever any and all kinds of prop erty that said board may deem proper and advisable for said corporation; and when So authorized, the same shall be and become the act and deed of this corporation; to elect the off cers and employees and appoint all necessary agents, attorneys. servants, employees and laborers of every kind for said corporation and to fiv and de- termine, demand, collect and receive payment for all services rendered by the corporation for others and the pur-