Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1912-02-17

ARTICLE III
The amount of the capital stock
authorized of this corporation shall
lie One Million. Five Hundred Thous-
and S1.500 00W Dollars. which shall
be divided into fifteen thousand
G5.O00) shares Of the par value Of
one Hundred Csl000W Dollars each:
and the same shall be- fully paid in,
when issued. either in cash or by thei
sale ana transfer 10 the corporation
Of real or personal property. or by
services rendered. i'm payment for
which shares of the capital stock Of
this corporation may be issued. and
the judgment Of the Board of Direct
ors as 10 the value of such property
serN ices or rights 50 acquired shall
be conclusive; and all of said stock
when 50 issued shall Ice fully paid and
forever worcestershire Said capital
stock shall be paid in and shall bel
issued at such times and upon such
conditions as the Board of Directors
shall determine and direct.
OF said capital stock, thirteen
thousand O3.Go0) shares. amounting
at par To one Million Three Hundred
Thousand 81 .3Ooooo.0W Dollars shall
be- preferred stock. ana two thousand
(2.0o0b shares amounting at par to
Two Hundred Thousand ($200. ,00)
Dollars. shall De common stock
The rights privileges and condi-I
tions following. shall be attached to
the resi- ective classes OF shares Of
stock aforesaid, that Is 10 say:
a. FIRST: The preferred stock. and
The holders thereof. shall have no
voting power or privilege. Int 5hc.
San s4on stnck ANA tho holders there
/ ST shan have all the voting ppW"rI
ana privilege.
SECOND: Three Thousand 10000
shares Of said preferred shares sol
issued shall carry fixed cumulative
preferential dividend at the rate of
eight % per cent per aHaum on the
par value thereof. to be computed
from the date of issue thereof If
in any year dividends amounting To-
eight 50 per cent per annum shall
not he paid on said preferred stock,
The deficiency shall be- a charge
against the net profits of the corpora
l-tion, and be payable. but without in
terest, before any dividends shall be
stock.
Ten Thousand 10000 shares #
said preferred shares SO issued shall
carry a fixed cumulative preferential
dividend at the rate OF SIX 90 per
cent per annlm on the par value
thereof. TO be computed from tn"
date of issue thereof If any year
dividends amounting To six 90 per
cent per annum shall not he paid on
said preferred stock. the deficiency
shall be a charge on the net profits
of the corporation and hc payable. bur
without interest. before any dividends
shall be paid or set apart for the
common stock.
In the payment of The cumulative
dividends upon the said preferred.
stock. no privilege or preference shall
attach To either the said eight 81
per cent or tht said six 60 per cent.
the one over the other, but each share
OF said preferred stock, whether en-
titled TO eight 90 per cent or six 90
per cent dividend, shall be entitled
to participate in the profits applied
to dividends pro rata To the extent
Of the rate of dividend attached to
the respective shares.
THIRD: After the payment of said
cumulative dividends at the rates de-
signated. to the holders Of the pre-
ferred stock. cumulative dividends at
the rate of six 90 per cent per an
mum on the par value thereof. may
he distributed and paid to the hold
ers of the common stock, as and
when the Board of Directors shall in
their discretion determine.
FOURTH: After the payment of
said cumulative dividends at the rate
e.: six 90 per cent per annum to the
holders of said common stock, and at the
rates specified for said preferred stock,
all additional dividends shall be pay
able to all of the issued stock, pr
ferred and common. share and share
alike.
FIFTH: The corporation, nj its OPP
ton. shall have the right to call in.
redeem. cancel and retire any part
Of the said preferred stock. bearing
the eight (S) per cent cumulative d.
vidend at any time after three years
from the date of its issue, by pay
| ing therefor the full par value thereof.
and the dividends. if any. accrued
thereon. The said corporation shall
have the further right at any time
| To redeem. cancel and retire any part
of any of the said preferred stock by
mutual agreement between the owner
thereof and the Board Of Directors,
| by paying therefor any sum not cV-
ceeling the par value of said stock,
and accUIcd dividends.
| ARTICLE VI
The highest amount of Indebtedness
TO which this corporation is at any
time to subject itself, or to be sub
ject at any one time. shall not eN-
coed the sum of Five Hundred Thous-
and $500. 100000 Dollars, exclusive Of
property. deposits and funds received
in any fiduciary capacity.
| IN WITNESS WHEREOF, this in
strument is executed by the president
and secretary of said corporation, and