The Coconino sun., 1912-10-18

paid before any sum shall be pay able out of the company's assets to the holders of the common stock. The common stock shall be subject to such rights of the holders of the preferred stock.
 Fourth The number of its di- rectors who shall manage the af- fairs of such corporation shall be seven and the names and post office addresses of the directors for the first year are as follows:
 NAMES POST OFFICE
 ADDRESSES E. P. Ripley Chicago. Illinois w. R. Page Proctor. Vermont Byron L. Smith Chicago. Illinois James H. Eckles, Chicago, Illinois E. D. Kenna Chicago. Illinois l. L Hubbard Winslow, Arizona R. J. Arev Williams, Arizona
 Fifth. The term for which this corporation is to exist is Fifty years.
 Sixth. Said Railway Company shall not issue any Preferred Stock in excess of Two Hundred and Fifty Thousand Dollars (S250. .G0G) par value thereof as authorized by Article Third of this certificate, and shall not issue any mortgage bonds except with the consent of the holders of two-thirds of all the Common Stock of said Railway Company which shall then be out standing.
 Seventh. Previous to the time of such sale a Plan or Agreement was entered into in anticipation of the formation of the new corpora tion and such purchase was made pursuant thereto. Such Plan or Agreement was entered into by the said Edward D. Kenna, Byron L. Smith and James H. Eckels and certain holders of First Mortgage Bonds of The Santa Fe and Grand Canyon Railroad Company issued under its mortgage dated January l, 1898. and such Plan of Agree ment is as follows:
 AGREEMENT, made this sev- enteenth day of June. 1901, be- tween Edward D. Kenna. Byron L. Smith and James H. Eckels (here- matter termed the "Committee"D, parties of the first part; and such Holders of First Mortgage Bonds of the Santa Fe and Grand Canyon Roilroad Company issued under its mortgage, dated January l, 1898, as shall become parties hereto in the manner hereinafter provided (such bondholders being herein after termed the ''Depositing Bondholders"O, parties of the sec ond part.
 WHEREAS, the Santa Fe and Grand Canyon Railroad Company hereinafter termed the Railroad Company"O, a corporation of the Territory of Arizona, has issued one thousand of its first mortgage five per cent. twenty-year gold bonds. each for the sum of sl ,000, secured by mortgage dated Jan uary 1. 1898, to International Trust Company. as trustee, all of which bonds are now outstanding and unpaid; and
 WHEREAS, the Railroad Com pany made default in the payment of the interest upon such bonds and is insolvent, and a receiver thereof has been appointed. and the holders of claims against said Railroad Company for materials. supplies and labor. and, also, the Trustee under said mortgage of the Railroad Company have insti- tuted proceedings for the enforce ment of their claims and to obtain a judicial sale of the railroad and property of the Railroad Company; and
 WHEREAS, the Santa Fe Pa- cific Railroad Company (herein- after termed the Santa Pacific Company"), is the owner of $324,- 900 of said bonds of the Railroad Company and has expressed its willingness to enter into an agree ment with the Committee to de- posit with it the S324, 900 of bonds of the Railload Company and to provide the sum of Sl50. 900 on the terms hereinafter stated:
 NOW IT IS MUTUALLY AGREED BETWEEN THE PAR TIES AS FOLLOWS:
 This agreement shall be signed