Arizona republican., 1912-02-07

SECOND: All of the said preferred shares issued shall carry fixed cum ulative preferential dividend at the rate of eight (S) per cent per annum on the par value thereof. to be com puted from tine date of issue thereof II in any year dividends amounting to eight (S) per cent per annum shall no be paid on said preferred stock. the deficiency shall be a charge on the net profits of the corporation and 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 (O per cent per annum to tho holders of -hc preferred stock, cumu- lative dividends at the rate of eight CS) per cent per annum on the par value thereof may De distributed and raid to the holders of the general or common stock. as and when the board oc directors shall in their discretion determine.
 FORTH: After the p2ymcn: of said cumulative dividend at the rate of eight (O per cent per annum to the holders of said common stock, all of the dividends and net profits applied to the payment of dividends, shall be- lorg to and he payable to all the is sued stock. preferred and common, share and share alike.
 FIFTH: m the event of the liqui- dation or dissoultion of the corpora tion. the surplus assets and funds thereof shall be applied in the first place to repaying the holders of the aforesaid issued cumulative preferred stock tine full amount of the principal and par value thereof and the ac- Crued dividends. if any charged. before any amount shall he paid upon the common stock, and after such pay ment in full to the holders Of said cumulative preferred shares. the sur plus assets and funds shall belong to anj le 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 iEcorpor- ation in the office of the county re- cordcr of Maricopa county. Arizona. and a certified copy thereof n 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 a board of directors and such officers a.s said board may elect and appoint. The board of lirec- tors shall consist of not less than three t3) nor more than nine 60 di- rectors, each of whom shall be stock ! oldrr Any director ceasirS to bc d stockholicr thereupon immediately ceases to be director. The number of directors shall bc 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 ruaI meeting of stockholders. which thall be held on the second Monday in gaRyary of each year. in the manner pr6rided in the bylaws or as may be Go tcpniucd at such meetings.
 TiIsil otherwise detern mel the nuufber of directors shall be three (3) ard until their successors shall be elacted, the following persons shall be directors: j. l.. olson. A. w. Galpin. and Charles Bowman.
 In furthcrance and not in limitation of the powers Of the board of directors conferred by law the said board is hereby expressly authorized and em- powered to. by election or appoint ment as the case may require fill all ' acanCies that may occur either in the board of directors or any office or officer of the corporation for the un- ( Npirej term of such director or off ctr: to have one or more offices and to keep the books and records and seal and hold the meetings of the corpora tion and perform all corporate acts at such places as said board may deter mine and direct: to fix the time for declaring and paying dividends; to au- thoriZe ard cause to be executed notes. warrants. and payment of dividends; to authorize notes. bonIs. debpntures. certificates, stock cer- tificatcs. anl agreements. mortgages, deeds. and deeds of trust. liens. con- vcyances. assignments, contracts. powers of attorney. appointments. re- cognizances, verifications, acknowl- pdgments. justifications. affidavits. and any and all other kinds of ap pOintments of agents. attorneys and employees, and any and all other kinds of instruments in writing whatsoever; and to sell. assign, transfer, grant, convey. distribute, deliver, pr other wise dispose of any or all Of the prop crty real or personal of the corpora ton and to acquire in any manner 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 corpors ton; 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 tlN and de- termiue. demand. collect and receive payment for all services rendered by the corporation for others and the pur-