The Coconino sun., 1913-11-07

municipal or private, person or persons, for the disposal of sewage, garbage or refuse, and for any other purposes desirable or neces- sary in the proper conduct of said 1 business of operating said sewer system for profit, as aforesaid; and to do all and everything necessary, suitable or proper for the accom- plishment of any of the purposes or the attainment of any of the business hereinbefore enumerated, which shall at any time appear i for the benefit of the corporation. and in general to carry on other business, which may seem to the corporation capable of being con venientIy and proftably carried on 1 in connection with the above, or calculated to enhance the value of or render profitable any of the corporations property or rights.
 Article III.
 That the total amount of the capital stock of this corporation shall be, and is, Sixty Five Thous- and (S65, 100000 Dollars, and the number of shares into which the same shall be divided is SIX Hun dred and fifty (65O), and the par value of each share shall be One Hundred ($l00) Dollars; all of which said stock shall be issued, fully paid and non -assessible. Five Hundred (50O) shares, or Fifty Thousand 1850, 100000 Dollars, shall be common stock, and one hundred and fifty (l50) shares. or Fifteen Thousand ($15, 100000 Dol lars. shall be Preferred Stock, and the holders of such Preferred stock shall be entitled to receive from the surplus or net profits arising from the business of the corporation a fixed yearly dividend of eight (8) per cent, payable semi. annually, on the second days of January and July in each year, before any dividend shall be set apart or paid on the said Common stock.
 . Should the surplus or net profits arising from the business of the corporation prior to any dividend day be insufficient to pay the dividend upon the Preferred stock such dividend shall be payable from future profits, and no divi- dend shall at any time be paid upon the Common stock until the full amount of eight (8) per cent per annum shall have been paid upon all of the Preferred stock from the date of its issue, or set apart for such payment. After the payment of said eight (8) pel cent, as aforesaid, the Common stockholders shall receive divi dends out of the balance of sucl surplus or net earnings of thi corporation up to the sum O eight (S) per cent of such Com
 mon stock for the current year
 In the event the surplus or ne . earnings of said corporation shal exceed said eight (8) per cen upon the Preferred and Commo 3 stock for any year, then both tn r Preferred and Commod stock shaI . participate equally in any divi 9 dends in excess ttereof, which tn s board of directors may declare fo 7 such year. Such Preferred stoc shall be issued immediately upo
 the completion of the organizatio of said corporation and shall b ? sold at par and paid for in cas when issued, The Common stoc . shall be issued at such time O
 times as the board of director may designate in exchange fo cash, property, services or Othe valuable right or thing, and tn . judgment 0f the board of direc tors as to the value thereof shaI be conclusive.
 Article ".
 : The time of the commencement of this corporation shall be tn, day these articles are filed, il accordance with law. and the ter imitation thereof shall be twenty five (25) years thereafter, witt privilege of renewal, as provided by law.
 Article V.
 The affairs of this corporation shall be conducted by board of directors, consisting of five (5) persons, and such officers as the board of directors may elect and appoint, such directors and off, cers to be elected on the first Monday of July. A. D., 1914, and annually on the same day and month thereafter, or at any ad. | tn,,r,,x,l Al