The Coconino sun., 1913-10-24

corporation or corporations, ellnef 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 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 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 profitably carried on 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 ($65. .OO0. .00) Dollars, and the number of shares into which the same shall be divided is SIX Hun dred and fifty (650), and the par value of each share shall be One Hundred ($100 Dollars; all of which said stock shall be issued, , fully paid and nor. .assessible. Five Hundred (50O) shares, or Fifty Thousand ($5O,OOO.O0) Dollars, shall be common stock, and one hundred and fifty Q50) shares. or Fifteen Thousand (Sl5, 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 (S) 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 snail at any time be paid upon the Common stock until the full amount of eight (S) 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 (S) per cent, as aforesaid, the Common stockholders shall receive divi- dends out of the balance of such surplus or net earnings of this corporation up to the sum of eight (8) per cent of such Con- mon stock for the current year. In the event the surplus or net earnings of said corporation shall exceed said eight (8) per cent upon the Preferred and Common stock for any year, then both the Preferred and Common stock shall participate equally in any divi- dends in excess tt tereof, which the board of directors may declare for such year. Such Preferred stock shall be issued immediately upon the completion of the organization of said corporation and shall be sold at par and paid for in cash when issued, The Common stock shall be issued at such time CT times as the board of directors may designate in exchange for cash, property, services or other valuable right or thing, and the judgment of the board of direc- tors as to the value thereof shall be conclusive.
 Article W.
 The time of the commencement of this corporation shall be the day these articles are filed, in accordance with law. and the ter imitation thereof shall be twenty five (25) years thereafter, with privilege of renewal, as provided by law.
 Article V.
 The affairs of this corporation shall be conducted by a 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- iourped noot inu thprenf for a