The herald., 1913-12-18

directly to promote the interest of the cor
poration. or to enhance the value OF its prop
erty, and to have, and enjoy, and exercise
all the rights, powers and privileges which
are now or which may hereafter be conferred
upon corporations organized under the gen.
eral laws under which this corporation is or
ganized.
Article IV.-The total amount of the cap
ital stock OF this corporation is hereby fixed
O0O.O0), divided into seven hundred GOO
shares of one hundred dollars (Sl0O.0O each.
Of said stock three hundred and fifty shares
(3S0) shall be preferred stock, and the bal
ance three hundred and fifty 5S0) shares,
shall be common general stock. Said pre-
ferred stock shall entitle the holder thereof to
receive out of the net earnings, a fixed year
ly cumulative dividend of six per centum,
payable annually, before any dividend shall
be set apart or paid the common stock.
After the payment of the six per cent divi-
the surplus left as the board of directors shall
authorize shall be paid to the common stock
up to ten per cent, and when the preferred
stock shall have drawn six per cent and the
common stock ten per cent, in any one divi-
dend year, if there is any surplus left of the
net earnings, the same may be divided equally
between the preferred and commo nstock.
The said preferred and common stock shall
be paid for in such obligations or cash as
called for by majority of the board of direc-
tors, or may be issued as full paid stock, in
payment or exchange for property or rights
actually received or purchased by the corpor-
alton, and IN payment of services rendered
Ihe holders of preferred stock shall, in case
OF dissolution or liquidation, be entitled 10
be paid IN full both the principal and accrued
dividend upon their shares, before any amount
shall be paid to the holders of the common
stock, and shall not thereafter participate in
any, OF the property Of the company or pro-
ceeds of liquidation.
The holders of preferred stock shall be en-
titled to voting powers in the corporation in
all respects, the same as appertain tn the
holders of common stock
No transfer of stock shall be binding on
the corporation unless duly and legally pre-
sented by person or by proxy at the com
pany once, tor the purpose of making said
Stockholders shall have the right to dis.
pose OF their stock they see fit
NO treasury stock shall be legally sold bv
TINS corporation unless with the approval ~
two-thirds vote of the full board of direc.
tors or stockholders of this corporation in
meeting assembled.
Ihis corporation shall begin business as
soon as thirty thousand dollars $3.50 600. .OO)
ol tne capital stock is subscribed for, which
amount IS hereby declared to be subscriber
Article V.-All the corporate powers Of This
corporation and the management and control
OF us business shall be vested in. and eyer.
cised by board of directors to be comnosed
OF seven members, elected from among the
stockholders, as hereinafter set forth. M
meeting OF the board of directors shall he
meld until after ten days written notice
Slsneo oy the president or secretary. shall
nave been sent to each member AZ he Ias,
known place OF residence, unless said time
Ilnlt snail have been waived by written con.
sent by all OF the said directors. A ma;or;ty
y! me board shall constitute a Quorum nro.
vided; That any three directors NAV boId ,
meeting OF the board, and their unanimous