The Coconino sun., 1913-10-31


 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- veniently 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. 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 ($10O) Dollars; all of which said stock shall be issued, fully paid and non accessible. Five Hundred (500) shares, or Fifty Thousand ($50, ,000.00) Dollars, shall be common stock, and ,sone hundred and fifty (l50) shares. or Fifteen Thousand ($l5, ,0OO.O0) 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 from the business of the 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) per cent, as aforesaid. the Common stockholders shall receive divi- dends out of the balance of such surplus or net earnings of this up to the sum of eight (8) per cent of such Com 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 shalt equally in any divi- lends in excess ttereof, which the board of directors may declare for such year. Such Preferred stock shall be issued immediately upon the completion of the organization )f said corporation and shall be sold at par and paid for in cash when issued, The Common stock shall be issued at such time or times as the board of directors nay designate in exchange for ash, property, services or other valuable right or thing, and the judgment of the board of direc- .ors as to the value thereof shall ! )e conclusive.
 Article W.
 The time of the commencement | If this corporation shall be the lay these articles are filed, in accordance with law. and the ter thereof shall be twenty i've (25) years thereafter, with ! of renewal, as provided | y law.
 Article V.
 The affairs of this corporation hall be conducted by board of directors, consisting of five (5) persons, and such officers as the 'oard of directors may elect and ppoint, such directors and off, CTS to be elected on the first ionday of July, A. D., 1914, and nnually on the same day and 1onth thereafter, or at any ad- y,ooiipr tboraof far n