The Coconino sun., 1913-10-10


 Article II.
 The general nature of the busi ness in which this corporation shall engage is as follows, to-wit
 To purchase. acquire, construct own, operate, enlarge and maintain a sewerage system in the town ot Flagstaff, Coconino county, State oi Arizona, ,and in the vicinity thereof To purchase. acquire, install, own operate and maintain ditches. pipe lines, reservoirs sewage and garbage disposal plants, and al l other property that may be convenient or necessary for the construction, operation and maintainance of such sewer system, and the economical and advanta. geous disposal of the sewage there from. To purchase. acquire title to and hold real estate that may be convenient or necessary in the construction. operation and main tainance of such sewer system, and to utilize, manage and operate, sell and convey the same. To pur- chase, apply for. acquire, hold, sell and transfer easements. fran chise or franchises from the town of Flagstaff. and from the said Co., conino county or municipal cor poration therein. To enter into contracts with any other company corporation or corporations, either 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 off 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 proftably 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 1865. 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 accessible. Five Hundred (500) shares, or Fifty Thousand ($50,000.00) Dollars, shall be common stock, and one hundred and fifty (l50) shares. or Fifteen Thousand ($15, ,OOO. .OO) 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 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 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 (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 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 shall participate equally in any divi- dends in excess u ereof, which the board of directors may declare for such year. Such Preferred stock shall be issued immediately upon the completion of the organization