The Coconino sun., 1913-10-17

the State of Arizona as the board of directors shall establish.
 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 | q, sewerage system in the town of Flagstaff, Coconino county, State of 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 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 of operating said sewer system for profit, as aforesaid; and to do all and everything necessary, suitable or proper for the accom- pishment 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 Tn 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 corporation 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, ,000.0 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 ($l00) Dollars; all of which said stock shall be issued, fully paid and non accessible. Five Hundred (500) shares, or Fifty Thousand ($5O,OOO.00) Dollars, | shall be common stock, and one , hundred and fifty Q50) shares. or . Fifteen Thousand (S15, 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.
 f Should the surplus or net profits arising from the business of the r corporation prior to any dividend day be insufficient to pay the dividend upon the Preferred stock . such dividend shall be payable 7 from future profits, and no divi- 5 dend snail at any time he 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 corporation up to the sum ot ' eight (8) per cent of such Com
 mon stock for the current year; In the event the surplus or net . earnings of said corporation shal , exceed said eIght (S) per cent , upon the Preferred and Common 0 stock for any year, then both the r Preferred and Common stock shal = participate equally in any divi Q dends in excess tF ereof, which tho