Arizona republican., 1913-02-09

The holders of the outstanding pre- ferred shares shall be entitled to re- CeiVe out of the net earnings of the corporation for any year available for. dividend purposes, a dividend of eight per centum per annum of the par value of said preferred shares before any dividend is set apart or paid on the common shares. The holders of the common shares shall be entitled to receive out of the net earnings of the corporation for any year available for dividend purposes. or of the said net earnings after the holders of the outstanding preferred shares have received a dividend of eight per ccrtum for that year. In case of liquidation or dissolution of the Company, the net assets shall be devoted as follows:
 FIRST: To the payment of the par value of outstanding preferred shares in full SECOND: At such time as the Board may by resolution direct, said capital stock shall be paid for either in cash or by the sale and transfer to the corporation of real or personal property, services or any other right or thing of value necessary Or incidental to the ad- vancement of the purposes of the corporation and when so issued shall become fully paid, the same as though paid for in cash at par and the absence of actual fraud, the judgment of the directors as to the value of the property or services, shall be conclusive.
 ARTICLE VI.
 At the time of the commencement of this corporation shall be the date of the issuing to 1t of a certificate of incorporation and shall endure for the full term of twenty five years thereafter. with the privilege of per petual succession as provided by law.
 ARTICLE VII The affairs of the corporation shall be conducted by a board of five directors. divided into two classes, in respect to the time for which they can severally hold office, and the manner of their election; one class, to be known as the first class, shall be composed Of three directors who shall be chosen ex- l clusively by the holders of the com mon shares and shall hold office for | Fl period nf two years and until l their successors are chosen and have qualified The other class. to be known as the second class, shall be 1 composed of two directors who shall 1 be chosen exclusively by the holders | of the preferred shares and shall 1 hold office for a period of one year ] and until their successors have been 1 elected and qualified The annual meeting of the stock | holders shall be held on the second | Saturday in January. 1914. and an- nually thereafter as the bylaws shall provide.
 The board of directors shall be l composed of the following persons 1 towit:
 Name. J. c. II. Pringle; class l first; residence, san Francisco, Calf | Ornia.
 Name. Harry Rowland; class, sec 1 ond; residence, San Francisco, Calf ornia.
 Name c. H. House; class, second residence, San Francisco. California 1 Name, D. A. Hagens class, first residence, San Francisco, California l Name. Charles l.. BoutOn; class first; residence. San Francisco, Cal 1 ifornia
 In case of vacancy at any tim, in the number of directors caused by the resignation ar otherwise, the vacancy shall be filled by the re | ohnY class Of directors in which said va cancy shall have occurred ARTICLE VIII.
 The directors shall have the DOW CT to adopt. amend and rescind by. | laws. to fill vacancies occurring ir the board from any cause as here l inbefore provided.
 ARTICLE TX. The highest amount of indebted 1 ness or liabilities direct or contin gent, to which this corporation may at any time be subject, shall be on. hundred thousand dollars (s1O0, 0O000), which amount does not ex 1 ceed two-thirds of the capital stock
 ARTICLE K
 The capital stock of this corpora tion shall be and Is made foreve non -aSseSSable by this corporation 1 for any purpose whatsoever
 ARTICLE NJ
 The private property of the stock | holders of this corporation shall b, l forever exempt from the corporal t
 debts or liabilities of the corpora
 ton. of any kind whatsoever IN WITNESS WHEREOF. w, have hereunto set our hands an, Seals this First day of Februar! 1913.
 | JOHN c. H. PRINGLE, GSeaD 1 HARRY s HnN-I \ ND lSon1N