St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-05-23

bends are not paid, the right thereto
snail cumulate as against the COM
mon stock; and all arrears thereof
SO cumulated, and interest thereon,
as herein provided for, must be paid
before any dividends can be paid on
the common stock.
s. After the said dividend of six
per cent shall have been paid on
the preferred stock, together with all
interest on arrears that may be due,
q dividend of six per cent and non
cumulative may be paid upon the
common stock for the year proceed
ing, as hereinafter provided.
| 4. In the event this company
should incur any bonded Indebted
ness by mortgaging all or any por-
ton Of its real estate holdings, then
and in that event. no dividend ON the
common stock in excess of the SIX
per cent provided for in the proceed
Ing paragraph, shall be set apart,
declared or paid until such bond is
sue or such mortgage Indebtedness
shall have been retired In full, prln-
clpal and interest; nor shall any
| dividend In excess of Sax per cent be
declared on said common stock, un-
til all of the preferred stock OF the
| corporation shall have been retired,
principal, interest and premium.
5. The preferred stock shall ma
ture and be made payable nine go
years from April L, 1914, at which
time 1t shall be retired at premium
Of ten per cent. or at the pr.ce OF
one hundred and ten ($11O) dollars
per share, in addition to such div
dends and interest as may be due
thereon, as lereinbefore provided.
s. The Board of Directors OF this
corporation, under the restrictions
hereinbefore set forth, shall have
the privilege of retiring said pre-
ferred stock on the LIST day of Janu-
airy and July of any year, upon the
following terms, to-wlt:
At the end of the first year, at
premium of two per cent or at $1O2
per share.
At the ned of the second year at a
premium Of three per cent or at $1O3
per share.
At the end of the third year at
premium of four per cent or at $1O4
per share.
At the end of the fourth year at a
premium of five per cent or at $1O5
per share.
At the end of the fifth year at
premium of six per cent or at $1O6
per share.
At the end of the sixth year at a
premium of seven per cent or at $1O7
per share.
At the ned of the seventh year at
premium of eight per cent or at sos
per share.
At the end of the eighth year at a
premium Of nine per cent or at $1O9
per share.
At the end of the ninth year at
premium Of ten per cent or at $11O
per share.
Z. In the event that this COM
pany should incur any Indebtedness,
or should mortgage all or any port on
Of its real estate holdings, and In
the event that sinking fund be Sc,
aside for the purpose of retiring suc1
bonded Indebtedness, or mortgages
then it shall be incumbent upon the
Board of Directors of tn corpora
ton, after the sinking fund for the
retirement of said bonded Indebted |
ness or mortgages shall he sutfic ent
to retire the same In full, principal
and interest, to create like sinking
fund for he retirement of the salc
preferred stock, such sinking fund
to he created by setting apart SPOT
per thousand feet on all timber cut,
provided that this shall refer to and
affect only such timber as may be
owned by this company on April i.
1914. Such sinking fund when SO
and as accumulated, shall be
used exclusively for the purpose OF
retiring the then outstanding pre-
ferred stock, as hereinbefore and
provided.
8. Such retirement of the PREFER
ed stock shall, however, be effected
only by the payment out of the sur l
plus funds of the corporation, and {
in no case shall any preferred stock
be redeemed for cash under circum
stances which would produce an i'm
pairment of the capital of the com
pany, or which would cause the out
common stock to be worth
less than par.
8. II the Board of Directors Of
this corporation shall elect to retire |
all or any part of the said preferred l
stock, as hereinabove provided for,
prior to the maturity Of said pre-
terred stock, then the shares to be