The Coconino sun., 1914-07-17
Article III.

''That the total amount of Cap- ital Stock of this Corporation shall be and is Sixty-five thousand Dol lars ($65, ,000), and the number of shares into which the same shall be divided is sixty-five thousand (65.- OOO); and the par value of each share shall be One Dollar ($l, ,00); all of which said stock shall be Issued fully paid and non-assessible. Fifty thousand (50,000) shares. or Fifty thousand Dollars ($50, ,000), shall be common stock. and fifteen thousand (15, ,000) shares. or Fifteen thousand Dollars (Sl5.0 .000) shall be preferred stock, and the holders of such preferred stock shall be en- titled to receive from the surplus or net profits arising from the bus mess of the Corporation a fixed yearly dividend of eight (8) per cent, payable semi-annually on the second days of January and July of 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 div idend upon the preferred stock. such dividend shall be payable from future profits, and no dividend 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 it's issue. or set apart for such pay ment.' After the payment of said eight (S) per cent. as aforesaid, the Common stockholders shall receive dividends out of the balance of such surplus or net earnings of this Cor poration up to the sum of eight (8l per cent. of such Common stock for the current year. In the event the surplus or net earnings of said Cor poration shall exceed said eight (S) per cent. upon the Preferred and Common stock for any year. then both the Preferred and Common stock shall participate equally in any dividends in excess thereof, which the Board of Directors may declare for such year. Such Pre- ferred stock shall be issued imme- diateiy upon the completion of the organization of said Corporation and shall be sold at par and paid for in cash when issued. The Com- mon stock shall be issued at such time or times as the Board of Di- rectors may designate in exchange for cash, property, services or other valuable right or thing, and the judgment of the Board of Directors as to the value thereof shall be con- elusive.
 In Witness Whereof, we have hereunto affixed our signatures and seal this 26th day of June, A. D., 1914.
 JOHN c. VERKAMP,
 President Flagstaff Sewer Co. Attest:
 M. I. POWERS.
 Secretary. State of Arizona. so
 County of Coconino, '''
 Before me, c. B. Wilson, notary public in and for the County and State aforesaid, on this day per sonally appeared J. G. Verkamp. known to me to be the President of the Flagstaff Sewer Company, and to me known to be the person whose name is subscribed to the foregoing instrument. and acknowledged to me that he voluntarily executed the same for and on behalf of said com pany, as its free act and deed, and IOt IuC puIpooS anu COIlSIucTdllOI therein mentioned.
 Witness my hand and seal of of- flee this 26th day of June, 1914. ] Notarial c. B. Wilson, l Seal Notary Public.
 My commission expires Feby. 25, 1914.
 Filed in the office of the Ari- zona Corporation Commission this 3rd day of July A. D., 1914, at 10:00 a. m., at request of c. B. Wilson, whose postoffice address is Arizona.
 Arizona Corporation Commission
 By w. P. Geary.
 Chairman. State of Arizona.
 County of Coconino. s''
 I. Dan J. Cronin. county re- corder in and for the county and cfoto o oeoroco;d Jo houol, ao.I:c