St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-05-16

dends are not paid, the right thereto
shall 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.
8. 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,
a dividend of six per cent and nom
cumulative may be paid upon the
common stock for the year preced-
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 preced-
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-
cipal and interest; nor shall any
dividend in excess of SIX per cent be
declared on said common stock, UNI
I'll 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 CO.
years from April /, 1914, at which
time it shall be retired at a 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 1ereinbefore provided.
6. 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 a
premium of two per cent or at $1O2
per share.
At the ned of the second year at
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 $104
per share.
At the end of the fourth year at
premium of five per cent or at $1O5
per share.
At the end of the fifth year at q
premium of six per cent or at $1O6
per share.
At the end of the sixth year at
premium of seven per cent or at $lO7
per share.
At the ned of the seventh year at a
premium of eight per cent or at sos
per share.
At the end of the eighth year at q
premium of nine per cent or at 500
per share.
At the end Of the ninth year at a
premium of ten per, cent or at $40
per share.
Z. In the event that this COM
pany should incur any Indebtedness,
or should mortgage all or any port OH
of its real estate holdings, and in
the event that q sinking fund be Sc:
aside for the purpose of retiring 5ucn
bonded Indebtedness, or mortgages
then it shall be incumbent upon the
Board Of Directors of this corpora
ton. after the sinking fund for the
retirement Of said bonded indebted
ness or mortgages shall be suffic ent
to retire the same in full, principal
and interest, to create like sinking
fund for he retirement Of the said
preferred stock, such sinking fund
to be created by setting apart $3.50
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 IL
1914. Such sinking fund when SO
created, and as accumulated. shall be
used exclusively for the purpose of
retiring the then outstanding pre-
ferred stock, as hereinbef0re and
provided.
s. Such retirement of the PREFER
ed stock shall, however, be effected
only, by the payment out of the sur
plus funds of the corporation, and ,
in no case shall any preferred stock
be redeemed for cash under circum-
stances which would produce an inn
pairment of the capital Of the COM
pany, or which would cause the out
standing common stock to be wCrsl
less than par.
8. IT the Board OF Directors OF
this corporation shall elect to retire
all or any part OF the said preferred
stock, as hereinabOve provided for, i
prior to the maturity of said pre-
ferred stock, then the shares to be
n