Graham guardian., 1915-10-15

cent (G per cent? per annum, before
an dividend is declared upon the COM
mon stock, and are further entitled
upon dissolution of the corporation to
preferential payment of an amount
equal but not exceeding the par value
of said stock from the net assets of the
corporation after the payment of all of
its obligations, before any payment is
made to the holders of common stock.
Nothing herein contained however shall
be deemed to entitle the holders of
preferred stock to any dividend ex-
CCptjng when actually declared by the
Board of Directors, and the Board of
Directors shall have power to accumu-
late such surplus in such amounts and
for the purpose as they may deem best,
including the purpose of retirement OF
preferred stock before the declaration
of dividends thereon.
The holders of preferred stock shall
not be entitled to vote thereon at any
stockholders meeting excepting as
otherwise provided by law.
The holders of preferred stock shall
have the privilege at any time prior to
January lst, 1918, of surrendering the
same to the corporation who shall
thereupon issue in exchange therefor
common stock of an equal par value.
The corporation shall have the right
at any time after January lst, 1918, to
purchase at ITO per cent of the par value
thereof, from its surplus and retire into
its treasury, any and all preferred
stock, the shares so to be retired to be
determined by the Board of Directors
by lot.
6. The par value of said stock shall
be paid into the treasury of the COM
pany as said stock is issued, unless the
Board of Directors shall determine to
permit deferred payments therefor.
All stock shall be worcestershire.
7. The time of the commencement
and termination of the corporation
shall be as follows. to-wit:
The time of the commencement shall
be the date of issuance to this corpora
ton of certificate of incorporation by
the Arizona Corporation Commission;
the termination shall be twenty-five
years thereafter. The corporations
charter rights and franchises may be
renewed from time to time as provided
by the Laws of the State of Arizona.
8. The affairs of the corporation are
to be conducted by a board of seven
directors to be elected at a meeting of
the incorporators to be held immedi-
ately after the filing of these articles.
and to hold Office until the second
Tuesday of February, 1916, or until
their successors are elected, and such
officers as the Board of Directors may
from time to time elect or appoint.
Directors shall be elected annually on
the second Tuesday of February, COM
mencmg IN the year 1916 or on such
other date as may be prescribed by the
bylaws of the corporation.
8. The highest amount of indebted
ness or liability to which the corpora
tion is at any time to subject itself, is
Two million eight hundred and thirty
three thousand dollars ($2, S33, ,OOO)
(Which amount does not exceed two
thirds Of the amount of its capital
stock). The corporation is authorized
to issue its bonds and other obligations
for said amount or any smaller sum.
10. Private property of the stock
holders of this corporation shall be ex-
empt from corporate debts.
In WITNESS WHEREOF, We have
hereunto set our hands and seals this
3rd day May, 1915.
JOHN Z. FREEMAN. l.. S.
WALTER w. RUSSELL. L. S.