The Coconino sun., 1916-06-23


declared on the common stock until
the net quick assets Of the corpora
ton amount to at least the par value
Of all the preferred stock outstand-
ing, plus twenty per centum (209o
thereof, nor until an annual sinking
funds shall have been set aside for
the purpose Of redeeming the pre-
ferred stock in the amount Of ten per
centum (1096) of the par value Of the
preferred stock at the time issued and
outstanding. All surplus or net pro-
fits then remaining and available for
dividends shall be applicable to the
payment Of dividends upon the COM
mon stock
In the event of any liquidation, dis
solution or winding up, whether vol
untary or involuntary, Of the corpo-
ration, the holders Of the preferred
stock shall be entitled to be paid in
the full the par amount of their
shares and the unpaid cumulative
dividends accrued thereon before any
amount shall be paid to the holders
Of the common stock, and after such
payment to the holders of the pre-
ferred stock Of its par value and the
unpaid cumulative dividends accrued
thereon, the remaining assets and
funds Of the company shall be distrib-
uted pro rata among the holders of
the common stock in accordance with
their holdings.
AS hereinbefore provided, after the
payment Of all cumulative dividends
upon the preferred stock, from the
surplus or net profits then remaining
in each year, there shall be set aside
a sum equal to ten per centum (10@o)
Of the par value Of the preferred
stock outstanding, to be used for the
purpose Of redeeming preferred
stock. Deficiencies in any year shall
be made up in subsequent years.
Accordingly the preferred stock shall
be subject to redemption from such
funds, in whole or in part, at any
time after the issuance thereof, at
Eleven ($11) per share, together with
the amount Of any dividends remain
ing unpaid thereon from the time of
issuance to the date sof redemption
at the rate Of six per centum 1871
per annum, provided, however, that
at the option Of the holder of any
preferred stock he may at any time
prior to January 1, 1918, elect to take
in lieu Of the aforesaid redemption
price, common stock in the company
of like par value and amount to the
preferred stock held by him.
Upon the redemption or conversion
Of any preferred stock as above pro-
vided the company shall cancel the
same and shall not reissue it. The
directors shall determine the manner
Of redeeming preferred stock, and
ninety (90) days written notice shall
be given to the holders of record
thereof of the intention SO to redeem.
ARTICLEv
At such time as the board of direc-
tors may by resolution direct, said
capital stock shall be paid into this
corporation, either in cash or by the
sale and transfer to it of real and
personal property, contracts, services,
or any other valuable right or thing
for the uses and purposes of said cor
poration, in payment for which shares
of the capital stock of said corpora
ton may be issued and the capital
stock so issued shall thereupon and
thereby become and be fully paid up
and worcestershire, and in the absence
of actual fraud in the transaction. the
judgment of the directors as to the
value of the property purchased shall
be conclusive.
ARTICLE vi
The names and places Of residence
Of each Of the subscribers to the capt.
tai stock, and the number of shares
subscribed for by each are as follows:
Name Residences No. of shares
Shirley Christy, Phoenix, Ariz. one
G. W. Hershman, Phoenix, Ariz. one
Ned Creighton, Phoenix, Ariz., nine
ARTICLE VII
The time Of the commencement of
this corporation shall have the date of
the filing of a certificate copy of these
Articles Of Incorporation in the Office
Of the Arizona Corporation Commits
sion, and the termination thereof
shall be twenty-five (25) years there
after, with the privilege of renewal
as provided by law.
ARTICLE VIII
The affairs Of this corporation shall
be conducted by board Of directors,
and the following named shall con-
stitute the board of directors until
their successors are elected: Ernest