Bisbee daily review., 1917-05-22

pay therefor tin whole or Tn part) in cash or other property, or by the issue and delivery of the capital stock, bonds or other obligations of the Company. or of any other corpo- ration.
 (c) In so far as not inconsistent with the other provisions of this scer- tificate. to acquire from time to time, in exchange for the shares of the capital stock of the Company. as the same may at any time now or here after exist. such property or shares of the capital stock of any other cor poration or corporations as the board of directors shall deem of advantage to the Company. at such valuation as in the judgment of said board shall be fair and just
 (d) To purchase. retire. redeem, hold. reissue, and otherwise dispose of the shares of stock, bonds or other obligations of the Company in such amounts and in such manner and upon such terms as the board of directors may deem expedient,, except as herein otherwise expressly provided and in so far as may be permitted by law.
 (e) To acquire, purchase, hold, use. sell. assign. lease, mortgage, or otherwise dispose of or turn to ac- count letters patent of the United States. or of any foreign country, in- ventions, patents, patent rights, lie enses and privileges, improvements, trademarks and trade names, or pend ing applications therefor, or connected herewith, covering in whole or in part any and all articles manufactur- cd or dealt in bv the Company. or re- lating to. or useful in connection with any business that may at any time be carried on by the Company
 (D To make. accept. endorse, ex- edute and issue promissory notes, bills of exchange. bonds, debentures and other obligations, from time to time. for the purchase of property or for any purpose in or about the bus mess of the Company. and to secure the payment of any such obligation by mortgage, pledge. deed of trust, or otherwise.
 (gl To do any or all the things herein set forth. and such other things as are incidental or condut cive to the attainment of the above objects. to the same extent as nat ural persons might or could do. and in any part of the world in SO far as the same are not inconsistent with the provisions of said Business Cor porations Law"
 The purposes and powers specified in any clause contained in this Third Article shall. except where otherwise expressed in said Article. he in mo- wise limited or restricted by refer ence to or inference from the terms of any other clause of this or any ether Article of this certificate. but the purposes and powers specified in each of the clauses of this Article shall be regarded as independent pur- poses and powers.
 Nothing in this certificate contain ad shall. however. authorize the Con- nahy to conduct any business other than a mercantile or a manufactur- ing business
 Fourth-The amount of the total authorized capital stock shall be s10.- 900. divided into 100 shares of the mar value Of s100 each. of which s5.- 000 consisting of 50 shares of s100 each shall be seven per cent. cumu- lative preferred stock. and the re- maining s5.000. consisting of 50 shares of s100 each shall be. common stock. The amount of capital with which the corporation will commence business is s2.000.
 (a) From time to time all said seven per cent cumulative preferred stock and all said common stock may be issued in such amounts and for by the board of directors and as may be permitted by law.
 (bl The holders of the preferred stock shall be entitled to receice, and the Company shall be obligated to nay, but only out of the surplus pro- fits of the Company cumulated divi- dends at the rate of seven per cen tum per annum. and no more, payable uuarter-vearly on the first days of April. July. October and January in each year. the first quarteryearly dividend being payable on April l. 1912, before any dividends shall be paid upon or set apart for the com mon stock. The dividends on the preferred stock shall be cumulative from and after January 1, 1912.
 (c) The whole or any part of the preferred stock may be redeemed at any time, at the option of the board of directors. upon three months pre- vious written or published notice to the holders of record thereof. given in such manner as may be prescribed by resolution of said board. by pay ing therefor in cash s125 per share and all unpaid accrued dividends thereon at the date fixed for such redemption. If at any time the board of directors shall determine to re- deem less than the whole amount of preferred stock then outstanding, the particular stock to be SO redeemed shall in each instance be determined by lot in such manner as the board of directors shall prescribe.
 (d) On or before the first day of July. 1913, and on the first day of July in each and every year there after (until all preferred stock shall have been redeemed) there shall be set apart and credited to a Special Sur plus Account"out of the surplus profits of the Company after all cumulated