Arizona republican., 1918-01-05
PAGE ELEVEN

 jority of votes.
 The stockholders shall at their first meeting, elect by ballot the said com mittee of three members from the di- rectors elected at such meeting and shall also elect the said officers there of
 At every annual meeting after the first meeting, whenever the term of office of any member or officer of the committee shall expire. the stockhold- CTS shall elect a successor Any mem Der of the committee may be elected to succeed himself
 Any directors are eligible to election as member of the Executive Commit tee.
 The term of office of each member of the committee shall be co-extensive with the term of his office as Director. Any member of the committee who shall cease to be a Director of the Company shall ipso facto cease to be member of the committed
 All vacanC.es in the Executive Com mittee shall be filled for the unexpired term from the Directors by vote of the Directors
 SEVENTH, that the amount of au- thorized capital stock of the said cor | poration is s500000.00 and that the number of shares into which said l Sdpltdi StOCk IS UlNlueQ IS 0UUU SlareS of the par value of $100.00 each. | That the said authorized capital stock shall be divided as follows into two classes, to-wit
 Preferred Capital Stock and Com mon Capital Stock: and there shall be 25O0 shares amounting to S25O, 100000 of preferred capital stock and 2500 shares amounting to s250,000.00 of common stock.
 EIGHTH r-I,0
 amount to- be reserved as a working
 capital for the corporation is hereby
 given to the Directors, and the right
 to declare dividends from profits shah
 De subject thereto and to the discre-
 uon or the Directors as to the amount.
 tune Of declaration. and distribution of
 such dividends. The holders of pre-
 ferred stock shall be entitled to re-
 ceive in each year out of the surplus
 net profits of said Corporation a fixed
 yearly dividend Of seven per centum
 on the par value thereof, payable as
 fixed by the Board of Directors. if de-
 clared. before any dividends shall be
 declared or paid on the common stock. The dividends on the preferred stSaS
 shall be cumulative so that if in or
 for any year dividends amounting to seven per centum shall not be paid . on preferred stock, the deficiencies . l, ings of the Corporation and shall be , payable subsequently before any div,- l, dends shall be declared or paid on the Common stock. Dividends on tha
 common stock may also be declared payable as the Board of Directors shall fix, but only out of the surplus net
 profits of the Corporation remaining
 after the payment of the full yearly dividend on the preferred stock has been declared, set aside or paid | The holders of preferred stock shall not be entitled to any further dividend ' or share of profit beyond the saio y yearly dividend of seven per centum
 until the holders of the common stock f shall have been paid a dividend for [ that year of ten per cent. after which T the holders of both preferred and f common stock shall be entitled to re- n ceive additional dividend in equal @ amounts for that year. at the discre- e ton of the Board of Directors. t In case of dissolution. liquidation or IS winding up of the Corporation or a d sale of all it's property, the holders of d preferred stock shall share equally n and be entitled to be paid in full ou, d of the assets and funds of the cor 't poration the par amount of theil l. shares before any amount shall bs l. paid to the holders of the common " stock, and after the payment to ths lc holders of the preferred stock at it. l. par value. the holders of the common of stock shall share equally ard be en. To titled to be paid in full g. par tn, n amount of their shares, and after pay e. ment Tn full of the par amor ?. of pre- lg ferred and common stock -hen tn l. remaining assets and func- shall h. ly divided and paid to the holo ITS of botl in classes of stock equally ard prorate rs according to their respective shares )- Both classes of stock shall have in h. same voting power in all corporate af in fairs and power of cumulative yotin, ry as conferred by law.
 r. NINTH. That the amount of sai, r. Capital Stock which has been actual,
 subscribed is s600.00, and the followint ed are the names of the persons by whom H. the same has been subscribed, and tn
 amount subscribed by each of them b. to-wit:
 ed Lyman Stewart. One Share Preferre ld E. T. Earl. One Share Preferre r. Milton Stewart. One Share Preferre pc A. (. Stewart. lone Share Preferre T. C. M. smith ..-. One Share Preferre he W. C. Loughbom. One Share Preferre or From time to time Treasury stoc 1T. may be issued in such amount, kin nd and proportion as shall be determine es by the Board of Directors, in accord as ance with the Laws of the State c nd California
 IN WITNESS WHEREOF, We hay he hereunto set our hands and seals thi on l4th day of June. 1912.
 of (SeaD LYMAN STEWART,
 (SeaD A. C. STEWART, oh (SeaD C. NJ. SMITH. ty tSeaD F. T. EARL 4te (SeaD W. c. LOUGHBOM.
 STATE OF CALIFORNIA, C. County of Los Angeles-ss: on On this Sd day of June, in the yea les one thousand. nine hundred an s- twelve, A. D.. before me, E. W. JUDI rst a Notary Public in and for sai on County, residing therein. duly con ire missioned and sworn, personally al peared LYMAN STEWART. A. es, STEWART and C. M. SMITH. know
 to me to be the persons who are name li- as Directors in the within Articles
 Incorporation and whose names al es, subscribed to the within instrumen
 and acknowledged to me that the es, executed the same.
 IN WITNESS WHEREOF, I hay li- hereunto set my hand and affixed IT
 official seal the day and year in tn certificate first above written. all (SeaD E. w. JUDD. cal Notary Public in and for the Coun in of Los Angeles, State of Californi CTS
 or STATE CF CALIFORNIA. id- County of Los Angeles-ss: