Arizona republican., 1918-01-02

be 25O0 shares amounting to S25V,OUO.OO | of preferred capital stock and 2500 | shares amounting to s25O,000.00 of | common stock.
 EIGHTH. The power to fix the
 amount to be reserved as a working i
 capital for the corporation is hereby i given to the Directors, and the right |
 to declare dividends from profits shah
 be subject thereto and to the discre-
 tion of the Directors as to the amount, time 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 stocIx shall be cumulative so that if in OF
 for any year dividends amounting to seven per centum shall not be paid
 on preferred stock, the deficiencies
 shall be charged upon the net earn , ings of the Corporation and shall be l payable subsequently before any div,-
 dends shall be declared or paid on the
 Common stock. Dividends on the
 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. ei The holders Of preferred stock shall . not be entitled to any further dividend or share of profit beyond the saio 2 yearly dividend of seven per centum until the holders of the common stock shall have been paid a dividend for that year of ten per cent, after which : the holders of both preferred and ! common stock shall be entitled to re- ceive additional dividend in equal , amounts for that year, at the discre- tion of the Board of Directors. T ], In case of dissolution, liquidation or U U winding up of the Corporation or a Il sale of all it's property, the holders of
 preferred stock shall share equally =. and be entitled to be paid in full out } of the assets and funds of the cor poration the par amount of their . shares before any amount shall be Il paid to the holders of the common . stock, and after the payment to the Il holders of the preferred stock at its e par value, the holders of the common s stock shall share equally and be en- i titled to be paid in full at par tht y amount of their shares, and after pay Al Al ment in full of the par amount of pre- ferred and common stock, then th' = remaining assets and funds shall b, IL divided and paid to the holders of botl II, II, classes of stock equally and prorate y according to their respective shares Both classes of stock shall have tn, same voting power in all corporate af a fairs and power of cumulative votins s0 as conferred by law.
 NINTH. That the amount of sait
 Capital Stock which has been actuall, 5 subscribed is S600.00, and the followini a are the names of the persons by whom ru ru the same has been subscribed, and tn = amount subscribed by each of them o0 to-wit:
 l- Lyman Stewart. |. One Share Preferre N Nte E. T. Earl. ........ One Share Preferre ol Milton Stewart. ... One Share Preferre ~; A. c. Stewart. One Share Preferre iu c. M. Smith. .....One Share Preferre S w. c. Loughbom. One Share Preferre 5 From time to time Treasury stoc 40 may be issued in such amount kin and proportion as shall be determine oie by the Board of Directors, in accord f ance with the Laws of the State C oi California.
 IN WITNESS WHEREOF, we hay ttn hereunto set our hands and seals thi +a HUI udy OL June, I5Iz.
 -'e (SeaD LYMAN STEWART,
 (SeaD A. c. STEWART, ~ (SeaD c. NJ. SMITH, on (SeaD F. T. EARL, 'e' (SeaD w. c. LOUGHBOM. I STATE OF CALIFORNIA,
 ,e County of Los Angeles-ss:
 on na On this Sd day of June, in the yes 'ie one thousand, nine hundred ar o. twelve, A. D., before me, E. W. JUDI eH' a Notary Public in and for sa I, County, residing therein, duly con 4i- missioned and sworn, personally al
 peared LYMAN STEWART, A. eS' STEWART and c. M. SMITH, know o. to me to be the persons who are name es' as Directors in the within Articles E Incorporation and whose names a ii- subscribed to the within instrumer , and acknowledged to me that thu executed the same.
 di , IN WITNESS WHEREOF, I ha' t. hereunto set my hand and affixed II III official seal the day and year in tn 0ls certificate first above written. ,S9i (SeaD E. W. JUDD, iu Notary Public in and for the Coun ,.9 of Los Angeles, State of Californi
 STATE OF CALIFORNIA