Arizona republican., 1918-01-06

be d Chairman. a Vice Chairman and Secretary, who shall hold office dur ing the term of their office mem bers of the committee, and shall be elected by the stockholders.
 At all meetings of the committee, all questions shall be decided by ma 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 a 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 a member of the committee
 All vacancies 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 s500,000.00 and that the number of shares into which said capital stock is divided is 5000 shares 1 of the par value of S100.60 each That the said authorized capital l stock shall be divided as follows into i two classes, to-wit:
 Preferred Capital Stock and Com mon Capital Stock: and there. shall ! De 2oO0 shares amounting to $250 000 co of preferred capital stock and 25OO shares amounting to s250,O0000 of common stock.
 FEliHTH. The power to fix the amount to he reserved as a working capital for the corporation is hereby given to the Directors. and the right to declare dividends from profits shah l be subject thereto and to the discre- l ton Of the Directors to the amount. l time of declaration, and distribution of such dividends. The holders of pre- ferred stock shall be entitled to re- celve 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 stoc, snail be cumulative so that if in O, 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
 payable subsequently, before any divl
 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 shal
 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 beer declared, set aside or paid.
 The holders of preferred stock shal
 not be entitled to any further dividend or share of profit beyond the safe yearly dividend of seven per centun until the holders of the common stocl shall have been paid dividend fol
 that year of ten per cent, after whcl the holders of both preferred anl common stock shall be entitled to re. . amounts for that year. at the discre. tion of the Board of Directors. . In case of dissolution, liquidation o winding up of the Corporation or l; . sale of all it's property, the holders o , preferred stock shall share equall,
 and be entitled to be paid in full ou , of the assets and funds of the cor
 poration the par amount of thei , shares before any amount shall b. . paid to the holders of the common , stock, and after the payment to tn , holders of the preferred stock at it
 par value, the holders of the common
 stock shall share equally and be en I titled to be paid in full at par tn : amount of their shares, and after pay . ment in full of the par amount of pre- ferred and common stock, then tn
 remaining assets and funds shall b divided and paid to the holders of bot classes of stock equally and proratt according to their respective share. Il Both classes of stock shall have tn | same voting power in all corporate af
 fairs and power of cumulative votin as conferred by law.
 NINTH. That the amount of sai < Capital Stock which has been actual subscribed is s600.00, and the followin are the names of the persons by whor i the same has been subscribed. and tl E amount subscribed by each of then | to-wit:
 | Lyman Stewart. One Share Preferre Il b. T. Earl. One Share Preferre
 Milton Stewart. One Share Preferre A. C. Stewart. One Share Preferre C. NJ. Smith. .... One Share Preferre | w. C. Loughbom. One Share Preferre
 From time to time Treasury stoo
 may be issued in such amount, ki1
 and proportion as shall be determine
 by the Board of Directors. in accord
 ance with the Laws of the State | California.
 IN WITNESS WHEREOF, We ha'
 hereunto set our hands and seals tn | 14th day of June. 1912.
 (SeaD LYMAN STEWART,
 tSeaD A. c. STEWART,
 (SeaD C. M. SMITH,
 (SeaD F.. T. EARL.
 tSeaD w. C. LOUGHBOM. ' STATE OF CALIFORNIA.