The Winslow mail., 1919-12-12

tire preferred stock of the par value
of One hundred fifty thousand dol
lars ($150,000). If the sum set aside
in any year shall exceed the annual
amount hereby required the excess
may be deducted from the sum to be
set aside in a succeeding year. All
moneys so set aside as a sinking fund
shall be applied as follows:
(a) At the option of the corpora
ton to purchase during the year in
open market at the best prices OBJ
tainable, but not in excess of One
hundred five dollars ($105) a share
and accumulated dividends to the date
of purchase, preferred stock to the
corporation to such extent as the
fund in the sinking fund shall per-
nit;
(b) The balance, if any, thereafter
remaining in the sinking fund, Gun
less such balance be less than Five
thousand dollars ($5,000), in which
case the said sum so remaining may
be carried over and added to the sum
required to be set aside in the next
succeeding year,, shall be applied in
such manner and by such method as
the Board of Directors may deter
mine during the first quarter of the
next succeeding year to the redemp-
tion of preferred stock upon sixty
(60) days notice by mail to the hold
ers of record of the preferred stock
to be redeemed, at One hundred five
dollars ($105) per share and an
amount equal to accumulated divi-
dends to the date of redemption
ANY shares of preferred stock
purchased by the corporation or
called for redemption shall not be
reissued or resold and shall be can
celled"
3rd That Article TX be amended as
follows:
(a) by inserting the word "com-
mon" before the word "stock" in
each and every place, except the
first, where the said word appears
in the said Article, and by inserting
the word common before the words
capital stock" in the last sentence
Of said Article
4th. That Article x be and hereby
is amended to read as follows:
"The subscriptions for and owner
ship of all common stock in this cor
poration are made and taken upon
the condition that the purchaser or
holder thereof desiring to sell the
same shall first deliver the same to
the Board of Directors of this cor
poration for sale, which Board of
Directors shall cause the same to be
appraised by three appraisers, one
to be selected by the vendor at the
time Of delivering the same to the
Board of Directors, and one to be
selected by the Board of Directors at
the next meeting Of the Board, and
the third to be selected by the two
selected appraisers, each appraiser,
however, to be stockholder owning
common stock in this corporation,
but not a stockholder Of a class of
common stock offered for sale, and
the Directors shall forthwith offer
the same for sale at said appraised
value to the stockholders holding
the class of common stock offered
for sale, who shall have sixty (60)
days time in which to exercise their
right to purchase the same at said
price; and, If two or more offer to
exercise their rights to purchase the
sameA at said appraised value, then
the Board of Directors shall, unless
otherwise agreed upon by the said
bidders, sell the same to them share
and share alike. In case of their
neglect or refusal to purchase the
same at said appraised value, then
and in that case, the Board of Direc-
tors shall offer the same to the
other holders of common stock Of
the corporation, except the apprais-
ers, who shall have sixty (6O) days
additional time in which to exercise
their right Of option to purchase the
same at said appraised value, and in
case two or more of such stockhold-
ers shall offer to purchase the same
at said appraised value within said
sixty (60) days, then, and in that
case, the Board Of Directors shall
sell the same to them share and
share alike. After the expiration OF
said time the stockholders offering
such common stock for sale shall be
free to make any other sale or dis
posal of his common stock. When
said appraisement shall be complet-
ed and the price established thereon
Af oh