The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1919-11-07

TioN or TmE j. c PENNEY CON.
PANY.
We, Earl c Sans. President and George
" Bushnell Secretary, ~ the J c. Penney
Company, = corporation. created. organized
and existing under and by virtue Of the
laws Of the state Of Utah. hereby certify
State % Utah. aud 10 the Secretary o.
State. o. the State Of Utah. that AZ a special
meeting Of the stockholders 81 the corpora
tiun duly, regularly and legally called upon
notice for said purpose. and regularly held
In accordance with the requirements 81 the
Articles 81 Incorporation 81 said Company.
sd with NE laws Of the state u Utah. At
the principal office ~ the Company, NJ
suite COS 30 .on Block. salt Lake CITY.
state o. Utah, on Monday, August ie. 1919.
a. ten O'Clock In the forenoon, each. every
ard all shares of the capital stock Of said
corporation Was represented by the owners
and holders thereof In person or by proxy
and voted unanimously Tor the following
amendments 10 the Articlea u incorpora
tlon aud the same we're duly. regularly and
legally adopted and passed amending the
said Artieles Of Incorporation a. folhsSf
RESOLVED;
Is amended by changing the lAsi sentence
In the next 20 the last paragraph of said
Article 20 read a. followsi
'subIeet to the provisions % these Ar
tieles 81 Incorporation this corporation shall
have the right a. disbaue ont Of profits
aeiuAlly earned aud On hnnd sneh diyidrnds
from time 10 tino as the directors may sU'
prove.
secoHd. That Article VII be- aud hereby
10 amended ~ follow
tA 49, charging the paragraph nun
berrd On 80 a. 70 read a. follows;
Ia The limit Of the capital steck Of
This corporation shall be- Fifteen Million
Dullars tsla,000.000l divided into Fifty
Thousand t5o,oool shores q coinmon stock
~ the par value Of One Hundred Dollar
$1,000 per share, and one Hundred Thou
sand GOO. u0ul hare. u preferred stcfk Of
the PAR value { One Hundred boilers
$1,000 per shnl,
tbl ny Inserting the word 'common'
before the words stock. DO capital stock
".sares' and "siockholders 10 each and
ut"ty place Where amp Of the said words Ap.
appear In paragraphs or subdivisions MIN
seTsd 90, ta) a. and go Of said Article
go ny adding to said Article viII The
foliowtn paragraphs 60 be numbered 90.
Gls go and 1913
htsessablo Tor any PURPOSE whatever Tho
prtsAte property ~ the holders ~ said pre-
Nrred stock shall not be- liable for tho ohli'
cations OF debts ~ the corporation iu any
amount or 10 any extent whatever. said
preferred stock shall be- entitled from thu
date Of IT, issue 10 cumulative dividends ~
the rate Of seven per cent tTstl pr annum
payable quarterly oH the Last day NJ March.
June. September and Deccmbcr In each year.
n the corporation shall fail 20 ray such
dividends quarterly on all The outstanding
! preferred Nfufhi All accumulated MINNMNNuH
thereon shall be hlly paid before any diyl.
bends shall be set apart declared or paid
upnn any class ~ common stock and the
preterred stock shall be entitled TO no fur
her diyidrnds The preferred stock shall
he redeemablc IN whole or In part on sixty
900 days' notice hy mail a. one Hundred
Five Dollars Nioal per share and an
amount equal 10 accumulated diNideuds 10
the date 81 redemption. although not earned
or declared when any redemption D., made
81 pari 81 the preferred stock outstanding
% shall be- iu such manner and hy such
method o. the Board ~ Directors shall de-
teumlnc. Upon any sale ~ an Of the assets
81 the corporation. or upnn any liquidation
~ the corporation iu whole ur in part
whether voluntary ur Involuntary. except ny
ON thr discoutiuraucc nf a huanth ln nr
ruriaurc with the provisions 81 paragraph
numbered 80 and 90 of this Artielc VIII
tnr holders ~ the preferred stoek shall b,
entitled 90 be paid One Hundred Five pei
cent llusfE ~ the par value thereof and
In amount equal 10 accumulated dividends "a
tho date 81 payment although not earned
or declared, before any payments are made
o. tie holders If any class Of commrn stock
and the holders Of the preferred stock shat
be- entitled 60 mo- further payment II tn
Il earnings 81 thu corporation for any quartet
shall Dee iusufirieut 90 ray the di1uendl
for that quarter on the preferred stock sucl
dividends may be- paid out Of earned sur
60 subject 20 the provisions 81 Law
aud ~ this parasraph numbered Nl, th.
INNNNNNNN HNNFH NWNN N' NHHWfM ~ NNAA
price Tor such considerations. 90 such times
in such manner and 20 such amouuts a. th'
noard of Directors shall determine Threi
Million Doliars tfH.n 900. Ouul par value 20
sid preferred stock mas be- issued at once
Further ISSUES Of preferred stock may b.
mudo at nny time. provided that the annua
net earnings md income for .he preceding
fiscal year after r%rsrrsluE an amount tufii
cirnt tn pHy federal and state incunc take
Tor sufh preceding nscal year. shall AZ laas
equal three times the annual dividend re-
s1irrmruts on the preferred stock outstand
ing and that proposed 60 De- istued, ard fur
thor that The NET quick assets after uayuirn
~ tho disldrudt on thr outstanding pre-
frrrpd stock and Including Coo censidrrs
ton tn hD received Tor that proposed 90 o
Issued shall equal nt least one Hundred ~
tv per cent lilufsl uf thr uar amount I'd
che preferred stock outs lanaiRE plus ma
proposed 30 be- Issued MtIt any ~ %
preferred stock o. oui~sfand inn nn dividend
shnN be- Dot apart. declared ~ raid nn nn
rllss ~ rninmuu stock. nor thHll ihrre b
amy purchase or retirement o. The cnrpe
. miiau of any romni"n stock uf amy rlssI
either a. provided iu paragraphs numhcre
t71 81 AHlrlf WIZ ur uftrralar nulraH IA
net guick assets alter ps-mUut Of such div