Evening journal., 1920-08-09
NOTICES

| %, cumulative dividends. regular or
extra. upon the Prior Stock shall be in /
arrears. or Il there be- any pending de-
fnult ia the setting aside or crcditinf ]
% the siaking fund of the full quar-
.crly instt .meit In each qulrts-.
10 No dividends shall be declared or /
paid upon OF set apart for the Common |
Stock N the declaration settling apart /
/ or payment of such dividends would re-. I
| duce the net nngihle aescts Of the cor /
pomtion 70 an amount less than Three I
] Hundred Dollars lS3ool for zach share or
Prior Stock then outstanding.
The term met tangible assets" as
used In this paragraph 10. shall be
deemed TO BE- the sum Of the property /
account. investment account. sinking
iund. quick assets and an other assets
(excludng good will. patents trade
namesl trademarks, copyrights, de. ]
ierred charges and other items Of
funded indebtedness Of the corporation,
purchase money obligations, quick la
hilities. depreciation aud other reserves
and the interest OF minority stock holders
In all corporations, q majority or whose
capital stock Is owned by this corpora
tion, and including IN each case. the
assets and liabilities or corporaunos, a
majority Of whose stock Is owned BY
this corporation and whose assets and
liabilities are consolidated In the bal
ance sheet. Provided, that for the pur-
pose Of no determining net tangible as
sets the stock interest Of tho corporation
I'm The Milwaukee Coke a Gas Company
10 the extent OF its holding therein as
Of July !, 1890 shall be calculated at It's
7 par value.
Is presently entitled to havc issued TO L..
amounting 20 one Million Five Hundred
thousand Dollars Nl.ro.Oool under the
existing mortgage. dated September !.
3 The First Trust and~ savings Company,
may be issued at any time. but neither
{ the said bonds nor the proceeds thereof
D the acquisition by the corporation Of ad-
r ditonal property, az hereinafter de-
fined. but not including corporate stocks.
. No part OF the expenditures made ont OF
the proceeds Of such bonds OF of Prior
D stock shall 80 long a. any Of the Prior
} ] Stock Is outstanding, he used A. the
8 basis for an incrcase 90 the funded debt
I Of the corporation as Of July !. 1870.
th) Bonds may. a. any time, ne a.
Z sued by the corporation. 20 refund the
q bonds now outstanding under said OK
n istinc mortgage or any bonds which
. may hereafter he issued by the corpora
j. and restrictions herein contained, ana
70 may at any time issue additional
j. bonds. or secured notes. or create addi-
e tional funded Indebtedness or authorize 20
IL 20 issued an issue or issues of preferred
4 stock other than Prior stock. In such
h amount or amounts and upon aucn
r terms and with such privileges, prefer
n rnces or prioriues AZ 20 may determine
e provided only that the aggregate par
Is and or face amount of such additional
, bonds. secured notes funded debt and
l. preferred stock which shall hereafter hg
a, Issued while ahy ~ the Prior Stock shall
lr be outstanding, shall not exceed two
l. thirds f2-3l of the cost ~ additinna
y property hereafter acquired, exclusive Of
n quired with the proceeds of the rrio
q. stock or of the One Million Five Hun
et dred Thousanl Dollars lSi.o0oo0ol fac
,r amount of bonds which the corporation
] A. - HU WFn
p visions contained IN sub division lsl o.
T. this Article. or any Investment OF sucl
"a proceeds. or any part thereof
J. Additional property as the term !
X nsed In this Article. Il defined 10 meal
nt an real estate or any interest therein
1i an permanent additions 20 the plant o
Nd the corporation an permanent better
z ments. Including replacement OF Oh
u buildings. fixtures or plant equipment &
et the extent of the excess Of the cost O
y. such replacement over the original COS
Mt of property replaced, and the acquisi
e. tion of not less than majority J.
ne amount Of the capital stock Of any othe
r corporation engaged In the same or
similar line of business as this corpora
ID tion. provided the same be acquired q
ck constructed subsequent 10 July /, lp2
u Additional property as above dchne
lll | acquired by any corporation. more tina
all scventy-hve per cent 90 per cent?
mt whose stock "a owned by this corporltio
on for the purposes OF this provision. sha
or be deemed 20 he the property OF th
set corporation 10 the extent Of ifs prono
M tionate ownership OF the stock Of su'
ne 10 In the event that the crporauc
en- shall. at any time or from time 10 tim
EN- fail for a period of four li) successi'
.or quarters 10 declare and pay the qua
or torlv instailments Of the regular cigl
~ per cent rs per cent? dividend on a
20 outstanding Prior Stock. or shall fail
set apart and credit TO the sinking fun
io- Thirty-scvcn Thousand Five Hundrf
on Dollars (Si750O), and such failure sha
Ier have continued for period OF 81
Us months and not been cured by subs
or Qucnt payment. or shall be In default
- respect of any other provision or r
IS striction herein contained for the bent
d nt or protection of the holders of q
In Prior Stock and any such last mentions
nd default shall have continued for 81
ID months after written notice thereof,
a the corporation, by or In behalf of an
YER holder Of the Prior Stock, then and
ne, every such event the registered holder
for the purpose only of eiecting on
de third Of the directors OF the corporation
Tor which right shall be exercised In the mai
ci- ner following. to-wit.
. A special meeting Of the stockholdel
ny Of the corporation. including the rel
aSs istcrcd holders Of Prior Stock, sha
me forthwith be called IN the manner Al
or thOrized for the calling Of special meetir
IN Of stockholders, FOR the purpose of a
per lowing the holders Of Prior Stock
all exercise their right Of electing directo
me as aforesaid. IN case the Objects OF II
ice corporation shall not call such speci
by meeting Of the stockholders, said NEE
OF ing may be called by the registered hol
as ers Of hve per cent % per cent?
Of amount Of the Prior Stock then outstan
ior irg. At the date Of sVch meeting
on, any adjournment thereof, when the san
nee shall actually be convened with quoru
the present. the Offices Of al Of the directo
ian OF the corporation who shall then be
for ofice shall thereupon become vacal
en- and the election of a new board of dire
ish tors shall be held az such meeting.
tee, such election and az any sunseque
EN- election Of directors the holders
ish Prior Stock shall be entitled 10 non
of nate and elect one-third Of the directo
Ing Of the corporation by their eNcluei
ate votes and the holders Of the Comm
on. Stock shall be entitled 10 nominate n
the elect the other two-thirds OF the dirl
for tors The directors elected by hold'
an OF the Prior Stock shall. however. ca
ase tinue 10 Office only 10 long as the defal
as or defaults which gave rise 20 th
ept election shall continue, and thercaf
ion the Offices OF such directors or Of su
and Of them as may then be In Office sh
forthwith become vacant, and such
hall cancies may be filled In the regular ma
on ner provided by law. or by the by-la'
art Except as the right 10 vote Is alb,
out expressly granted 70 the holders
cor Prior Stock, the entire and exclus
fter voting power Of the stock Of the corpo
on ton Is reserved 10 and conferred upon
tent Common Stock, and the acquisition
Ired acceptance Of any OF the Prior ST
,nts shall be deemed TO be a waiver Of
yer, right whatsoever Of such owner or holi
one Of any Of said stock 20 vote at any me
und ing Of the corporation, OF 10 particip
un- en- the management or conduct OF It's
o. fairs. except as above expressly grant
set whether such right, except Tor ~
ding waiver, might exist by statute or 9th
4 10 fil Al the end Of each fiscal year