Arizona republican., 1921-05-23

Million Dollars (s4,Ooo, ,00O) par value. are and shall be First Preferred | stock; one hundred twenty-five thou sand G25,000) of said shares, amounting to Twelve Million Five Hundred Thousand Dollars (s12, 2,500, 000) par value, are and shall be Sec ond Preferred stock: and Eight Hun dred Thirty-five Thousand (s35.000) of said shares. amounting to Eighty three Million Five Hundred Thousand Dollars (sS3. .50O.000) par value. are and shall be Common stock.
 The holders of the First Preferred stock shall be entitled to receive, when and as declared from the sur plus or net profits of the corporation yearly dividends at the rate of five per centum (5To) per annum. The dividends on the First Preferred stock shall be cumulative, and shall be payable before any dividends on the Second Preferred stock or the Com mon stock shall be paid or set apart so that if in any year dividends amounting to five per centum 59o) shall nSt have been paid thereon, the deficiency shall be payable before any dividends shall be paid upon or set apart for the Second Preferred or Common stock. Whenever all cumulative dividends on the First Preferred stock for all previous years shall have been paid, the holders of the Second Preferred stock shall be entitled to receive when and as de- clared from the remaining surplus or net profits Of the corporation, after the payment of the cumulative divi- dends upon the First Preferred stock. | yearly dividends at the rate of five per centum t59o) per annum and no more. The dividends on the Second Preferred stock shall also be cumu- ! lative, and shall be payable before any dividends on the Common stock shall be paid or set apart, so that if in any year dividends amounting to 1 five per centum t596) shall not have | been paid on said Second Preferred stock, the deficiency shall be payable
 before any dividends shall be paid upon or set apart for the Common stock Whenever all. cumulative divi- | dends on the Preferred stock. both | First Preferred and Second Preferred
 for all previous years shall have been
 paid, the Board of Directors may de-
 clare dividends on the Common stock | payable out of any remaining surplus i or net profits up to five per centuH | (5Fs) per annum. The remainder oi
 any surplus or net profits shall ther | be applicable to the payment of fur l ther dividends equally per ShACe upor
 the First Preferred and Common 1 stock.
 In the event of any liquidation
 dissolution or winding up. whethe 1 voluntary or involuntary, of the cor | poration, the holders of the First Pre-
 ferred stock shall share equally ana be entitled to be paid in full. botl ! the par amount of their shares an6 l the unpaid accrued dividends thereon 1 before any amount shall be paid tC
 the holders of the Second Preferred
 stock, and after the payment in ful
 of all unpaid dividends accrued upor
 and the par value of the First Pre-
 ferred stock. then the holders of tn,
 Second Preferred stock shall shar' equally and be entitled to be paid il
 full both the par amount of thei shares and the upaid dividends ac
 crued thereon before any amour
 shall be paid to the holders of tn
 Common stock, and after the pay
 ment in the order aforesaid to tn holders of all the First Preferre stock and Second Preferred stock. o
 of its par value. and all of the un
 paid or accrued dividends thereon
 the remaining assets and funds sha l, be divided and paid to the holders c ! the Common stock equally and pr
 rata according to their respectiv
 shares up to the full par value there of: if thereafter assets remain. tn \ same shall be distributed ratably {
 the holders of the First Preferre hstock and the Common stock
 |, The Company shall have the optic of retiring the Second Preferred stoc : in whole or in part. ratabiy in pro F portion to the respective holdings (