The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1921-10-26

stock in favor thereof; and fe1 When
ever this corporation shall fan to pay
fuh dividends on the hrst preferred
stock and such failure shall continue
Tor one year, the first preferred stock
snail then be entitled to full equal vot-
Ing power. share for share. with all
other outstanding stock. until all such
unpaid dividends shall have been paid
in full
The corporation. at its option. NAV
retire IN whole or in part any out
standing nrst preferred stock after
thlrty 1SO) days notice mailed TO the
stockholders last known address AT
any time and IN any manner and in any
amount, as may. from time to time, be
determined by the board OF directors
at the par value thereof plus all ac-
crued dividends thereon plus a pre-
Ia dieih * Fetired prior 10 January LIST.
isza, OF one per cent Of the par value
thereof for each year or fraction OF a
year between the date OF such retire
mleRt and January LIST, 1927. all such
nrst preferred stock retired shall
forthwith be cancelled and shall then
nave the status of authorized but un-
issued first preferred stock
Payments to holders OF first pre-
ferred stock Of dividends or in redemp-
ton, liquidation, dissolution or wind
ing up, shall be made free from taxes
the normal tax Cnow ? per cent? which
the corporation may, under any law OF
the United States or OF any state. coun-
~, or municipality therein. legally as
sumo and pay.
The second preferred stock. after
payment OF all current and accrued
dividends on the first preferred stock.
shall then be entitled TO dividends out
OF the remaining net profits or surplus
or the corporation at the rate OF six
per cent. &C per cent? per annum. and
no more, payable semi-annualIy on the
first days OF January ana July in each
year, or as otherwise determined and
declared by the board of directors. be-
fore any dividends shall be paid upon
. mn -N~ L..
ferred stock issued between dividend
dates, and any moneys. property or
services. received prior to the first or
any other dividend date. for which sec
ond preferred stock is issued. shall be
entitled, at the next dividend date. to
a proportiOnate dividend The second
preferred stock, after payment OF dfvf-
dends on the first preferred and
second preferred stocks. as hereinbe-
fore provided, and after payment to the
common stock of a dividend of ten per
cent in any one year, shall also par
ticipate equally with the common stock
| in any additional or increased dividend
paid the latter up to. but not in excess
OF -FOUR per cent. additional for that
year.
In the event OF liquidation and after
payment or first preferred stock as
shall then he entitled to pavment. ont
OF the remaining assets Of the corpora
| ton, Of its full par value plus ali ac-
crued dividends thereon before any
Il
stock. The second preferred stock
shall not receive any further share in
the prohts or the assets of the corpora
ton than as above provided. The dfvi-
dends upon the second preferred stock
shall be cumulative. so that IL the cor
poration shall fail TO declare any Sec
ond preferred dividend. such dividend
shall thereafter be declared and paid
before any dividend shall be paid on
the common stock. The first dividend
on the second preferred stock shall be
4 payable January 81
| The corporation, at its option. ana
subject 10 the approval of two-thirds
OF the outstanding first preferred stock
as heretnbefore provided, may retire
preferred stock after thirty 900 days
Il written notice mailed to the stock
holders last known address in any
| amount and In any manner as may be
determined from time TO time by the
board OF directors, at the par value
4 thereof plus all accrued dividends
10 January LIST, 1927, of two per cent
q per cent? of the par value thereof
Tor each year or fraction OF a year be-
tween the date of such Retirement and
January LIST, 1927, and on the question
or such retirement no second preferred
stock proposed to be retired shall be
voted. All second preferred stock shall
4 forthwith be cancelled and shall then
4 have the status Of authorized but Tris-
sued second preferred stock.
Payments to holders of second pre-
Il
tion, liquidation, dissolution or wind
ing up, shall be made free from taxes
tother than income taxes in excess OF
the normal tax tnow 2 per cent? which
the corporation may, under any law OF
the United States or of any state,
county or municipality therein, legally
assume and pay.
At any time prior to January Let
1897, any first preferred stock or sec
ond preferred stock may, without
charge. be exchanged for an equal
amount Of common stock, and this
| privilege may be exercised UP to, but
not later than, the date named in any
notice by the corporation of its fnten-
ton to redeem any or all OF any such
preferred stock or stocks. The corpor-
alton shall at all times hold unissued
in its treasury one share of it's com
mon stock for each outstanding and
unredeemed share of its first and sec
ond preferred stocks.
The private property of the stock
holders shall not be subject to the pay
ment of the corporations debts to any
| extent whatsoever. The capital stock
of this corporation, when issued as
aforesaid. shall be fully paid and non
iassessable.
That Article " be amended so as
ARTICLE ".
Term
This corporation shall have psrpetu-
al existence.
That Article V be amended so as to
read:
/ ARTICLE V
4 Officers
The officers and persons by whom
4 the affairs of this corporation are to
be conducted are it's directors. who
may act through an executive commit
| tee. chairman Of the board, presi-
dent. one or more vice presidents, a
secretary, an assistant secretary,
/ treasurer. an assistant treasurer, a
general manager, and such assistants
to them and such subordinate officers.
agents and employees as may be Sc
lected pursuant TO the bylaws OF the
corporation, the resolutions Of the d.
rectOrs or authority given by them
The board of directors shall consist OF
not less than three nor more than nine
members, to be elected at the annual
meetings of the corporation TO be held
on the first Tuesday following the sec
1 Ond Monday in June of each year. The
/ annual meetings Of the board Of direc-
tors and election of officers and execu-
tive committee shall be held innmed
lately after the adjournment Of the