New Ulm review., 1921-12-14

b. The said fixed eight per cent
|l8 per cent? dividends upon said pre-
ferred stock are to be accumulative,
so that if for any period or periods the
same cannot safely be paid or may not
be paid, the right thereto shall accum-
ulate as against the common stock
and all arrears thereon so accumulated
must be paid before dividend can be
commenced or resumed on the common
stock. The dividends, however, of the
said preferred stock which are in excess
of eight per cent (8 per cent? per annum
are not accumulative as against the
common stock; and the principal and
par value of said preferred stock with
accumulated eight per cent fixed
dividends shall be paid in full in
preference to the comEon stock in the
event of any liquidation of the COM
pany, either through insolvency OF the
termination of its corporate existence,
or otherwise.
C. Said preferred stock shall not have
the power to vote at any meetings of
the corporation or have any power in
the management of the sane, save and
except that if for period of three (3)
years the preferred stock shall not be
paid, it's fixed dividends, of eight per
cent e per cent? per annum, then and
in that event said preferred stock shall
have the right to vote at the meetings
of the corporation until such tine as
the said fixed dividends shall have been
fully paid, it being the intent of this
provision that said preferred stock
shall only have power to vote during
such periods as the payment of said
fixed dividend of eight per cent (8 per
cent? per year is delinquent and un-
paid.
d. In the event of the liquidation of
the corporation through insolvency or
the termination of it's corporate ex-
istence or otherwise, after the indebted
ness of the corporation has first been
paid, the outstanding preferred stock
shall first be paid at par, plus any ac-
cumulated unpaid fixed 8 per cent
dividends. The remaining assets of
the corporation shall be divided pro
rata among the common stock.
e. The corporation retains the right
to retire said preferred stock at any
tine after one year after the issuance
of the same upon thirty days written
notice and the payment to the stock
holders of the par value Of their stock
plus five per cent Is per cent? of the
par value of said stock, together with
any dividends due and owing on said
stock"
IT. RESOLVED, That Article
VIII. of this corporation be, and the
same is hereby amended to read as
follows, to-wit:--
'tThe highest amount Of indebted
ness or liability to which this corpora
Il =. Hl
tion shall at any tine bedsubject shall
be the sum of Three Hundred Thous-
and Dollars $500, ,OOO.O0.5"
III. RESOLVED, That Article TX
of the Certificate of this Corporation
be, and the same is hereby amended to
read as follows, to-Wit:-
'That there is to be no limitation o1
any kind or nature upon the sale and
disposal of the stock in this corpora.
ton, except as is provided for by the
laws, statues and constitution of the
State of Minnesota
IN TESTIMONY WHEREOF, W.
have executed this certificate as Presi
dent and Secretary of the Minnesot;
Central Creameries, Incorporated /:
corporation, this 28th day of Novem
ber, A. d. 1921.
| F. E. Eidsvold,
President.
Mabel Eidsvold,
Secretary.
/