The Coconino sun., 1925-01-16
CERTIFICATION OF INCOR-
P0RATION OF
). c. PENNEY COMPANY

Continued from Page Six)
days notice BY mail to the holders Of
record Of the first preferred stock tc
be redeemed, at One Hundred Five
Dollars ($105) per share and ar
amount equal TO accumulated divi-
deDds to the date OF redemption.
Any shares of first preferred stock
purchased by the corporation or call
ed for redemption shall not be reissued
or resold and shall be cancelled.
Article VI
CLASSIFIED COMMON STOCK:
(1l The classified common stock
of this corporation shall be divided
into classes; each class shall ba desig-
mated by a distinct number and by a
name indicating the locality of the
store, to establish, operate or main
tain which, the consideration re-
ceived for the issue of such stock
shall be used. In the event OF a cIaSsir
fled stock dividend based on the sur
plus Of q store being converted into
capital for the use of one or more
stores, such capital shall be deemed
the Consideration received" for such
issuance Of stock within the meaning
Of this paragraph.
12) The holder OF each class of
classified common stock shall be en-
titled (sUbiect to the rights of the
holders OF first preferred stock) and
in preference to the holders of class
A preferred stock, and of all Other
common stock, whether classified or
unclassified, to have credited each
year to che book value Of their shares
on the books of the corporation the
same proportion cf the net profits
earned by the corporation, through
the operation of the store, against
which such class OF classified common
stock shall have been issued, as the
par va5le q such classified common
stock bears 70 the total store capital
In such store. They shall also be en-
titled to be credited with their proper
proportion OF the income specified in
Article Ky hereof. Al dividends,
whether stock or cash, declared and
distributed at any time by the Board
of Directors out Of current profits or
accumulated surplus so credited to
the bosk value Of .%e holders of each
class Of classified common stock shall
be paid only 20 the holders of such
class OF classified common stock, in
proportion to their holdings in such
class. The classified common stock
holders shall be entitled to no other
or further dividend. The term "store
capitaIa as used in these Articles
means the consideration, or Tin the
case Of a stock dividend the amount
Of surplus c0nVerted into capital), for
which the classified common stock of
any store shall have been issued, not
however, in excess of It's par value,
plus the amount of the moneys set
apart out Of the general funds of the
corporation for the opening, Inainten-'
ance and operation OF said store. The
term Operation Of The store" as used
in these Articles shall include any use
incidental TO the business of the cor
p0ration or Of any store thereof to
which the moneys invested in or set
apart for said store, or acquired by
said store as surplus, shell be put.
(3) in every case-(Al Where the
store capital in any store has become.
impaired through losses, or (B)
Where any store has debts and pbli-
cations over and above its assets, all
the classified common stock of every
class owned by each stockholder in
sad losing OF indebted store, shall be
subject to special assessment. to re-
store said capital or pay said debts.
in the discretion Of the Board Of DI-s
rectors. In al cases where the Board,
Of Directors is unable to collect from
any Classified common stakeholder oe
stockholders, in such losing or iflz.
debted store, in and by the method
prescribed IN this paragraph (3), such
proportion Of the amount necessary,I
to restore to par toe store capital of
said store, or to pay the debts and.
obligations OF SUCH store, as the par
value Of his or fFejr shares in suclE
store bears TO the total store capital,
then the portion Of his or their share.
of suoh assessraent which the Boardl
Of Directors is unable to collect, shall
be pro-ratcd among all the remaining
classified common stockholders in
such store and the general funds of
the corporation representing the book
value behind the class A preferredf
stock and the unelassified common
stock, IN aceerdanoaewith their respee-a
tive investments Of store capital in