The Coconino sun., 1925-01-23

such store, and the amount of assess
tment on the classified common stock
of such remaining classified common
stockholders in such store shall be
limited to such pro-rated amount.
Such assessment shall be paid to
the corporation by each classified
common stockholder upon whose
stock it is levied, within thirty days
after written notice is mailed to him
+, at his last known post office address.
When any classified common stock
holder fails to pay any assessment at
1.-THE time such payment is due the Di
rectors may sell, by the same method
as is set forth in Article VII Of these
Articles; SO much of the classified
Icomnon stock of said Stockholder as
will pay all assessments then due
from him with interest and all Incl
dental expenses, and shall transfer
| the shares so sold to the purchaser
| thereof who shall be entitled to GER
! tificate therefor, with the same force
and effect as though the certificate of
| the defaulting stockholder had been
| delivered and cancelled, and the de-
faulting stockholder shall have no fur
ther rights in said stock sold, except
that upon surrender Of his certificates
of classified common stock so sold as
aforesaid, duly endorsed for transfer,
| he shall be entitled to be paid any
amount received by the corporation on
said sale in excess of his liability un-
der the special assessment levied plus
the interest, cost and expense OF sell
ling said stock.
| "a The Board of Directors may
cause to be accumulated all or any
part of the portion of the net earn
lings Of any store with which the
classified common stockholders are
Ientitled to be credited as above set
forth in paragraph ~ of this Article,
for use in furtherance of the business
of the corporation, and may convert
all or any part of said net earnings
into capital and declare and distribute
stock dividends of classified common
stock of the same or any other class,
| to the holders of the classified COM
mon stock of the store whose earnings
are so converted, ratably according to
their holdings of stock in said class.
/ Article VII
RESTRICTIONS ON SALE AND
OF CLASSIFIED
COMMON STOCK:
(1) The subscriptions for and owner
ship of all classified common stock in
this corporation are made and taken
upon the condition that the purchaser,
owner or holder thereof, desiring to
sell the same, shall eirst deliver the
| same to the Board of Directors for
sale, which Board of Directors shall
fix the price to be paid for said stock
by computing as of the last day of
J the calendar month in which the
holder delivers his stock, the value of
said stock, which valuation shall be
the book value of said shares OF stock
as established By the accounting meth
| DDS employed by said corporation at
the time said delivery is made; good
will or other items not regularly
listed on the books of the corporation
as assets or liabilities shall not be
taken into consideration in fixing such
Iyalue.
AS soon as the price of said stock
/ has been fixed, and the stockholder
has been notified of such fact, the
i Board of Directors shall forthwith of
! fer the same for sale at said price to
| the stockholders holding the class Of
/ classified common stock offered for
sale, who shall have thirty 900 days
i time in which to exercise their right
/ to purchase the same at said price,
aIlless they waive such right to pur-
chase By notice in writing to the
/ Board of Directors, and if two or
more exercise their right to purchase
ITne same at said price, then the Board
lof Directors shall, unless otherwise
egreed upon by said bidders, divide
slie same between them in the same
proportion as each of their individual
holdings of classified common stock
in the store. the classified common
stock of which is being offered for
sale, bears to their aggregate holdings
lof classified common stock in such
store.
In case Of their neglect or refusal
70 purchase the same at such price,
bhen, and in that case the Board Of
4 Directors Shall have the right within
The thirty days next succeeding hut
aot LATER than ninety days after de-
| livery Of the stock to it for sale, either
TO purchase said stock at said price
out of the surplus funds forming q
Etpart of the book value of the unclassi-
/ fled common stock, or to sell the same
at said price to such person or per.
j sons as are entitled TO own and hole