The Coconino sun., 1925-01-02

days notice by mail to the holders of
record of the first preferred stock to
be redeemed, at One Hundred Five
Dollars tS105) per share and an
amount eaual to accumulated divi-
dends TO the date of redemption.
ANY shares OF first preferred stock
purchased by the corporation or call
ed for redemption shall not be re;ssued
or resold and shall be cancelled.
Article VI
CLASSIFIED COMMON STOCK:
a. The classified common stock
OF this corporation shall be divided
into classes; each class shall be desig-
mated by a dist'nct number and by q
name indicating the locality of the
store, 30 establish, operate or main
tain which, the consideration re-
ceived for the issue of such stock
shall be used. In the event of 8 classi-
fled stock dividend based on the sur
plus Of store beng converted into
capital for the use of one or more
stores, sdch capital shall be deemed
the Consideration received" for such
issuance of stock within the meaning
of this paragraph.
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, ard of all other
common stock, whether classified or
unclassified, to have credited each
year to the beck value of their shares
on the books of the corporation the
same prorortion Of the net profits
earned Dy the corporation, through
the operation Of the store, against
which such class Of classified common
stock shall have been iseued, as the
par vasae o. such classified common
stock bears to 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 All dividends,
whether stock or cash, declared and
distributed at any time by the Board
OF Directors cut Of current profits or
accumulated surplus so credlted 70
the book value Of -.e holders OF each
clacs Of classified common stock shall
be paid only 30 the holders Of such
clas3 of classified common stock, n
proportion to 1heir holdings m such
class. The classified common stock
holders shall be entitled TO no other
or further dividend. The term store
caDitaP' as used IN these Articles
means the consideration, or Tin the
caee of a stock dividend the amount
Of surplus converted into capitai), Tor
which the classified common stock OF
any store shall have been issued, not
howeve-. in excess Of its par value,
Mus the amount Of the moneys set
anart out Of the general funds OF the
corporation for the opening, manten-
ance and operation of said store. Ihe
term "opera,i9n Of the store" as used
in these Articles shall include any use
incidental to the business Of the cor
poration or Of any store thereon to
which the moneys invested IN or set
apart for said store, or acquired by
said store as surplus, shall be put.
C3@ In every ease-(A) Where the
store capital in any store has become
Unmarried through losses, or (B)
Where any store has debts and obi
cations over and above It's assets, all
fbe classified common stock of every
class owned BY each stockhoider IN
said losing or 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-
rec5ors. IN all cases where the Board
Of Directors is unable to collect from
any classified common stakeholder or
stockholders, in such losing or In
debted store, in and by the method
prescribed in this paragraph (3), such
proportion of the amount necessary,
to restore to par the store capital OF
said store, or to pay the debts and
obligations of such store, as the par
value of his or their shares in such
store bears to the total store capital
then the portion Of his or their share
Of such assessment which the Board
Of Directors is unable TO collect, shall
be pro-rated 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 preferred
stock and the unclassified common
stock, in accordance with their respec-
tive inves -nents Of store capital in