The Coconino sun., 1925-12-18

4
appointed for the first year, and to
serve until the election of such Direc-
tors and their qualifications, are as
| follows, to-wit:
Names Whose Residence Is At
S. M. Kennedy, Granada Ave-, Al
hambra, California.
| 0. P. Shoemaker, 1f57A Vermont
Ave-, Los Angeles, Calf.
J. A. Lighthipe, 1701 Arlington
Ave-, Los Angeles, Calf.
E. w. Sax, 1889 w. Fifth St., Los
Angeles, Calf.
A. A. Maxwell, t2A8 Crown Hill
Ave. Los Angeles, Calf.
VIM. Dieterle, 237 Pasadena Ave,
Los Angeles. Calf.
+. w. Balfour, Pomona, California.
A. E. Morphy, 10l Paoma Ave-,
Ocean Park. Calf.
John Otto, Alvarado Hotel, Los An
geles, Calf.
Sixth: The amount of the capital
stock of the corporation is Two Hun
dred and Fifty Million Dollars ($250,-
900 000l, divided into two million five
hundred thousand (2,500,000) shares
of the par value of One Hundred Dol
lars ($100) each; of such total capi-
tai stock forty thousand (40,000)
shares, amounting to Four Million
Dollars ($4 000,000) par value, are
and shall be Original Preferred stock;
one million two hundred and ten thou
sand (1,210,000) of such shares,
amounting to One Hundred and
Twenty One Million Dollars ($121,-
000,000) par value, are and shall be
Preferred stock; and one million two
hundred and fifty thousand 1885,
000) of such shares, amounting to
One Hundred and Twenty Five Mil
lion Dollars (S125, ,000,000) par value,
are and shall be Common stock to
which no preference is granted.
The holders of the Original Pre-
ferred stock shall be entitled to re-
ceive, when and as declared from the
surplus or net profits of the corpora
ton, yearly dividends at the rate of
five per centum (5%) per annum.
The dividends on the Original Prefer
red stock shall be cumulative, and
shall be payable before any dividends
on the Preferred stock, or on the Com
mon stock, shall be paid or set apart,
so that if in any year dividends
shall not have been paid thereon, the
deficiency shall be payable before any
dividends shall be paid upon, or set
apart for, the Preferred stock or the
Common stock. The Preferred stock
shall be divided into three classes, as
follows: Series A, formerly designat-
ed simply Preferred" stock, six hum
dred thousand (600,000) shares, (of
which seventy one thousand eighty
four (71,084) shares have heretofore
been issued as fully paid); Series B,
four hundred thousand (400,000)
shares; Series C. two hundred and ten
thousand (210,000) shares. When
ever all cumulative dividends on the
Original Preferred stock for all pre-
vious years shall have been paid, the
holders of the Preferred stock shall
be entitled to receive, when and as
declared from the remaining surplus
or net profits of the corporation, aft
er the payment of the cumulative divi-
dends upon the Original Preferred
stock, yearly dividends at the follow
ing rates: holders of Preferred stock.
Series A, seven per centum (79o) and
no more; holders of Preferred stock,
Series B, six per centum (6e6) and no
more; holders Of Preferred stock, Ser
les G, five per centum (54o) and no
more. Except as to dividend rate, no
distinction or preference shall exist
among said three Series of Preferred
stock or the owners thereof The divi-
dends on the Preferred stock shall
also be cumulative, and shall be pay
able before any dividends on the
Common stock shall be paid or set
apart, so that if in any year dividends
amounting to seven per centum (7I6)
on Preferred stock, Series A, six per
centum (696) on Preferred stock,
Series B, and five per centum (5g6)
on Preferred stock, Series c, shall not
have been paid, the deficiency shall
be payable before any dividends shall
be paid upon, or set apart for the
Common stock The holders of the
Original Preferred stock shall be en-
titled to participate in any distribu-
tion of surplus or net profits to the
holders of the Preferred stock, to the
extent that such distribution shall, as
to any Series of Preferred stock, be
greater than five per centum (5R),
and such right of participation shall
De Cui1uldLlVS. WlICHCNcI dill CuIIiu-
lative dividends on the Original Pre-
ferred stock and on the Preferred
stock, for all previous years, shall
have been paid, the Board of Direc-
tors may declare dividends on the
Common stock, payable out of any re-
naming surplus or net profits, up to
seven per centum (7e6) per annum.
The remainder of any surplus or net
profits shall then be applicable to the
payment Of further dividends, equally
per share, upon the Original Prefer
red and Common stock.
In the event of any liquidation,
dissolution or winding up, whether
voluntary or involuntary, of the cor
poration, the holders Of the Original
Preferred stock shall share equally,
and be entitled to be paid in full,
both the par amount of their shares
and the unpaid dividends accrued
thereon, before any amount shall be
paid to the holders of the Preferred
stock or to the holders of the Common
stock, and after the payment in full
to the holders of the original Pre-
ferred stock of the par amount of
their shares and all unpaid dividends