The Coconino sun., 1925-11-27

| fered stock shall be entitled to re-
ceive, when and as declared from the
| surplus or net profits of the corpora
tion, yearly dividends at the rate of
five per centun1 (5@o) 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
amounting to five per centum (5%l
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 (7g6) and
no more; holders of Preferred stock,
Series B., six per centu1n (6Go) and no
more; holders of Preferred stock, Ser
les c, five per centum (5ao) 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 eentum (7%o)
on Preferred stock, Series A, six per
centum (696) on Preferred stock,
Series B, and five per centum (596)
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 (59s),
and such right of participation shall
be cumulative. Whenever all cumu-
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-
manning surplus or net profits, up to
seven per centum (7go) 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
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