The Coconino sun., 1925-01-16

classified stock under these Articles
Providing, however, that the pur-
chase by the corporation of any such
shares Of the classified common stock
shall in no way be in derogation OF
the rights of the first preferred
1 stockholders as set forth in Article Y
hereof.
Ii at the end of said second thirty
day period and not later than ninety
days after the delivery of the stock
to the Board Of Directors for sale,
/ the corporation fails either to pur-
chase said stock or to sell the same,
the stakeholder offering such cIassi-
: fled common stock for sale shall be
free to make such sale of his stock
as he sees fit.
(2) If any holder of classified COM
mon stock, except by reason of death,
ceases, within 10 years from the
earliest date when he subscribed for
classified common stock issued to
him either by this corporation or by
its predecessor, J. C. Penney Com
pany, a Utah corporation, voluntarily,
or by means of his discharge for cause
by the Board of Directors, to be ac-
lively engaged by, or in the affairs
Of this corporation, or who at any time
becomes insofvent, or whose stock at
any time comes into the hands of any
Pledge, assignee, receiver, trustee or
other third party, the Board of Direc-
tors may demand that the outstand-
ing certificates representing his
shares of classified common stock be
forthwith delivered to it for sale as
in this Article provided. Such demand
shall be made by resolution to that
effect passed by the Board of Direc-
tors and a copy thereof mailed to
such stakeholder, and any parry claim
ing under him, at his last known ad-
dress. If the said certificates proper
ly endorsed in blank for transfer
Shall not be delivered to the Board Of
Directors within thirty days after said
mailing, said stockholder or any per-
son claiming under him shall be en-
titled to no further dividends thereon,
and all his rights, and that Of any per-
son claiming under him, as classi-
fled common stockholder; except the
right to receive the sale price, fixed
as hereinabove provided in this Ar
ticle, shall thereupon cease; and there
after new certificates may be issued
in the place and stead of those not
SO delivered to the same extent and
effect as though they had been de-
iivered and cancelled.
In the event that said classified
common stock is purchased by the cor
poration, it may either be retired or
reissued and resold as provided in
Article XVI hereof.
These provisions shall be binding
upon the successors, heirs, administra-
tors, executors and assigns Of the
holders of classified common stock of
this corporation.
Article VIII
CLASS "A PREFERRED STOCK:
"a The class A preferred stock
shall not be assessabIe for any pur-
pose whatever. The holders Of the
class A preferred stock shall be en-
titled (subject to the rights Of the.
holders OF first preferred stock and
classified common stock, as set forth
in Articles v and vi hereof, to GU
mulative dividends from the date of
its issue at the rate of six per cent
(6ae) per annum payable senni-an-
nually fon the last day Of June and
December in each year. If the cor
poration shall fail to pay such divi-
dends semi annually on all the out
standing class. A preferred stock, all
ACCUMULATED dividends, thereon shall.
be fully paid before any dividend shall
be set apart, declared or paid upon
the unclassified common stock. The
class A preferred stock shall be en-
titled to no other or further dividends.
The class A preferred stock shall be
redeemable, in whole or in part, on
sixty .(60) days notice by mail, at
$103 per share and an amount equal
to accumulated dividends to the date
of redemption although not earned or
declared. When any redemption Is
made of part Of the class A.preferred
stock outstanding it shall be in such
manner and by such method as the
Board of Directors shall determine.
{ (2) Upon any sale of all the as
sets of the corporation, or upon any
liuuiaaticn of the corporation, In
whole or in part, whether voluntary
or involuntary, except upon discon-
tinuance of a store in accordance with
the Provisions of Articles XI and XIII
the holders of the class A preferred
stock (subject to the rights of the
holders of first preferred stock) shall
be entitled to be paid 103sa Of the par.
value thereof and an amount equal to