The Coconino sun., 1925-02-06


may in its discretion, (A) transfer
the assets Of said store to new
store about to be opened and in such
event the classified common stock
holders OF the Discontinued store shall
surrender their certificates Of stock
IN the class Of stock issued for said
,ascontiT store, duly endorsed in
blank, and shall receive in exchange
taer2for certificates oa The same par
value Of the class Of stock issued for
the opening, maintenance and opera
tlon OF The new Store; or OBJ may
cause the assets of said store to be
SOLD at the best prices obtainable a
such times ard places, in such man
deem best and shall pay and discharg,
all debts and obi cations OF sad stor
and all expens es Of closing out sal
store, out of the proceeds of sad sal,
Of sales or other funds Of said store
us soon thereafter as the amount
the 60 <)oratioa's suwplas assets shai
be such that it may lawfully 10 50
the corporation saail purchase til
SAID class -of stock, from the no derl
OF the class of classified commol
stock issued for said store 50 d.scon
tinued, by payment 20 the holders
thereof of a sum equivalent to sue.
proportion of the net amount realize
upon the sale or other disposition OF
the assets of such, store, and of all
other funds remaining after discharge
Of its obligations, as the par value o.
capital stock of said class owned b.
said classified common stockholders
bears to the total store capital o.
said store; and said classified common
stockholders shall surrender their Ger
tificates Of stock to the corporation
duly endorsed in blank for transfer.
(2) No classified common stock OF
the corporation purchased by it in ac
cordance with the provisions of this
article shall thereafter be sold by tn
corporation except for such considera
tlons as the corporation would be re.
quired by law and by the provisions Of
these Articles to receive therefor
such sale were an original issue. Upon
the sale by the corporation of any
classified common stock SO puFcha e.
by it, the Board OF Directors may, By
resolution, change the class thereo!
and cause new certificates to be issued
bearing the designation of such new
claas, with the same effect as if The
classified common stock so sold hae
been originally issued in such new
class.
Article XIV
DISSOLUTION, LIQUIDATION OF,
SALE OF CORPORATION AS AN
ENTIRETY:
Upon any dissolution, liquidation
sale or other distribution of the as
sets of the corporation as a whole
after the payment Of the obligations
OF the corporation and the amount.
due to the first preferred stock
holders the balance Of the proceed
realized upon such dissolution, sale OF
liquidation, (and) corr in lieu thereof
the assets in kind, shall be distributed
as follows: All the classified common
stock then issued and outstanding
whether in the >hands Of store mana
gers or others, and irrespective of the
length of time said store has been il
existence and of its rate Of earning
shall forthwith be converted into IN
classified common stock ana class 4
preferred stock, CT either, in accord
aEcc with the method. prescribed il
Article XII hereof, excepting that ths
date forming the basis Of the term.
of conversion shall DC az fixed by the
Board Of Directors; thereafter tia
holders Of class A preferred stool
shall be paid the amounts due to then
as provided in Article VIII hereof, anC
after such payments to class A pre-
ferred stockholders have been made
each stockholder of unclassified com
mon stock shall be entitled to receiv
his pro rata share Of the balance Q
such proceeds (and) Corr assets il
kind.
Article XIV
ALLEGATION OF NET EARN
INGS OF THE CORPORATION NOT
EARNED THROUGH THE OPERA
TION OF THE STORES:
In every case where any portion Of
the income Of the corporation is de
rived from any source other than tnt
operation Of all or any of the stores
Of the corporation las the Tern
operation of the stores" is defined il
these articles) including income de
rived from cash dividends from All.
subsidiary corporation, such porto
of the income. in the discretion o.
the board of directors, shall be; (1
applied to the reduction Of the operat
ing expenses &C the corporation as :;
whole, or (2) (subject to the right.
of The fiast preferred stock and ass
A preferred stoek) credited to az
book value of the unclassified an
classified common stock IN the pro
portions which the number OF snare
issued and outstanding in eacn clas
considering the unclassified celnnol
stock for this purpose a. one class .
stocl1) bear to the whole number o
sha,es of common stock issued ant
outstanding; or any part Of said por
tion of income may be applied
stated under either Cd or (2) abovs
and the balance thereof in the 9the
4of the said Two methods
Article XVI
POWERS OF DIRECTORS RI
DISPOSE OF CAPITAL STOCK:
Upon any issue for money, or othe
consideration, OF any stock Of th2 cog
poration, or upon its purchase By tn
corporation, whether authorized b
these Articles Of Incorporation, or b
subsequent increase Of capital, anG
whether preferred or common stock