The Coconino sun., 1925-01-09

days NOTICE by mail to the holders Of
record Of the first preferred stock to
be redeemed, at One Hundred Five
Dollars (S195) per share and an
amount equal to accumulated divi-
dends 70 the date of redemption.
ANY shares Of first preferred stock
purchased by the corporation or call
ed for redemption shall not be reissued
or Iesold and shall De cancelled.
Article VI
CLASSIFIED COMMON STOCK:
az The classified common stock
of t..is corporation shall be divided
into classes; each class shall be desig-
mated by a dist number and by a
name indicating the locality of the
store. to establish, operate or main
tain which, the consideration re-
ceived for the issue of such stock
shall be used. In the event Of a classi-
fled stock dividend based on the sur
plus Of . store being converted into
caDital for the use of one or more
stores. such capital shall be deemed
the liberation received" for such
issuance of stock within the meaning
OF this paragraph.
(2) The holder of each class on
classified common stock shall be en-
tilted (subiect to the rights of the
holders cf first preferred stock) and
ip preference to the holders of class
A preferred stock, and of all other
conliaon stock whether classified or
unclassified, to have credited each
wear 10 the book value OF their shares
on tie books Of the corporation the
same DYoBogtion cf the net profits
earned bg the corporation, through
the operation Of the store, against
which such class Of classified common
stock snail have been issued, as the
par valge 81 such classified common
stock bears to the total store capital
in such store They shall also be en-
titled 10 be credited with their proper
proportion of the income specified in
Article XV hereof. All dividends,
whether stock OF cash, declared and
distributed at any time by the Board
Of Directors cut of current profits or
accumulated surplus SO credited to
the book value Of ~e holders OF eacn
class Of classified common stock shall
be raid only to the holders OF such
class eff classified common stock, IN
preportion to their holdings in such
class. The classified common stock
holders shall be entitled to no other
or further dividend. The term store
csni+sP' as used in these Articles
means the consideration, or Tin the
case of a stock dividend the amount
of surplus converted into capltal), Tor
winch the classified common stock OF
anv store shall have been issued, not
however. In excess OF its par value,
Mus the amount of the moneys set
apart out Of the general funds OF the
corporation for the opening, malnten-
ance and operation OF 50 store Inc
term "operation Of the store as used
in these Articles shall include any use
incidental to the business OF the cor
poration or Of any store thereof to
which the Moneys invested IN or set
arart for SAID store, or acquired by
said store as surplus, shall be put
(3) In every case-(A) Where the
store cauital In any store has become
impaired through losses, or (B)
Where any store has debts and obi.
oations over and above its assets, all
fhe classified common stock OF every
class owned by each stockholder IN
SAID losing or indebted store, shall be
SUB iect to special assessment to re-
store said capital or pay said debts
in the discretion of the Board Of Di-
rectors. In all cases where the Board
Of Directors IS unable to collect from
any classified common stockholder OF
stockholders, IN such losing or in
de,ted sore, in and by the method
presee bed IN this paragraph t3}, such
proportion OF the amount necessary
to eesaore to par the storo capital OF
said store, or to pay the debts ane
obligations &C sach store, as the pal
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- asses. .nlent which the Boar6
Of Directors Is Unable to collect, shall
be pro-ratetl among all the remaining
classified common stockholders II
such store and The general funds 0.
the corporation representing the bool
value behind the class A preferree
stock aud the unclassified common
stool. in accordance with their respec
tive inyes trnents OF store capital--ii