The Winslow mail., 1925-01-16

sold at the best prices obtainable at
such times and places, in such man
ner and upon such notice as it shall
deem best and shall pay and dis
charge all debts and obligations of
said store and all expenses of closing
out said store, out of the proceeds
of said sale or sales or other funds
of said store; as soon thereafter as
the amount of the corporations sur
plus assets shall be such that it may
lawfully do so, the corporation shall
purchase the said class of stock, from
the holders of the class Of classified
common stock issued for said store
so discontinued by payment to the
holders thereof a sum equivalent to
such proportion of the net amount
realized upon the sale or other dis
position of the assets of such store,
and of all other funds remaining after
discharge of it's obligations, as the
par value of capital stock of said
class owned by said classified COM
mon stockholders bears to the total
store capital of said store; and said
classified common stockholders shall
surrender their certificates of stock
blank for transfer.
(2) No classified common stock Of
the corporation purchased by it in
accordance with the provisions Of this
Article shall thereafter be sold by the
corporation except for such considera-
tions as the corporation would be re-
quired by law and by the provisions
of these Articles to receive therefor
if such sale were an original issue.
Upon the sale by the corporation of
any classified common stock so pur-
chased by it, the Board of Directors
may, by resolution, change the class
thereof and cause new certificates to
be issued bearing the designation of
such new class, with the same effect
as if the classified common stock so
sold had been originally issued in
such new class.
Article XIV.
DISSOLUTION, LIQUIDATION OR
SALE OF CORPORATION AS AN
ENTIRETY-U any dissolution,
liquidation, sale or other distribution
of the assets of the corporation as
whole, after the payment of the OBJ
legations Of the corporation and the
amounts due to the first preferred
stockholders the balance of the pro-
ceeds realized upon such dissolution,
sale or. liquidations and (or) in lieu
thereof, the assets in kind, shall be
distributed as follows: All the classi-
fed common stock then issued and
outstanding, whether in the hands Of
store managers or others, and ire
spective of the length of time said
store has been in existence and of it's
rate of earnings, shall forthwith be
converted into unclassified common
stock and class A preferred stock. or
either, in accordance with the method
prescribed in Article XII hereof, ex-
cepting that the date forming the
basis of the terms of conversion shall
be as fixed by the Board of Directors; ;
thereafter the holders of class A pre-
ferred stock shall be paid the amounts
due to them as provided in Article
VIII hereof, and after such payments
to class A preferred stockholders haye
been made, each stockholder of un-
classified common stock shall be en-
titled to receive his pro rata share
Corr assets in kind. :,
Ave
ALLEGATION OF NET EARNINGS
OF THE CORPORATION NOT EARN
ED THROUGH THE OPERATION OF
THE STORES-In every case where
any portion of the income of the cor
poration is derived from any source
other than the operation of all or any
of the stores of the corporation Gas
the term operation of the stores" is
defined in these articles) including in
come derived from cash dividends
from any. subsidiary corporation, such
portion of the income, in the discre-
tion of the Board of Directors, shall
be: (1) applied to the reduction Of
the operating expenses Of the corpora
ton as whole, or (2) (subject to the
rights of the first preferred stock and
class A preferred stock credited to
the book value of the unclassified and
classified common stock in the pro-
portions which the number of shares
issued and outstanding in each class
considering the unclassified common
stock for this purpose as one class
of stock) bear to the whole number
of shares of common stock issued and
outstanding; or any part of said por-
tion of income may be applied as
stated under either (1) or (2) above,
and the balance thereof in the other