The Coconino sun., 1925-01-23

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
stockholders as set forth IN Article V
hereof.
! If 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 stockholder offering such classi-
fled common stock for sale shall be
free to make such sale of his stock
as he sees fit.
| ~ If any holder of classified COM
imon 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 predeces sor, 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 insolvent, or whose stock at
any time comes into the hands of any
lp!edgee, assignee, receiver, trustee OF
other third party, the Board of Direc-
tors may demand that the outstand-
ling certificates representing his
shares Of classified common stock be
forthwith delivered to 1t for sale as
| in this Article provided. Such demand
shall be made byi resolution to that
effect PASSED by the Board of Direc-
| tors and copy thereof mailed to
such stockholtler, and any parry claim
ling under him, at his last known adj
dress. Ii the said certificates proper
Ily 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-
s.tled to no further dividends thereon,
ard ali his rights. and that Of any per-
lson claiming under him, as cjassi-
flied common stockholder, except the
right to receive the sale price, fixed
as hereinabove provided in this Ar
I ticle, shall thereupon cease; and there
after new certificates may be iss ued
in the place and stead of those not
50 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
j holders Of classified common stock of
/ this corporation.
Article VIII
CLASS A PREFERRED STOCK:
19 The classsA preferred stock
shall not be assessable 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
mulatiye dividends from the date OF
/ its issue at the rate of six per cent
/ (62o) per annum payable semi an
nually on the last day of June and
December in each year If the cor
poration shall fail to pay such divi-
dends serni-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
4 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
4 redeemable, in whole or in part, or
sixty (60) days notice by mail, al
| $103 per share and an amount equa
to accumulated dividends to the date
of redemption although not earned O.
4 declared. When any redemption Is
| made Of part of the class A preferred
! stock outstanding it shall be in sucf
manner AID by such method as the
Il Board Of Directors shall determine.
! ~ Upon any sale of all the as
Il sets of the corporation, or upon any
Il liquidation of the corporation, II
whole or in part. whether voluntary
+ or involuntary, except upon discon
+ tinuance Of a store IN accordance witt
the Provisions of Articles XI and XII
the holders of the class A preferred
stock (subject to the rights of TIT
, holders of first preferred stock@ shal
be entitled to be paid 1039d of the pa
| value thereof and an amount equal II