The Coconino sun., 1925-01-02
THE COCONINO SUN

IIolIllIlOi oIOIhl anu the HpIuPT OF Lnt
class 4 preferred stock shall be en-
titled to no further payment.
(3) If the proportion of the earn
Elngs OF the corporation out of waic
any class A preferred stock dividanc
is payable for any half year shall !
insufficient to pay the dividend fo
ithas half year on class A prefeYre
Istoek, such dividend may be paid on
of earned surplus, subject, however, {
the rights of the holders of the frs
preferred stock and providing thas
su h surplus does not consist in an
part of the portion of the surplus wit
(which classified common stoclholder
laTc entitled TO be credited as provid
led in Article vi, paragraph (2).
/ (4) Class A preferred stock sha,
have no voting power except as spe.
lcifcal.- provided by law.
/ % Subject to the provisions o.
law class A preferred stock shall b.,
Iissued at such prices and for such cor
sideration, at such times and in sucF
manner, and in such amounts as the
Board Of Directors shall determine.
Article TX
NCLASSIFIED COMMON
| STOCK:
az The unclaSsified common stock
shall not be assessable for any pur-
pose.
The holders of the unc,assified com
mon stock Of this corporation shall be
entitled (subject to the rights of the
holders of first preferred stock. clas-
sified common stock and class A pre-
ferred stock, as set forth in these
AIticles) to receive all dividends,
whether stock or cash, declared and
distributed out of the profits earned
u by the corporation.
(2) At the end of any year when
the net earnings of the corporation
equal 1870 or more upon the book
value Exclusive of current years
earnings) Of the unclassified common
stock (after deduction from such net
earnings Of the dividends payable upon
1.-The first preferred stock, the class A
lpreferred stock, and the proportion of
! the net earnings with which the classi~
flied common stockholders are entitled
! to be credited) the unclassified COM
mon stockholders shall be entitled to
receive and the Board of Directors OF
the corporation must declare and dis
| tribute, dividend in cash equal to
at least 7se of the book value of such
unclassified common stock, and when
such net earnings equal 20Fo or more,
| the unclassified common stockholders
shall be entitled to receive, and the
Board of Directors OF the corporation
! must declare and distribute, divi-
dend in cash equal TO al least 1870 OF
the book value of such unclassified
common stock. These proy\ions in
no way constitute a restriction upon
the maximum rate OF dividends which
may be declared and paid upon the
iunclassified common stock.
Provided, however, that the capital
OF the corporation has not been inn
paired by previous losses making it
the declaration and distribution of
either of such dividends, and further
provided that the declaration and dis
tribution OF either Of such dividends
does not in any way conflict with the
provisions of Articles v and VIII
pertaining to first preferred stock and
class A preferred stock.
(3) Said unclassified common
stock, without nominal or par value,
may be issued by the corporation from
time to time for such consideration as
may be fixed from time to time by
the Board of Directors therefor.
(4) Subject to the provisions of
paragraph (2) of this Article, the
Board of Directors may cause to be
accumulated all or any part of that
portion of the net earnings accruing
to the benefit Of the unclassified COM
mon stockholders for use in further
ance of the business of the corpora
tion, and may declare and distribute
stock dividends of unclassified com
mon stock converting all or any part
OF said earnings into capital.
Article X
RESTRICTIONS ON THE SALE
OF UNCLASSIFIED COMMON
STOCK:
The subscriptions for and ownership
of all unclassified common stock in
this corporation are made and taken
upon the condition that the purchaser,
owner or holder thereof desiring to
sell the same, shall first deliver the
same to the Board of Directors for
sale, who shall fix the price to be
paid to said stockholder for said stock
by computing the value of said stock
by the following method, "a it shall
ascertain the book value of said stock
as of the last day of the calendar
month in which the stockholder de-
livers his stock, as established by the
accounting methods employed by said
corporation at the time delivery is
made, (2) it shall ascertain the good
will value Of said stock by the method
then in use by the corporation as set
/ forth in it's bylaws or by resolution
of the stockholders or Board of Di
rectors. The toSal of the book value
of the stock and one-half its good will
value as ascertained (if any) shall be
the price to be paid to the stock
holder.
As. soon as the price Of said stock
has been fixed, and the stockholder
| has. been notified of such fact the
corporation acting through its Board
| Of Directors shall have the right
wit.i.a ..he sixty days next succeeding
| but not later than 80 days after de-
livery of the stock to the Board of
Directors for sale, either to purchase
lsaid stock at said price out of the
surplus funds, forming part of the