The border vidette., 1925-05-09
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poration before any dividend is paid to
the holders of the common stock; and
If the net profits in any one year should
be insufficient to pay said preferred
dividend, either in whole or in part,
any unpaid portion thereof shall be-.
| come charge against the net profits
of the corporation, and shall be paid in
full out OF the net profits before any
| dividends are paid upon the common
stock. The said preferred stock repre-
| sented by this certificate is subject to
| red emption, in whole or in part at the
option of the Board of Directors, at any
| time after one year after the date here
| OF OF Its execution, provided that all
issued and outstanding preferred stock
shall be redeemed pro-rata, so that all
Of the owners thereof shall receive his
share of such redemption if made in
whole or in part, as aforesaid, and
irrespective OF the date of issue or num-
| erical order of the certificates repre-.
sentlng such stock. such redemption
shall be only made by paying the own
| or or owners OF such preferred stock
| the par value thereof, plus any diyid-
enos or accumulated dividends due to
the date of redemption.
The owners or holders of said pre-.
tered stock alone, are not entitled to
vote at stockholders meetings, annual
or special, of said corporation. not to
participate III profits beyond it's fixed
preferential cumulative annual divd-
end OF eight per cent. nor shall they be
entitled to act as directors, or hold Of
noes In the company. it being the intent
hereof that the ownership of common
stock is necessary to entitle stock hold
ers to vnte at stock holders meetings,
and to hold Offices in the company.
The time OF commencement of this
| corporation shall be the day when
| these Articles Of Incorporation shall
have been filed in the office of the Cor
poration Commission of the State of
f; Arizona and certified copy thereof
| recorded in the Office of the County
Recorder of Santa Cruz county. State
| OF Arizona, and an Agent appointed as
| provided by law, and its termination
shall be twenty FIVE (25) years thence
next ensuing; provided. however, that
| this corporation shall have the right
to renew and extend the period of its
existence for the additional period of
twenty five (25) years from and after
the expiration of said period.
The business and the property of this
corporation shall be managed, conduct
| ed and controlled by board of not less
than three, nor more than five direc-
tors, who shall be elected by the stock
holders at the annual meetings, EXCEPT
| the first board which shall consist of
| the following named persons, tO-wit:
John B. Wright, Carl r Tisor and M
K Miller, and said first board shall
hold office as directors, until the first
annual meeting Of the stockholders. or
in case of their death or resignation.
the remaining directors, by an affirma-
tive vote of MAJ ority thereof, shall
elect successor to hold Office for the
unexpired portion of the term of the
director whose place shall be vacant,
and until the election of his successor.
The Board OF Directors may increase
or decrease the number of directors,
within the limits aforesaid, by majority
vote of the board and may appoint
directors to fill the vacancies created
by any increase in the number Of direc-
tors. as aforesaid.
The first annual meeting of the stock.
holders of this corporation shall be
held on the third Tuesday OF April.
| 1926, and on said day of each year
thereafter.
The officers of the corporation shall
| consist of President. Vice-P President,
| Treasurer, Secretary, General Manager,
and such other officers and assistants
to the above officers, as the Board of
Directors may, from time to time es-
| tablish
Both officers and directors shall hold
Office for the period of one year from
| and after their election and qualifica.
| ton, and until their successors are
elected and qualify, or until sooner re-
| moved by the Board of Directors.
The directors shall elect, from their
own body, or from the stockholders of
the corporation, the officers of the
| company herein mentioned, save and
| except that the treasurer and secretary
need not be directors or stock holders.
and shall elect such officers, with the
exception of the officers selected to
serve until the first annual meeting of
the stock olders, at the first regular
| meeting of the directors, succeeding
each annual election Of directors by the
stockholders. In case of the death, re-
signation or removal of any such Off
GERS, the directors shall fill the vacancy
thereby created for the unexpred term
| The officers who shall hold office un.
| til the first annual meeting is held, and
until their successors have been elected
and qualify, are the follows: John B.
| Wright. president and general man.
ager; Carl R. Tisor, vice-president and
| treasurer, and NJ K Miller, secretary.
The Board of Directors shall have
both power ard authority to adopt by
laws and to change or amend the same
as they may deem expedlent.
VII
The highest amount of indebtedness
or liza bility to which this corporation
is at any time to subj oct itself. is the
sum of one hundred and thirty three
thousand (Sl33 600. COY dollars. The
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