The Coconino sun., 1925-08-14
Page Eleven

neSSeS IN any manner connected there
with, or necessary, incidental, conven-
lent or auxiliary thereto, or calculated
directly or indirectly to promote the
interest of said corporation or en-
hance the value or render profitable
any of the property or any of the
rights of this corporation, and as such
a corporation may lawfully do.
IV
/ The capital stock of the corporation
/ shall be One Million Dollars ($1,000,-
100000, divided into ten thousand
j 100000 shares of the par value of
4 Fifty Dollars (S5000) each, which
/ shall be known as common stock; and
4 five thousand $4,000 shares of the
par value of One Hundred Dollars
i t$100.00) each, which shall be known
4 as preferred stock. Such stock shall
/ be paid for at such times and in such
manner as the Board of Directors may
designate.
/ The holders of the preferred stock
4 shall be entitled to receive from the
surplus or net profits of the corpora
/ tion yearly dividends at the rate of
seven per cent (79o) per annum, pay
able annually on dates to be fixed by
the bylaws. Said dividends shall be
cumulative and shall be payable be-
fore any dividends ON common stock
shall be paid, so that if in any year
4 dividends amounting to seven per cent
shall not have been paid on said pre-
ferred stock, the deficiency shall be
payable before any dividends shall be
paid or set apart for the common
stock. When such dividends on said
preferred stock shall have been de-
clared and shall have become payable,
and the company shall have paid such
cumulative dividends for previous
years or shall have set aside from its
surplus or net profits sum sufficient
for the payment thereof, the Board of
Directors may then declare dividends
on the common stock payable then or
thereafter out of the remaining sur
plus or net profits. After the said
seven per cent dividends shall have
been paid on the preferred stock as
aforesaid, the Board Of Directors may
declare and pay to the holders of the
common stock dividend of seven per
cent. After the last aforesaid pay
ment shall have been paid to the hold
ers of common stock, then and there
after the holders of both common and
preferred stock shall participate
equally in the dividends of the COM
pany until the holders of the pre-
ferred stock shall have received the
full amount of 10 per cent for each
share SO held. Thereafter any further
or other surplus or net profits shall
be payable and applicable as dividends
on the common stock
Ali or any portion Of the capital
stock may be issued in payment for
property, services, or any other right
or thing of value for the uses and
purposes of the corporation, and when
so issued shall become and be fully
paid the same as though paid for in
cash at par; and the Board of Direc-
tors shall be the sole judges of the
value of any property, right, or thing
acquired in exchange for the said
capital stock. No shares of capital
stock shall be issued until fully paid
for, and thereafter shall be non-as-
sessable.
The commencement of this corpora
ton shall be the date these Articles
are filed in accordance with law, and
the termination thereof shall be
twenty-five (25) years thereafter,
with the privilege Of renewal as pro-
vided by statute.
VI
The affairs Of the corporation shall
be conducted by Board of Directors
and such officers as said Board may
elect or appoint. The number Of Di-
rectors shall be designated by the
stockholders and shall be not less than
two nor more than five and shall be
elected from among the stockholders
at their annual meeting to be held on
the first Monday in January of each
year, except when said day shall fall
on holiday; and in that event the
same shall be held upon the following
Tuesday.
Until the first annual meeting of
the stockholders, or until their sue
cessors shall be elected and qualified,
the following person; shall be direc-
tors:
e Vim. Kramer, Phoenix, ARIZONA,
James r. Moore, Phoenix, Arizona
Robert H. Armstrong, Phoenix, Ariz.
VII
The directors shall have power TO
adopt, amend, and rescind bylaws,
fill vacancies occurring in the board
from any cause, and appoint from
their own number an executive con-
nittee and invest said committee with
all the powers granted the direct ors
by these articles.
VIII
A. j. Evers, whose residence is
Flagstaff, Coconino county, Arizona,
and who is and has been for more
Than three l3) years last past bona
slde resident of the State of Arizona,
IS hereby appointed agent for this
in Arizona, upon whom all
notices and processes, including sum-
mons, may be served, to serve as such
agent until the appointment of mis-
The highest amount of Indebtedness
II liability to which this corporation
S at any time to subject itself, is Six
hundred SiXty-six Thousand Six Hun
lred Sixty-six Dollars 1886 ,66600).
X
The private property of the stock
aolders of the corporation shall for