The Coconino sun., 1925-02-06

classified stock under these Articles.
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 par-
chase said stock or to sell the same,
the stocllholder offering such classi-
fled common stock for sale shall be
as he secs fit.
(2) If any holder of classified COM
mon 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
it's predeces sor, j. c. Penney Com7
|pany, 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, OF who at any time
becomes insoivent, or whose stock at
any time comes into the hands of any
PLEDGE, assignee, receiver, trustee or
pther third party, the Board of Direc-
tors may demand that the outstand-
ing certificates representing his
shares of classified common stock be
fN, Il. 1, LIT a -
in this Article provided. Such demand
shah be made by resolution to that
effect passed by the Board of Dice
tors and copy thereof mailed to
such stockholder, and any parry claim
ing under him, at his last known adj
dress If the said certificates proper
ly endorsed in blank for transfer
shall not be delivered to the Board of
Directors within thirty days after said
mailing, said stakeholder or any per-
son claiming under him shall be en-
titled to no further dividends thereon,
and all his rights, and that of any per-
son claiming under him, as classi-
fled common stakeholder, except the
right to receive the sale price, fixed
as hereinabove provided in this Ar
ticle, shall thereupon cease; and there
after new certificates may be issued
in. the place and stead of those not
SO delivered to the same extent and
effect as though they had been de-
livered and cancelled.
In the event that said classified
common stock il 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
holders of classified common stock of
this corporation.
Article VIII
CLASS A PREFERRED STOCK:
~ The class A 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
niulative dividends from the date of
it's issue at the rate of six per cent
(6Gt) per annuln payable semi-an-
nuaIy on the last day Of June and
December in each year. If the COR
poration shall fail to pay such divi-
dends semi7anHually on all the out
standing class A preferred stock, all
accumulated dividends thereon shall
be fully paid before any dividend shall
he set apart, declared or paid upon
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
redeemable, in whole or in part, on
sixty t60) days notice by mail, at
|Sl03 per share and an amount equal
Ito accumulated dividends to the date
Of redemption although not earned or
|declared. When any redemption is
made of part of the class A preferred
stock outstanding it shall be in such
manner and by such method as the
Board Of Directors shall determine.
(2) Upon any sale of all the as
sets of the corporations or upon any
|iuuidation of the corporation, il,
whole or in part, whether voluntary
OF involuntary, except upon discon-
tnluance. Of store in accordance with
the Provisions Of Articles XI and XIII
the holders of the class A preferred
stock lsubject to the rights Of the
holders Of first preferred stoek) shall
be entitled to be paid 1880 Of the par
value thereof and an amount equal to