The Coconino sun., 1925-08-21
Page Eleven

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
corporation may lawfully do.
"
4 The capital stock of the corporation
shall be One Million Dollars ($1,0OO,-
O0000), divided into ten thousand
(10O0Ol shares of the par value of
Fifty Dollars ($50.00) each, which
shall be known. as common stock; and
five thousand (5000) shares of the
par value of One Hundred Dollars
E($100.00l each, which shall be known
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
shall be entitled to receive from the
surplus or net profits of the corpora
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
dividends amounting to seven per-
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 a sum sufficient
for the payment thereof, the Board of
Directors may thenpdeclare 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
equally in the dividends of the COM
pany until the holders of the pre-
feFred 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.
All or any portion of the capital
stock may be issued in payment for
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-
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-
1ided by statute.
VI
The affairs of the corporation shall
)e conducted by Board of Directors
md such officers as said Board may
elect or appoint. The number of Di-
'ectors shall be designated by the
and shall be not less than
wo nor more than five and shall be
elected from among the stockholders
It their annual meeting to be held on
he first Monday in January. of each
vear, except when said day shall fall
N a holiday; and in that event the
anne shall be held upon the following
tuesday.
Until the first annual meeting of
he stockholders, or until their sue
essors shall be electad and qualified,
he following persons shall be diree-
ors:
!. VIM. Kramer, Phoenix, Arizona,
anles K. Moore, Phoenix, Arizona
sobert H. Armstrong, Phoenix, Ariz.
VII
The directors shall have power to
dopt, amend, and rescind bylaws,
i'll vacancies occurring in the board
rom any cause, and appoint from
heir own number an executive COM
littee and invest said committee with
II the powers granted the directors
y these articles.
VIII
A. ]. Evers, whose residence is
flagstaff, Coconino county, Arizona,
nd who is and has been for more
nan three (3) years last past a bona
de resident of the State of Arizona,
) hereby appointed agent for this
in Arizona, upon whom all
Offices and processes, including sum-
IONS, may be served, to serve as such
gent until the appointment of mis-
The highest amount of indebtedness
: liability to which this corporation
at any time to subject itself, is Six
undred SiXty-six Thousand Six Hun
'ed Sixty-six Dollars ($666, ,666.00).
X
The private property of the stock
oders of the corporation shall for
Fer be exempt from its debts or obli-