The Coconino sun., 1925-09-18

other securities of the corporation, or
otherwise, as the directors may deter
mine, and to hold,=pr- in any manner
operate, conduct or dispose of the
whole or any part of such businesses,
property and assets so acquired.
(D To apply for, acquire, buy, sell,
assign, lease, pledge, mortgage OF
otherwise dispose of letters patent of
the United States or Of any foreign
country, and to apply for, acquire,
hold, sell, assign, lease, mortgage or
otherwise dispose of patent rights,
licenses, privileges, inventions, copy
rights, trade marks, trade names and
pending applications therefor, relating
to or useful in connection with any
business of the corporation, and any
formula and process in connection
Herewith.
(k) To make and enter into con
tracts Of every sort and kind with any
individual finn, corporation or asso-
citation, private, public or municipal,
body polite and with the government
of the United States, or any state,
territory or colony thereof.
The foregoing clauses shall be con-
strued both as objects and powers,
and no recitation, expression or dec
laration of specific or special powers
or purposes herein enumerated shall
be deemed to be exclusive; but it IS
hereby expressly declared that all
ether lawful powers not inconsistent
Herewith are hereby included and the
business and purposes Of this corpora
tion shall be from time to time to do
any one or more or all of the acts and
things herein set forth and all such
other acts, things or business or bust
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
corporation may lawfully do.
"
The capital stock of the corporation
shall be One Million Dollars Isl 1,000,-
000.00), divided into ten thousand
(10,0G0) shares of the par value of
Fifty Dollars ($50.00) each, which
shall be known as common stock; and
five thousand $4,000 shares of the
par value of One Hundred Dollars
(S100O0) 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
tion yearly dividends at the rate of
seven per cent (7e6) 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 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 a 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