The Coconino sun., 1925-01-02

ment on the classified common stock
of such remaining classified common
stockholders in such store shall be
limited to such pro-rated amount.
Such assessment shall be paid to
the. corporation by each classified
common stockholder upon whose
stock it is levied, within thirty days
after written notice is mailed to him
at his last known post office address.
When any classified common stock
holder fails to pay any assessment at
| the time such payment is due the Di-
feetors may sell, by the same method
as is set forth in Article VII of these
Articles, SO much of the classified
common stock of said stakeholder as
viii pay all assessments then due
from him with interest and all incl
dental expenses, and shall transfer
the shares so sold to the purchaser
thereof who shall be entitled to Ger
tifieate therefor, with the same force
and effect as though the certificate of
the defaulting stockholder had been
delivered and cancelled, and the de-
faqlting stocllholder shall have no fur
ther rights in said stock sold, except
that upon surrender of his certificates
of classified common stock so sold as
aforesaid, duty endorsed for transfer,
he shall be entitled to be paid any
amount received by the corporation on
said sale in excess of his liability un-
der the special assessment levied plus
the interest, cost and expense. Of sell
ing said stock.
"a The Board of Directors may
cause to be accumulated all or any
part of the portion of the net earn
Iings of any store with which the
classified common stockholders are
entitled to be credited as above set
forth in paragraph (2) of this Article,
for use in furtherance of the business
Of the corporation, and may convert
all or any part Of said net earnings
into capital and. declare and distribute
stock dividends of classified common
stock of the same or any other class,
to the holders Of the classified COM
mon stock of the store whose earnings
are so converted, ratably according to
their holdings of stock in said class.
Article VII
RESTRICTIONS ON SALE AND
" w IN ILb01IA1 vi NA<l1GboAA' LII
COMMON STOCK:
ID The subscriptions for and owner
ship Of all classified common stock in
this corporation are made and taken
upon the condition that the purchaser,
owner or holder thereof, desiring to
sell the same, shall first deliver the
same to the Board of Directors for
sale, which Board of Directors shall
fix the price to be paid for said stock
by computing as OF the last day of
the calendar month in which the
holder delivers his stock, the value of
said stock, which valuation shall be
the book value of said shares of stock
as established by the accounting meth
DDS employed by said corporation at
the time said delivery is made; good
will or other items not regularly
listed on the books of the corporation
as assets or liabilities shall not be
taken into consideration in fixing such
value.
AS soon as the price of said stock
has been fixed, and the stockholder
has been notified of such fact, the
Board of Directors shall forthwith Of
fer the same for sale at said price to
the stockholders holding the class of
classified common stock offered for
sale, who shall have thirty 800 days
time in which to exercise their right
to purchase the same att said price,
unless they waive such right to pur-
chase by notice in writing to the
Board Of Directors, and If two or
more exercise their right to purchase
the same at said price, then the Board
of Directors shall, unless otherwise
agreed upon by said bidders, divide
the same between them in the same
proportion as each of their Individual
holdings of classified common stock
in the store, the classified common
stock of. which is being offered for
sale, bears to their aggregate holdings
Of classified common stock in such
store.
In case of their neglect or refusal
| to purchase the same at such price,
lthen, and in that case the Board of
Directors shall have the right within
the thirty days next succeeding. hut
mot later than ninety days after de-
livery of the stock to it for sale, either
| to purchase said stock at said price
out Of the surplus funds forming a
part of the book value of the unclassi-
| fled common stock, or to sell the same
at said price to such person or per-
isons as are entitled TO own and hold