The Coconino sun., 1926-03-12
THE COCONINO SUN

The. holders of the preferred stock
shall be entitled to receive, when and
as declared from the surplus or net
profits of the corporation, yearly divi-
dends at the rate of seven per cent
(7%o) per annum, payable annually,
when and as declared by the Board of
Directors. The dividends on prefer
red stock to the extent Of seven per
cent (79o) per annum, and no more,
Shall be cumulative and shall be pay
able before any dividend on common
stock shall be paid Or set apart, so
that, if in any year dividends amount
ing to seven per cent (79o) shall not
have been paid on said preferred
stock, the deficiency shall be payable
before any dividend shall be paid upon
or set apart for the common stock.
Whenever all cumulative dividends
on the preferred stock for all previous
years shall have been declared and
have become payable, and the Com
pany shall have paid such cumulative
dividends for previous years, the
Board of Directors may declare divi-
dends on the common stock payable
then or thereafter out of the remain
| ing surplus or net profits. After divi-
dends of seven per cent (74o) per an
mum shall have been paid on the com
mon stock as provided, 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 divi-
dends in the aggregate or total
amount of ten per cent (10%); all
further or other surplus or net profits
| latter the payment Of ten per cent
| (10eo) on the preferred stock and ten
per cent (10E6) on the common stock
shall be payable and applicable as
| dividends on the common stock. Any
and all dividends on the preferred
stock other than, or in addition to, the
above mentioned preferential seven
per cent (796) dividend, shall not be
cumulative. In event of any iquida-
tion or dissolution or winding up
whether voluntary or Involuntary of
the corporation, the holders of the
preferred stock shall be entitled to be
paid in full both the par amount of
| their shares and the unpaid cumula
! tive dividends accrued thereon, before
any amount shall be paid to the hold
ers of the common stock; and after
the payment to the holders of the
preferred stock of its par value and
the unpaid accrued cumulative divi-
dends thereon, the remaining assets
and dividends shall be divided and
paid to the holders of the common
stock according to their respective
-shares.
So long as the said preferential
cumulative dividends on said prefer
red stock shall be paid annually as
aforesaid the holders of the preferred
stock shall have no voting power on
any question except as below provided,
but should any preferential cumula-
tive dividend or any preferred stock
be not paid when payable as above
provided, and remain SO unpaid for
period of twelve (12) months, then
and so long as such dividend or any
part thereof remains unpaid, the
holders of the preferred stock in re-
spect of which such dividend or part
| thereof remains unpaid shall be en-
titled to the same voting powers
thereon as belong to the common
stock, but upon such preferential Gu
mulative dividend or unpaid part
thereof being paid, the voting power
upon said preferred stock shall again
cease, and so on from time to time as
said preferential cumulative dividend
or part thereof may remain unpaid