The Coconino sun., 1926-01-22

as declared from the surplus or net
profits of the corporation, yearly divi-
dends at the rate of seven per cent
(7eo) 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 (7%) 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 (7@o) 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 (79o) 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%o); all
M Nv ~ 1v1c, az &c
(after the payment of ten per cent
(109o) on the preferred stock and ten
per cent (10So) 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 (72o) dividend, shall not be
cumulative. In event of any iquida-
ton 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-
and dividends shall he divided and
paid 70 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 a
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
after said twelve (12) months or may
be paid as aforesaid Provided al
ways that upon any question relating
to the increase or decrease of prefer
red capital stock of the company, the
holders of the preferred stock shall at
all times be entitled to the same vot-
ing powers as belong to the common
stock.
All,or any portion of the capital
stock may. be issued in payment for
property, services or anyS other right
.onthing of value for the uses and pur-
poses of the corporation, and when SO
issued shall become and be fully paid
the same. as though paid for in cash
shall be- the sole judges of the value
of any property, right orsething ac-
quired in exchange for the said capi
tai stock. No share of capital stock
shall be issued until fully paid for,
and thereafter shall be nom assess
able"
IN WITNESS WHEREOF we have
hereunto affixed our signatures and
the seal of said corporation this 18th
day of January, A. D. 1925.
r. WIN. KRAMER,
President of California Carbon Co.
Attest:
Robert H. Armstrong, Secretary.
State of Arizona, County of Maricopa,
IS:
Before me, Gladys Parry, Notary
Public in and for the County and
State aforesaid, on this day personal
ly appeared r. VIM. Kramer, known
to me to be the President of Cali
fornia Carbon Company, a corpora
ton, and to me known to be the same
person whose name is subscribed to
the foregoing instrument, and who
acknowledged to me that he volun-
tarily executed the same for and on
behalf of said Corporation as its free
act and deed and for the purposes and
consideration therein mentioned.
Given under my hand and seal of
office this 18th day of January, A. D.
1926.