The Coconino sun., 1926-05-14

IS
| the rights, powers and privileges OF
ownership Of every kind and descrip-
ton, including the right to vote
thereon, with power to designate
some person or persons for that pur-
pose from time to time, and to the
Fsame extent as natural persons might
or could do.
(f) Subject only to the limitation
hereinafter expressed, to mortgage
pledge, hypothecate or otherwise en-,
cumber any and all property of the
corporation whether real or personal
and wheresoever the same may be
situated.
(g) To guarantee the payment OF
dividends or interest and of the para
mount or principal on any shares OF
stock, debentures, bonds, promissory
notes, or other securities issued by
this corporation, or by any other per-
son, firm or corporation, or on any
contract or obligation of any corpor-
ton, firm or individual whatever
which may be proper or necessary
for the business of the corporation.
(h) To lend and advance money
or give credit to persons, firms on
corporations and on such terms as
may seem expedient, and in particu-
lar to customers and others having
dealings with the company, and ia
give guarantee or become surety for
any such persons, firms or corpora
tions.
G) To issue bonds, debentures or
obligations of this corporation from
time to time for any of the objects
or purpoN,s of the corporation, and
subject to the limitations hereinafter
expressed, to secure the same by
mortgage, pledge, deed of trust, or
otherwise.
CD To transact the business afore-
said, or any branch of such business,
and to promote or conduct any of the
objects or purposes aforesaid, and to
exercise all of the powers hereinbe-
fore set forth or any of them, both
without as well as within the State
of Arizona and in any part of the
world, and to have one or more Off
ces outside of said State.
(k) In addition to the business, OBJ
jects and purposes hereinbefore set
forth, to do anything necessary, suit
able, useful, eXpedient or convenient
for the carrying on of any of said
businesses, or for the accomplishment
of any object or purpose, or the cx-
ercise of any power hereinbefore set
forth, or which at any time shall ap-
pear to be beneficial to the corpora-
tion in connection herewith; and to
do any and all of the things above
set forth, either alone or jointly with
others, and either as principal for its
own account or as the agent of others
and to the same extent and as fully
as natural person might or could do
in the State of Arizona, or elsewhere.
The purposes and objects expressed
in the several clauses hereinbefore
set forth shall be construed both as
purposes and objects and also as
powers, and the statements contained
in each clause shall be in no wise linz
tied or restricted by reference to or
inference from the terms of any 9TH
er clause.
ARTICLE III.
The amount of the total authorized
capital stock of the corporation is
twenty-six hundred (260O) shares OF
common capital stock without noni-
| nal or par value, and Two hundred
Sixty Thousand Dollars, ($260,000,-
0O), divided into seven percent {7@o)
preferred shares of the par value OF
One Hundred Dollars, ($100OO),
each.
Said stock may be issued when, and
from time to time as the board OF
directors shall determine, and may be
issued, sold or otherwise disposed of
upon such terms and conditions and
for such consideration or considera-
tions as the board of directors shall
by resolution from time to time pro-
vide.
The holders of the preferred stock
shall be entitled to receive when and
as declared out of the surplus or net
profits of the corporation, dividends
at the rate of seven per centum per
annum and no more, from the re-
spective dates when it shall be issued,
payable annually or oftener, at such
times as may be fixed by the Board
of Directors. The dividends on the
preferred stock shall be cumulative
and shall be payable before any div
idend on the common stock shall be
paid or set apart for payment; so
that if in any year dividends amount
ing to seven per centum of the par
value thereof shall not have been