The Coconino sun., 1926-04-30

the par VdluG OF One hundred DO1tafS
(S100) per share held by them.
The Preferred stock shall be divided
into four classes, as follows: Series A,
formerly designated simply Prefer
red" stock, one million two hundred
thousand Q,200000) shares; Series
B, two million (2,0O0,000) shares;
Series G, eight hundred thousand
(800,000) shares; Series D, eight
hundred and forty thousand (840,0O0)
shares. Whenever all cumulative
dividends on the Original Preferred
stock for all previous years shall have
been paid, the holders of the Preferred
stock shall be entitled to receive, when
and as declared from the remaining
surplus or net profits of the corpora
ton, after the payment of the cunu-
lative dividends upon the Original
Preferred stock, yearly dividends at
the following rates: holders of Pre-
ferred stock, Series A, seven per CEN
tllm( (79o) and no more; holders of Pre-
ferred stock, Series B, six per centum
(6%o) and no more; holders of Pre-
ferred stock, Series C, five and one
half per centum (5129o) and no more;
fntUGfS vi tC1GIItO SlOCh-. hOCIIEP -
five per centum (5qo) and no more.
Except as to diwdehd rate, no dis
tinction or preference shall exist
among said four series of Preferred
stock or the owners thereof. The divi-
dends on the Preferred stock shall
also be cumulative, and shall be paw
able before any dividends on the Com
mon stock Shall be paid OF set apart,
so that If in any year dividends
amounting to seven per centum (79o)
on Preferred stock, Series A, SIN per
ccntum (6@o) on Preferred stock,
Series B, five and one-half per centum
(5A96) on Preferred stock, Series G,
and five per centum $50 on Prefer
red stock, Series d, shall not have
been paid, the deficiency shall be pay
able before any dividends shall be
paid upon or set apart for the Conn
mon stock The holders of the Ori-
ginal Preferred stock shall be entitled
to participate in any distribution of
surplus or net profits to the holders
of the Preferred stock to the extent
that such distribution shall, as to any
Series of Preferred stock, be greater
than five per centum (5@o), and such
right of participation shall be cumu-
lative. The holders of Preferred
stock, Series A, of the par value of
One Hundred Dollars ($100) per
share undar Articles of Incorporation
of this corporation heretofore in eff
feet, shall be entitie1 TO Preferred
stock, Series A, of the par value Of
Twenty-Five Dollars ($25) per share
at the rate of four shares of such
Preferred stock, Series A, for each
share of Preferred stock, Series A, of
the par value of One Hundred Dollars
($100) per share held by them. The
holders Of Preferred stock, Series T.,
of the par value of One Hundred Dol
lars ($100) per share under Articles
of Incorporation of this corporation
heretofore in effect, shall be entitled
to Preferred stock, Series B, of the
par value Of Twenty-Five Dollars
(S25) per share at the rate of four
shares of such Preferred stock, Series
B, for each share of Preferred stock,
Series B., of the par value of One
Hundred Dollars ($100) per share held
by them. The holders of Preferred
stock, Series G, of the par value of
One Hundred Dollars ($100) per share
under Articles of Incorporation of this
corporation heretofore in effect, shall
be entitled to Preferred stock, Series
D, Of the par value of Twenty-Five
Dollars ($25) per. share, at the rate
of four shares of such Preferred
stock, Series d, for each share of
Preferred stock, Series c, of the par
H,,x,yl,.oI l1nIlo4.e (E100A
per share held by them. The holders
of Common stock Of the par value of
One Hundred Dollars (S100) per share
under Articles of Incorporation of
this corporation, heretofore in effect,
shall be entitled to Common stock of
the par value Of Twenty-Five Dollars
($25) per share, at the rate of four
shares Of such Common stock for
each share of Common stock of the
par value Of One Hundred Dollars
(St00) per share held by them. When
ever all cumulative dividends on the
Original Preferred stock and on the
Preferred stock for all previous years
shall have been paid, the Board Of
Directors Anay declare dividends on
the Common stock, payable out OF
any remaining surplus or net profits,
up to seven per centum (7@6) per an
nun provided any Preferred stock,
Series A, shall then be outstanding,
but if not, up to six per centum (6%o)
per annum, provided any Preferred
Stock, Series B, shall then be out
standing, but if not, up to five and
one-Falf per centum (5129o) per an
nun provided any Preferred stock,
Series c, shall then be outstanding,
but if not, up to five per centum
(5%o) per annuln. The remainder of
any surplus or net profits snail then
be applicable to the payment of fur
ther dividends, equally per share,
upon the Original Preferred and Com
mon stock.
In the event Of any liquidation, dis
solution or winding up, whether vol
uhtary or involuntary, of the corpora
ton, the holders of the Original Pre-
ferred stock shall share equally, and
be entitled to be paid in full, both the
par amount Of their shares and the
unpaid dividends accrued thereon, be-
fore any amount shall be paid to the
holders of the Preferred stock or to
the holders of the Common stock, and
after the payment in full to the hold
ers of the Original Preferred stock OF
the par amount of their shares and
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