Douglas daily dispatch., 1927-04-19
LEGAL NOTICES

common stock be forthwith delivered
to it for sale as in this Article
provided. Such demand shall be made
by resolution to that effect passed
by the Board of Directors and
copy thereof mailed to such stock
holder, or any party claiming under
him, at his last known address. If
the said certificates properly en-
dorsed in blank for transfer shall
not be# delivered to the Board of
Directors within thirty days after
the mailing of said notice, said stock
holder, or any person claiming under
him, shall be entitled to no further
dividends thereon, and all his rights,
and that of any person claiming
under him, as a classified common
stockholder, except the right to re-
ceive the sale price, fixed as herein-
above provided in this Article, (ex-
cepting that the book value to be
fixed shall be such value as of the
last day of the calendar month in
which the copy of such resolution
is mailed to the holder of classified
common stoclx) shall thereupon cease;
and thereafter new certificates may
be issued in the place and stead
of those not so delivered to the
same extent and effect as though
they had been delivered and can
ce1led.
In the event that said classified
common stock is purchased by the
corporation it shall be retired.
These provisions shall be binding
upon the successors, heirs, admins
traitors, and executors and assigns of
the holders of classified common
stock of this corporation.
ARTICLE VIII
PREFERRED STOCK
(D The preferred stock shall not
be assessable for any purpose what
ever. The holders of the preferred
stock shall be entitled, (subject to the
rights of the holders of classified com
mon stock, as set forth in Article vi
hereof until same shall all have
been converted into common stock
and /or preferred stock on or prior to
December 81, 1881, as hereinafter pro-
vided in Articles XI and KID from the
date of it's issue to cumulative divi-
dends at the rate of six per cent (6%o)
per annum, payable on the last day of
June, 1927, and thereafter quarterly on
the last day of March, June, September
and December of each year. If the cor
poration shall fail to pay such divi-
dends quarterly on all the outstanding
preferred stock, all accumulated divi-
dends thereon shall be fully paid before
any dividend shall be set apart, de-
u ho
The preferred stock shall be entitled
to no other or further dividends The
preferred stock shall be redeemable,
in whole or in part, on sixty (6O) days
notice by mall at One Hundred and
Three Dollars ($103,) per share and
an amount equal to the accumulated
dividends to- the date of redemption,
although not eafned or declared; when
any redemption is made of part of
the preferred stock outstanding it shall
be in such manner and by such method
as the Board of Directors shall deter
mine.
(2) Upon any sale of all the assets
of the corporation, or upon any liquida-
tion of the corporation in whole Or in
part, whether voluntary or involuntary,
except upon discontinuance of store
in accordance with the provisions of
Articles XI and XIII hereof, the holders
of preferred stock shall be entitled to
be paid One Hundred and Three per
cent (1O3%) of the par value thereof.
and an amount equal to the accumu-
lated dividends to the date of payment,
although not earned or declared, before
any payments are made to the holders
of the common stock; and the holders
of the preferred stock shall be entitled
to no further payment
go If the proportion of the earn
ings of the corporation out of which
any preferred stock dividend is payable
for any quarter shall be insufficient
to pay the dividends for that quarter
on the preferred stock, such dividends
may be paid out of earned surplus,
provided that such surplus does not
consist in any part of the portion of
the surplus with which classified COM
mon stockholders are entitled to be
credited as provided in Article VI, para
graph (2).
(4) The preferred stock shall have
no voting power except as specifically
provided by statute.
(5) Subject to the provisions of law,
the preferred stock shall be issued at
such prices and for such consideration,
at such times and in such manner, and
in such amounts as the Board Of Di-
rectors shall determine.
ARTICLE TX.
COMMON STOCK
(1) The common stock shall not be
assessable for any purpose whatever.
The holders of the common stock of
this corporation shall be entitled (sub-
ject to the rights of the holders of
preferred stock, and to the rights of
the holders of classified common
stock until all of the same shall have
been, converted into common stock and
preferred stock, or either, on or prior
to December 81, 1881, as hereinafter
provided in Articles XI and KID to
receive all dividends, whether stock
or cash, declared and distributed out
of the surplus or net profits earned by
the corporation.
(2) Said common stock, without
nominal or par value, may be issued by
the corporation from time to time for
such consideration as may be fixed
op6 af