The Coconino sun., 1927-05-27

said corporation, as follows:
RESOLVED that the Certificate of
Incorporation of j. G. Penney Com
pany be amended in the following
manner:
First: BY striking out and eliminat-
ing from the said Certificate of In
corporation, Articles v, x and XIV, in
their entirety
Second: BY amending Articles w,
vi, VII, VIII, TX, XI, XII, XIV and
XVI SO that they will respectively
read in the following manner:
ARTICLE Nv
Authorized Capital Stock
The total authorized capital of this
corporation is as follows: $4,000
shares of classified common stock of
he par value of S100. per share,
amounting in the aggregate to $5,-
100000; 100000 shares of preferred
took of the par value of 500. per
hare, amounting in the aggregate to
s30,000,000; and 1,250,000 shares of
common stock without nominal or par
value. The amount of capital stock
With which this corporation will COM
nence business is Six Thousand Dol
lars (S6,OO0.).
ARTICLE vi
Classified Common Stock
"a The classified common stock
If this corporation shall be divided in
o classes: each class shall be desig-
lated by distinct number and by a
lame indicating the locality of the
store, to establish, operate or main-
ain which, the consideration received
or the issue of such stock shall be
lsed.
(2) The holders of each class of
Classified common stock shall be en-
tiled, in preference to the holders of
he preferred stock, and of all other
Classified common stock and common
,tock, to have credited each year to
he book value of their shares on the
looks of the corporation the same pro-
portion of the net profits earned by
he corporation, through the operation
IF the store, against which such class
# classified common stock shall have
leen issued, as the par value of such
lassified common stock bears to the
otal store capital in such store. All
ash dividends, declared and distrib-
tied at any time by the Board Of Di-
ectors out Of current profits or ac-
umulated surplus, SO credited to the
ook value of the holders of each
lass of classified common stock, shall
1e paid only to the holders of each
lass of classified common stock, in
roportion to their holdings in such
lass. The classified common stock
lolders shall be entitled to no other
II further dividend. The term s'store
apital' as used in this Certificate of
Incorporation means the consideration
or in the case of a stock dividend
he amount Of surplus converted into
apital) for which the classified COM
non stock of any store shall have been
ssued, not however, in excess of its
ar value, plus the amount of the
moneys set apart out of the general
unds of the corporation for the open
ng, maintenance and operation of
aid store.
go In every case-(A) Where
he store capital in any store has be-
ONE impaired through losses, or (B)
Where any store has debts and obliga-
ions over and above its assets, all
he classified common stock of every
lass owned by each stockholder in
aid losing OH indebted store, shall be
ubject to special assessment to re-
tore said capital or pay said debts IN
he discretion of the Board of Direc-
ors. In all cases where the Board of
directors is unable to collect from any
lassified common stockholder or
.tockholders in such losing or indebt-
d store, in and by the method pre-
criped in this paragraph (3), such
aroportion of the amount necessary,
restore to par the store capital Of
aid store, or to pay the debts and
Obligations OF such store, as the par
ralue of his or their shares in such
tore bears to the total store capital,
hen the portion Of his or their share
f such assessment which the Board
# Directors is unable to collect, shall
pro-rated among all the remaining
lassified common stockholders In
such store and the general funds of
he corporation (being all funds with
which classified common stockholders
ire not entitled to be credited), in ac-
.ordance with. their respective invest
ments Of store capital in such store,
md the amount of assessment on the
.lassified coninons stock of such re-
classified common stockhold-
ers in such store shall be limited to
such pro-rated amount.
Such assessment shall be paid to
'ae corporation by each classified
ommon stockholder upon whose stock
is levied, within thirty days after
1sitten notice is mailed to him at his
asst known post office address. When
NY classified common stockholder
.ails to pay any assessment at the
time such payment is due the Board of
Directors may sell, by the same
method as is set forth in Article VII
If this Certificate Of Incorporation,
30 much of the classified common
stock of said stockholder as will pay
Ill assessments then due from him
with interest and all incidental ex-
oenses, and shall transfer the shares
so sold to the purchaser thereof who
shall be entitled to a certificate there
for, with the same force and effect
as though the certificate Of the de-
faulting stockholder had been deliv-
cred and cancelled, and the defaulting
shall have no further
rights in said stock SO sold, except
hat upon surrender of his certificates
IF classified common stock so sold as
duly endorsed for transfer,
ne shall be entitled to be paid any
amount received by the corporation
IN sold eala Il, axrpss of his liability