The border vidette., 1928-09-29

creased to the next higher. or decreas-
ed to the next lower whole number of
shares. according as such fraction does
or does not exceed one half OF share.
II the holder of any snch preferred
stock SO called for redemption shall fail
to surrender the certificates represent
ing such stock. the same shall. never
theless, be deemed to be redeemed. re-
tired and cancelled upon tho date so
fixed for redemption. and tic former
holder thereof shall not have or exer
else any right in respect thereto, ex.
cept To receive the amount payable on
account Of such redemption, without
interest, upon surrender Of the certi6-
cate representing the stock so redeem.
ed All such preferred stock redeem-
Ell hereunder shall Immediately. On
the redemption thereof, be cancelled
and held in the treasury OF thu corpor-
alton until reissued.
That the holders OF the preferred
stock, both 'Series Az and ''Saries
b., shall be entitled to receive, when
and as declared from tho surplus or
net profits o. tho corporation quarter
ly dividends pA, able upon tue first
days # February. May, August and
November Of each year, at the rate OF
and limited to eight percentum Is per
cent? per 8nnum. That the holders of
preferred stock Series C'', shall; be
entitled to receive, when and as declar-
ed from the surplus or net proits of
1.-The corporation, quarterly dividends
payable upon the first days of Feb
ruary. May, august and November of
each ear. at the rate OF and limited
to six and one half per centum 81 per
cent? per anLum. That the holders OF
preferred stock, Series ID" shall be
entitled to receive, when and as declar-
ed from the surplus or net lrofits of
the corporation, quarterly dividends
payable upon the fist days of Feb
ruary, May, August and November OF
each year, TT the rate of and limited
to seven per ceu.url e per cent) per
annum. The dividends on the pre-
ferred stock shall be cumulative, and
shall be payable before any dividends
on the common stock shall be paid or
set apart, so>that If any one year div
lends on the preferred stock of Series
A., and "Series b" amounting to eight
per centum (8 per cent?, and dividends
on the preferred stock Of "Serles c"
amounting to six and one half per
cenium (63 per cent?, and dividends on
the preferred stock of Series d"
amounting to seven per centum q per
cent? shall not have been paid thereon,
the deficiency shall be payable before
any dividends shall be paid upon or
set apart for the common stock:
Whenever all cumulative dividends on
the preferred stock, .Series Az. "Series
Bn, sSories G" and 'Series D'' for all
previous years shall have been paid,
the Board OF Directors may declare
dividends on the common stock paya-
BILE out OF the remaining surplus or Let
profits
That in the event Of any liquidation.
dissolution or winding up, whether
voluntary or Involuntary, of the corp
oration. the holders of the preferred
stock, both .'Series 81, Series Bn,
"Series C" and Series Dr. shall share
equally and be entitled to be paid in
shares and the unpaid accrued divi-
dends thereon, before any amount shall
be paid to the holders of the common
stock, and after the payment to the
holders of the preferred stock of it's
par value, and all OF the unpaid or
accrued dividends thereon, the remain
luS 0oootS ouu tuuO5 Sudll U0 OlVlu6u
and paid to the holders of tho common
stock equally and pro.rata according to
their respective shares.
SEVENTH
That the amount of said capital
stock which has been actually subscrib
ed is Fifteen Hundred Dollars ($l ,5O0)
consisting of fifteen Q5) shares OF said
preferred stock of the par value of One
Hundred Dollars ($lO0) each, and the
following are the names of the persons
by whom the same has been subscrib.
ed. tOZWft: