The border vidette., 1932-04-09
ARTICLE v

The authorized amount OF the capital
stock OF this corporation shall be one
thousand flO00) shares Of preferred
stock of the par value OF Que Hundred
(SlOO O0) Dollars each. aad four thou
sand $4,000 shares CT common stock
without nominal or par value.
All or any part Of the shares OF the
common stock, without nominal or par
value, may be issued by the corporation
from time to time and for such consd-
GRAFTON as may be determined upon and
fixed by the board of directors.
The holders OF the preferred stock
shall be entitled to cumulative divi.
dends thereon at the rate nf eight
($8.00) dollars per share or eight per
centum Uf the amount or par value for
each and every fiscal year of the life Of
the corporation and no more, payable
out of auy and all surplus or net
profits, quarterly, half-yearly or year
ly, as and when declared by the board
OF directors, before any dividends shall
be declared, set apart for. or paid upon
the common stock Of the corporation.
Said dividends on the preferred stock
shalt be cumulative. so that II the cor
poration shall fail in any fiscal year to
pay such dividends on all of the issued
and outstanding preferred stock, such
deficiency in the dividends shall be
fully paid, but without interest. before
any dividends shall be paid or set apart
on the common stock Subject to the
foregoing provisions said preferred
stock shall not be entitled to partici
pate in any other or additional earnings
or profits of the corporation. The
owners or holders of preferred stock
shall have no voting powers whstso.
ever, nor shall they be entitled to no
tice of any meeting OF stockholders Of
the company.
In the event of the dissolution or
LIQUID alton of the corporation, or sale
of all its assets whether voluntary or
involuntary or in event OF its insol-
vency or upon any distribution of it's
capital, there shall be paid to the hold.
ers of the preferred stock the par value
thereof, o-wit, One Hundred t$1OO O0)
Dollars per share, and the amount of
all unpaid accrued dividends thereon,
before any sum shall be paid or any
assets distributed. among the holders
of the common stock ;and after the pay.
ment to the holders of the preferred
stock of it's par value and the unpaid
accrued dividends thereon, the remain.
ing assets and funds OF the corporation
shall be divided among and paid to the
holders OF the common stock according
to their respective shares.
The board OF directors may in their
discretion declare and pay dividends on
the common stock concurrently with
dividends on the preferred stock, for
any dividend period of any fiscal year
when such dividends are applicable to
the common stock; provided that all
accumulated dividends on the preferred
stock for I'll previous fiscal years and
all divide ends on the preferred stock for
previous dividend periods for that
fiscal year shall have been paid in full.
The whole or any part of the pre-.
ferred stock shall be subject to redemp.
tion at One Hundred Ten (Sll0.O0) Dol
lars per share and accumulated divi.
depds thereon at any time after three
years from the Issue thereof, at euch
time or times and in such manner as
the board Of directors shall determine.
Upon gu Inscription therefor said cap;
tai stock shall be paid into the corpora.
tiOn in such manner and upon suoh
terms as the board of directors may fix
in cash, services. or by the sale, trans
fer or assignment to the corporation OF
property, property rights or interests
therein, real, personal or mixed, for
the uses and purposes of the corpora
tion, and ia payment for which, shares
of the capital stock of the corporation
may be issued, and such stock so issued
shall thereby become and be fully paid
up and non 8ssessable, and in the ab
sence OF actual fraud in the transsc
ton. the judgment OF the board OF
directors as to the value OF the services
rendered or property purchased shall
be conclusive.
ARTICLE vi
The time of the commencement of
this corporation shall be the date OF
the issuance to it by the Arizona Cor.
poration Commission OF Certificate
of incorporation and the terminate
thereof thall be twenty five years there
after, with the power OF renewal as
provided by law.
ARTICLE VII
The management and conduct of the
business, property aid affairs OF the
corporate shall be vested in and con-
Quoted by u board Of directors OF not
less than three nor moro than seven
persons, and all directors, except In
ease of vacancies, shall be elected at
the annual meeting OF stockholders. ex
cept the first board. which is chosen
az in these articles hereinafter set
forth. The officers OF the corporation
shall consist OF q president, vice presi.
dent, secretary and treasurer, and such
other officers as the board OF directors
sh all deem expedient. and all shall be
elected or appointed by the board Of
directors. Any two or more offices. the
duties OF he incumbent Of which are