The border vidette., 1932-02-13
ARTICLE Y


stock of this corporation shall be one
thousand 10000 shares OF preferred
stock of the par value of One Hundred
$500 00) Dollars each. a1d four thou
sand (4000) 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 consid.
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 of eight
($80O) dollars per share or eight per
centum Ut the amount or par value for
each and every tiscal year of the life Of
the corporation and no more, payable
out of any 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
shall be cumulative. so that if 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 particl-
pate in any other or additional earnings
or profits of the corporation. The
owners or holders of preferred stock
shall have no voting powers whatso.
ever, nor shall they be entitled to no.
tice of any meeting Of stockholders of
the company
In the event of tho dissolution or
liq uid 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 its
capital. there shall be paid to the hold.
ers OF the preferred stock the par value
thereof, to wit. One Hundred ($100 00)
Dollars per share. and the amount of
all unpaid accrued dividends thereon,
before env 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; p divided that all
accumulated dividends on the preferred
stock for al previous fiscal years and
all dividends 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.
ton at One Hundred Ten (Sll00O) Dol
lars per share and accumulated divi-
depds thereon at any time after three
years from the issue thereof. at such
time or times and in such manner as
the board of directors shall determine.
Upon subscription therefor said cap;.
tai stock shall be paid into the corpora.
tiOn in such manner and upon such
terms rs 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
ton, and 10 pay ment 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 nom assessable. and in the ab
sence of actual fraud in the transac.
tion. the Judgment OF the board of
directors as to the value OF the services
rendered or property purchased shall
be conclusive.
ARTICLE vi