Nogales international., 1940-04-13
LEGAL NOTICE

be worcestershire. The preferred
stock shall provide for dividends at
the rate of six percent (69o) per
annum, payable quarterly, on its
par value, but said annual divi-
dendS are non-cumulative After the
payment of the dividends on such
preferred stock, dividends shall be
paid on the outstanding common
stock until such dividends amount
to six percent (69o) of the total out
standing common stock which, for
this purpose only, shall be deemed
to have par value equal to the
preferred stock, and thereafter any
additional dividends shall be paid
equally on per share basis to the
preferred and common stockholders.
The voting powers of this corpo-
ration shall be vested in the COM
mon stockholders, save and except
that should said corporation pass
the payment of dividends on the
preferred stock for four quarterly
dividend payment periods, then the
preferred stockholders shall be per-
mitted to vote their shares of stock
on an equal per share basis with the
common stockholders, until all cur
rent dividends are paid. The right
to retire all or any part of the pre-
ferred stock at par value is reserved
in the Board of Directors to be eX-
erciSed at its option after five years
from date of stock issuance, pro-
vided bonus of ten percent (10%)
Of such par value and all accrued
dividends are concurrently paid.
ARTICLE VI.
The time of the commencement of
this corporation shall be the date
upon which a certificate of incor-
poration is issued by the Corpora
ton Commission of Arizona, and it
shall terminate twenty-five (25>
years thereafter, unless renewed in
the manner provided by law.
ARTICLE VII.
The affairs of this corporation
shall be conducted by a board of
not less than three 90, nor more
than five (5) directors, who shall
be stockholders of this corporation.
The first board of directors shall
be elected by the incorporators, and
shall serve until their successors
are elected and qualified. Directors
shall be elected at the annual meet
ings of the stockholders, and shall
serve for one year and until their
successors are elected and qualified
The annual meeting of the corpo-
raticn shall be held at such place
and hour as may be prescribed by
the bylaws of the corporation, on
the third Monday in January of
each year, beginning with the year
1941. Special meetings may be held
at such time and place and in such
manner as may be prescribed by the
bylaws of the corporation. If at
any time a vacancy in the Board of
Directors shall occur, such vacancy
may be filled by the remaining di-
rectors in office. The person so
chosen to fill a vacancy shall serve
during the unexpired term of his
predecessor and until his successor
ie oJoo+aI oNrl
ARTICLE VIII.
The officers Of the corporation
shall be president, vice-president,
secretary and treasurer, and such
other officers as the Board may
determine from time to time, who
shall be elected by the Board of Di-
reCtors. Such officers may or may
net be members of the Board of Di-
rectorS. The first officers shall be
elected by the first Board of Di-
rectors chosen by the incorporatorS.
Thereafter officers shall be elected
i,by the Board of Directors immedi-
ately after each annual meeting of
stockholders of the corporation, and
shall hold office for one year and
until their successors are elected
and qualified. In the event of a
vacancy in any office, the Board of
Directors may fill the same and the
, person so elected shall serve for the
unexpired term Of his predecessor
/ and until his successor is elected
and qualified.
ARTICLE TX.
Bylaws for this corporation shall
be adopted and may be amended
or revised by the Board of Directors
until or unless otherwise provided
by resolution of the stockholders.
ARTICLE K.
The highest amount of liability
direct or contingent, to which at
any time this corporation shall sub
! ject itself, is Three Hundred Thirty
{ hree Thousand Dollars ($333,-
900 .OO).
ARTICLE XI.
The private property of the stock
holders Of this corporation shall be
exempt from corporate debts.
ARTICLE XII.
! LAWRENCE V. ROBERTSON. OF
Tucson, Pima County, Arizona, who
! has been a bona fide resident of The