The Coolidge examiner., 1943-03-26

vertible Preferred Stock or for any
dividends on the shares of Com
mon Stock.
The Company shall not issue
fractional shares OF its Common
Stock in satisfaction of the con-
version privilege of the Conver-
tible Preferred Stock herein pro-
vided. but in lieu of fractional
shares the Company at its option
may make a cash settlement in
respect thereto on the basis of the
closing bid price of the Common
! Stock on the date of conversion,
or may issue scrip certificates Tex
| changeable together with other
scrip certificates aggregating one
or more full shares for stock GER
tificates representing such full
| share or shares) for any fraction
ed by the Board of Directors of
the Company. Until the exchange
! thereof for certificates for full
! shares of Common Stock, the hold
er of such scrip certificates shall
not be entitled To receive dividends
thereon. to vote with respect there
| to or to have any other rights by
! virtue thereof as shareholders of
the Company except such rights.
| if any, as the Board of Directors
may. in its absolute discretion,
confer upon the holder OF such
scrip certificates in the event of
the dissolution of the Company.
Any holder of shares of Conver-
tible Preferred Stock desiring to
exercise the right of conversion
herein provided, shall surrender
to the Company at one OF its then
Stock Transfer Agencies for the
shares of Convertible Preferred
Stock, the certificate Isl for the
share or shares of Convertible
Preferred Stock so to be convert
ed. duly endorsed for transfer to
the Company. In case any of such
shares of Convertible Preferred
Stock shall have been called for
redemption, the same shall. never
theless, be so convertible upon
such surrender for such purpose.
at any time prior to the date of
redemption.
The conversion right of holders
of shares of Convertible Preferred
Stock shall be deemed to have
been exercised and the holders ex-
ercising the same to have become
holders of record OF shares of Com
mon Stock OF the Company for all
purposes on the respective dates of
surrender of the certificates rep
resenting Convertible Preferred
Stock for conversion as hereinbe-
fore provided. Notwithstanding any
delay in the delivery of certificates
for the shares of Common Stock
into which converted and of cash
adjustments or scrip. II any.
The Company shall pay any and
all taxes which may be imposed in
respect OF the issuance and deliy-
cry OF shares OF Common Stock
upon conversion of shares of Con-
vertible Preferred Stock. pursuant
10 the provisions of this section;
provided, however, that the Com
pany shall not be required in any
event. to pay any transfer or other
taxes by reason OF issuance of such
shares of Common Stock in a
name or names other than the
name OF the holder of the share or
shares of Convertible Preferred
Stock surrendered for conversion.
oh at a
reserve and keep available, out OF
it's authorized and unissued stock,
solely for the purpose of effecting
the conversion of shares of Con-
vertible Preferred Stock, such
number of shares of Common
stock as shall from time to time be
sufficient to effect the conversion
OF all shares of Convertible Pre-
ferred Stock then outstanding. The
Company shall from time to time.
in accordance with the laws OF
the State of Ohio. increase the au-
thorized amount OF its shares OF
Common Stock IL at any time the
number OF shares OF Common
Stock remaining unissued shall
not be sufficient to permit the
conversion of all OF the then out
standing shares Of Convertible
Preferred Stock.
Upon the conversion OF shares OF
Convertible Preferred Stock under
the provisions of this subsection
the shares of Convertible Prefer
red Stock surrendered pursuant to
such conversion shall be cancelled
and not again reissued.
(0 SUBSCRIPTION RIGHTS:
No holder OF Convertible Preferred
Stock shall be entitled as such as
a matter of right to subscribe Tor
or purchase any part of any new OF
additional issue of stock, or secur-
tiles convertible into stock OF any
class whatever whether now or
hereafter authorized and whether
issued for cash, property, services
or otherwise.
(s) LIQUIDATION AND DIS
! SOLUTION. In the event of any
liquidation, dissolution or winding
up of the affairs of the Company
or any distribution of its capital
whether voluntary or Involuntary
the holders of the Convertible Pre-
ferred Stock shall be entitled TO
receive in cash the par value
thereof together with all unpaid
dividends accumulated or accrued