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I <br /> ARTICLE III —CAPITAL STOCK <br /> The aggregate number of shares which the corporation <br /> is authorized to issue is 300 divided into 2 classes . The <br /> designation of each class , the number of shares of each class , <br /> and the par value , if any , of the shares of each class , or a <br /> statement that the shares of any class are without par value , <br /> are as follows : <br /> Par Value per Share <br /> or Statement That <br /> Number of Shares are Without <br /> Class Shares Par Value <br /> Common 100 $ 1 . 00 <br /> Preferred 200 $ 1 . 00 <br /> The preferences , limitations , are relative rights in <br /> respect of the shares of each class , are as follows : <br /> ( a ) The holders of shares of preferred stock shall <br /> be entitled to receive dividends not exceeding 6 per cent ( 68 ) <br /> of the consideration paid for such shares , when and as declared <br /> by the board of directors out of funds of the corporation at the <br /> time legally available for the declaration of dividends . The <br /> consideration to be paid for such shares shall be determined <br /> by the board of directors upon the issuance of said preferred <br /> stock . <br /> such dividends may be declared and paid quarterly - and <br /> shall be payable in preference and priority to any payment of <br /> dividends on shares of common stock , but shall not be cumulative <br /> and no right shall accrue to holders of shares of preferred <br /> stock by reason of the fact that dividends on such shares are <br /> not , or have not been , declared in a prior period . <br /> ( b ) In the event of any voluntary or involuntary <br /> liquidation , dissolution , or winding up of the corporation , the <br /> holders of the preferred shares shall receive , out of the assets <br /> of the corporation remaining after debts and liabilities have <br /> been paid , and before any amounts are paid to the holders of <br /> . 2 - <br />