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Collection: Original Records > Articles of Incorporation

Golden Capitol Hotel (AI-G132) (1924) (10 pages)

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granted to sald preferred stock ore as follows: The holders of the preferred stock shall be entitled to dividends thereon ot the rate of eight (8) per cent of the par value thereof per annum, payable quarterly on the day of ‘s fiona . es and of eseh year, cumulative from and after the date of issuance, such quarterly dividend to be paid before any dividend shell be declared, set aside or paid on the common stock. In ease the dividends on the preferred stock for any quarter are not paid or declared or set aside, the same shall cumulate and be declared, set azide and paid before any dividends shall be declared, set aside or paid on the common stock, but seid preferred stock shell not entitle the owners or holders thereof to participate in dividends over and sbove said eight (8) per cent per annum of the par value thereof. In the event of any digsolution, or winding up of the corporation, or other distribution of ite capitel assets, the holders of the preferred stock shall receive the par value thereof, and all accrued and unpaid dividends thereon before sny payment is made to the holders ef the common stock, after which, the holders of the common stock shall be entitled to, snd shall receive all ef the remainder of the assete of the corperation, and tke holders of the preferred stock shall have no interest therein, or claim or demand thereto. The corporation reserves, and shall at all times have the right end option, from and efter five (5) years from the date of its incorporation, to redeem all or any part of the preferred stock upon eny quarterly dividend payment date py the payment to the holders thereof of one hundred and five (105) dollars per share, together with all accrued dividends thereon. Such option may be exercised by resolution of the 5