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Collection: Original Records > Articles of Incorporation

Italian Investment Corp (AI-I022)(1930) (36 pages)

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stock so to be redeemed and the method of effecting such redemption, whether by lot or pro rata, or otherwise, shall be determined by the Board of Directors. From and after the date fixed in any such notice as the date of redemption (unless default shall be made by this corporation in providing moneys for the payment of the redemption price for said stock, together with the acerued and unpaid dividends thereon) all dividends on preferred stock thereby called for redemption shall cease to accrue, and all rights of the holders thereof as stockholders of this corporation, except the right to receive such redemption price together with accrued and unpaid dividends, shall cease and determine. Such redemption of preferred stock may also be effected by purchasing shares thereof in the open market, at public or private sale, at a price not to exceed such redemption price. All such preferred stock so redeemed, by call or purchase, shall be cancelled and thereafter shall not be reissued. Such redemption may be effected by payment of such redemption price in whole or in part, out of the net profits arising from the business of the corporation, or out of capital surplus, or otherwise as provided by the laws of the State of Delaware; provided, that no net profits or capital surplus shall be used for redemption or purchase of such preferred stock unless there shall have been first paid or declared and set apart for payment, full cumulative dividends on all shares of preferred stock then outstanding and not then to be redeemed or purchased, to the date of such redemption or purchase.