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Collection: Original Records > Articles of Incorporation

King and Crumbecker Mining Co (AI-K016)(1915) (9 pages)

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The preferred stock may be issued as and when the Board of Directors shall determine and shall entitle the holder thereof to receive out of the net earnings,and the Corporation shall be bound to pay a cumulative dividend at the rate of eight (8) per centum per annum,payable before any dividend shall be set apart or paid on the common stock; provided,however,that whenever a dividend is paid on the second preferred stock the directors shall have power in their discretion to declare and pay a dividend for a like period on the common stock. The holders of preferred stock shall,in case of liquidation or dissolution of the Corporation before any amount shall be paid to the holders of the general or common stock,be entitled to be paid the amount paid up on their shares and the dividends accumulated and unpaid thereon,but shall not participate in any surplus assets after paying off the whole of the paid-up capital. Such preferred stock,at the discretion of the Ganipany:, Shall be subject to redemption at par on or before May 1,1916,or any dividend day thereafter. The amount of capital stock with which this Corporation will commence business is One Thousand Dollars ($1,000.00). FIFTH. The names and places of residence of each of the subscribers to the capital stock are as follows: NAME RESIDENCE ESTHER W.S.BROPHY MOORESTOWN ,NEW JERSEY. JOHN L.SCULL 5001 Lancaster Ave.,Phila,Pa. ALLAN J .HENRY 1906 Sansom St.,Phila,Pa. SIXTH. The existence of this Corporation is to be perpetual. SEVENTH. The private property of the stockholders shall not be subject to the payment of corporate debts to any extent whatever. BIGHTH. the directors shall have power to make and to alter or amend the By-laws; to fix the amount to be reserved as.