FORM 11

AUTOMOBILES

To purchase, lease, and acquire lands and buildings for use as manufactories, warehouses, and offices; to manufacture, buy, sell, import, and export vehicles of all kinds propelled by mechanical power; engines and appliances for the generation and use of steam, electricity, gasolene, or other form of power for propelling carriages, wagons, trucks, cars, and vehicles of every kind and description; all parts and portions of such vehicles, engines, and machinery, and all things incident to or used in connection with the same.

FORM 12

DEPARTMENT STORE

To buy, lease, construct, or otherwise acquire storerooms, warehouses, and other buildings; to buy and sell all kinds of merchandise; to equip, conduct, and operate a general department store; to establish therein stores for the purchase and sale of dry goods, millinery, cloth, and fabrics, gents' furnishing goods women's clothing, men's and boy's clothing, hats, boots and shoes, furniture, carpets and draperies, drugs and chemicals, hardware, china and glassware, silver, jewelry, pictures, books, stationery, photographs and photographers' supplies, perfumery, toilet articles, and bicycles. (Enumeration made to cover any classes of business desired).

FORM 13

HARDWARE MANUFACTURE AND SALE

(a) To buy, sell, import, export, and generally deal in and with all kinds of tools, hardware, and machinery; to establish, maintain, and operate shops and factories for the manufacture and construction of all kinds of tools, hardware, machines, and mechanical construction.

(b) To buy, sell, and generally deal in iron, steel, manganese, copper, zinc, brass, and other metals, and in any and all articles made of or partly consisting of metal, wood, and other materials, and to engage in the repair and manufacture of all goods, wares, and commodities dealt in by the corporation.

FORM 14

GROCERY

To do a general grocery business, handling foodstuffs, kitchen, dining-room and nursery utensils and supplies of all kinds; to manufacture, grow, buy, sell, import, export, and deal in canned and preserved foods of all kinds, fruits, vegetables, meats, beverages, and everything known as or used in or sold with groceries; to run eating establishments, cafes, restaurants, and to serve beverages of all kinds therein; to buy, own, sell, deal in vehicles, horses, motors and other conveyances and the accessories thereof for delivering groceries and goods; to do any and all things necessary and useful to forward the foregoing objects.

FORM 15

MINING

(a) To buy, lease, or otherwise acquire mines, mining rights, quarries, and mineral lands of every kind, nature, and description, and to work, mine, prospect, develop, operate, and promote the same; to mine, quarry and excavate copper, gold, silver, and other ores and metals and minerals of all descriptions.

(b) To buy, lease, construct, own, control, operate, and maintain mills, work, and plants for the crushing, sampling, milling, smelting, reduction, and concentration of minerals and metalbearing ores, and the extraction therefrom of all kinds of metals and mineral products and by-products, on its own account and as factor and agent for others.

(c) To treat, prepare, and manufacture, and to buy, sell, and

generally deal in iron, steel, manganese, coke, copper, lumber, and other materials, and all or any articles consisting of or partly consisting of metal, wood, or other materials, and any and all products and by-products thereof.

FORM 16

INVESTMENT BROKERS

To buy, sell and otherwise acquire, dispose of and deal in government, municipal, corporation, association and individual bonds, mortgages and debentures of all kinds; also in stocks and choses in action of all kinds, in trust receipts, receivers' certificates, commercial paper and securities and evidences of indebtedness of all kinds of social, business and governmental organizations and of individual persons; to do any and all things necessary and useful to forward the purposes herein expressed and implied.

Capital Stock and Special Stock Clauses. The capital stock clause given in Form 10 may be taken as a standard for par value stock. When stock of no par value is employed the following form is frequently used.

FORM 17

CAPITAL STOCK OF NO PAR VALUE

The number of shares of capital stock that may be issued by said corporation is Three Thousand (3,000) shares which shall have no nominal or par value.

In a few states preferred stock that has no stated or par value may be used. The following form would provide for such stock.

FORM 18

PREFERRED STOCK OF NO PAR VALUE

The holders of the preferred stock of the corporation shall be paid from the surplus profits an annual cumulative dividend of Seven Dollars ($7) on each and every share of such stock, before any dividend is paid to the holders of the common stock or other disposition is made of such profits, but shall not participate in any further dividends.

The preference as to assets and denial of voting power may be stated as in Form 10.

FORM 19

NON-CUMULATIVE PREFERRED STOCK

Said preferred stock shall entitle the holders to receive in each year a dividend of eight per cent, payable half-yearly, before any dividend shall be set apart or paid on such general or common stock, and if the net profits in any year shall not be sufficient to pay a dividend of eight per cent on said preferred stock, then such dividend shall be paid thereon as the net profits of the year will suffice to pay. The holders of the preferred stock shall have a preference on the assets of the company, but the dividends thereon are not to be cumulative, but shall be payable each year only out of the profits of that year, and such preferred stock and the certificates therefor may be issued by the board of directors by resolution. (American Tobacco Companies).

FORM 20

REPRESENTATIVE TYPES OF PREFERRED STOCK

1. The Sherwin-Williams Company of Canada, Ltd. has an authorized capital stock of $8,000,000, of which $4,000,000 consists of seven per cent cumulative preferred stock of $100 par value, preferred as to assets as well as dividends.

2 The United States Envelope Company, with an authorized capital stock of $5,000,000, has $4,000,000 of seven per cent cumulative preferred stock of $100 par value with preference as to assets as well as dividends and equal voting rights with common stock.

3. The Weyman-Burton Company's preferred stock has preference as to assets as well as to dividends. No prior lien (on the property) to the preferred stock can be created without the consent of two-thirds in interest of each class of stockholders. Both classes have full voting power and are fully paid and nonassessable and no personal liability attaches to the holder.

4. The United Paperboard Company, Inc., has, in addition to $12,000,000 authorized common stock, $2,500,000 of six per cent non-cumulative preferred stock of $100 par value. It has preference as to dividends and assets and is accorded, share for share, the same voting power as the common stock. No mortgage can be created without the consent of three-fourths of the preferred stock outstanding. The preferred stock is also subject to call as a whole for redemption at $110 per share after three years from date of issue. A sinking fund is also provided for its redemption. (This stock has many of the characteristics of a credit rather than an ownership security).

5. The American Window Glass Company's seven per cent cumulative preferred stock of $100 par value has preference as to dividends, but not as to assets.

6. The Autosales Corporation's six per cent non-cumulative preferred stock of $50 par value has preference as to dividends as well as to assets and is participating, so that any dividends declared, after six per cent on preferred and six per cent on common, shall be distributed ratably on preferred and common shares. The consent of seventy-five per cent of the outstanding preferred stock is necessary to mortgage or encumber the property of the corporation. Both classes of stock have equal voting power.

7. The Central Sugar Corporation's seven per cent cumulative preferred stock of $100 par value has preference to assets as well as dividends and is redeemable at the company's option in whole or in part at $115 per share and accrued dividends. It is con