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holders of the Preferred Stock shall be entitled in
dissolution, then such assets shall be distributed to
the holders of the Preferred Stock in proportion to the
respective amounts which they would be entitled to
receive if paid in full. After the payment in full of
the sum per share hereinabove described to the holders
of record of the Preferred Stock then outstanding, the
holders of outstanding shares of Common Stock of the
Corporation shall be entitled to receive any balance of
the assets then remaining and the shares of the
Preferred Stock shall not be entitled to share therein.
No liquidation or other act of the Corporation shall be
construed as a dissolution, voluntary or involuntary,
unless approved by the stockholders in the manner
provided by law.
(d) Voting Rights. Except as provided by law,
the Preferred Stock shall not be entitled to vote.
Common Stock
(a) Dividends. The holders of shares of Common
Stock shall be entitled to receive dividends from time
to time when and as declared by the Board of Directors
out of funds legally available therefor.
(b) Dissolution. In the event of any dissolution
of the Corporation, after the debts of the Corporation
shall have been paid or provided for, and after the
holders of the Preferred Stock shall have received the
preferential distribution to which they are entitled as
hereinabove set forth, all of the remaining assets of
the Corporation shall belong to and shall be
distributed ratably among the holders of the Common
Stock. No liquidation or other act of the Corporation
shall be considered as a dissolution, voluntary or
involuntary, unless approved by the stockholders in the
manner provided by law.
(c) Voting Rights. At every meeting of the
stockholders of the Corporation, the holders of record
of shares of Common Stock entitled to vote thereat
shall be entitled to one vote for each such share held.
Under the Pulp Sales Agreement, KKO agreed to purchase
80,000 short tons per year of the output of the pulp mill, and
KKO was entitled to a 3-percent discount from the announced list
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