Arizona republican., 1891-11-25

(l0) dollars each, and the time when, and the condition upon which it is to be paid are us fol. lows, to-wit: The entire face value thereof i'm mediateiy upon making the subscrintion there 1 for.
 FIFTH The par value of each share of the cap. ital stock of this corporation shall be ten !l0) dollars,
 SIXTH The highest amount of indehteduess or liability, direct or contingent, to which this corporation at ifhy time is to be subjected, Is the sum of fifteen thousand (l5,0Op dollars, SEVENTH. The stockholders in this corpora tion, and their private property shallbe eNem pt from the corporate debts ot shis corporation. EIGHTH The affairs of this corporation arc to | be and they shall he conducted by the board Of directors, consisting of i've persons, who shall be elected annually by the stock hAolders, gt such | time and in such manner as shall be prescribed | by the by laws of this corporation, and all of | whom shall be subscribers to the capital stock | of this corporation, and hereinafter no person snail be eligible to the office Of director unless he isn stockholder in the corporations prov ided, that said board of directors may elect such Ofl- cers and appoint such committees from their l own number to aid in the management Of the | business, and the conducting the affairs of the | corporation as they ay see ht, and vest in said officers and said committees all such powers as | they may deem expedient The following | named persons, who are subscribers to the cap | ital stock of this corporation shall constitute | the board of directors Of this corporation until | the first Monday in Doce nber, 1872, and unt their successors, duly qualified, shall be elected | to.wit Lewis Woltley, Clark Churchill, John | A BLACK, lnOnhs hNSnes anu lneOuOIe J. Wolley. Any person ceRsing tO be a subscriber | shall cease to be q director, cnd hereinafter If any director shall cease tO be . stockhoider hc | shall cease to be director. Vacancies in .he board of directors shall be hlled by the remain. | ing members of the board. Immediately, or as
 soon as practicable, after the filing of tn, SC ar
 ticles in the office of the county recorder of the ! County of Pima, Territory Of Arizona, the per. | sons named herein as directors to serve until ! the first Monday in December, 1892, until
 their successors. duly qualified, shall be elected l shall meet and organize as C. board of al | rectors, adopt Dy laws, and prescribe in said | bylaws the method of calling meetings of the | board of directors and stockholders. \ ma. | lority of said directors shall he a quorum for | the transaction of the business of said board.
 The stockholders of the corporation are here. l by authorized and empowered to increase or diminish the number of the members consti
 tuting the board of directors of this corporation by vote of the majority of the subscribed cap ital stock, and each share subscribed or held shall entitle the subscriber therefor or holder thereof tO ole vote at all meetings of the sub,
 scribers or holders Of said stock and in case the
 said subscribers to or holders of the capital | stock, shall by vote increase the number oi members of the said board of directors, the
 members of said board thus created shall each
 have the same powers as each of the five mem
 bers of said board created by these articles. | The board of directors of this corporation
 shall have power to establish bylaws and make all rules and regulations deemed eNpedient fol
 the management of the affairs of this corpora
 tlOn and the officers thereof, not inconsisten
 with the constitution and laws of the United
 states and the laws of this Territory.
 In witness whereof we have hereunto SC our hands and seals, this Fist day of November
 THEODORE J. w0LFIEY, tseall
 STATES D. MORRISON iseall