Arizona republican., 1892-03-23

pledge or hypothecate any of sthe sane for the purpose of furthering said scheme. To raise sell and buy sugar beets and other productions to make, buy or sell sugar, molasses, candy, etc etc.
 THIRD. The amount of capital stock of this corpora ton shall be Five Hundred Thousand Dollars lS500,0O0) divided into fifty thousand shares (d000O) oi the par value of Ten Dollars t$l0) each and the times when, and the conditions upon which it is to Do paid, are as follows Each subscription for stock shall be paid in whole or in part at the time of making subscrip- ton therefor, as the Board of Directors shall direct, but each subscriber for stock shall make such subscription subject to such rn,es as to the payment therefor as may then or thereafter be ordered py the Board of Directors
 FOURTH.
 The time of the commencement of this corpor- atisn shall be the day of tho filing of these aaticles of incorporation in the office Of the county recorder of Maricopa counv, Arizona territory, and the termination thereof shall be twenty five years thereafter.
 The affairs of the corporation are to be con ducted by q Board of Directors consisting of five persons, being stockholders in the corporation. The first Board of Directors are to be elected by the stockholders or those who have subscrib- ed for stock on the books of the company at any regular meeting which may be called by a ma jority Of these incorporators for that purpose,
  meeting of the stockholders and until their sue cessOrs are elected and qualified, and thereafter the Board of Directors shall be elected at the annual meeting ef the stockholders The an nual meeting oi the stockholders shall be on the second Monday of the month of March in each ye IT, but such time Of meeting may be changed by the stockholders at any such annual meet ing.
 The officers of the company shall be q presi- dent, treasurer and secretary, each of whom shall be n stockholder and member of the Board of Directors, eXcep. the secretary, who need no. be either, but who can be elected and dis missed at the pleasure of the Board oi Directors No person shall be director who is n jt stock holder and shall cease to be q member of the Board of Directors upon ceasing to be stock holder, and vacancies that may happen at any time after the election of the board may be filled by the remaining members of the board, A majority Ot the Board or Directors snail constitute q quorum and may appoint ttheir own time and place of meeting.
 SEVENTH.
 The highest amount of indebtedness or lisbil- ity to winch the corporation Is at any time to subject itseifis the sum of Five Hundred Thous. and Dollars
 EIGHTH.
 The highest amount of indebtedness or liabil- ity, direct or contingent, to which this corpora. tiou is at any time to he subject Is the sum or rive Hundred Thougand Dollars.
 NINTH
 The stockholders in this corporation and their private property shall be exempt from the cor porate debts of this corporation.
 TENTH.
 The Board of Directors shall have power to establish by. laws and make all rules and regu- lalions deemed expedient for the management of the affairs of th,s corporation not inconsist. ant with the Constitution and laws Of the Unit ed States and the laws of this territory. Witness our hands snd seals this fifteenth day of March, A. D., 1892.
 CHARLES D. PosToS, (seal
 CHARLES GOLDMAN, (seal)
 MICHAEL W oRMsER. (seaD
 (seall