Arizona republican., 1895-09-01

capital stock shall be subscribed for, sold, is sued, and the price thereof paid in at such times and for such prices and upon such conditions as the board of directors may from time to time by resolution direct; provided, however, that the purchase price of all stock shall be fully paid before the certificates therefor shall be issued.
 ARTICLE VII.
 The government of this corporation and the management and control of its affairs and busi ness shall be vested in board of seven direct ors. who shall be elected yearly at the regular annual meeting of the stockholders.
 ARTICLE VIII.
 The officers of this corporation shall be a president. ice-president, secretary, treasurer and such other officers and agents as the board of directors may deem necessary for the proper transaction of it's business. The president and vice president of this corporation shall be members of the board of directors and all members of the board of directors shall be stockholders of the corporation.
 ARTICLE TX.
 Regular meetings of the stockholders of the corporation shall be held annually on the first Tuesday of December in each year, and at each annual meeting the stockholders shall elect 6 board of directors, who shall organize by select. ing the officers aforesaid. The board of direct ors shall fl all vacancies in the board and in the offices of the corporation. A majority of the board of directors shall constitute a quorum.
 ARTICLE X.
 The board of directors shall have power and authority with or without the consent of the stockholders to borrow money and on behalf of the corporation to make and create a bonded indebtedness, and from time to time to issue and sell it's bonds, debentures or acceptances, and for the purpose of securing such borrowed money or bonded indebtedness to pledge, mort gage, hypothecate or convey in trust any and all Of the property and assets and ri gk ts in the nature of property of the corporation, of every kind and nature, real, personal or mixed, with the tolls, charges, income, revenues, rates, is- sues and profits thereof; and the board of di. rectors are authorized and empowered hereby, solely by the action of the board, to create, es- tablish and maintain the sinking fund herein before authorized.
 ARTICLE XI.
 The board of directors shall have power to es- tabl1sh bylaws and to amend or repeal the same.
 
 The highest amount of indebtedness or lia- bility direct or contingent to which the corpor- at1on shall or can at any time be subject shall be two million four hundred thousand dollars s2, 400 0O0) the same being limited by statute to two-thirds of the company's capital stock.
 ARTICLE XIII.
 The private property of the stockholders of the corporation shall not in any event be liable for the debts of the corporation. ARTICLE XIV.
 The time of the commencement of the cor poration shall be the day on which these arti- cles shall be filed in the office of the county re corder of the County of Maricopa, Arizona Ter ritory, to-wit, the eighteenth day of December, A. D. 1891, and the corporation shall continue for the time and term of fifty (5O) years there after.
 ARTICLE XIV.
 These articles of incorporation may be altered and amended at any regular meeting of the stockholders, or at any special meeting ex- pressly called for that purpose, by the affrma- tive vote of the holders of at least twothirds ot the corporation's s capital stock then issued In witness whereof, we have hereunto set oul