Arizona republican., 1895-08-27

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 prica 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 it's affairs and busi- ness shall be vested in a 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, vice 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 fill all vacancies in the board and in the offices of the corporation. A majority of the board of directors shall constitute 6 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 u bonded indebtedness, and from time to time to issue and sell its 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 gh 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. reetors 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- tablish bylaws and to amend CT repeal the same.
 ARTICLE XII.
 The highest amount of indebtedness or Ha- bility direct or contingent to which the corpor- ation shall or can at any time be subject shall be two million four hundred thousand dollars (S2 400 OO0), 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. 1S91 and the corporation shall continue for the time and term of fifty (5W years there after.
 ARTICLE XV.
 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 affirma. tive vote Of the holders of at least twothirds of the corr oration's capital stock then issued. In witness whereof, we have hereunto set oul