Arizona republican., 1900-08-10

places as its board of directors may by resolution direct or prescribe. The time of the commencement of this cor poratfon shall be the time of the filing of these articles of incorporation in the office of the county recorder of Mari copa County. Arizona, and the termi- nation thereof shall be twenty-five years thereafter.
 ARTICLE III.
 The general nature of the business proposed to be transacted by this cor poration is that of owning lands. aD- propriating waters from natural streams for the purpose of irrigation and domestic purposes, and for the pur- pose of conveying the same to users thereof for a beneficial purpose. Also constructing, maintaining and operat- ing canals, dams, ditches, reservoirs and aqueducts and such other struc- lures and appliances as may be neces- sary and useful in turning, conducting. controlling, holding and regulating the flow of water for irrigation. and any other purpose for which the same may be put to a beneficial use; to acquire by location or purchase, or In any other lawful manner whatever, lands and water, water rights, franchises, dams, canals, dftches and conduits, reser- voirs and such other structures and appliances as may be deemed neces= sary, convenient or useful for managing and operating of said canals, lands and the water appropriated for the uses herein mentioned: also to sell and con- vey water rights in it's canal or canals used to furnish and deliver to persons owning stock or water rights in this corporation water for any beneficial use for which such persons may desire the same: also to deal in all kinds of real and personal property, including the ownership of stocks in other cor porations: also to hold. cultivate, ac- quire, prove up from the United States government and use and enjoy real estate, and sell, lease. demise and dis pose of the same, or any part thereof. as well as any other property that this corporation may now or hereafter own. And said corporation may bor- row money and contract to pay the same at such time or times and at such rate of interest as it's board of directors deem proper. and may hypothecate. mortgage or pledge all or any part of the property of this corporati ton, and all or any part of the property that this corporation may hereafter acquire, and secure the pay ment of any money or moneys. with interest, as said board of directors of the corporation shall or may from tima to time deem advisable to borrow. anu may hecure the payment of any debt of this corporation by mortgage or otherwise, and agree to pay such ln- terest thereon as the board of directors of this corporation may from time to time deem advisable. And said coz poration may do any and all acts moi dent to the powers and businesses here in mentioned, to the same extent as they could or might be done by nat ural person.
 ARTICLE ".
 The amount of the capital stock of this corporation shall be $100,O00, di- vided into 400 shares of the par value of s25O per share; and the times when and the conditions upon which sail capital stock shall be paid in are as follows: Upon making subscription therefor, or within thirty days there after the whole amount of the stock
 
 either in cash or in property. Any per son making a subscription for stock in this corpora ton, who neglects, upon proper demand being made, to pay for the same for 30 days thereafter, shall forfeit the right to purchase such stock. All stock issued by this cor poration shall, before the same is is sued, be fully paid, and shall be non assessable thereafter The certificates of stock and the water rights to be used and conveyed by this corporation shall be in such form as may be pre- scribed by the board of directors.
 ARTICLE V.
 The highest amount of indebtedness or liability to which this corporation is al any time to be subject or to subject itself is the sum of $66,OOO.
 ARTICLE VI.
 Stockholders of this corporation and their private property shall be exempt from the corporate debts of this cor poration.
 ARTICLE VII.
 The affairs of this corporation shall be conducted by a board of directors, consisting of three stockholders, who shall be elected annually by the stock holders on the second Monday in Jan uary in each year at the hour of ten o'clock in the forenoon, at the office of said corporation in Phoenix, Arizona. Said directors shall hold their office for the term of one year from the date of their election and until their sue cessors shall be duly elected and quail flied, unless they shall in the meantime cease 10 be stockholders in this cor nnratinn any narsnn ceasinp tn he a