Arizona republican., 1901-02-13

number of shares into which said cap- ital stock is divided is Three Hundred Thousand Shares (3G0, GOOD of the par value of One Dollar tS1.00) per share. the value of which stock Is to be paid in cash CT upon such ins'alments as the directors may provide, or in real or personal property, or contracts, or agreements, or in labor, or in machinery, or merchandise or materials, in the dis cretion of the board of directors upon the issue and delivery of said stock fror. time to time. Preferred shares of stock may be issued upon such terms and conditions as may be pro- vided in the bylaws.
 Fourth That the time of the com mencement Of said corporation shall be from the date Of the filing of these articles fo. record in the office of the county recorder of Maricopa county. Territory of Arizona. and the time of the termination of said corporation shall be Twenty five. (2S) years there after
 Fi1uh: That the officers or persons authorized to conduct, manage and control the business and affairs of the said corporation shall consist of the stockholders holding two-thirds (2-3 in amount of the outstanding capital stock of the corporation, and the board of directors composed of such number of members, to be chosen by the stock holders as may be provided in the by laws of the corporation. The original bylaws shall be adopted by the vote or signature of the stockholders holding two-thirds l2-3) of the subscribed cap ital sIJck. Any resolution adopted by the holders of two-thirds Co-3) in amount of the outstanding stock, whether adapted by vote or on sigma ture of such voJars without a meeting. shall absolutely control the affairs of fIhe corporation and the tenure of of. flee of its directors and officers, so far as indicated in such resolution. The board of directors shall have the man. agement and control of tha corporation subject to such resolution or votes of the stockholders IS aforesaid The names 'f the persons appointed to serve as directors until their success sors are elected are John r. Cunning ham, Edward Savage, Mortimer Say age, Walter Storey, Samuel B. Cald- well, Edward E. Young and David c. Cunningham.
 The stockholders shall meet annu- ally at such time anG place as may be provided by the by-laws for the pur- p5se of the election of directors, su1- ject to such resolutions or votes of the stockholders as aforesaid.
 The directors shall meet monthly at such time and place as may be provid- ed by the bylaws and subject to such resolutions or votes If the stockholders as aforesaid. and said directors imme- dlately after their election shall organ ize by the election from among their number If q president and vice-prlsident. and at such meeting they may elect a nlanag- ing director. The said directors will also elect a secretary and such other officers as they may require, none of whom need be directors, and may con- fer upon such officers such powers as to said board may deem best.
 Sixth: That the highSst amount of indebtedness or liability to which the corporation is at any time to subject Itself Is One Hundred Thousand Dol lars ($l0O,00O.)
 Seventh: That the private property of each and every officer and stock holder of this corporation is to be ex- empt from all cooperation debts and liabilities, and from execution on any and all claims against this corpora ton, and no claim or demand against the corporation shall constitute a claim or demand against the stockholders thereof to any ex- ent. No ass sssments shall be made upon any stockholder except for calls upon unpaid subscriptions for stock.
 In, Witness Whereof. We have here unto set our hands this 7th day of February, 1s0l.
 Shares.
 JOHN r. CUNNINGHAM. 100
 EDWARD SAVAGE 1CO