Arizona republican., 1901-06-02

CT; to borrow money and contract to repay the same at such time or times and at such rates of interest as its board of directors deem proper, and to secure the payment of its obligations with interest thereon.
 III.
 The place where this corporation pro- poses to have it's principal office and place of business is in the city of Phoe. nix, county of Maricopa and Territory of Arizona ;and at such other places in the territory Of Arizona as may be designated by resolution of it's board of directors.
 ".
 The amount of the capital 1tock of this corporation shall be five hundred thousand (s500 ,000) dollars, divided into ' five hundred thousand (500.O0o) shares of the par value of one (s1.O0) dollar each. None of the stock shall be issued , by said corporation except on cash payment, or its equivalent, to the amount of at least ten per cent of it's par value.
 V.
 | The stock of this corporation shall be non -assessable and the stockholders of this corporation and their private prop erty. shall be exempt from the corpo, rate debts of this corporation. VT.
 | The highest amount of indebtedness or liability, direct or contingent, to which this corporation is at any time to be subject is the sum of one hundred thousand dollars.
 The afr airs of this corporation shall be conducted by beard of five direct ors; the first to consist of w. A. Watts. as president; o. E. Plath. as treasurer: w. H. Ward, az ce-president; J. F. Kelly. as secretary. and Peter Mohn. Each director shall serve for the period of one year, and until his successor shall be duly elected and shall have qualified.
 The directors of said corporation shall be elected annually by the stock holders in such manner as shall be prescribed by the bylaws of this cor poration, provided that the first elec- ton of directors shall be held on the second Tuesday of June, 1902, and an- nUally thereafter, and the directors shall elect the officers from their num- Der, excepting that the secretary need not beja director. All of said directors shall be stockholders in this corporation and no person shall be eligible to the office of director or be continued in of- , flee as director when he is not a stock- holder of the corporation.
 TX.
 Said board of directors may, by res olution. prescribe and adopt & corpor- ate seal, appoint and employ such other officers of the corporation and prescribe compensation therefor in conducting the affaira of said corporation as such , board may see fit, and may vest such employees with such power as said | board may deem expedient. x.
 l Vacancies in the board of directors shall be filled by ;he remaining mem berg of the board. or by vote of the stockholders. As soon ao practicable after the filing of these articles in the office of the county recorder of said county, the persons named here in as directors shall meet and organize as a board Of directors and adopt bylaws. A majority of said board of directors shall constitute quorum for the transaction of busi- ness. and any meeting of said board, although not regularly called, at which all the members are present, shall al- so be deemed regular meeting. XI.
 The board of directors shall have the power to establish bylaws and to change the same dt any meeting at. l tended by a full board, and to make rules and regulations deemed expedient | regarding the calling and holdingof cor porate meetings and for the manage ment of the affairs of this corporation, not inconsistent with these articles. | In witness whereof, we have hereun- ! to set our hands and seals this 3lst day | of May. A. n. 1901.
 w. A. WATTS. (SeaD O. F.. PLATH. (SeaD
 w. H. WARD. (SeaD J. F. KELLY. CSeaD | E. P. PALMER (SeaD