Arizona republican., 1901-06-13
of directors may deem advisable.

or ulrectOfS may deem auNlsaDle.
 Article 4.
 The amount of the capital stock of this corporation shall be one million dollars ($l.000OO0) divided into ten thousand shares of the par value of one hundred dollars ($1oO) per share; and the times when and the conditions upon which said capital stock Is to be paid in are an follows: On making the subscription therefor the amount sub scribed shall be paid in either, in cash or in property and no stock shall be issued until tn. same shall have been fully paid either |, money or in prop -erty, and the same when 20 issued shall be non-aosessable thereafter.
 Article :.
 The highest amount of indebtedness or liability to which this corporation shall at any time subject itself or be subjected is the sum of six hundred and fifty thousand dollars ts650.oOC).
 Article 6.
 The stockholders of this corporation and their private property shall be ex- empt from the corporate debts of the corporation.
 Aftlcle (.
 The affairs of this corporation shall be conducted by a board of directors consisting of five stockholders, who shall be elected annually by the stock holders on the second Monday in Jan- uary of each year. Said directors shall hold their offices for the term of one year from the date of election and until their successors shall be duly elected and qualified, unless they shall in the meantime cease to be stockholders in this corporation, and any person ceas- ing to be stockholder in this corpo- ration shall cease 10 be a director or officer in the same. The following named persons, who are subscribers to the capital stock of this corporation. shall constitute the officers and direct ora of this corporation until the second Monday in January, 1903, and until their successors shall have been duly elected or appointed and qualified. viz: C. F. Ainsworth, president and direc- tor; John s. Stevens. vice president and director; w. C. Foster. secretary and director; s. NJ. McCowan, treasurer and director. and J. w. Gift, director. Va cancies in the board of directors shall be filled by the remaining members of the board for the unexplred term for which such persons were elected. A majority of the board of directors of this corporation shall be a quorum, and any meeting of the board at which quorum Is present shall be deemed regular meeting ana have the same n Itt fnlI Bnn n.1 tice of the meeting shall have been first given to the absent members of the board or not.
 Article s.
 The officers of this corporation shall be a president. vlce-president sccre- tary and treasurer, who shall be elected annually by the board of directors at their first annual meeting in each year, from among their numbers. The presi- dent shall be the chief executive officer of the corporation. and shall have the general management. of all its affairs. subject 10 the approval of the board of directors. All certificates of stock, con tracts, water rights. deeds and con- veyances shall be signed h. the corpo- rate name by the president, or in his absence by the president. and be countersigned by the secretary. and have affixed thereto the corporate seal The board of directors shall have power to appoint such agents to aid in the of it's business and in con- ducting the affairs of the corporation as they may deem advisable. and to vest in said agents such powers as they deem eXpedient.
 Article g.
 The board of directors of this corpo- ration shall have power to establish by laws and make all rules and regula- tions deemed expedient for the man. agement of the affairs of this corpo-