Arizona daily citizen., 1901-01-04

stock as herein declared.
Dividends on the preferred stock shall be
paid out OF the surplus net earnings of the cor
poration, when earned, ,semi-annuAIly.
The board of directors may in their discre-
tion declare dividends among its stock holders
out OF its accumulated net profits, and after
the payment Of all interest on it's preferred
stock, at any regular or adjourned meeting of
the said board, during the months of June and
December in each and every year or otherwise
and they may in their discretion declare extra
or additional dividends among its stoc holders
out OF Its net profits subject always to the prior
rights of the holders OF the preferred stock as
herein declared.
Fourth The time of the commencement of
this corporation shall be the 2Sth day of De-
cember, A ID. 1890, and the termination shall
be twenty-five years from that date.
Filth The affairs OF this corporation are to
be conducted by the following officers, to-wit ::
by board of five directors, from whose num-
Der shall he duly elected from time 10 time
the president, the vice president and the trea-
surer OF this corporation. The board of direc-
tors shall be elected by the stockholders OF the
corporation within thirty days from the exc
cutlon of these presents, and shall hold office
until their successors are elected and qualified
sixth The number of directors at any time
may be increased" by the vote of the board of
directors and i'll case OF any such increase, the
board of directors shall have the power to elect
such additional directors 10 hold Office until
the next meeting of the stOc kholders or until
their successors shall be elected and ouslify
and the board of directors shall have the power
TO MI any vacancy or vacancies therein which
may rSSoAt ifom INV utAin, EtSlgnAtt0n. 1lSabl-
tty or removal cause OF any of its members
The board of directors by resolution passed
by majority OF the whole board. may design
ate three or more directors ione of whom shall
be presidentI to constitute an executive com
mittee, which committee, to the extent proyi.
ded in said resolution or in the bylaws of the
corporation shall have and may exercise, the
power of the board of directors in the manage
ment of the business and affairs OF the corpora
hon and shall have power TO authorize the seal
of the corporation to be affixed to all papers
which may require 1t.
The board OF directors from time to time
shall determine whether and to what extent,
and at what times and places, and under what
conditions and regulations, the accounts and
BOOKS OF the corporation or any of them, shall
be open to the inspection of the ckholders
and no stoekholder shall have any right of in
specting any account or book or document of
the corporation, except as conferred by statute
or authorized by the board OF directors, or by
ii resolution OF the stockholders,
Seventh:--The highest amount OF indebted
ness or liability to which this corporation is ut
any time to subject itself Is the sum Of One
Hundred Thousand Dollars.
Eighth The private property OF the sto L.
, holders OF this corporation is to be exem pt
from liability in satisfaction OF corporate
debts.
In witness whereof. we have hereunto placed
our hands and seals this 18th day of December
A. D. 1890