Williams news., 1902-05-24
of Directors shall deem advisable to create and maintain.

The tune or commencing tnls corporation shall be on the date of filing of these Articles of Incorporation for record. a required by the laws of the Territory of Arizona. and the said l corporation shall continue for the period of fifty years. and for such other term it may be renewed. according to the provisions of the statutes in such cases made and provided. l ARTICLE V. The amount of the capital stock of this cor poration shall be and Is three million (S3OOO,- ooo) dollars. divided into thirty thousand C3Oooo) shares of one hundred (SlOO) dollars each. and which said amount of capital stock Is the actual contemplated cost of construction and equipment of said railroad. together with the cost of right of way and motive power, depot and station grounds. buildings and all appurtenances and appliances necessary to the lawful operation of said railroad. nearly as can be estimated by competent engineers. which sum shall be paid in from to time as the com pany by the action of its Board of Directors shall require
 ARTICLE VI
 That the number of directors who shall man. age the affairs of this corporation and who shall hold their office until their are elected. shall be five. and their names as follows: A. L. Hall, A. E. Colt, IT. L. Byrne. N. F. sauer. chAs- Bles. all of New York City.
 ARTICLE VII
 The direction. length and termini of said rail- road shall be n follows: Beginning at a point on the santa Fe Pacific railroad near the town of Williams. County of Coconino, Terri tory of Arizona. and running thence in a north westerly direction along near parallel to Cataract creek. Coconino County, to the Col orado river. Arizona, distance of about ninety miles. said railroad being in but one county. to-wit: COconino County. Arizona Territory.
 ARTICLE VIII. The purpose for which this corporation is | formed and the general nature of the business | proposed to be transacted is to construct, oper- ate and maintain a line of railroad. telegraph | and telephone in said Coconino County. Ari- | zona Territory. along. or near. or parallel with | Cataract Greek in the County of Coconino to | the Colorado River in said Territory, and also | to construct. operate and maintain such build ings. structures. machinery. apparatus. may be deemed necessary and convenient for oper- ating said railroad, telegraph and telephone line; to cause such examinations and surveys to be made may be necessary for selecting graph and telephone line. and for that purpose by it's officers and agents to enter upor the lands and waters of the territory.
 ARTICLE TX.
 This corporation shall have the power to ac- quire by purchase or otherwise, real and per sonal property. and shall have the power to mortgage its real and personal property and issue bonds hereunder. and do all things per missible by or under the laws under which this company is incorporated
 ARTICLE K
 The highest amount of indebtedness lia- bility To which the corporation snail at any time subject itself shall not exceed two-thirds of it's capital stock
 ARTICLE NI.
 Private property of the members and stock holders of this corporation shall be exempt from corporate debts
 ARTICLE XII.
 The Directors shall have the power to make bylaws for governing the business and affairs of this corporation
 ARTICLE XIII. The affairs of this corporation shall be con ducted by President. vice-President, Secre- tary. Treasurer and a General Manager. acting in accordance with the respective duties the same shall be more particularly defined in the bylaws of this corporation Said officers shall be elected at the annual meeting of the Board of Directors of this company. to be held on the second Tuesday of January of each year during the existence of this corporation, excepting, that the directors shall have the right. by a majority vote, to elect officers of the who shall conduct its affairs from the time of the completion of its organization until the first annual meeting. hercinabove 1 provided In witness whereof. the subscribers have hereunto set their names. places of residence and the number of shares of stock in said cor poration taken by them severally:
 Name Residence. shares Amount T A. L. Hall New York City -s7O- <s7 Ooo.O0 A. B. Colt New York City 1o--.. 10000 q II. L. Byrne. New York City,. B.. 5000 $ S. F. sauer.. New York City. B. 5000 i chAs. Bles. New York City. 1O--.. 10000