Arizona republican., 1902-05-05

Section > The capital stock of this
corporation shall be fully paid in cash
or its equivalent in property. labor or
services when subscribed and no stock
shall be issued until fully paid for.
Section >. Assessments upon the
capital stock of the corporation may be
made by resolution of the stockholders
for the purpose of paying debts or ex-
tending the business Of the corpora
ton; and payments thereon enforced
By sale of the stock under bylaws and
rules TO be adopted by the corporation
or Board Of Directors, provided. how
ever, that the aggregate of all assess
ments shall not exceed fifty (5O per
cent of the par value q tne stock. and
private property of stockholders shall
not be liable for such assessments but
by sale and forfeiture of the stock only.
Article "
Section l. The general nature of the
business TO be transacted by this cor
poration is that of foundry-men and
machinists: the manufacture. purchase
and sale of engines. boilers and ma
chinery and castings Of all kinds. i'll
Guiding the erection and equipment of
mills. manufactures and mining plants
and the buying, holding. owning, leas-
ing. selling and dealing in all kinds Of
property both real and personal, the
making of contracts. acquiring and
transferring property and possessing
the same powers in such respects as
private individuals now enjoy.
Article V.
Section l. The highest amount OF in
debtedness or liability direct or con-
tingent to which this corporation shall
at any time subject itself shall in no
case exceed Ten thousand Dollars
$50, OO0).
Section ,. This corporation may Dor
row money and contract to repay the
same at such times and at such rates
of interest as its Board of Directors
may determine, and may lease, mort
gage, pledge or hyp0thecate all or any
part of its property to secure pay
ment of its debts or loans and on such
terms as its Board of Directors may
determine.
Article VI.
Section l. The stockholders of this
corporation and their private property
shall be forever exempt from all cor
porate debts of this corporation.
Article VII.
Section !. The affairs of this corp0-
ration shall be managed and controlled
by a Board OF Directors composed of
three (3) stockholders hereof who shall
be elected annually by the stockhoid-
ers on the second Monday of January
of each year at the hour of . O'Clock p.
m. at the office OF the company in
Phoenix, Arizona.
Section >. The Directors shall hold
office for one year and until their sue
cessoTs are elected and qualified.
Section s. Directors ceasing to be
stockholders shall cease TO be Directors
or officers of this corporation.
Section 4 Vacancies in the Board of
Directors or officers of this corpora ton
shall be filled for the unexpired term
by the remaining members of the
Board Of Directors.
Article VIII.
Section /. The officers of this corpo-
ration shall be a President Vice Pres
ident, Secretary and Treasurer, who
shall be elected annually by the Board
OF Directors at the first meeting after
the annua! meeting of the stockholders
The Vice President and Secretary.
or Secretary and Treasurer. or
the President and Treasurer may
be one and the same person. The
President shall be the chief executive
officer of the corporation. and shall
have the general management of aII
its affairs, su0ject to the approval of
the Board OF Directors. And until the
annual meeting OF January. 1908, the
following named persons shall be the
Directors of this corporation. viz:
Moses Hughes. William Griffith and
Laverie c. Hughes.
Section >. All certificates of stock,
bonds. deeds and conVeyances shall be
signed in the corporate name by The
President or in mis- absence. by the Vice
President, and be countersiGned by the
Secretary. and have affixed thereto the
corporate seal.
Section 3. The Board of Directors
shall have the power and authority 20
appoint any agent or agents to aid in
the management of its business. and in
conducting the affairs of said corpora
ton that they may deem advisable and
may vest in such agent or agents such
powers as they may deem eNpedient
And said Board Of Directors shall have
power and authority to fix the COM
pensation to be paid to she officers.
agents and employees and Directors of
this corporation.
Article X.
Section 1. Stockholders shall have
the right TO cast one vote for each
share of stock owned. at all stock
holders meetings either in person or
by proxy in writing thereto duly au-
thCriZed.
IN WITNESS WHEREOF we have
hereunto set our hands this 3Oth day