Arizona republican., 1903-03-17
ARTICLES OF INCORPORATION
 OF THE PENNORE PLACER MINING COM
 DANNY

PRESENTS That we, whose hands are hereunto affixed, do hereby associate ourselves together for the purpose of forming a corporation under the laws of the Territory of Arizona, and to that end make the following statement:
 FIRST: The names of the corporators are: James A. Mccullough, M. Hall. R. A. Smith, J. c. Chamberlain, and W. D. P Aims Jr., and the name of the corpcr ation shall be THE PENNORE PLACER MINING COMPANY. The principa place in which the business of said Corporation within the Territory of Arizona is to be transacted is Phoe- nix, Maricopa county, Arizona, and the principal place of business of said Cor poration outside the Territory of Ari- Zona shall be the City of Philadelphia in the State of Pennsylvania. at which meetings of the Board of Directors may be held and the Corporation may have such branch offices either within or without the Territory of Arizona as may be established by the Board of Di- rectorS.
 SECOND: The general nature of the business proposed to be transacted by this Corporation is as follows, to-wit:
 To make contracts; to purchase, lease, bond, locate or otherwise acquire, own, exchange, sell or otherwise dis pose of, pledge, mortgage, hypothecate and deal in real estate and any and all kinds of personal property, mines, min ing claims. oil lands, mineral lands, oil gas, asphaltum, petroleum, asbestos, salt. water and water rights and ma chinery, and to work, mine, explore, op- crate and develop the same; to do a general real estate, manufacturing and mercantile business; to own, handle and control letters patent and inven tions and shares of capital stock of Oth- CT corporatios; to borrow money and execute notes. bonds, mortgages, or deeds of trust to secure the same, and to exercise in respect of all such bonds mortgages, notes, shares of capital stock and other securities and obliga- tions any and all rights, powers and privileges of individual owners there of, including the right to vote upon any shares of stock held by it to the same extent that a natural person might or could do; and in general to do all things necessary to the proper conduct of the business of this Corporation in the Ter ritory and elsewhere. not inconsistent
 
 the Territory of Arizona.
 THIRD: The authorized amount of capital stock of this Corporation shall be Five Million Dollars dollars S5,000, OOO), divided into five million shares of the par value of one dollar per share ($1.O0) each. At such time as the Board of Directors may by resolution direct, said capial stock shall be paid int, nj ait in, by the sale and transfer to it of real or personal property for the uses and purposes of said Corporation. in pay ment for which shares of the capital stock of said Corporation may be is- sued, and the capital stock so issued shall thereupon and thereby become and be fully paid up and non-assess- able. and in the absence Of actual fraud in the transaction the judgment of the Directors as to the value of the pro1- ertv purchased shall be conclusive.
 FOURTH: The time of the cons- mencement of this corporation shall De the date of the filing of these Articles of Incorporation in the office of the Sec retary of Arizona, and the termina tion thereof shall be twenty-five years there after.
 FIT 1- l He GI2lIS Ol tlliS oOIpOio- tion shall be conducted by Board of Five Directors and the following named shall constitute the Board of directors until their successors are elected: J. A Mccullough, M. Hall, R. A Smith, J. c. Chamberlain and w. D. P Aims Jr Thereafter the Board of Directors shall be elected from among the stock holders as the bylaws of the corpora tion may provide The officers of said corpora ton until their successors are elected shall be. J. A. Mccullough, President; M. Hall. President; R. A Smith, Secretary; J. c. Chamber lain, Treasurer
 SIXTH: The highest amount of in- iebtedness or liability. direct or con- tingent, to which this Corporation is at any time subject shall be Three Mill lion dollars Cs3,C00000) which amount does not exceed two-thirds the amount of the capital stock.
 SEVENTH: The private property ot the stockholders of this Corporation shall be exempt from corporate debts of any kind whatsoever.
 IN WITNESS WHEREOF, We have iereunt/set our hands and seals this twenty fourth day of February, 1903. JAMES A. MCCULLOUGH (SeaD M. HALL, (SeaD
 R. A. SMITH, (SeaD
 J. c. CHAMBERLAIN (SeaD
 VIM. D. P. AIMS, JR. (SeaD State of Pennsylvania,
 County of Philadelphia, ss. 1 On this twenty-seventh day of Feb ruary, in the year 1903, before me, Er- nest N Ross. a notary public in and for the state and county aforesaid, re siding therein, duly commissioned and sworn, personally appeared James Mo | Cullough R. A. Smith, J. c. Chamber lain and Wm. D. P. Aims. Jr. known to me to bS the persons described in, whose names are subscribed to, and who executed the annexed instrument and they acknowledged to me that they executed the same for the purposes and consultations therein expressed 1 IN WITNESS WHEREOF. I have he-eunto set my hand and affixed my 1 Official Seal, at my office in the said state and county, the day and year last above written.