White Oaks eagle. (White Oaks, N.M.) 189?-190?, 1903-01-29

eAAA>t ooiAN - -
including the purchase and sale of cattle,
horses, sheep goats, burros, and swine,
and the breeding and rearing of same on
the lands and ranches of the company as
shall be decided upon by the Board of
Directors of the Corporation and also any
and all business incident to or pertaining
to ranchng and live stock business, and
necessary to the conduct of same.
ARTICLE III.
The capital stock of this corporation
shall consist of One Hundred and Fifty
Thourand shares, of the per value of One
Dollar ($1) per share
Fifty thousand shares of the capital stock
of the company shall be issued to the ten
original incorporators, five thousand shares
to each of them, in lieu Of the lands, ranch
es and improvements on same to be by them
conveyed to this corporation by good and
sufficient deeds and leases, transferring to
said company all the right title and interest
of the said original incorporators in and to
the said lands, ranches and Improvements,
the said fifty thousand shares of the said
capital stock of the company, to be duly
transferred to the said original incorpora-
tors, whose names are signed to these ar
ticles of incorporation, on the delivery OF
the said deeds and leases, duly executed
by them to the said company, for the said
lands md ranches, which said lands and
ranches are to be sufficient as regards the
amount of water, and feed ordinarily produc-
ed upon the same to carry, maintain and sup
at all times, as we'll as a sufficient number O
horses to care for said stock. The sale
= lands, ranches and improvements on same
when conveyed, leased and transferred t
said company as herein provided, to b'
accepted by it in full payment for the fifty
, thousand shares of the capital stock of tn
company issued to the said original incCr
porators as herein provided and when ST
issued the same shall be fully paid for an
forever n-assessable, and it shall be con
clusively presumed as against all person
dealing with this corporation, whether tn
creditors, stockholders, or others, that tn
sum herein fixed, as the value of said lands
ranches and improvements, is the fair an
reasonable cash value of the same, and a
persons shall be forever barred and estoI
= ped from setting up or claiming in an
proceedings equitable or legal that th
price herein fixed is not the actual cas-
:, value of the same, and was not at the tim
~ of the conveyance and transfer of the sal
a. lands, ranches and improvements to tn
'e ccrt Grafton, or that the said fifty thousan
~ shares of capital stock issued in lieu
~ same is not fully paid up.
One hundred thousand shares of Il
capital stock of this corporation shall
- set aside as treasury stock, the same,
=, any part thereof, to be sold at such pric
as shall be fixed by the Board of Director
6 and the moneys derived from such sale sha
be used to purchase such live stock as shs
be by the Board of Directors directed to
purchased for the stocking of the lands al
r ranches of this corporation, or in the fl
ds therance of any of the objects and purpos
ne of the company, as may at any time
of directed by its Board of Directors; and
to no time shall any of the funds derived frc
a. the sale of any of the said stock be used
n any other purpose than those designated
be these articles as the objects and purposes
IS the corporation, or such as are incident a
nd necessary thereto, and then only after