Arizona republican., 1903-03-18
ARTIC LES OF INCORPORATION
 OF THE PENNORE PLACER MINING COM

ARTIC LES OF INCORPORATION
 OF THE
 PENNORE PLACER MINING COM
 PANY
 KNOW ALL MEN BY THESE PRESENTS, That we, whose hands are hereunto affixed, do hereby associate ourselves together fors 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, F. A. Smith, J. c. Chamberlain, and W. D. P Aims Jr., and the name of the corpor alton shall be THE PENNORE PLACER MINING COMPANY. The principal place in which the business of said Corporation within the Territory of Arizona is to be transacted is Phoa- nix. Nfaricopa 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 D- 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 inyen- 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
 
 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 with the laws of the United States and the Territory of Arizona.
 THIRD: The authorized amount of capital stock of this Corporation shall l loJ1, OOo). divided into five million shares of the par value of one dollar per share | (S1.OO) each. At such time as the Board of Directors may by resolution direct. said capial stock shall be paid into this Corporation either in cash or 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 Corporal tion 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 prop ertv purchased shall be conclusive. | FOURTH: The time of the cont 1 the date of the filing of these Articles of Incorporation in the office of the Sec retary of Arizona, and the termination thereof shall be twenty-five years there after.
 FIFTH: The affairs of this Corpora ton shall be conducted by a Board of Five Directors and the following name shall constitute the Board of directors until theM successors are elected: J. A. Mccullough. M. Hall, R. A. Smith, J. c. Chamberlain and w. D. 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 corporation until their successors are elected shall be. J. A. Mccullough, President; M. Hall Vice-President; R. A. Smith, Secretary; J. c. Chamber lain, Treasurer
 SIXTH: The highest amount of in- debtedness or liability, direct or con- tingent, to which this Corporation is at any time subject shall be Three Mil lion dollars (s3OOO, ,OOO) which amount does not exceed two-thirds the amount of the capital stock.
 SEVENTH: The private property of the stockholders of this Corpora tion shall be exempt from corporate debts of any kind whatsoever.
 IN WITNESS WHEREOF, We have hereunto set our hands and seals this twenty fourth day of February, 19O3
 JAMES A. MCCULLOUGH (SeaO
 M. HALL. (SeaD
 R. A. SMITH, (Seal)
 J. C. CHAMBERLAlN (SeaD
 VIM. D. r. AIMS, JR. (SeaI State of Pennsylvania,
 County of Philadelphia, ss. l On this tMeutY-seYenth day of Eah