Arizona republican., 1904-09-10

territory, and the termination thereof shall be twenty-five years thereaftef, unless the same shall be renewed pur- suant to the laws of said territory, be- fore the termination of this corpora tion.
 ARTICLE VII.
 The affairs of this corporation are to be conducted by a board of five dl- rectors, president, vice-president' a secretary. a treasurer and such other subordinate officers as the board Of di- rectors shall from time to time deem The directors shall be elected annually, in the month of June, at a stockholders meeting to be called for that purpose, and shall hold ofilce until their successors are elected ana qualified; provided, however, that The five persons named as incorporator5 of this corporation shall be and con- stitute the first board of directors and shall hold office for the first year and until their successors are elected ah1 qualified. The board of directors shall. annually, as soon as selected, elect president and president from their number and also a secretary and ,reas- urer who need not be members of sai1 board. The president, ce-presldent' secretary and treasurer shall hold of- flee for one year and until their sue cessors are elected and qualified. The offic $ of secretary and treasurer may be held ty one and the same person. A banking corporation may be select ed as treasurer of this corporation All oT,. T ev,1 ,nlH office at the pleasure of the board of officio, the general executive ofncer officio the general executive ofhcer and manager of this corporation and it's affairs. and the other officers shall have the nowers and perform the duties usually assigned to them in corporations of this character. All elections of or ficers shall be held, and all vacancies filled, as provided in the bylaws to be hereafter adopted.
 ARTICLE VIII.
 The highest amount of indebtedness or liability direct or contingent, 10 which this corporation is at any time, to subject itself is the sum of one hun dred and fifty thousand dollars.
 ARTICLE TX.
 The private property of the stock holders of this corporation shall pc exempt from all corporate debts and the stockholders are hereby made exempt from all personal liability for any debt of this corporation.
 ARTICLE x.
 This corporation may have an Of flee for the transaction of it's busl- ness in the states of California and Nevada, at the City of Los Angeles, in said state of California; and its board of directors and other executive officers may meet and transact any and all of it's said business at said City of Los Angeles; and all meetings Of the stockholders of this corporation may also, by consent of the holders Of a majority of its stock, be held at said City of Los Angeles.
 ARTICLE XI.
 The shares and interests of stock holders. as such, in this corporation shall be evidenced by certificates Of stock to be signed by it's president and secretary and attested by it's corpor- ate seal. Such shares and interests shall be transferable by the holder thereof by assignment in writing en- dorsed on the backs of the certificates evidencing the same, or by separate assignment in writing; but no transfer of stock shall be valid, except between the parties thereto until the same shall be regularly entered upon the books of this corporation so as to show the names of the person by whom, and to whom. the transfer is made, the num- Der or other designation of the shares and the date of the transfer.
 ARTICLE XII.
 The board of directors of this cor poration shall have power to make and amend bylaws and other rules and regulations for the government of it's officers and business.
 ARTICLE XIII.
 The board of directors of this cor poration shall have power to borrow money and to authorize the execution OF it's notes, bonds and other obligations therefor, and to that end and purpose may mortgage and pledge it's property to secure the payment of any indebt- edness of this corporation, (Not exceed ing, in the aggregate, the sum of one hundred and fifty thousand dollars) in cluding interest, costs and attorneys fees.
 ARTICLE XIV.
 The board of directors may adopt a common seal for this corporation and alter the same at any time.
 ARTICLE XV.
 These articles of incorporation may be amended at any meeting of the stockholders, called for that purpose, by the affirmative vote of a majority of the stock then issued.
 In witness whereof said incorpOra- tors have hereunto set their respective hands. this ninth day of June, A. D. A. D.. 1904.
 EMMA F. CARTER,
 CHAS. NJ. FINCH,