Arizona republican., 1904-09-08

of with the territorial auditor of said territory. and the termination thereof shall be twenty-five years thereafter, unless the same shall be renewed pur- suant to the laws of said territory, be- fore the termination of this corpora. ton.
 ARTICLE VII.
 The affairs of this corporation are to be conducted by a board of five di rectors. a president, vice. president, a secretary, a treasurer and such other subordinate officers as the board of di rectors shall from time to time deem necessary. The directors shall be elected annually in the month of June, at a stockholders meeting to be called for that purpose, and shall hold office until their successors are elected and qualified; provided, however, that rhe 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 an1 qualified. The board of directors shall, annually, as soon as selected, elect a president and vice-president from their number and also a secretary and treas urer who need not be members of sail board The president, vice president, secretary and treas shall hold of- flee for one year and until their suc- cessors are elected and qualified. The ofIic $ of secretary and treasurer may be held hy enc and the same person. A banking corporation may be select ed as treasurer of this corporation. All others officers shall be elected and hold office at the pleas sure of the board of officio, the general executive officer officio the general executive officer and manager of this corporation and it's affairs, and the other officers shall have the powers and perform the duties usually assigned to them in corporations of this character. All elections of of 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. to which this corporation is, at any time. to subject itself is the sum of one hun dred and fifty thousand dollars. ARTICLE IX.
 The private property of the stock holders of this corporation shall be 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 busi- ness iH the states Oe California and Nevada, at the City of Los Angeles, in said state of California; and it's board of directors and other executive officers may meet and transact any and all of its 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 majority of it's 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 1 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