Arizona silver belt., 1905-05-04
ARTICLES OF INCORPORATION
of The Payson Milling Company

Know All Men by These Presents
 That we, the undersigned, have this day voluntarily associated ourselves togeth. CT Tor the purpose of forming corpor. atlon under the now existing laws of the, Territory of Arizona, and to that end adopt the following Articles of In corporation
 FIRsT-That J. w. Boardman, Mart Mcdonald, w. H. Hilligass, Dr. k. R. Wilson, J. W. Wentworth and w. c. Coicord are the names of the incorpor- ators, and the name of the corporation shall be THE PAYSON MILLING COMPANY. That the principal place or business of said corporation shall be at Payson, Gila county, Arizona.
 SECOND That the business proposed to be transacted by this corporation is that of quartz milling and treatment, extracting, concentrating, reducing, smeltlng and refining copper, gold, sil- yer and other ores; to erect and oper- ate smelters, stamp mills, teaching plants, concentrators, reduction works, sawmills and such other machinery as may be required and to do all things as may be necessary and proper to carry out and execute the objects herein men | toned.
 THIRD The capital stock of this cor poration shall be twenty-five thousand | 1925, 000.00 dollars, divided into twenty | five hundred (2500) shares of the par value of ten ($l0.00) dollars each, which may be paid in at once or from time to time and in cash as may be called for by the directors of said corporation, or l by conveyance to said corporation of property which may be purchased by said corporation, or for services or labor performed for said corporation, but in all cases such stock shall be is- sued at par.valqe, only transferable and non-assessable; and the judgment of the board of directors as to the prices paid and the value of the property purchased shall be conclusive.
 FOURTH The time of the commence ment of this corporation shall be the date of the filing of a certified copy of these articles of incorporation in the office of the Territorial auditor, and the time of the termination of said corpor- ation shall be twenty-five years from and after the date of such filing.
 FIFTH-(a That said corporation shall be managed by a board of direc- tors, consisting of five bona fide stock holders therein, who shall be elected by the stockholders of said corporation at the first annual meeting to be held on the second Monday in December, 1905, and annually thereafter. All elections of directors shall be by ballot and every stockholder shall have the right to vote in person or by proxy the number of shares in his name on the books of the company.
 CD Said directors shall have author ity to fill vacancies on the board and to adopt rules aud bylaws as they may deem necessary for the government of said corporation not inconsistent with these articles of incorporation.
 (c) The officers of this corporation shall consist of President, Vice-Presi- dent, Secretary and Treasurer, who shall be elected annually from and by the directors immediately after the election held by the stockholders, and such offie- ials and board of directors shall act as such without compensation. The fol- lowing named persons shall act and con stitute the board of directors of the corporation until the first annual meet ing of the stockholders: J. w. Board man, Mart Mcdonald, W. II. Hilligass, Dr. R. R. Wilson and J. w. Went worth.
 SIXTH-That no indebtedness or liability shall be incurred by this corporation, and that all expenses for machinery, buildings, improve ments, labor, supplies and material purchased or secured otherwise by this corporation shall be paid for from the sale of stock, or profits that may be derived from and through the actual business calling of this corporation.
 SEVENTH These articles of incorpor- ation may be amended only by ma jority of the stock actually issued and outstanding at any annual meeting of the stockholders, or at any special meet tug of said stockholders called for that purpose, after giving fifteen days mo- tice of the same, stating the purpose for which such special meeting is call ed by mailing letter to the last known postofiice address of each stockholder.
 EIGHTH-The private property of the stockholders of this corporation shall be exempt from all corporate debts of any kind.
 1t witness whereof we have here unto set our hands this 3lst day of