Arizona silver belt., 1905-05-18
ARTICLES OF INCORPORATION
OF The Payson Milling Company

OF The Payson Milling Company
Know All Men by These Presents {;
That we, the undersigned, have this day
voluntarily associated ourselves togeth-
ar for the purpose of forming corpor-
alton under the now existing laws of
Inc Territory of Arizona, and to that
end adopt the following Articles of In
corporation:
FIRsT-That j. w. Boardman, Mart
Mcdonald w. II. Hilligass, DIR. X. X.
Wilson, J. w. Wentworth and w. c.
Colcord are the names of the insorpor
ators. and the name of the corporation
Shall be THE PAYS0N MILLING
COMPANY. That the principal place
of business of said corporation shall be
at Payson, ella county, Arizona.
SECOND That the business proposed
to be transacted by this corporation is
that of quartz milling and treatment,
extracting, concentrating, reducing,
smelling and refining copper, gold, sill
yer and other ores TO erect and oper-
ate Smelters, stamp mills, teaching
plants, concentratOrs, reduction works,
sawmlls 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
tS2j, coo. 00) dollars, divided into twenty
five hundred (2500) shares of the par
value of ten $1,000 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
bv 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.value, only transferable and
worcestershire, 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 l
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- /
alton 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 iide stock .
holders therein, who shall be elected by I
the stockholders of said corporation at .
the first annual meeting to be held on
the second Monday in December. 1905, 4
and annually thereafter. All elections
Of directors shall be by ballot and every
stakeholder shall have the right to vote
in person or by proxy the number of
shares IN his name on the books of the
company.
lbD 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.
lcl The officers of this corporation
shall consist of a President, Vice-Presi-
dent Secretary and a Treasurer, who
shall be elected annually from and by the
directors Immediately after the election
held by the stockholders, and such offic-
iaIs and board of directors shall act as
such without compensation. The fol-
lowing named persons shall act and con-
sututc the board of directors Of the
corporation until the first annual meet
ING Of the stockholders: ]. w. Board
man, Mart Mcdonald, w. H. Hilligass,
DIR. K. r. Wilson and j. w. Went
worth.
SNTH-That no indebtedness or
liability shall be incurred by this
corporation, and that all expenses
for machinery, buildings, improve
menls, 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-
alton may be amended only by a ma
JOnty OF the stock actually issued and
outstanding at any annual meeting of
the stockholders, or at any special meet
rug OF said stockholders called for that
purpose, after giving fifteen days no
nee OF the same, stating the purpose
Tor which such special meeting is call
cd by mailing letter TO the last known
postoiiice address of each stakeholder.
EIGHTH The private property of the
stockholders Of this corporation shall 1
be exempt from all corporate debts of
any kind.
1t witness whereof we have here
unto set our hands this 3lst day of
March, 1906
J. w. BoARDMAN,
MART MCDONALD,
w. II. HILLIGAss,
j. w. WENTWORTH,