Arizona republican., 1906-06-26

I water and the use thereof; also to To-
 cate or in any other lawful manner ac- quire real estate. and sell and dispose
 of the same in such manner as lsaid corporation may deem advisable and also may buy, sell and hold any and all other kinds of property. real personal and mixed, including the stock of other corporations. It may also control, own, manage and operate
 electric light, power and telephone systems. It shall be authorized to
 borrow money and contract to repay | the same at such times and at such rates of interest as it's Board of Di- 1 rectors may deem proper. And it shall have the right to hypothecate. mort gage or pledge all or any part of it's property. which it now owns or may | hereafter acquire, to secure the pay 1 ment of any money or moneys borrow ed or owed by it, as it's Board of Di- rectOrs may deem advisable.
 Article w. The amount of the cap | ital stock of this corporation shall be S15O,OOO.OO. divided into one thousand five hundred shares G5OO) of the par value of One hundred GOO) dollars per share; and the times when and the conditions upon which the said capi- tai stock is to be paid in. are as fol- lows:-- On making the subscriptions therefor. the amount subscribed shall De paid in. either in cash or in prop erty and no stock shall be issued until the same shall have been fully paid in either in money or in property and the same when so issued shall be non assessable thereafter.
 Article V. The highest amount of indebtedness or liability to which this corporation shall at any time subject itself or be subjected is the sum of One hundred thousand GOO 0OO) dol lars.
 Article VI The stockholders of this corporation and their private property shall be exempt from the corporate debts of this corporation.
 Article VII The affairs of this cor poration shall be conducted by Board of Directors consisting of three stock holders, who shall be elected annuaIlJl by the stockholders on the second Mon- day in January of each year. Said directors shall hold their offices for the term of one year from the date of election and until their successors small be duly elected and qualified. un- less they shall in the meantime cease 10 be stockholders in the corporation and any person ceasing to be a stock holder in this corporation shall ceas4 10 De director or officer of the same. The following named persons who are subscribers to the capital stock of fhis | corporation, shall constitute the officers ana directors of this corporation. untiIl the second Monday in January IeO7 | ana until their successors shall have been duly elected or appointed and | qualified, viz James R. Tbo,ne President and Director: C. F Aims worth, Vice-President and Director. | and George P. Brown, Secretary, Treas urer and Director
 Vacancies in the Board of Directors shall be filled by the remaining mem E oers of the Board for the unexpfred term Tor which such persons were erected majority of the Board of Difectors of this corporation shall be a quorum and any meeting of the Board dt which a quorum is present shall be deemed a regular meeting and have the same authority as a full board whether notice of the meeting shall have been first given to the absent of the Board. or not.
 Article VIII The officers of this corporation shall be a President. Vice Presldent Secretary and Treasurer who snail be elected annually by the 9oard of Directors at their first annual
 ms III edcn year; the president ihd vice. president shall be chosen rom among their numbers. The Pres dent shall be the chief executive officer 'f the corporation, and shall have the general management of all it's affairs. ,upJect to the approval of the Board of Directors. All certificates of stock contracts water rights. deeds and con 'eyances. shall be signed in the cor | 1orate name by the President. or in his ibsence by the Vice President. and be ;ountersigned by the Secretary. and laVe affixed thereto the corporate seal. The President shall have the power to 'ppoint such agents to aid in the man. Sement of its business and in con- iucting the affairs of the corporation IS he may deem advisable. and to vest n said agents such power as he may Ieem expedicnt
 Article K The Board of Directors 1 f this corporation shall have power O establish bylaws and make all rules T nd regulations deemed eXpedient for ne management of the affairs of this a orporation and the officers thereof. 2 lot inconsistent with the constitution nd laws of the United States and the : avs of Arizona. E IN WITNESS WHEREOF we have ereunto set our hands this 25th day f May, 1906.
 C. F. AINSWORTH
 JAMES R. THORPE
 GEO. P. BROWN,