Arizona silver belt., 1906-12-16

of or be entitled to; to borrow money and contract to repay the same at such time or times, with such rate of inteerst as its board of directors deem proper and see fit; to hypothecate, mortgage or pledge any and all or any part of the property, which this corporation may hereafter acquire; to secure pay ment of such money with interest, or to secure payment of any debt of this cor. poration, with such interest thereon as it may legally be obliged to pay.
 TIT.
 The amount of the capital stock of this corporation shall be Two Hundred and Fifty Thousand ($250, 0,0O0.00) Dol lars, divided into Twenty five Thousand Shares of the par value of Ten Dollar each and the time when, and the condi- tions upon which it is to be paid in, in cash or in property, or valuable ser vices necessary for the purposes of the corporation, upon resolution of the Board of Directors, and evidence of title and value satisfactory to said Board of Directors.
 ".
 The capital stock of this corporation shall forever be non -assessable, except ing Ten Thousand Shares thereof which shall be placed in the treasury of said corporation and be sold upon contract and subject to call not exceeding Two Dollars and Fifty Gents per share and upon payment of said call and compli- ance with the terms of said contract said treasury stock shall then become non -assessable.
 V.
 The time of the commencement of this corporation shall be the day of fl ing of these articles for record in the office of the County Recorder of Gila County, in the Territory of Arizona, and the Auditor of the Territory of Arizona, and such existence shall con tinue for a period of twenty-five years from and after the date of said filing.
 VI.
 The affairs of this corporation are to be and they shall be conducted by Board of Directors consisting of three per sons who shall be elected annually on the third Monday in November in each year by the stockholders at P. m. of said day, of which every stockholder shall hereby take notice, and after the first annual meeting in November, 1907, no person shall be eligible to the office of director unless he is a stockholder in the corporation.
 The officers of this corporation shall consist of President, Vice President a Secretary and Treasurer; until such Board of Directors shall have been elect ed, the following named persons, who are subscribers to one share each of the capital stock of this corporation, shall constitute the Board of Directors: l. F. Rotsler, F. L. Toombs and R. F.. Mer ritt. and until such time, the following named persons are hereby named and constituted the officers of this corpora tion:
 l.. F. Rotsler. President;
 R. E. Merritt, Vice President;
 F. l.. Toombs, Secretary and Treas urer.
 Such Board of Directors shall have power to fill all vacancies in such Board or the officers thereof caused by resig nation or otherwise, and until their sue cessors are elected and qualified, sucl Board and such officers are hereby giver the power and authority te do and per form any and all duties usually con neeted with like offices, which powers and duties, while so acting as officers and direc tors of this corporation, shal include the adoption of a corporate sea and the affixing thereof to any stocl certificates or instruments of writing which may be issued or executed b, them under the powers herein conferred as well as the adoption of all necessar! bylaws for the internal conduct ant management of the affairs of this cor poration, provided, that no director per forming any duty as director of thi corporation shall receive any salary O compensation therefor.
 VII.
 The highest amount of indebtedness or liability to which this corporation shall at any time subject itself shall b and is hereby fixed at the sum of On Hundred Thousand Dollars.
 VIII.
 Private property of stockholders il this corporation shall be exempt fror liability for the payment of corporat debts.
 In Witness Whereof, The incorpors tors hereinabove set their hands thi 18th day of November, 1906.
 l.. F. ROTSLER,
 F. l.. TOOMBS,