Arizona silver belt., 1906-12-23

mencement of this corporation shall be the time when a certified copy of these articles shall be filed in the office of the auditor of the Territory of Ari zona, and the termination thereof shall be twenty-five years from and after said date.
 Fifth. Section |: The officers by whom the affairs of said corporation are to be conducted are and shall b6 Five (5) Directors, who shall be annu ally elected upon the first Tuesday after the first Monday of November each year; provided, that the date of sucl annual election may be changed from time to time by the bylaws of said company.
 There shall also be President, q Vice President, Treasurer and See retary of said company, and such othe, officers as may be provided for by by law, all of whom shall be elected ol appointed in such manner and at sucf times and for such terms as the by laws may prescribe.
 The directors shall hold office for ono year from the time of their election and until their successors shall have beer elected and qualified.
 Vacancies in the Board of Drec tor. shall be filled by appointment, by ths board, or president, as the bylaws may provide. Any person so appointed tt fill vacancy in the Board of Drec tors shall hold office until the next annua election and until his successor shal have been elected and qualified. Nc person shall be director who shal not be at the time of his election oi appointment a holder of one or more shares of the capital stock of this cor poration.
 shall be by ballot and every stOckholdel shall have the right to vote, in person or by proxy, the number of shares standing in his name on the books Oi said corporation, for any and all per sons as directors to be elected in sucl manner as is provided by the by law, of this corporation.
 Section 3. The affairs of this cor poration are to be conducted by | Board of Directors composed of K. B Morris, John Morris, M. l.. Wakeman Eugene Barrows and D. G. Mcdonald who shall hold office until the annua election to be held on the 7th day of November, 1907, and until their success sors are elected and qualified.
 Said above named persons herein ap pointed directors are not ineligible as such because of not holding any share, of the capital stock of said eompan, at the time of their appointment as suel directors, but each of said directors s, appointed shall become the owner of appointed shall become the owner of one or more shares of said capital stock within sixty days from the date of these articles of incorporation, or iI default thereof shall cease to be q director whenever after said period of sixty days, his default continuing, tn, board of directors shall declare hi, place vacant for such default.
 Sixth. The highest amount of indebt edness or liability, direct or contingent (exelusive of its capital stock to whicl said company is at any time to subject itself or be subjected shall not exceed Twenty five Thousand ($25, 100000 Dol lars.
 Seventh. The said company shal have power to issue, sell and hypothe cate its bonds for the furtherance oi any and all purposes for which said company is formed, as set forth in thes, articles of incorporation, and any amendment or amendments which may be made thereto, and to secure sucl bonds and other debts and obligation, of said company by mortgages, trust deeds, or pledges on any or all of it, property; and it shall have power to secure sinking fund for the payment or any of its bonds, debts or obliga tions.
 Eighth. That the private property oi the members of this corporation ana the stockholders thereof, shall be ex empt from liability for the corporal, debts.
 In Witness Whereof, We have here unto set our hands this 26th day oi November, 1906.
 E. BARROWS,
 D. G. MCDONALD,