Arizona republican., 1906-04-23

ritorial auditor and the termination thereot shall be twenty-five years there newed Tor another period Of twenty . five years upon the vote of threefourIIs or the stocknolders gwen at a meeting duly called for that purpose. VI.
 The affairs of thIs corporation shall be conducted by a bOa.d q of direc. ors who shall be elected annually by the stock ! holders; the number of said directors shall be not less than two nor more shall manage the affairs of the com pany for the first year of it's corpor- ate existence, and until the!r successors Shall have been elected and qualified, are k. B. Higbee and C. NJ. Higbee.
 The annual meeting of the stockhold- CTS for the election of directors and the transaction of other corporate business shall be held on the second Tuesday of January in each calendar year, ana may be held beyond the limits of the terri tory of Arizona.
 The directors meetings may be held within or without the territory of Ari- zona, as may be provided by the bylaws, and the right to vote by proxy at the meetings of both stockholders anu the directors is hereby established. The di- rectors have the power to elect, desig- nate and appoint such officers and agents of the company as they may con slider necessary or eXpedient, and to re- move the same at pleasure and to fix the salary of such officers and agents.
 VII.
 The highest amount of indebtedness or liability, direct or contingent to which this. corporation shall at any time be subject or which shall be incurred either directly or indirectly. by this com pany. shall in no event exceed in amount or be equal to two--hi- ds of the said cap ital stock.
 VIII
 The private property of the stockhold- CTS of this corporation shall be and is exempt from all liability for the debts or obligations of this corporation and there shall be no individual liability on the part of the stockholders of said cor poration for cor9orate obligations.
 TX.
 All of the stock of said company shall be non-assessable and all or any part thereof may be issued, full paid in pay mant for labor done, or services render. ed and performed. or in the purchase of and payments for mines, mineral or pla- cer deposits, mining or other property, or rights thereto. or interest therein, or for water, ditch, or reservoir rights. priviliges or Driorities, or Tor mills. mon ufacturtss, buildings, machinery or other property and when deemed by the board of directors to be necessary for the business of the company, end when so issued shall be full paid stock and not liable to any further calls or assess ments.
 The directors of sad company shall have the power to make, alter, amend and repeal such bylaws as they may deem proper for the management of the affairs of the company. not inconsistent with the laws of the territory of Arf- ZOna for the purposes of said company. In witness whereof. We have hereunto
 
 of March. A. D.. 1906
 R B. HTGBEE, CSeaI)
 c. NJ. HIGBEE. (SeaD Signed. sealed and delivered ia the presence of
 K. w SULLIVAN.
 T z. RTCHWORTH.
 State of Minnesota,
 County Of Ramsey-ss.
 On this Sth day of March. A. D.. 19Q6. before me. a rotary public, in and for said county and state aforesaid. residing therein. duly commissioned and sworn. personally appeared R. B. Higbee and C. NJ. Higbee. known to me to be the per sons descrihed in. and whose names are subscribed tO the forego'nE instrument. and they acknowledged before me that they eXec"ted the same for the purposes a nd considerations therein expressed as their free and voluntary act and deed. Tn witness whereof. I have hereunto set my hsud and affixed my official seal at my office in the state and county aforesaid. the day and year last above written.
 CSeal) T. s. RICHWORTH. Notary Public. Ramsey county, Mnn. My commission expires July 2 1910.