Arizona silver belt., 1906-08-30

not inconsistent with the laws of the Territory of Arizona and the United States.
 Article III. The authorized amount of capital stock of this corporation shall be One Million Dollars ($l. GOO, 900. OO) divided into Four Hun dred Thousand Shares of the par value of Two Dollars and Fifty Gents ($2. 5O) each. At sJch time as the board of directors may by resolution direct, the capital stock shall be paid into this corporation either in cash or by sale and transfer to it of real and personal property for the uses and purposes of this corporation, in payment for which shares of the capital stock of this cor poration may be issued; and the capital stock so issued shall thereupon and hereby become and be fully paid up and non -assessable, and in the absence of actual fraud in the transaction the judgment of the board of directors as to the value of the property purchased shall be conclusive.
 Article IV.-The time of the com mencement of this corporation shall be the date of the filing of certified copy of these Articles of Incorporation in the office of the Auditor of Arizona Territory and the termination thereof shall be twenty-five (25) years there after.
 Article V.-The affairs of this cor poration shall be conducted by board of three directors elected annually by and from among the stockholders of this corporation. Vacancies in the board of directors shall be filled by appointment by any two of the board. Any person so appointed to fill a vacancy in the board of directors shall | hold office until the next annual cleo tiOn and successors are qualified. The 1 first annual meeting of the stockhold- ors for this purpose and for the tran saction of such other business as may properly come before them shall be held on the first Friday of August A. D. 1906, and annually thereafter on the same day. The officers of this cor pOration shall consist of a president, vice-president, and a secretary and treasurer. Until such board of direc- tors shall have been elected the follow. ing named persons, who are each sub scribers to one share of the capital stock of the corporation, shall consti- ute the board of directors: J. s. Towle, James Whelan, and H. H. Bru, who shall organize and elect the officers of the corporation. The board and such officers are hereby given the power and authority to do and perform any and all duties usually appertaining to like offices, which powers and duties while so acting as such officers and directors of this corporation shall in clude the adoption of corporate seal and the afiixing thereof to any stock certificates or other instruments of writing necessary or proper, as well as the adoption of the necessary bylaws | for the proper conduct of the affairs of this corporation.
 Article VI.-The highest amount of | indebtedness or liability, direct or con tingent, to which this corporation shall at any time subject itself, shall be and is hereby fixed at the sum of Five Hundred ThousandDollars ($500, 900. 0W, which amount does not exceed two | thirds of the amount of the authorized capital stock of this corporation.
 Article VII.-The private property of the stockholders of this corporation snal be exempt from liability for the payment of corporate debts.
 In witness whereof we have hereunto
 set our hands this 30th day of July, A. D. 1906.
 J. $. TowLE. JAMES WHELAN.
 II. H. BRU. TERRITORY OF ARIZONA, ss COUNTY OF CHA.
 Before me, Richard Fleming, No taiy Public in and for the County of Gila, Territory of Arizona, on this day personally appeared J. s. Towle, James Whelan, and H. H. Bru, known to me to be the persons whose names are sub. scribed to the foregoing instrument, and acknowledged to me that they executed the same for the purpose and consideration therein expressed.
 Given under my hand and seal of
 office this 30th day of July, A. D.
 1906.
 RICHARD FLEMING,
 Notary Public. My commission expires March 5, 1910.
 [Seal
 TERRITORY OF ARIZONA, ss
 .at. \