Arizona silver belt., 1906-12-09

actSu Uy L3Ia.EI po-,On, 70 nolQ, sl- tivate, proye uo, use and enjoy the same, srd to a,ienate, sell, lease, de- mise and dispose of the same, or any part thereof, e well as any other prop srty this corporation possesses, be seized of or bs 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 1t; 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.
 III.
 The amount of the capital stock of this corporation shall be Two Hundred and Fifty Thousand (t250, ,000.00) Dol lars, divided into Twenty-Five Thousand Shares of the par value of Ten Dollars 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 Cents 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 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 8 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 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. E. 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, such Board and such officers are hereby given the power and authority to do and per form any and all duties usually con nected with like offices, which powers and duties, while so acting as officers and directors of this corporation, shall include the adoption of a corporate seal and the afixing thereof to any stock certificates or instruments of writing, which may be issued or executed by them under the powers herein conferred, as well as the adoption of all necessary bylaws for the internal conduct and management of the affairs of this cor poration, provided, that no director per forming any duty as director of this corporation shall receive any salary or compensation therefor.
 VII
 The highest amount of indebtedness or liability to which this corporation shall at any time subject itself shall be and is hereby fixed at the sum of One Hundred Thousand Dollars.
 VIII.
 Private property of stockholders in this corporation shall be exempt from liability for the payment of corporate debts.
 In Witness Whereof, The incorpora- tors hereinabove set their hands this 18th day of November, 1906.
 l.. F. ROTSLER,
 F. l.. TOOMBS,
 R. E. MERRITT.