Arizona silver belt., 1906-03-15

be purchased by said company, or by rendition of services or performance of labor for said company, or by the sat isfaction and discharge of any obligation or obligations which may be incurred by said company, or in any other law full manner which may be determined upon by the directors of said company. All shares of stock when issued shall be fully paid and the same shall be for ever nOn-assessable.
 FOURTH That the time of commenc- ment of this corporation shall be the time when certified copy of these ar ticles shall be filed in the office of the auditor of the territory ot Arizona, and the termination thereof shall be twen- ty-five years from and after said date
 FIFTH-Section 1.-The officers by whom the affairs of said corporation are to be conducted are and shall be five (5) directors, who shall be annually elected upon the first Tuesday after the first Monday of March of each year, provided, that the date of such annual election may be changed from time to time by bylaw of said company. There shall also be president, vice presi- dent, treasurer and a secretary of said company, and such other officers as may be provided for by bylaw, all of whom shall be elected or appointed in such manner and at such times and for such terms as the bylaws may pre- scribe. The directors shall hold office for one year from the time of their election and until their successors shall have been elected and qualified. Vacan- cies in the board of directors shall be filled by appointment by 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 until his successor shall have been elected and qualified. No per son shall be a director who shall not be, at the time of his election or appoint ment, holder of one or more shares of the capital stock of this corporation.
 Section 2.-All elections of directors shall be by ballot and every stockholder shall have the right to vote, in person or by proxy, the number of shares standing in his name on the books of said corporation, for any and all persons as directors to be elected in such manner as is provided by the bylaws of this corporation.
 Section 8. 3.-The affairs of this corpor- ation are to be conducted by board of directors composed of s. l.. Gibson, Joseph H. Hamill, K. H. Rose, w. w.. Brookner and c. s. Van Wagenen. Said directors hereby appointed shall hold office until the annual election, to be held on the fifth day of March, 1907, and until their successors are elected and qualified.
 Said above named persons hereby appointed directors are not ineligible as such because of not holding any shares of the capital stock of said com pany at the time of their appointment of such directors, but each of said di- rectors so appointed shall become tn: owner of one or more shares of said capital stock within sixty days from the date of these articles of in- corporation or in default thereof shall cease to be a director whenever, after said period of sixty days, his default continuing, the board of directors shall declare his place vacant for such de fault.
 SIXTH. 1.-The highest amount of in- debtedness or liability, direct or contin- gent, Exclusive of its capital stock) to which said company is at any time to subject itself to or be subjected shall not exceed the sum of five hun dred thousand (S500, ,0OW dollars.
 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 com pany is formed, as set forth in these articles of incorporation, and any | amendment or amendments which may be made thereto, and to secure such bonds and other debts and obligations of said company by mortgages, trust deeds or pledges on any or all its prop erty; and it shall have power to secur, sinking fund for the payment of any of it's bonds, debts or obligations.
 EIGHTH. The private property oi | the members of this corporation ant the stockholders thereof, shall be ex empt from liability for the corporate debts.
 In witness whereof, we have hereuntt set our hands this second day of March 1906.
 $. l.. GIBSON.
 JOSEPH H. HAMILL.
 R. H. ROSE.
 w. w. BRooKNER.
 G. s. VAN WAGENEN TERRITORY OF ARIZONA,
 County of Gila.
 Before me, J. M. McColum, a notar, public in and for the county of Gila territory of Arizona, on this End da, of March, 1906, personally appeared s l.. Gibson, Joseph H. Hamill, R. H Rose, w. w. Brookner and G. s. Val Wagenen, to me known to be the per sons described in and whose names ar subscribed to and who executed tn, foregoing articles of incorporation o the Arizona Exploration and Develop ment Company, and they acknowledge, to me that they executed the same fo the uses, purposes and consideration therein expressed.
 In witness whereof, have hereunt, set my hand and seal of office this 2n day of March, 19D6.
 (SeaD J. M. MCCoLLUM, Notary Public in and for the County o
 Gila, Territory of Arizona.
 My commission expires August 2s 1909