Arizona silver belt., 1906-12-16

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 be 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 such annual election may be changed from time to time by the bylaws of said company.
 There shall also be a President, a Vice President, Treasurer and a See. retary of said company, and such other officers as may be provided for by by law, all of whom shall be elected or appointed in such manner and at such times and for such terms as the by. laws may prescribe.
 The directors shall hold office for one year from the time of their election and until their successors shall have been elected and qualified.
 Vacancies in the Board of Directors shall be filled by appointment, by the board, or president, as the bylaws may provide. Any person so appointed to fill vacancy in the Board of Directors shall hold office until the next annual election and until his successor shall have been elected and qualified. No person shall be. a director who shall not be at the time of his election or appointment a holder of one or more shares of the capital stock of this cor. poration.
 Section ?. All election of direc tors 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 per. sons as directors to be elected in such manner as is provided by the bylaws of this corporation.
 Section 3. The affairs of this cor. poration are to be conducted by a Board of Directors composed of K. B. Morris, John Morris, NJ. L. Wakeman, Eugene Barrows and D. G. Mcdonald, who shall hold office until the annual election to be held on the 7th day of November, 1907, and until their success, S0rs are elected and qualified.
 Said above named persons herein ap- pointed directors are not ineligible as such because of not holding any shares of the capital stock of said company at the time of their appointment as such directors, but each of said directors so appointed shall become the owner of A.1 .l, Al A one or more shares of said capital stock within sixty days from the date of these articles of incorporation, 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 default
 Sixth. The highest amount of indebt- sdness or liability, direct or contingent Exclusive of it's capital stock) to which 'aid company is at any time to subject itself or be subjected shall not exceed Twenty-Five Thousand ($25, ,00000) Dol iars.
 Seventh. The said company shall have power to issue, sell and hypothe- .ate its bonds for the furtheranee of any and all purposes for which said company 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 of it's property; and it shall have power to secure a sinking fund for the payment or any of its bonds, debts or obliga- tions.
 Eighth. That the private property of the members of this corporation and the stockholders thereof, shall be ex- empt from liability for the corporate debts.
 In Witness Whereof, We have here. unto set our hands this 26th day of November, 1906.
 E.. BARROWS,
 D. c. MCDONALD.