Arizona republican., 1906-06-27

also have the power to buy and sell water and the use thereof; also to To- cate or in any other lawful manner ae-
 quire real estate. and sell and dispose of the same in such manner as said corporation may deem advisable. and also may buy, sell and hold any and all other kinds of property, real, personal and mixed including the stock of other corporations. It may also control, own, manage and operate, 1 electric light, power and telephone systems. It shall be authorized to borrow money and contract to repay the same at such times and at such rates of interest as its Board of Di- rectors may deem proper. And it shall have the right to hypothecate, mort gage or pledge all or any part of it's property, which it now owns or may hereafter acquire, to secure the pay ment Of any money or moneys borrow ed or owed by it, IS it's Board of Di- rectors may deem advisable.
 Article " The amount of the cap ital stock of this corporation shall be $50, ,OO00O divided into one thousand five hundred shares C1,50O) of the par value of One hundred QOO) dollars per share; and the times when and the conditions upon which the said capi- tai stock is to be paid in, are as fol- lows:-- On making the subscriptions therefor, the amount subscribed shall be paid in either in cash or in prop erty, and no stock shall be issued until the same shall have been fully paid in either in money or in property, and the same when so issued shall be nom assessable thereafter
 Article V. The highest amount of indebtedness or liability to which this corporation shall at any time subject itself or be subjected is the sum of One hundred thousand 100000 dol lars.
 Article VI The stockholders of this exploration and their private property shall be exempt from the corporate debts of this corporation.
 Article VII The affairs of this cor poration shall be conducted by a Board of Directors consisting of three stock holders. who shall be elected annually by the stockholders on the second Mon day in January of each year. Said directors shall hold their offices for the term of one year from the date of election and until their successors shall be duly elected and qualified, un- less they shall in the meantime cease to be stockholders in the corporation, and any person ceasfng to be a stock holder in this corporation shall cease to be director or officer of the same i The following named persons who are subscribers to the capital stock of this corporation, shall constitute the officers | and directors of this corporation, until ] the second Monday in January. 1907 and until their successors shall have been duly elected or appointed and ! On9lifiR6 ] President and Director; c. F Aims worth, Vice President and Director. and George P. Brown, Secretary, Treas
 urer and Director.
 Vacancies in the Board of Directors shall be filled by the remaining mem ] bers of the Board for the unexpired term for which such persons were
 elected. A majority of the Board of 1 Directors of this corporation shall be a ] quorum, and any meeting of the Board
 at which a quorum is present shall be i deemed a regular meeting and have
 the same authority as full board
 whether notice of the meeting shall
 have been first given to the absent
 members of the Board, or not
 i Article VIII. The officers of this
 corporation shall be a President. Vice President. Secretary and Treasurer
 who shall be elected annually by the i Board of Directors at their first annual meeting in each year; the president and vice president shall be chosen from among their numbers. The Pres i ident shall be the chief executive officer of the corporation, and shall have the general management of all its affairs,
 subject to the approval of the Board of Directors. All certificates of stock, contracts, water rights. deeds and con
 Veyances, shall be signed in the cor porate name by the President, or in his absence by the Vice President and be countersigned by the Secretary, and
 have affixed thereto the corporate seal. The President shall have the power to
 appoint such agents to aid in the man agement of its business and in con- ducting the affairs of the corporation
 as he may deem advisable, and to vest
 in said agents such power as he may
 deem eXpedient.
 Article K The Board of Directors of this corporation shall have power
 to establish bylaws and make all rules
 and regulations deemed expedient for the management of the affairs of this i corporation and the officers thereof
 not inconsistent with the constitution
 and laws of the United States and the
 laws of Arizona.
 | IN WITNESS WHEREOF we have . hereunto set our hands this 25th day of May, 1906.
 c. F. AINSWORTH. ? JAMES R. THORPE