Arizona republican., 1907-01-12

rectors from time to time shall direct shall be offered for sale Such stock may either be sold for cash or ex- changed for real or personal property conveyed to the corporation for it's uses and purposes. or for services rendered or to be rendered to the corporation. and upon the receipt. in either of the foregoing forms. of the price for said stock agreed upon by and with the Board of Directors. said Board shall ! sell the same and shall issue or cause ! to be issued to purchasers thereof cer- ( tificates signed by the President and Secretary. showing the number of shares of said stock so sold to each purchaser, and the said stock so sold and issued shall thereupon become and be full paid and non-assesSable Seventh: In the absence of actual i fraud valuations placed by the Board of Directors upon services rendered or to be rendered and upon real and per sonal property taken in exchange for stock of the corporation shall be con- elusive and binding upon stockholders and all others dealing with the corpora tion.
 
 corporation shall be forever non-as- sessab!e. and the private property of stockholders shall be exempt from li- liability for debts of the corporation of all kinds whatsoever.
 Ninth: At no time shall the corpo ration be subject to an indebtedness. direct or contingent. exceeding One Half Million Dollars (S5OO. OOO.OO.) which does not exceed two- thirds Of it's capital stock
 Tenth: The corporation shall com mence business on the date of the law ful filing of these Articles of Incorpo- ration, and shall continue for twenty five years thereafter, with the privilege of renewal as provided by law.
 Eleventh: The business of the cor poration shall be managed by board of not less than , nor more than di- rectors, who shall be stockholders. and who. except as hereinafter provided. shall be elected at a meeting of stock holders which shall be held on the frs, Monday of December in each year. and when vacancies occur in said board os directors at other times than the date fixed for the annual meeting of stock holders. the same shall be filled by the remaining members of the said Board
 Twelfth: At all meetings of stock holders of this corporation those not actually present shall be entitled to vote by proxy held by some one actual ly present at said meeting. Such proxy shall be executed in writing by the stockholder himself or by his duly au- thorized attorney and shall specify the number of shares owned by the stock ! holder executing it. No proxy shall be 1 valid that is not dated at the time of | its execution. nor after the expiration ] of eleven months from tse date of it's | execution unless the stockholders ex- ecuting it shall have specified therein ! the length Of time for which it is to l continue in force, which must in no | case exceed five years from the date | of its execution. and every proxy shall | be revocable at the pleasure of the per- | son executing it.
 Each stockholder shall have the | right to vote in person or by proxy the f number of shares of stock standing Tn his name for as many persons as there are directors to be elected. or to cum ulate and give one person a number of r votes equal to the number of directors to be elected multiplied by the number of his shares. or to distribute these votes as he chooses on the same prin- ciple among the number of directors 10