Arizona republican., 1907-01-14

or to be rendered to the corporation.
 and upon the receipt. in either of tbe 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 cr
 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 inaccessible.
 Seventh: In the absence Of actual 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.
 Eighth: The capital stock Of the corporation shall be forever nou-as- ] sessable and the private property of stockholders shall be exempt from Ii- ability for debts of the corporation or all kinds whatsoever.
 Ninth: At no time shall the clrpo ration be subject 10 an indebtedness. direct Or contingent. exceeding one Half Million Dollars CS500 0oloOl which does not exceed two-thirds Of its 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 a 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 valid that is not dated at the time Of its execution. nor after the expiration of eleven months from the date of it's execution unless the stockholders ex- ecuting it shall have specified therein the length of time for which 1t is to 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 number of shares of stock standing in his name for as many persons as there are directors to be elected. or 10 cum ulate and give one person a number Of 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 to be elected.
 Thirthteenth: Until the first annual meeting of stockholders. which shall be held on the first Monday of Decem- Der. 1907, the said John H. Hughes. John F. Forward. R. " Dodge, c. H. Clarke. A. F.. Cronenwett. D. H. Hume and John R. Berry shall constitute the said Board of Directors.
 Fourteenth: The officers of this cor pOration shall be a President. Vice President. Secretary and Treasurer. who shall be elected by and from the Board of Directors. and such other of fcers as said Board shall prescribe who shall be appointed by said Board. provided. however, that until the first election of directors at the first annual meeting of stockholders on the first Monday of December. 1907. John H. Hughes shall be President. A. F. CrOn- enwett. Vice President John R. Berry and G. E. Clarke Treasurer of the corporation.
 Fifteenth: The terms of all officers of the corporation, except those appoin- ted by the Board ofDirectors, shall be one year and until their successors are elected and installed. and all officers appointed by the Board of Directors shall hold their offices at the pleasure of said Board.
 Sixteenth: The Board of Directors If this corporation is authorized tO make. adopt and amend bylaws for it's government
 In witness whereof, we have here unto set our hands and seals this 9th lay of November. 1906.
 JOHN R. BERRY (SeaD
 JNO. F. FORWARD (SeaD