Arizona republican., 1908-08-11

0OO) shares of the par value of one hundred dollars ($100.00) each. | At such times as the board of direc- tors may by resolution direct, the | capital stock of said corporation shall
 be paid into this corporation, either in cash or by the sale and transfer to it | of property for the uses and purposes | of said corporation, and in payment | therefor shares of stock of this cor portation, which shall or may be issued shall, immediately upon the issuance | therof, become and be fully paid up | and forever non -assessable; and in the absence of actual fraud in the trans action; the judgment of the board Of directors as to the value of the prop erty purchased or services rendered to the corporation for shares of the cap ital stock shall be forever conclu- sive; and shares of the capital stock may be issued for services rendered to said corporation either in its creation or for other services, and said capital stock shall stand upon the same footing as if 1t had been paid for in actual cash. Shares of the capital stock of this corporation may be sold by order of the board of directors at par or any other price, whether more or less than par, which said board of directors may, in their discretion di- rect. and when so sold and issued shall be fully paid up and nol- assess able.
 ARTICLE ". The time of the com mencement of this corporation shall be the date of filing these articles of in corporation with the auditor of Ari- zona, and the termination thereof shall be twenty-five (25) years thereafter. but it's charter rights may be renewed before it's charter expires. from time to time, for periods not exceeding twen- ty-five (25) years at a time, perpet- ually.
 ARTICLE V. The affairs of this corporation shall be managed bs a board of directors, composed of not less than two CD persons, and not more than fifteen Q5) as the bylaws of the corporation shall direct: a ma jority of whom present may proceed and act with authority.
 The following named persons shall constitute said board of directors un- til their successors are elected. to-wit: William P. Doyle, Antonio N. Berryesa and Benedict B. Lawler. All subse- quent directors shall be elected from among the stockholders of said corpo- ration. for which election the bylaws of this corporation shall specially pro- vide, and which said election shall be held annually on the fourth Saturday in January, unless otherwise provided by said bylaws. The vote of any stockholder may be cast either In per- son or by written proxy at any stock holders meeting. which written proxy. when once executed. shall continue in force until revoked in writing and such revocation filed with the secretary of this corporation.
 The officers of this corporation, un- til their successors are elected, shall be: William P. Doyle. president; An tonic N. Berryesa, secretary, and Ben edict B. Lawler, treasurer.
 ARTICLE VI. The highest amount of indebtedness or liability, direct or contingent, to which this corporation is at any time to subject itself shall be three hundred thousand dollars (s3OO, ,OOO.OO)
 ARTICLE VII. The stockholders of this corporation and their private property shall be exempt from all cor