Arizona republican., 1908-05-02

and all classes of business that a na- tural person might or could, in the United States and in any part of the world.
 The corporation may purchase, ac- quire, hold and dispose of, the stock, bonds and other evidences of indebted ness of any corporation, domestic or foreign, and issue in exchange therefor it's stock, bonds or other obligations.
 The foregoing expressed powers here by conferred are in furtherance and not in limitation of the powers created by statute, and the enumeration thereof shall not be held to limit or restrict in any manner the powers of the corpora ton, and the corporation may do ali things necessary to the proper conduct of its business not inconsistent with the laws of the United States and the territory of Arizona.
 THIRD: The authorized amount of capital stock of this corporation shall be five million dollars (S5,000 000) di- vided into five million shares of the par value of one dollar ($100) each. At such time as the Board of Directors may by resolution direct, said capital stock shall be paid into this corpora tion. either in cash or by the sale and transfer to it of real or personal prop erty for the uses and purposes of said corporation, in payment for which shares of the capital stock of said cor poration may be issued, and the capital stock so issued shall thereupon and thereby become and be fully paid up and n-assessable, and in the absence of actual fraud in the transaction the judgment of the directors as to the val ue of the property purchased shall be conclusive.
 FOURTH: The time of the com mencement of this corporation shall be the date of the filing of these Articles of Incorporation in the office of the county recorder, and the termination thereof shall be twenty-five years thereafter. with the privilege of renew al as provided by law.
 FIFTH: The affairs of this corpora tiOn shall be conducted by a board of not less than three nor more than seven directors and the following named shall constitute the Board of Directors until their successors are elected: Henry K. Hess Richard Plechner and William Bromer. Said directors may elect from among the stockholders other directors to serve with them for the same time, until the number of directors shall reach seven. Thereafter the Board of Directors shall be elected from among the stockholders on the first Monday in March of each year begin ming in the year 1909. The officers of said corporation until their successors q lln nA oh hn. I- president; William Bromer, vice presi- dent; Richard Plechner, secretary and treasurer.
 SIXTH: The highest amount of in debtedness or liability, direct or con tingent, to which this corporation is at any time subject shall be two million six hundred and fifty thousand dollars G2,650,000) which amount does not exceed two-thirds the amount of the capital stock.
 SEVENTH: The private property of the stockholders of this corporation shall be exempt from corporate debts of any kind whatsoever.
 IN WITNESS WHEREOF. we have hereunto set our hands and seals this 14th day Of February, 1908.
 HENRY K. HESS, l.. s.
 RICHARD PLECHNER, l.. $.
 WILLIAM BROMER, L. S. State of Pennsylvania
 County of Philadelphia, ss.
 On this 14th day of March, in the year 1908, before me, Thomas Bluett, a notary public in and for the state and county aforesaid, residing therein, duly commissioned and sworn, personally appeared Henry K. Hess, Richard Plechner and William Bromer, known to me to be the persons described in, whose names are subscribed to. and who executed the annexed instrument, and they acknowledgeQ tO me that they