Bisbee daily review., 1909-08-31

sary for or incidental to the advance ment of the purposes of the corpora tion, and, when so issued, the same shall be and become fully paid and non-assessable, the same and with like effect as if paid for in cash at par: and the Board of Directors shall be the sole judge of the value of any property, real or personal, or right or thing acquired and exchanged for capital stock of the corporation. No shares of the capital stock of the corporation shall be issued until full. ly paid for in the manner, upon the conditions and at the price specified by the Board of Directors. and there after the same shall he in all respects fully paid and non-assessable. ARTICLE w.
 The commencement of the corpora l ion shall be the day these Articles of Incorporation are filed in accord ance with law, and the corporation shall endure and continue for the full term and period of twenty-five t25) years thereafter, with the privi- lege of perpetual succession as pro. vided by statute. and the corporation I may be renewed from time to time for further periods each of twenty. , five t2s) years.
 ARTICLE
 The government of the corporation shall be vested in, and It's affairs | shall be conducted by. a board of nine ts) directors, who. other than the first Board hereinafter provided for. shall he chosen by the stock [ holders from their own number at annual meetings, and who shall be classified in respect to the time for which they shall severafly hold office by dividing them into three classes. each class consisting of one-third of the whole number of the Board of Directors, and all directors of the corporation shall hold office until their successors are elected and qual- flied.
 The Board of Directors is invested with complete and unrestricted au. thority in the management of all the affairs of the corporation. and is au- thorized to exercise for such pur- pose, as the general agent of the cor poration, its entire corporate author ity.
 As to the first Board hereinafter provided for, the directors of the first class shall be elected for a term of one year; the directors of the second class shall be elected for a term of two years, and the directors of the third class shall be elected for term of three years. At each annual election. the successors to the directors of the class whose terms shall expire in that year shall be elected to hold office for the term of three years, so that the term of 'H'ce oS one class of directors shah expire in each year.
 The first Board of Directors shall. with classification as and by these articles provided. consist of the fol lowing persons, to-wit:
 FIRST GLASS.
 The directors of the first class shall be Louis w. Powell, of Warren, Co., hise County, Arizona, and Edward J. Nancy and Stephen H. Jones, both of Duluth. Minnesota. who shall hold office until the first annual meeting of the stockholders on August Is, 1910, as provided for by this Article.
 SECOND CLASS.
 The directors of the second class shall be Louis D. Ricketts and James H. Kirk, both of Cananea. Sonora Mexico. and G. Ashley JTomlinson. of Duluth. Minnesota, who shall hold office until the annual meeting of the stockholders in August, 1911, as pro yided for by this Article.
 THIRD CLASS.
 The directors of the third class shall be Thomas F. Cole. Joseph B. Cotton and Richard NJ. Atwater Jr. all of Duluth, Minnesota. who shall hold office until the annual meeting of the stockholders in August, 1912, as provided for by this Article.
 The first annual meeting of the stockholders of the corporation shall be held al its general office in Duluth, Minnesota. on Tuesday, the 1eth day of August, 1910, at the hour of twelve o'clock noon, or at such other office or place as the Board of Directors may by resolution designate.
 Thereafter, the annual meeting of the stockholders of the corporation shall be held on the third Tuesday after the first Monday in August in each year, at twelve o'clock noon, at its general office in Duluth, Minne- sota, or at such other office or place resolution designate.
 The Board of Directors shall hold its first meeting for the year immedi- ately after the election Of directors at said annual meeting or al any ad- journment thereof. At said meeting. the Board of Directors shall elect from its own number President and a First Vice President, and shall also elect a Secretary, an Assistant Secretary, a Treasurer. an Assistant Treasurer, and an Auditor, who need rectors, all of whom shall constitute the officers of the corporation and shall hold office for one year and