Bisbee daily review., 1909-08-27

sary for or incidental to the advance 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 ssle 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 ton 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 (25) years thereafter. with the privi- lege of perpetual succession as pro; yided by statute. and the corporation may be renewed from time 10 time for further. periods each of twenty five t25) years.
 ARTICLE V.
 The government of the corporation shall be vested in, and its affairs shall be conducted by. board of nine (9) directors, who. other than the first Board hereinafter provided for, shall be 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 severally 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 quail flied.
 The Board of Directors is invested with complete and unrestricted au- ! thority in the management of all the affairs Gf 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 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 fin that year shall be elected to hold office for the term of three years, so that the terr' ~' N-fce of one class of directors shall 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 CLASS.
 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 ol 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 GLASS.
 l The directors of the second class shall be Louis D. Ricketts and James H. Kirk. both of Cananea, Sonora Mexico and G. Ashley Tomlinson, of Duluth, Minnesota, who shall hold office until the annual meeting of the stockholders in August. 1911, as pro vided for by. this Article.
 THIRD GLASS.
 The directors Of .he third class l shall be Thomas F. Cole. Joseph B Cotton and Richard NJ. Atwater, Jr. all of Duluth. Minnesota. who shall hold office until the annual meetins of the stockholders in August, 1912 as provided for by this Article.
 The first annual meeting of the stockholders of the corporation shal be held at its general office in Duluth Minnesota, on Tuesday, the 18th day o August, 1910. at the hour of twelve o'clock noon, or at such other office or place as the Board of Director! may by resolution designate,
 Thereafter, the annual meeting O the stockholders of the corporation shall be held on the third Tuesda, after the first Monday in August II each year, at twelve o'clock noon, a its general office in Duluth, Mime sota, or at such other office or place as the Board of Directors may b, resolution designate.
 The Board of Directors shall holt its first meeting for the year immedi ately after the election of directors at said annual meeting or at any ad journment thereof. At said meeting
 the Board of Directors shall cleo
 from it's own number a Presiden and a First vice-President, and shal also elect Secretary, an Assistan
 Secretary. a Treasurer. an Assistan Treasurer. and an Auditor, who nee'
 not be members of the Board Of Di rectors, all of whom shall const1tut' : the officers of the corporation ant shall hold office for one year ant