Bisbee daily review., 1909-08-29

sary for or incidental to the advance ment of the purposes of the corpora tlcn. and. when so issued, the same shall be and become fuiIy 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 ".
 The commencement of the corpora tfon 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- iese of perpetual successisn as pro vided by statute, and the corporation
 
 for further periods each of twenty five f.5) years.
 ARTICLE V.
 The government of the corporation shall be vested in, and it's affairs shall be conducted by. a 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 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 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 lty.
 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 term of two years. and the directors of the third class shall be elected Tor term of three years. At each annual election, the successors 10 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 cs Zee Of one class S directors shall expire in each year.
 The first Board of Directors shall with classification as and by these articles provided. consist of the fol owing persons, to-wi7:
 FIRST CLASS.
 The directors of the first class shall be Louis w. Powell, of Warren, Co., 1ise 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 16, 1910, as provided for by this Article.
 SECOND CLASS.
 fne ClTectors Uf the second cldSS shall be Louis D: Ricketts and James H. Kirk. both of Cananea, Sonora. Mexico, and c. Ashley Tomlinson. ,f Duluth. Minnesota, who shall hold office until the annual meeting of tff,. stockholders in August, 1911, as pro rided for by this Article.
 THnRD GLASS.
 The directors of the third class shall be Thomas F Cole, Joseph B. Cotton and Richard M. Atwaser; Jr., ail of Duluth. Minnesota. whu shall lolT office urfsfi the annual meeting ,f the stockholders in August, 1912, IS provided for by this Article.
 The first annual meeting of the of the corporation shall be held at irs general office in Dsluth. Minnesota. on Tuesday. the f6th day of August, 1gr0, at the hour of twelve o'clock noon, or at such other office E place as the Board sf Directors may by resolution designate.
 Thereafter, the annual meeting of ihe stockholders of the corporation shall be held on the third Tuesday after the first Monday in August in each year. al twelve o'clock noon, at its general office in Duluth, Minne- sota, or at such other office or place as the Board of Directors may by resolution designate.
 The Board of Directors shall hold its first meeting for the year immedf- ately after the election of directors at said annual meeting or at any ad- journment thereof At said meeting, the Board of Directors shall elect from it's own number a President and a First yice-President, and shall also elect Secretary, an Assistant Secretary. Treasurer. an Assistant Treasurer, and an Auditor, who need not ke members of the Board of Di- rectors. all of whom shall constitute the officers of the corporation and shall hold office for one year and