Arizona republican., 1909-03-01

shares of the capital stock of said corporation may be issued: and the capital stock so issued shall there upon and thereby become and be fully paid up and forever non-asses- sable; and in the absence of actual fraud in the transaction, the judg- ment of the Directors as to the value .of the property purchased shall be conclusive.
 ARTICLE V.
 The time of the commencement of this corporation shall be the date of the filing of a certified copy of these Articles of IncorpOra tion in the office of the Auditor of the Ter ritory of Arizona; and the termina- tion of said corporation shall be twenty-five years thereafter, with the privilege of renewal as provided by law.
 ARTICLE VI
 The affairs of the corporation shall be conducted by a Board of Directors consisting of not less than three and not more than nine persons, and the following named persons shall con- stitute the Board of Directors. to act until the annual meeting of the stockholders to be held in April, 1909, to-wit: Raymond J. Seeburger, Man ton NJ. Ferguson, Fred H. Reed, J. L. Paul, George w. Hartley, Edward A Young and D. Macdonald.
 The Directors shall be elected at the annual meeting of the stockhold- CTS and hold office for one year, and they are empowered to make such bylaws as they may deem nec- essary for the management of the corporation, to fill vacancies occur ring on the Board, and to elect the officers of the corporation, and to appoint an executive committee with such powers as they may confer. And a majority of the members of the Board shall constitute a majority for the transaction of business.
 ARTICLE VII.
 The officers of this cC ooration shall be President, Vice-President Secretary and Treasurer, and the following persons shall be the officers of this corporation and hold office until the annual meeting of the stockholders, to-wit: Raymond J. SeeburGer, President; Edward A. Young. Vice President; Manton II. Ferguson, Secretary and Treasurer.
 ARTICLE VIII.
 The annual meeting of the stock holders of this corporation shall be held on the third Monday in the month of April of each year. and at all stockholders meetings vdtes may be cast in person or by proxy.
 ARTICLE N
 The highest amount of indebtedness or liability, direct or contingent, to which this corporation is at any time subject, shall not exceed Fifty Thousand Dollars, whicn amount dces not exceed two-thirds of the amount of the capital stock
 ARTICLE <
 The private property of the stock holders Of this corporation shall be and is hereby made forever exempt from all liability fo- the debts and of this corporation.
 IN WITNESS WHEREOF, we have hereunto set our hands and seals this 23 day of January, 1909.
 MANTON NJ. FERGUSON, (SeaD GEORGE W. HARTLEY, (Seal) STATE OF IOWA, County of Polk-ss. Before me, Geo. Harnagee, a No -ary Public in and for the County and State aforesaid, personally a2- peared Manton Nj. Ferguson and George w. Hartley, being to me known to be the same persons who signed the foregoing instrument, and to me that they eXecut- ed the same for the uses and pur- poses therein mentioned.
 Given under my hand and seal of office this 23d day of January, 1909.
 GEO. HARNAGEE, (Notarial SeaD Notary Public. My commission expires July 4. | qO9