The Holbrook news., 1909-07-16

That we, the undersigned, have this day associated ourselves together for purpose of forming corporation under the laws of the Territory of Arizona, and for that purpose do adopt, execute and acknowledge the following articles of incorporation,
 FIRST. The name of this corporation shall be ''The Merchants and Stock Growers Bank of Holbrook, Arizona.
 SECOND. The names of the incorpo- rators are G. T. Cline, John R. Hulet, Adolf Schuster, Robert Scott and II. H. Scorse.
 THIRD. The Principal place in which the business of the corporation is to be carried on is at Holbrook, Navajo County, in the Territory of Arizona, but the corporation may have branch offices and places of business at such other places in Arizona ss may be de- termined by the Board of Directors. The general nature of the 7 business proposed to be transacted by the corporation is that of a general banking business. It may buy, sell and deal in exchange of all kind; itmay own. acquire, hold and sell such real estate as the Directors may deem ad- visable in the transaction and carrying on of a general banking business; it may issue notes, bonds and other evi- dence of indebtedness and secure the payment of the same by mortgage or otherwise; it may act as administrator executor, receiver, trustee or in any other fdiciary capacity and do gener- al trust business; it may receive money on deposit, payable on demand or at a definite period, and may if the Board of Directors so determine pay interest on term deposits; it may acquire its own or the capital stock of other cor porations; it may borrow and loan mon ey, buy, sell, discount, pledge, hold and deal in all kinds of negotiable or other .paper, including promisory notes, bills of exchange, mortgages, stocks, bonds city, school, county, Territorial and other warrants; it may buy, sell and deal in gold, silver, bullion and ores; it may loan money on personal security or on collateral, or on real or personal property as may be determined by the Board of directors, and may do any and all things necessary or advisable in the transaction and carrying on of gen. eral banking business, or incidental thereto, as fully and completely as 9 natural person might or could do. FIFTH. The authorized amount of cap ital stock of this corporation shall be Fifty Thousand (S5O, ,O0O.OO Dollars, and shall be divided into five hundred (5OO) shares of the par value of One Hundred (s1OOOO) Dollars each; all of said stock shall be fully subscribed for and Twenty Five Thousand (S25, ,O00.00) ! Dollars thereof shall be actually paid into the corporation before the corpo- soration begins the transaction of busi- ness. The remaining Twenty-Five Thousand (25, ,OOOOO) Dollars of said capital stock shall be paid in at such times as the Board of Directors may call for the same; all said capital stock shall be paid for in cash, or its equiva- lent at not less than its par value.
 SIXTH. The affairs of said corpora ton shall be conducted dy Board of Directors consisting of five persons. Until the first Tuesday after the first Monday in January, 1910, the follow ing named persons shall constitute the Board of Directors of this corporation: G. T. Cline, John R. Hulet, Adolf Schuster, Robert Scott and H. H. Scorse.
 The stockholders of this corporation shall hold an annual meeting on the first Tuesday after the first Monday in January, 1910, and annually there after, and at such annual stockholders S7heetings a Board of Directors shall be >~Slected to hold office for the ensuing year. SEVENTH. The Board of Directors of said corporation shall elect Presi ( dent, Vice-President, a Secretary i and Cashier, and such other officers as may be provided in the bylaws. Such officers shall hold office until the election of the next Board of Directors at the next annual stockholders meet ing and each successive Board of Di- 1 rectors shall elect the foregoing officers. EIGHT. The time of the commence