Arizona republican., 1910-05-08

any line of business or do any act ol thing which may be hereafter decided upon by it's Board of Directors: and this corporation shall be entitled to al the rights and powers which now arc or may be hereafter bestowed upon corporations by law.
 Article V. Capital Stock Section 1. The authorized capital stock of this corporation shall be Five Million Dollars ts5.O00.00O), divided into shares of the par value of One Hundred Dollars G1OO) each. Sec. ?. One Million Dollars 31,00o,- 0O0) of stock shall be common and Four Million Dollars (s4.0OO.00O) shall be preferred.
 Sec. 8. Six per cent (60s) cumulative dividends shall be paid annually on preferred stock out of the surplus or profits of the corporation before any dividends shall be declared upon the common stock.
 Preferred stock shall be non-voting and may be retired by the Board of Directors after one year by giving 30 days notice, and by paying par value RiuS &ICTu 01Ni NiuCfltS
 Sec. 1. Common stock shall not be sold or disposed of until the stockhold- CT desiring to sell shall have first of- fered the same to. the remaining hold Fers of common stock,~as shown by the books of the corporation. And for 30 days said stockholders. shall have an option to buy said stock in proportion to the amount already held by them.
 Sec E. Stock shall be issued and paid for as decided upon by the Board of Directors, and it may be paid for in money. labor, property or any other thing of value and the entire amount of the authorized capital stock need not be issued at the commencement of business.
 Sec 6. Stock shall be transferable on the books of the corporation as pro- Sfded by the Board of Directors.
 Article VT.
 Management '- Section l. The affairs of this cor poration shall be managed by a Board of Directors composed of not less than three nor more than eleven persons. the exact number to be fixed in the By Laws.
 Sec. 2 The Board Of Directors shall be elected annually at the regular an hual stockholders meeting. and shall hold office for one year and until their successors are elected and qualify. Un- til the first election the following shall compose the Board of Directors: F.. L.. James. Geo l.. Dobson, Ben J. Ness, o. s. Northrop, Daniel O'Donald. C. E. Cassill and H. C. Armstrong.
 Article VII
 Officers.
 :. The Board of Directors shall elect a president, vice. pres dent. secretary. treasurer and general manager. One person may hold one or more office. Until the first election the following shall serve as officers: President, E. l.. James: Vice. President. Dan. O'Don- ald: Secretary. c. E. Cassill: Treas urer. Geo. L. Dobson: General Man ager, C. s. Northrop.
 Article VIII.
 Meetings.
 Section 1. The regular annual meet ing of the stockholders of the corpora tion shall be held on the second We'd ncsday of January in each year at Des Moanes. Iowa, for the purpose of elect inS Board of Directors for the en- suing year. and for the transaction of such other business as may regularly come before such meeting. The first annual meeting shall be held in Des MQincs, Iowa, in January, 1911.
 Sec. 2. Special meetings of stock holders shall be called by the secretary at the request of a majority of the Board of Directors, or upon the writ ten petition of holders; of a majority of the common stock outstanding, but at least ten days notice in writing of such meeting shall be given by the Secretary to every holder of common stock, as shown by the books of the corporation, stating the time, place and object of such meeting. Said notice shall be mailed to the last known resi- dence of each stockholder.
 Sec. 3. At all stockholders meetings each holder Of common stock shall be entitled to cast one vote for each share of stock held by hlm. Voting may be done by proxy when properly evidenced In writing.
 s- Article TX.
 ' Indebtedness.
 
 The highest amount of indebtedness to which this corporation shah at any time subject itself is swo-thirds of the s0nOunt of its capital stock.
 Article x.
 Private Property Exempt.
 Tho private property of members of this corporation shall be exempt from corporate debts.
 Article x1.
 Miscellaneous.
 The Board of Directors shall have power to make and establish Bylaws for the regulation and management of the corporation's affairs: the corpora tion shall have the right of perpetual succession. may sue and be sued in it's corporate name. and may have a seal which H may alter at pleasure.
 Article XII. :, w. Dissolution.
 This corporation may be- dissolved