Arizona republican., 1911-09-16

day in March, at such time as the I ard of Directors may determine Until their successors are elected and qualified the following named persons shall be the officers and shall consti- tute the Board of Directors of this corporation:
 | A. l.. Lundgren, President and Di- rector.
 John Busch. First Vice President and Director.
 Sydney Smith, Secretary Treasurer and Director.
 The Directors shall hold their of- fees for the term of one year from the date of their election, and until their successors shall have been duly elected, unless they shall in the mean time cease to be stockholder in this jcorporation. Any person ceasing to be e stockholder in this corporation shall cease to be a director or officer in the same.
 Vacancies in the Board of Directors may be filled by the remaining mem bers. of the Board for the unexpired term for which such persons are elect ed or appointed. ARTICLE VII. The Board of Directors shall in ad- dition to the powers hereinabove granted them, have the following pow CTS:
 l. To appoint such agents to aid in the management of it's business and in conducting the affairs of the cor poraticn as they may deem advisable and determine and fix their compen- sation.
 g. To borrow money on behalf of the corporation and contract to re- pay the same, at such time and at such rate of interest as they may deem proper; and to execute all nec- lessary papers and security incident to the same
 3. To hypothecate. mortgage or pledge all or any part of the cor porate property, which it now owns or may hereafter acquire, to secure the payment of any money or mon eys borrowed or owed by it, or to se- cure the fulfillment of any of its ob. legations.
 f. To sell, assign, convey or other wise dispose of any or all of the prop erty and assets of the corporation. not inconsistent with the laws relative to life insurance corporations. on such terms and conditions as they shall prescribe. whether for cash, property or stock or bonds of other corpora tions.
 5. To make. alter, amend and sub nd ..1I hHr lou regulations. necessary or proper, for the management and control of it's of- ficers, agents. servants and represen- tatives, and for the proper conduct Of its affairs and business.
 6. To authorize and direct any of- f.cer to make, execute and deliver for and in behalf of this corporation. such papers and documents which may re- 'quire execution and delivery on the part of this corporation
 ARTICLE VIII.
 The private property of the stock holders of this corporation shall be exempt from the corporate debts and liabilities of this corporation.
 ARTICLE TX.
 The highest amount of indebtedness or liability to which this corporation may at any time subject itself shall be the sum of Two Hundred Thou sand (20O.OO0) Dollars.
 ARTICLE x.
 The Directors for the first year shall be the following:
 A. l.. Lundgren. Temple. Texas. Sydney Smith, Tempe, Texas.
 John Busch. Hutto. Texas.
 John Ljungren. Hutto. Texas
 s. A. Watts, NJ D., Pendelton. Texas IN WITNESS WHEREOF we have hereunto set our hands and seals on this the 9th day of September, A. D. 1911.
 A. l.. LUNDGREN.
 SYDNEY SMITH.
 JOHN BUSCH.
 JOHN LJUNGREN.
 S A. WATTS. State of Texas,
 County of Bell. ss.
 Temple. Texas. Sept. 6, 1911 Before me. Sydney Smith Notary Public. in and for Bell County, Texas. this day personally appeared A. L. Iundgren, John Busch. John Ljungren and & A. Watts. known to me to be the persons whose names are signed to the above instrument, and ac- knowledged to me that they executed the same for purposes and consider ations therein expressed
 My commission expires June i, 1913 Witness my hand and seal. SYDNEY SMITH,
 Notary Public, Bell Co Territory of Arizona.
 County of Maricopa, ss.
 Before me. Ursula DeMund, a. No tary Public in and for the County and Territory aforesaid, on this day appeared Sydney Smith, known to me to be the person whose name is subscribed to the foregoing and he duly acknowledged to me that he executed the sane for the purpose and consideration therein expressed.
 Given under my hand and officia, seal this 9th day of September. 1911. URSULA DeMUND. Notary Public in and for the County of Maricopa Territory of .Nriz,na. My commission expires May 1o, 1913 Filed in the office of the Recorder of Maricopa County. Arizona. on the