Mohave County miner., 1911-07-01

stock when issued shall be forever fully paid and non assessable. Said stock may be issued at such times or times and in such amounts and upon such terms as the Board of Directors may determine, and the same may be exchanged from real or personal prop erty or for benefits accruing to or for services rendered to the corporation, and in the absence of actual fraud the judgment of the Board of Directors as to the value of the property acqulr- ed, benefits accruing or servIces ren- dered, shall be final.
 ARTICLE ".
 The time of the commencement of this corporation shall be the day a certified copy of these Articles of Incorporation are filed in the office of the Auditor of the Territory of Ari- Zona, and the termination thereof twenty-five years thereafter, with privilege of renewal as provided by law.
 ARTICLE V.
 The management and control of the business and affairs of this corpora tion shall be vested in a Board of not less than two nor more than five Directors, who shall be elected at the annual meeting of the stockholders and shall hold office for one year, or until their successors are elected and qualified. The annual meeting of the stockholders shall be held on the third Wednesday in June of each year.
 Until the first annual meeting of the stockholders the following named per sons shall constitute the Board of Directors, towit: V. Ligon, Curtis Ligon.
 The officers of the corporation shall be a President, Vice President, Secre- tary and Treasurer, and last two ham, ed offices may be held by the same person. The officers shall be elected by the Directors from among their own number at the first meeting of the Board of Directors following the an- nual meeting of the stockholders, and which meeting shall be held as soon as practicable after the adjournment of said annual meeting of the stockhold- CTS.
 Until their successors are elected and qualified the following named persons shall constitute the officers of the corporation, tO-wit: President.................. LIGON. Secretary and Treasurer............-...
 CURTIS LIGON.
 ARTICLE VI.
 The Board of Directors shall have the power and authority to adopt such rules, regulations and By Laws for their own government and the govern ment of the affairs of the corporation, as they may deem wise, not inconsis- tent with the laws of the United States and the Territory of Arizona. They shall have full power and authority to receive applications for membership in this corporation, and admit such ap- plicantS as they may deem proper and beneficial to the association. and the admission to membership of such ap- plicants shall in every instance be ac- companied by certificate of member ship.
 The Board of Directors shall be:
 l.SOle judges of the qualifications of men bers or applicants for mem Der ship, and shall prescribe the mode of their election and terms of admission. ?. They shall fix the admission fee for membership and the dues to he paid into the treasury by members 3. They shall have the power of ex- pulsion and suspension of members for misconduct or non-payment of dues,
  4. They shall have the power to contract, secure, pay and limit the amount of indebtedness of the corpora tion.
 ARTICLE VII.
 The highest amount of indebtedness to which this corporation shall at any time subject itself the sum of Two Thousand Five Hundred Dollars.
 ARRICLE VIII.
 The private property of the stock holders of this cor poration shall be and are hereby made forever exempt for the corporate debts of any char acter.
 ARTICLE K.
 The Articles of Incorporation may be amended at any tune by a two thirds vote of the Directors of the at any regular meeting of said Board or at any special meeting called for that purpose.
 In Witness Whereof, we have here unto set our hands and seals this 23rd day of June, 1911.
 V. LIGON. (Seal)
 CURTIS LIGON. (SeaD rTNr,~ |