Mohave County miner., 1911-06-24

and secure the same by note and mortgage; and to do any and all things that may be necessary, incidental and proper in carry ing out the objects and purposes for which this corporation is formed, not inconsistent with the laws of the United States and the Territory of Arizona.
 ARTICLE III.
 The capital stock of thls corpora tiOn shall be the sum of Five Thou sand Dollars, divided into Five Hun dred shares of the par value of Ten Dollars per share, and which said 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 pers Onal 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 acqmr- ed, benefits accruing or servIces rem dered, shall be final.
 ARTICLE ".
 The time of the commencement of this corporation shall be the day certified copy of these Articles of IncorI oration are filed in the Cffice 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 Board of not less than two nor more than five Directors, who shall he 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 stockhold-rs 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 he President, Vice President, Secre- tary and Treasurer, and last two nam- ed offices may be held by the same person. The officers shall be elected hv the Directors from among their own number at the first meeting of the Board of Directors following the au- 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:
 Preside -...-....-N. 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 toI receive applications for membership in this corporation, and admit such aD- 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:
 1.Sole judges of the qualifications of