The border vidette., 1912-10-12

paid to the holders of the common
 stock. The preferred may be convert | ed into common stock at par for par
 and shall be subject to redemption at | par at any time on thirty days previous notice to the holder of record thereof. The preferred stock shall be entitled to
 the same voting power as the common stock. All or any portion of the stock
 may be issued in payment for real or personal property, services or any other
 right or thing Of value. necessary for
 or incidental to the advancement Of the purposes of this corporation. and when SO issued shall be full paid and non-
 assessable. In the absence of actual
 fraud, the judgment of the directorr as
 to the value of any property. right thing, acquired in exchange for capital stock. shall be conclusive.
 ARTICLE w. The time of the com mencement of this corporation shall be the date upon which the Arizcna Cor pOration Commission shall issue to it a Certificate of Incorporation, and it shall endure for the full term of twenty five years thereafter, with the privilege Of perpetual succession as provided by statute
 ARTICLE V. The business affairs of this corporation shall be upder tho management and control Of board of directors consisting of not less than (3) nor more than nine (9) members. each of W hCm shall be stockholder of this corporation Said directors shall be elected annually at the regular meeting of the stock holders of this corporation which shall be held nn the second Tuesday of February iu each year here after. and they shall hold their offices until their successors are elected and qualified. Any vacancy in the board of directors may be filled by the remain ing mem bers of the board. by appoint ment from among the stock holders and such appointment shall be for the un- expired term for which the appoint ment is made. The board of directors shall have the power to adopt by laws and to amend and repeal the same. to define the duties of the officers agents and clerks of this corporation and to ID ake all rules and regulations deemed necessary and proper for the manage ment of the affairs and Of the business of this corporation The following shall constitute the board of directors of this corporation until their success sors are elected: Edward B Warner, J Emory Hoy and Frank W. Carter. The officers Of this corporation shall be a President, Vice. President. Secretary and Treasurer, and such other officers as the board of directors may by re- solution direct The office of Secretary and Treasurer may be held by the same person. A majority of the directors shall constitute a quorum for the tran saction or b"siness at any Of their mest- ings, and said directors may hold their first meeting at any time after the com- of this corporation.
 ARTtCLEW The highest amount of indebted ness or liability to which this COT poration may at any time subject itself Is not more than Six hundred and fifty thousand dollars (S650, 900
 ARTICLE VII. The private property If tue stock holders Of this corporation shall be forever free and exempt from it's corporate debts of every kind what 5Oever.
 ARTICLE VIII. These Articles of fn- may be changed or amend ed at any regular meeting of the stock holders or any special meeting thereof called for that purpose. by ma jority vote of the stock then issued.
 IN WITNESS WHEREOF. we have hereunto set our hands and seals this sixth day of June, A. D 1912
 EDWARD B. WARNER, (SeaD
 J EMORY Hoy. (SeaD
 FRANK w. CARTER, (Sea)