The Coconino sun., 1913-09-26

capital stock of thls corporation s h a l l be One Hundred Fifty Thousand Dollars, (Sl50. COG. 00), di- vided intu shares of the par value of One Dollar, (Sl.00), each. Such stock shall be issued under the direction of the Board of Direc- tors and shah be fully paid at the time of delivery. The Board of Directors may direct. authorize and cause the stock of this corpora ton to be issued in exchange for real or personal property, services, or any valuable right or thing for the uses and purposes of this cor poratiOn, and in the absence of actual fraud in the transaction the judgment of the Board of Direc. tors as to the full value of such property, service, right or thing shall be exclusive.
 VI.
 The time of commencement of this corporation shall be the date of the filing of these Articles of Incorporation in the office of the Corporation Commission of the State of Arizona, and a certified copy thereof recorded in the office of the county recorder of Coconino county. Arizona, and a certificate of incorporation delivered to said company by said Corporation Com mission. and the termlnation there of sh a l l be twenty-five years thereafter, with the privilege of renewal as provided by law.
 VII.
 The business affairs of this cor poration shall be conducted by Board of Directors. consisting of three persons, who shall be stock holders in this corporation, and who shall be elected at a meeting of the stock holders held on the first Tuesday in the month of Jan uary of each year. beginning with the year 1914.
 VIII.
 The officers of this corporation shall be a president, a general manager, a secretary and treasurer. The same person may be chosen to fill two or more of said offices.
 TX.
 
 The following named persons have been selected and shall con- stitute the Board of Directors until the first annual election: D. H. Jones, John Marshall and w. W. Durham.
 The officers of said corporation who have been selected and shall serve until their successors are duly elected, are as follows: Presi- dent and General Manager, Geo. E. Triggs; Secretary, w. w. Dur nam; Treasurer, John Marshall.
 XI.
 The Board of Directors shall have the power to fill vacancies in its membership and in the offices of the corporation. The Board of Directors may adopt a common seal and shall adopt bylaws and may amend or repeal the same, and shall have the Iower and au- thority to transact any business within the power of the corpora tion, and to delegate such power and authority as it may deem ex- pedient to any officer or agent of the corporation, revoking the same at will.
 XII. The highest amount of indebted ness or liability, direct or con tingent, to which this corporation shall be subject at any one time shall be Ninety-Nine Thousand Dollars, 1899, ,000.00).
 XIII.
 The private property of the stock holders and officers of thls corporation shall be exempt from all corporate debts of any kind or nature whatsoever.
 In Witness Whereof, We have hereunto set our hands this 18th day of August, A. D., 1913.
 w. w. Durham,
 Geo. E. Triggs,
 D. H. Jones,
 John Marshall. State of Arizona, County of Coconino,
 Before me, w. F Griffin, a mo- tary public, in and for the County of Coconino, State of Arizona, on this day personally appeared John Marshall, D. H. Jones, w. w. Dur ham and Geo. E Triggs, all of