Bisbee daily review., 1913-12-20

property and to mortgage, lease and hypothecate the same; to make COZ. tracts. acquire and transfer property. possessing the same power in such re- spects as private individuals now en. joy; to enter into bonds, options, leas- es and agreements for the purchase and sale of real ard personal proper ty; 10 own and acquire franchises of every nature and description; to own, buy, sell and deal in mortgages, notes and obligations of every nature and description; to own, buy. sell and deal in bonds, stocks and securities of every nature and description, including it's own; to borrow money, pledge and hy. potheeate its property, or to pledge and hypothecate any part thereof; to issue its own notes of every nature and description; and to engage in and do all acts and things, which may not be inconsistent with law, in any part of the world, as the Board of Di- rectors may deem proper.
 w.
 The amount of capital stock of this corporation is Two Million Five Hun. dred Thousand Dollars (S2,500. 900 GOT divided into Five Hundred Thousand t5O0,o00) shares of the par value of Five Dollars (S5.0O) each. The time when and the conditions upon which the said capital shall be paid in shall be as prescribed and authorized by the Board of Directors of the said corpor- ation, provided that stock of this cor poration may be sold for less than par value at the discretion of the Board of Directors and may be issued in pay ment fer and of property. rights, or services. and the action of the said Board of Directors shall in the absence of actual fraud be conclusive and all shares of capital stock, when issued in exchange for privileges or services, shall thereupon be considered full paid, the same as if cash had been given for them and shall be non-assessable forever.
 V.
 The time of the commencement of this corporation shall be the day these Articles are flied aud approved in ac- cordance with law and the termina. tion thereof shall be twenty-five years thereafter, with the privilege of renewal and the right of perpetual succession as now provided by law.
 VI.
 The affairs Of this corporation shall be conducted by a Board of Directors. consisting of not less than three nor more than fifteen persons, who. ex. cept the first Board of Directors, shall be elected by the stockholders at their annual meeting, which shall be held or the first Saturday in November of each year. The officers of this corpor- ation shall be president, a vice pres ident. a secretary and a treasurer, who shall be elected by the Board of Directors from among their number, after the election of such Directors each year. The offices of secretary and treasurer may be held by one and the same person. No per son shall be eligible as Director un- less bona ide stockholder.
 The said officers and directors shall hold office for one year (unless re- moved for good cause) and until their are elected and qualified. The Board of Directors shall have power to fill vacancies occurring on such Board or amongst the officers of the said corporation and the said Iioard of Directors shall have power 10 adopt Bylaws for the government 1f the said corporation. not inconsist- snt with these Articles and the laws If the State of Arizona.
 The directors of this corporation { who shall hold office until the first annual meeting Of the stockholders md until their successors are elected ] md qualified are Bert Farmer, J. Q. ! Lee s, Goble. F. F. Cos rove. ". R. Tonkin, J. l.. Staley md F. D. Lane and the officers of this | who shall hold office un- il the election of Board of Directors | y the stockholders at their first an- lual meeting and until their success 'ors are duly elected and qualified Ire Bert Farmer. President: F. D. ane, v!ce-President. and Oscar Secretary-Treasurer
 VII.
 The highest amount of indebtedness IT liability to which this corporation nay ct any time subject itself is the un of Five Hundred Thousand Dol ars ts5oG. G.oo0.00).
 VIII
 The private property of the stock olders of this corporation shall be ex- mpt from corporate debts of every ind.
 This corporation hereby appoints.