Bisbee daily review., 1914-02-13


 any subscription thereto, until same has been fully paid for. When stock is finally issued and paid for in man. ner as herein provided, such stock shall thereupon and thereafter be for all purposes fully paid and nonassess- able stock, and it's holder shall not be liable for any debt or claim of the cor poration on account of holding such
 stock, to any person whomsoever ARTICLE ".
 The corporate existence shall com. mence from the time of the execution of these articles of incorporation, and
 shall continue for the full period of
 twenty-five years thereafter, and if not then renewed pursuant to law, shall
 then terminate; the corporation ex- pressly reserving all existing rights
 to such renewal now given by law. ! The actual business of the corporation
 shall not commence. however, until 1t
 has fully complied with the laws rela. ' tive to the business of corporations
 and as to the time of commencement
 of such business by corporations.
 ARTICLE V.
 The business and affairs of the
 corporation shall be managed and con
 ducted by a board of not less than
 three nor more than, directors,
 which board shah be of the number
 elected at the annual meetings of stockholders to be held on the first
 Tuesday of March of each year, at the office of the corporation in Benson, at the hour of 10 o'clock in the fore
 noon of said days. Directors shall hold office for one year and until their l successors are elected and qualify. ! The first annual meeting of stock l holders for such purpose shall be held [ on the 27th day of January, 1914, at the hour and place above. No person 7 shall be eligible to office of director unless he Is at the time of his election I a stockholder of the corporation. nor shall any person continue to act as a . director after he ceases to be a stock - holder therein. The officers of the l, board of directors shall be a presi- l dent vice-president, secretary and , treasurer; the same person may fill ' the office of secretary and treasurer. |. may be styled Secretary and Man l. ager" Until their successors are { elected the following persons shall act 7 as the officers and directors of the r corporation: Alfred C. LeBaron, presi- l. dent; T. M. Smith, yice-presldent; J. T A. Gumm, secretary and treasurer or i- manager.
 n ARTICLE VI.
 hn hftyhaat ot grA or liability direct or contingent, to y which the corporation is al any time y to subject itself shall in no event ex- r ceed two-thirds of it's capital stock, un- n less further amount of liability or S indebtedness be permitted by law, in l, which event, not to exceed the amount 5, so permitted. Such indebtedness may S be incurred or created by. or under $ the direction of the board of directors y or by persons acting under the au- l. thority of the board of directors. e ARTICLE VII
 IT The private property of stockholders s is to be exempt from any and all cor, IT porate debts and stockholders are not y to be liable for any such corporate r debt to any person in any event l. whatever. ], ARTICLE VIII. ', Vacancies in the board of directors h shall be filled by vote of the stock l, holders at any special meeting which d may be called for that purpose in the n manner provided by bylaws to be d adopted for the corporation. Until so e filled, such vacancy shall not limit D. the power of a majority of the re. IT maining directors to transact the busi d ness and conduct the affairs of the l. corporation.
 d ARTICLE TX.
 @ The board of directors shall have e full power. and may by resolution or
 contract, appoint such other general
 or special agents of the corporation !. with such powers and duties as the O board may designate and determine ,f the act of such person or agent so h appointed shall be as effective relat a ing to matters, powers. and duties so ,r designated. as if the same matters IT acts or things were done by the di y- rectors or officers of the corporation It acting under the provisions of these d articles or the bylaws.
 e ARTICLE X.
 d The board of directors may adopt II such bylaws as may be necessary tc sr regulate and control the business Ie stock, meetings and other business ol ,r the corporation. The stockholders re D. serve the right to repeal or amend the r. same at any annual or special meet Is Ing for the purpose of so doing. Any n bylaw adopted by stockholders meet