Arizona republican., 1914-02-20

and the time when and the condi- tions under which said capital stock shall be issued and paid for is in installments as called by the Board of Directors, or immediately upon making subscription therefor.
 The capital stock of this corpora tion may be issued in exchange for cash, services or property upon such conditions as may be determined by the Board of Directors who shall have full discretion and authority to fix the value of property or sel vices in exchange for which such stock may be issued.
 The capital stock of this corpora tion and each and every share there of shall be. and is hereby made for ever non -assessable and shall be paid for in full at net less than it's par value before being issued.
 Stockholders shall be permitted to vote at all meetings of the corpora tion, either in person or by proxy.
 ARTICLE V.
 The time of the commencement of this corporation shall be upon the Gate of the filing of these articles in the office of the Corporation Com mission of the State of Arizona, and certified copy thereof recorded in the office of the County Recorder of Maricopa County in said state, and it's termination. twenty-five years thereafter. Provided, however, the endurance of such corporation may be renewed from time to time for a period not exceeding twenty five years, when three-fourths of the votes cast at any stockholders meet | ing duly called and held for that purpose shall be in favor of such renewal
 ARTICLE VI. | The affairs of this corporation shall be conducted by Board of Di- rectors composed of not less thar three nor more than five persons who shall be elected from among tho stockholders at the annual meeting of the stockholders. The following shall constitute the Board of Direc- tors until their successors are elect e1l and qualified, to-Wit: Dwight B Heard, Barry M. Goldwater and Will jam H BrOphv.
 The officers of this corpora tior l shall be a President, Vice President Secretary and Treasurer, who shal be elected by the directors at theil first meeting to be held immediatel, after their election or appointmen and shall hold office for one yea | and qualified. Officers and director! ceasing to be stockholders shall cease to be officers or directors of thi corporation.
 The officers and directors of thi
 corporation shall have power t, adopt, amend and rescind bylaws fo this corporation and to make an'
 lations for the proper carrying on 0
 the affairs of the corporation. When authorized thereunto by tn
 affirmative vote of the holders 0
 two-thirds of the issued and out , standing stock of this corporation the Board of Directors may sci O
 dispose of all of the property or tn corporation upon such terms and fo such consideration as the Board ma : determine or as shall be provide by said vote of the stockholders pro : vided, however, the Board of Direc : tors, without authority from tn !. stockholders, may mortgage or en cumber the entire. or any part of tn property of the corporation, or ma sell or dispose of any part of sue
 property upon such terms and fO
 such purposes as said Board sha determine
 ARTICLE VII
 The annual meeting of the stock
 holders of this corporation shall b
 held on the third Tuesday of Janu ary in each year, at which time tn
 Board of Directors shall be electe
 by the stockholders and such othe
 business transacted as may be prope
 to come before the meeting of tn 7 stockholders. ARTICLE VIII. The highest amount of indebted ness or liability to which this col poration shall at any time subjet itself shall not exceed Three Hun dred and Thirty-three Thousand Do lars (s333.OOOOO)
 ARTICLE TX. The private property of the stock holders of this corporation shall | exempt from liability for the deb of this corporation.
 IN WITNESS WHEREOF we ha,
 hereunto set our hands this 7th da | of January. 1914.
 5 DWIGHT B. HEARD,
 BARRY M. GOLDWATER. WILLIAM H.. BROPHY. j. STATE OF ARIZONA,
 County of Maricopa-ss. a Before me. Geo. E. Lilley, a Notal Public in and for the aforesa County and State, on this day. pe sonally appeared Dwight B. Hear Barry M. Goldwater and William Brophy, known to me to be the pc 5 sons whose names are subscribed the foregoing instrument, and acl c nowledged to me that they execute the same for the purpose and consi' I eration therein expressed. t Given under my hand and SC of office this 18th day of Jan. A. y 1914. GEO. E. LILLEY, r (Notarial SeaD Notary Public. @ (My commission expires Feb. 1St q 1916)
 II Filed in tho Office of tho AriZOl