Arizona republican., 1914-02-22


 and the time when and the condi- tiofls 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 ton 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 services in exchange for which such stock may be issued.
 The capital stock of this corpora ton 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 not less than its par value before being issued.
 Stockholders shall be permitted to vote at all meetings of the corpora ! tion, either in person or by proxy. 1 ARTICLE V.
 The. time of the commencement of this corporation shall be upon the date of the filing of these articles in the office of the 2. Corporation Com | mission of the State of Arizona and certified copy thereof recorded in i the office of the County Recorder of l Dfaricopa County in said state, and Its 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 ling duly called and held for that rehewal. e. irka ARTICLE VI. Ess., The affairs, of this corporation shall be conducted by. Board of Di- Ireetors composed of mot less than Ithree. nor more than five persons who shall be, elected from among the ,stockholders at the annual meeting
 of ?, the stockholders. The following
 shall constitute the Board of Direc- tors until their successors are elect
 el and qualified, to-wit: Dwight E
 Heard. Barry M. Goldwater and Will
 is.m, H. Brophv N
 The officers of this corporatio
 shall be a President. Vice President
 Secretary and Treasurer, who shal
 be elected by the directors at theii first meeting to be held immediatel,
 after their election or appointment
 and shall holds office for one year or until their successors are elected
 and qualified officers and director.
 eeasing to be stockholders shall ceas, to be officers or directors of thi
 corporation.
 The officers and directors of thi 'corporation shall have power {, adopt, amend and rescind by-laws fo this corporation and to make an, afnehd all necessary rules and regu , lations for the proper carrying on o , the affairs of the corporation. L When authorized thereunto by tn
 affirmative vote of the holders 0 x 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 of tn p 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 f yided, however. the Board of Direc 9 tors. without authority from tn stockholders, may mortgage or en 1 cumber the entire. or any part of tn f property of the corporation. or ma f Sell or dispose of any part of sue . property upon such terms and fo such purposes as said Board sha 6etel mine.
 .... ARTICLE VII.
 The annual meeting of the stock holders of this corporation shall b
 held on the third Tuesday of Janu sry 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 : stockholders.
 ,. ARTICLE VIII. = The highest amount of indebted e ness or liability to which this cor poration shall at any time subjet . itself shall not exceed Three Hun g dred and Thirty-three Thousand Dol | lars ts33S.OOO.OO).
 = ARTICLE TX.
 e The private property of the stock = holders of this corporation shall | Il exempt from liability for the debt = of this corporation.
 IN WITNESS WHEREOF we hay
 hereunto set our hands this 7th da t of January. 1914
 $ DWIGHT B. HEARD,
 BARRY M, GOLDWATER, ,. WILLIAM H. BROPHY. ;. STATE OF ARIZONA,
 X County of Maricopa.-ss. Before me. Geo E. Lilley, a Notar Public in and for the aforesai a County and State, on this day. pei