Bisbee daily review., 1914-02-15

any subscription thereto, until 3ame has been fully paid for. When stock is finally issued and paid fol 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 it
 has fully compiled 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 | successors are elected and qualify The first annual meeting of stock
 holders for such purpose shall be held on the 27th day O. January. 1914, al the hour and place above. No person shall be eligible to office of director
 unless he is at the time of his election i a stockholder of the corporation, nol 1 shall any person continue to act as 6 . director after he ceases to be a stock !. holder therein. The officers of tn, board of directors shall be a presi l dent, a vice-president, secretary anC . treasurer; the same person may fiji ' the office of secretary and treasurer !, may be styled Secretary and Man l. ager." Until their successors ar, t elected the following persons shall ac y as the officers and directors of tn, r corporation: Alfred c. LeBaron, presi l. dent T. M. Smith, president; J r A. Gumm, secretary and treasurer O ,- manager
 n ARTICLE VI.
 Y The highest amount of indebtedness d or liability, direct or contingent, {, y which the corporation is at any tim y to subject itself shall in no event eS IT ceed two-thirds of its capital stock, UT n less a further amount of liability o s indebtedness be permitted by law, fl l, which event. not to exceed the amour B. so permitted. Such indebtedness ma IS be incurred or created by. or unde IS the direction of the board of directors y or by persons acting under the at n- thority of the board of directors. e ARTICLE VII.
 ,r The private property of stockholder Is is to be exempt from any and all eol ,r porate debts and stockholders are nc y to be liable for any such corporal IT debt to any person in any even n. whatever.
 d. 'z3 ARTICLE VIII.
 y, Vacancies in the board of director h shall be filled by vote of the stool n. holders at any special meeting whic d may be called for that purpose in tn m manner provided by bylaws to b i'd adopted for the corporation. Until s le filled, such vacancy shall not linn e. the power of a majority of the T, pr malning directors to transact the bus i'd ness and conduct the affairs of tn n. corporation.
 Id ARTICLE TX.
 le The board of directors shall hay te full power. and may by resolution (
 contract, appoint such other gener;
 or special agents of the corporation u. with such powers and duties as tt to board may designate and determine of the act of such person or agent $ ,h appointed shall be as effective rela la ing to matters, powers and duties { or designated, as if the same matter CT acts or things were done by the q ". rectors or officers of the corporate nt acting under the provisions of thes ed articles or the bylaws
 he ARTICLE x.
 ed The board of directors may adol all such bylaws as may be necessary CT regulate and control the bushes he stock, meetings and other business er the corporation. The stockholders [ 'p- serve the right to repeal or amend Il pr. same at any annual or special mee It's ing for the purpose of so doing. Al on bylaw adopted by stockholders' plee