Arizona republican., 1914-12-26

slSt ot 1lNe thousand (5O001 share.
 each and shall be known respective
 ly as Series A." Series B. "Seric,
 C." Series D." and Series E."
 The shares of the stock in each ot
 the series denoted by letters as : above shall, as they are severally
 issued become, and thereafter remain
 appurtenant and inseparably attached
 to lands owned by the holders there
 of, and for the irrigation of which
 among other things. this corpora
 tion is organized; and no person
 other than the owner of land cap
 able of irrigation from the works of
 the corporation shall be the owner or 1 holder of any of said stock (eXcept of the seven shares above mentioned and sold for cash) and then of no | greater number of shares than the number of acres of such land he i owns.
 It is the purpose of this corporation 1 to construct it's irrigation works in five several units. each of which shall be capable of efficiently and adequately supplying water to and for the irriga- tion of five thousand (5,000) acres of land GOT less if the number of acres in, any unit be reduced as hereinafter pro- Vided), to be compactly and conven- iently situated for that purpose, and that the several series of stock shall he respectively appurtenant to the lands in a given unit.
 The units of the system may be all constructed and installed contempo- raneously or may be constructed and installed in successive units of five thousand acres capacity each, but the construction and intallation of no unit shall be undertaken until the full num- Der of shares of the series of shares to he appurtenant to the lands therein shall have been subscribed for and oth- erwise disposed Of as hereinafter SC. out.
 The Board of Directors may, if that shall appear to be for the best interest of the corporation, reduce the number of acres to be supplied by any unit of the plant to the number of acres which they may ultimately determine the said unit will adequately supply with wa ter. No greater number of shares of tiit ottA n tl lhdl Stllt Siidli bt lSSllet than the number of acres to be sup piled by such unit
 Before the commencement of the construction and installation of any unit of the works contemplated hereby, the Board of Directors shall define the districts of lands within which the lands to be supplied are situated
 The certificates of the ownership of shares of stock except of the seven qualifying shares first above men tioned) shall indicate on their face the series of which they are a part and shall distinctly specify by proper de- sCription the lands to which the shares for which they are each issued are ap- purtenant
 The shares of the capital stock of this corporation except the seven shares above mentioned to be sold for cash) shall be subscribed for sold paid for and issued in the manner as follows
 To any owner of land situated in any of said districts of land to be supplied by unit of said plant who shall val idly convey in fee simple without en- cumbrance of any kind, onc-half of such lands to this corporation to be ac- ceptable to the Board of Directors, shares if this corporation of the ser ies of shares which. under the provis- ions of these articles would be appur- tenant thereto. equal to the number of acres so conveyed by him to the cor poration shall be issued as fully paid up. The other half of the shares of said stock shall be retained by the company and made appurtenant to the lands so conveyed to it, and shall be is- sued to the purchaser or purchasers from the corporation of such lands as fully paid Up.
 ARTICLE VI.
 Subscriptions to the capital stock of f this corporation shall be in writing, signed and acknowledged by the sub scriber and his wife or her husband as the case may be. if he or she be mar ried, in such form as to pledge the land to which the shares subscribed for are made appurtenant to the payment of all assessments that may be made against the same and subject to all other conditions contained in these Articles and the Bylaws of the corpo- ration.
 The form of such subscription con- tract shall be prescribed by the Board of Directors and may be changed from time to time as it may be thought proper.
 ARTICLE VII
 For the purpose of raising revenue for the improvement enlargement, bet terment or replacement of the works that may have been constructed or in- stalled in any unit of the plant con structed as contemplated by these Art icles of Incorporation, the cost thereof may be assessed in equal proportions against all the shares of the stock is sued in that particular series and vhe amount thereof shall be lien on the