Arizona republican., 1914-06-28

shall be One Hundred and Twenty Five Thousand Dollars (s125,000) di- vided into one hundred and twenty five thousand Q25,000) shares of the par value of One Dollar ($10O) each. Said capital stock shall be paid into this corporation immediately upon subscription therefor, either in cash, service, or by the sale and transfer to it of real, personal or mixed pro- perty, for the uses and purposes of said corporation, in payment for which, shares of the capital stock iof this corporation may be issued, and the capital stock when so is sued shall thereupon and thereby be- come and be fully paid up and non assessable, and in the absence of actual fraud in the transaction or the disposition of the capital stock of the cOrporation, the judgment of the directors as to the value received therefor shall be conclusive, and the time when and the conditions upon which the stock subscribed in this | corporation shall be paid in shall be fixed and determined by the Board of Directors
 FOURTH: The time of the com mencement of this corporation shall be the date of the filing of these articles of incorporation in the of l flee of the Corporation Commission of the State of Arizona and the | termination thereof shall be twenty 1 five years thereafter with the privi- lege of renewing the same for a like /, term.
 FIFTH: The affairs of this cor poration shall be conducted by a Board of Three Directors, and the following named persons. who a-e subscribers to the capital stock of said corporation, shall constitute the first Board of Directors until their successors are duly elected and quail flied: w. B. Twitchel, Wm. E. Sharps, Waldo c. Twitchell. The Board of Directors shall be elected 1 from among the stockholders of this corporation on the third Monday of | January of each year. There shall | be a President, a Vice-President, a i Secretary and a Treasurer of this corporation. The President and Vice President shall be elected by the Board of Directors from among | themselves, but the Secretary and l the Treasurer may be members of the Board and shall be appointed | by the Board The office of Secre l tary and Treasurer may be consoli- dated and filled by one person in the discretion of the Board of Di rectors. The following named per sons shall constitute the officers of
 the corporation until their successors are duly elected and qualified: w. E. Twitchell, President, Wm. F.
 Sharps, Vice President. and Waldo C. Twitchell, Secretary and Treas u-er.
 SIXTH: The highest amount oi l indebtedness or liability direct ol l contingent to which this corporation
 is at any time to subject itself shal
 be Eighty Thousand Dollars (sS0,- 000), which amount does not exceed | two-thirds of the amount of the capital stock.
 SEVENTH: The private property of the stockholders of this corpora
 ton shall be exempt from corporate debts of any kind whatsoever.
 IN WITNESS WHEREOF, we have
 he.eunto set our hands this 18th da, Of June. 1914.
 w. B. TWITCHELL, l WALDO c. MITCHELL STATE OF ARIZONA,
 County of Maricopa, ss
 Before me, Jos. Johnston, a Notar,
 Public in and for said County O
 Maricopa, on this day personally ap
 peared w. B. Twitchell and Waldo C
 Twitchell, known to me to be thu persons whose names are subscribed
 to the foregoing instrument, and ac
 knowledged to me that they exc
 cuted the same for the purposes an'
 consideration therein expressed.
 IN WITNESS WHEREOF, I hav' heceunto set my hand and affixed
 my official seal, at my office, in tn said State and County, the 16 da.
 of June, 1914.
 JOS. JOHNSTON, Notary Public. (My Commission axnireS 2-2S.1q16