Arizona republican., 1914-02-21

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 l the Board of Directors who shall have full discretion and authority to I fix the value of property or SCI vices | in exchange for which such stock may be issued.
 1 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 not less than it's par value before being issued
 Stockholders shall be permitted to vote at all meetings of the corpora ton, either in person or by rroXy. i ARTICLE V. l The time of the commencement of this corporation shall be upon the cate of the filing of these articles in the office of the Corporation Com mission of the State of Arizona, and a certified copy thereof recorded in the office of the County Recorder ot l Maricopa County in said state and it's termination, twenty-five years thereafter. Provided, however, the endurance of such corpora tion may be renewed from time to time for d 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 corpora tion shall be conducted by Board of Di- rectors composed of not less than three 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 cal and qualified, to-Wit: Dwight E. Heard, Barry Nj. Goldwater and Will jam H. Brophv.
 The officers of this corporation
 
 Secretary and Treasurer, who shall be elected by the directors at their first meeting to be held immediately after their election or appointment and shall hold office for one year or until their successors are elected ard qualified. Officers and directors Ceasing to be stockholders shall cease to be officers or directors of this corporation
 The officers and directors of this corporation shall have power to adept, amend and rescind bylaws for this corporation and to make and amend all necessary rules and regu = lations for the proper carrying on of tine affairs of the corporation.
 When authorized thereunto by the affirmative vote of the holders of two-thirds of the issued and out standing stock of this corporation the Board of Directors may sci or dispose of all of the property Of the corporation upon such terms and for such consideration as the Board may , determine or as shall be provided by said vote of the stockholders, pro- , vided. however, the Board of Direc- tors, without authority from the stockholders, may mortgage or en- , cumber the entire, or any part of the f property of the corporation, or may sell or dispose of any part of sucf property upon such terms and fol , such purposes as said Board shal deteI mine.
 ARTICLE VII.
 1 The annual meeting of the stock holders of this corporation shall b, 7 held on the third Tuesday of Janu- ary in each year, at which time tn, Board of Directors shall be elected by the stockholders and such otheI business transacted as may be proper
 to come before the meeting of tn, stockholders.
 ' ARTICLE VIII.
 The highest amount of indebted . ness or liability to which this cor poration shall at any time subjec
 itself shall not exceed Three Hun , dred and Thirty three Thousand Dol lars (s333.OOO.OO).
 ARTICLE TX. The private property of the stock
 holders of this corporation shall b, l exempt from liability for the debt!
 of this corporation.
 IN WITNESS WHEREOF we hay,
 hereunto set our hands this 7th da. | of January, 1914.
 DWIGHT B. HEARD,
 BARRY M. GOLDWATER, . WILLIAM H. BROPHY. " STATE OF ARIZONA, \ County of Maricopa.-ss. | Before me. Geo E. Lilley, Notar, Public in and for the aforesaid County and State, on this day per sonally appeared Dwight B. Heard Brophy, known to me to be the per sons whose names are subscribed t' the foregoing instrument and ack nowledged to me that they eXecutet the same for the purpose and consid l eration therein expressed. Given under my hand and sea of office this 18th day of Jan, A. D y 1914 GEO. E. LILLEY. T (Notarial SeaD Notary Public. (My commission expires Feb. 18th a 1916)
 Filed in the office of the Arizon
 Corporation Commission this 15tl
 day of Jan, A. D. 1914, at S:30 D. m $ at request of Geo. l.. Lilley. who's s postoffce address is Phoenix, Ari
 zona.
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