Bisbee daily review., 1914-02-18

any subscription thereto, until same has been fully paid for. When stock is finally issued and paid for 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 complied 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 board of not less than
 three nor more than seven directors,
 which board shall 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, at the hour and place above. No person
 shall be eligible to office of director
 unless he is at the time of his election a stockholder of the corporation, nor
 shall any person continue to act as a director after he ceases to be a stock
 holder therein. The officers of the
 board of directors shall be a presi-
 dent. yice-president, a secretary and treasurer; the same person may fill , the office of secretary and treasurer, may be styled Secretary and Man , ager." Until their successors are elected the following persons shall act , as the officers and directors of the r corporation: Alfred c. LeBaron, presi- ? dent; T. M. Smith, vice-president; J. r A. Gumm, secretary and treasurer or manager.
 ARTICLE VI.
 7 The highest amount of indebtedness l or liability. direct or contingent, to 7 which the corporation is at any time Y to subject itself shall in no event ex, r ceed two-thirds of its capital stock, un, a less a further amount of liability or g indebtedness be permitted by law, in
 which event, not to exceed the amount so permitted. Such indebtedness may S be incurred or created by, or under & the direction of the board of directors ' or by persons acting under the au |. thority of the board of directors. e ARTICLE VII.
 F The private property of stockholders s is to be exempt from any and all cor r porate debts and stockholders are no Y to be liable for any such corporate r debt to any person in any even I. whatever
 i. ARTICLE VIII.
 7. Vacancies in the board of director. h shall be filled by vote of tbe stock I. holders at any special meeting whici d may be called for that purpose in tn, n manner provided by bylaws to b, d adopted for the corporation. Until s, e filled, such vacancy shall not limi B. the power of majority of the re IT maining directors to transact the busi d ness and conduct the affairs of tn, h. corporation.
 d ARTICLE TX.
 e The board of directors shall hay, e full power, and may by resolution o
 contract, appoint such other genera
 or special agents of the corporation Il. with such powers and duties as tn, o board may designate and determine ,f the act of such person or agent s h appointed shall be as effective relai Ia ing to matters, powers, and duties S ,r designated as if the same matters er acts or things were done by the d V, rectors or officers of the corporation nt acting under the provisions of thes d articles or the bylaws.
 ,e ARTICLE x.
 d The board of directors may adop III such bylaws as may be necessary { CT regulate and control the business ne stock, meetings and other business C er the corporation. The stockholders r, p- serve the right to repeal or amend tn ,r. same at any annual or special nee ts ing for the purpose of so doing An on bylaw adopted by stockholders pee