Bisbee daily review., 1914-02-20


 any subscription thereto, untn 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 loffice 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 of 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 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, vice-president, a secretary and
 
 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 corporation: Alfred C. LeBaron, presi dent; T. M. Smith. vice.president; J . A. Gumm, secretary and treasurer or . manager
 ARTICLE VI. , The highest amount of indebtedness 1 or liability, direct or contingent, tc , which the corporation is at any time , to subject itself shall in no event ex ceed two-thirds of its capital stock, un less further amount of liability oI indebtedness be permitted by law, ir which event, not to exceed the amount so permitted. Such indebtedness may 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. , ARTICLE VII. r The private property of stockholder. , is to be exempt from any and all cor r porate debts and stockholders are no , to be liable for any such corporate r debt to any person in any even
 whatever.
 ARTICLE VIII.
 Vacancies in the board of director, , shall be filled by vote Of the stock
 holders at any special meeting whioi i may be called for that purpose in tn, l manner provided by bylaws to b, I adopted for the corporation. Until SC p filled. such vacancy shall not limi |. the power of a majority of the re r maining directors to transact the busi 1 ness and conduct the affairs of tn, |. corporation.
 I ARTICLE K. p The board of directors shall hay, 3 full power. and may by resolution o
 contract appoint such other genera
 or special agents of the corporation 1. with such powers and duties as tn, D board may designate and determine f the act of such person or agent s, h appointed shall be as effective relat a Ing to matters, powers, and duties S, r designated, as if the same matters r acts or things were done by the di [. rectors or officers of the corporatio, { acting under the provisions of thes, d articles or the bylaws.
 e ARTICLE X. The board of directors may adop II such bylaws as may be necessary {, r regulate and control the business Q stock, meetings and other business n 4 the corporation. The stockholders re ,- serve the right to repeal or amend tn f. same at any annual or special nee, s ing for the purpose of so doing An, n bylaw adopted by stockholders nee,