Bisbee daily review., 1914-02-21

 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 whomsoeyer.
 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 a board of not less than three nor more than seven directors. which board shah 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 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. a 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 corporation: Alfred c. LeBaron, presi. dent; T. NJ. Smith. vice-president; J. A. Gumm, secretary and treasurer or manager.
 ARTICLE VI.
 The highest amount of indebtedness or liability, direct or contingent, to 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 or indebtedness be permitted by law, in 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.
 The private property of stockholders is to be exempt from any and all cor. porate debts and stockholders are not to be liable for any such corporate debt to any person in any event whatever
 ARTICLE VIII.
 1 Vacancies in the board of directors shall be filled by vote of the stock holders at any special meeting which may be called for that purpose in the manner provided by bylaws to be adopted for the corporation. Until so filled such vacancy shall not limit the power of a majority of the re- maining directors to transact the bust. ness and conduct the affairs of the corporation.
 ARTICLE TX.
 The board of directors shall have full power, and may by resolution or contract appoint such other general or special agents of the corporation, with such powers and duties as the board may designate and determine: : the act of such person or agent so appointed shall be as effective relat- ing to matters, powers, and duties so designated, as If the same matters, acts or things were done by the di. rectors or officers of the corporation acting under the provisions of these articles or the bylaws.
 ARTICLE x.
 The board of directors may adopt such bylaws as may be necessary to regulate and control the business, stock, meetings and other business of the corporation. The stockholders re- serve the right to repeal or amend the same at any annual or special meet. ing for the purpose of so doing. Any bylaw adopted by stockholders pieet.