Arizona republican., 1915-12-12

scribed by the Bylaws or by reso- lutiGn of the Board He shall give bond to the corporation in such sum and with such conditions and surety as the Bylaws shall provide or the Board require and whenever the Board shall so direct he shall give new or additional bond or bonds of like tenor and effect. Every such bond must be approved by the Board by resolution. entered upon the min utes. when it shall be filed with and kept in the custody of the Sec retary He maybe required to per form such other and further duties as the Bylaws shall provide or the Board by resolution require
 The General Counsel shall be the chief legal adviser of the corporation and of the Board of Directors and General Officers thereof lie shall be required to perform such duties and render such legal services as the Bylaws shall provide or the Board by resolution require.
 The General Manager shall he tho chief executive officer of the Board of Directors and shall perform the duties required of him by the Board under the supervision of the General Officers.
 The said corporation may establish system of memberships by which persons, firms or corporations may be allowed to become and be mem bers thereof with rights and privi- leges to be defined by the By-Lavs or resolution of the Board. the same to be printed or engraved upon the certificates of membership and the Bylaws or the Board by resolution shall prescribe and fix the terms
 upon which such members may be admitted to such membership. pro
 vided however that such members shall not be considered or held to he stockholders, nor entitled to any of the rights of stockholders nor to share or have voice in the business. control or management of said cor poration.
 The highest amount of indebted ness or liability, direct or contin- gent, to which the said corporation is at any time to subject itself is the sum of one hundred thousand dollars and said amount must in no case eX- l ceed two thirds of the amount Of
 the capital stock of said Company VII
 The private property of the stock holders of said corporation is to be exempt from corporate debts, nor shall the private property of any | stockholder ever in any Court or place be held liable for the payment of any debt liability or obligation of
 said corporation.
 The said corporation shall have l bylaws for the government thereof which shall be adopted and may he amended altered or repealed by the Board of Directors of said corpora - | tion at any regular meeting or al any special meeting specially called 1 for that purpose and the first afore- said Bylaws for the government of l said corporation shall be adopted by 1 said Board and spread upon it's rec | Ords within thirty days from and af- 1 ter the date of filing these articles ] in the office of said corporation com mission.
 ! At each annual meeting of the 1 stockholders the minority stock holders owning al least one-fifth of | the total capital stock, who have not voted at said meeting for a direc- tor who was elected thereat. shall
 have the right by their separate mi
 nority vote to elect one director as a | member of said Board with all thu | powers and authority of each of the
 others of said Board, and in case he shall die, resign. or his office in any | manner become vacant the said mi
 nority stockholders by petition signed by them, addressed to said Board shall nominate his successor to fiji
 such vacancy and for the unexpiret
 portion of the term of said office the act of a majority of such ml-
 nority shall be considered the act oI the whole minority.