The copper era and Morenci leader., 1916-09-29

of them, and in payment for which, shares of the capital stock of this corporation may be issued and the stock so issued, and when issued, shall thereupon and thereby become fully paid up and non-asSessable, and in thy absence of actual fraud in the trans action, the judgment of the Board of Directors of this Company as to the value of the services rendered or the property purchased shall be conclu- sive.
 The time of the commencement of this corporation shall be the date of the filing of these articles in the of flee of the Corporation Commission of the State of Arizona, and a certified copy thereof in the office of the Coun- ty Recorder of Greenlee County, Ari- zona, and the termination thereof shall be twenty-five years thereafter, with the privilege of renewal from time to time as provided by law.
 V.
 The affairs of this corporation shall be conducted by a board of seven CD Directors, and the following named persons shall constitute the Board of Directors until their successors are elected and qualified, to wit: Walter Doudna, P. F. Crowley, H. w. Ja- cobs, Dave w. Ling, L. J. Morris, G. A. Hallenschied, and s. G. Lambert.
 Thereafter, the Board of Directors shall be elected from among the stock holders on the second Monday of Jan uary of each and every year.
 The officers of this corporation shall be President and Vice-Presi- nd such offices as the Board of Directors provided that the President, Vice President and Secretary shall be chos- en from among the members of the Board of Directors, and the Treasurer need not be director of the company, and the office of Treasurer may be filled and the duties thereof discharg- ed by any other officer of the company if and when the Board of Directors shall so determine.
 The first officers of this corporation and until their successors are elected and qualified, shall be as follows:
 Dave W. Ling, President.
 Walter Doudna, Vice-President.
 s. G, Lambert, Secretary.
 H. w. Jacobs, Treasurer.
 The Directors of this company, by a majority vote of the entire Board of Directors, shall have the power to sell all or any portion of the property of this Corporation, at any time and at or upon such prices and upon such terms as they shall from time to time determine and deem advisable and for the best interests of the Corporation and without obtaining or securing any previous authority from the stockhold- l@ l oil of property so sold under such author ity shall pass to and vest in the pur- chaser thereof the full title thereto, tion or subsequent ratification thereof by the stockholders of such sale.
 VI.
 The highest amount of indebtedness or liability, direct or contingent, to which this Corporation is or shall at any time become subject, shall be Three Hundred Thousand ($300,000) Dollars, which amount does not ex- ceed two-thirds of the amount of the capital stock of this Company.
 VII.
 The private property of the stock holders of this Corporation shall be exempt from the corporate debts of any and every kind whatsoever.
 In Witness Whereof, we have here unto set our hands and seals this 9th day of August, 1916.
 DAVE w. LING, (SeaD
 PAUL F. CROWLEY, (SeaD
 HARRY JACOBS, (SeaD
 WALTER DOUDNA, (SeaD State of Arizona,
 County of Greenlee, ss.
 Before me, E.. V. Horton, Notary Public in and for the County of Green lee, State of Arizona, on this day per sonally appeared Walter Doudna, P. F. Crowley, and Dave w. Ling, known to me to be the persons whose names are subscribed to the foregoing instrument and acknowledged to me