Graham guardian., 1917-10-12

each. Stock shall be issued when paid
for in cash, services or property, and
shall be issued as fully paid and forever
worcestershire. The judgment of the
board of directors as to the value of
the property taken in exchange for
stock shall be conclusive in the absence
of fraud.
ARTICLE vi
The time of the commencement of
this corporation shall be the date on
which certificate of incorporation is
issued by the Corporation Commission
of Arizona, and it shall terminate
twenty-five (25) years thereafter, un-
less renewed in the manner provided
by law.
ARTICLE VII
The affairs of this corporation shall
be conducted by board consisting of
three (3) members, who shall be stock
holders of this corporation. Said direct
ors shall be elected at the annual meet
ing of the stockholders, and shall serve
for one year, and until their successors
are elected and qualified. The annual
meeting of the corporation shall be
held at such place and hour as may be
prescribed by the Bylaws of the cor
poration, on the first Monday in January
of each year. Special meetings may he
held at such time and place, and in such
manner as may be prescribed by the
Bylaws of corporation. The first
directors shall be elected by the incor-
porators, and the persons so elected
shall serve until the first annual meet
ing of the stockholders of this corpora
ton, and until their successors are duly
elected and qualified.
If at any time vacancy in the
board of directors shall occur. such
vacancy may be filled by the remaining
directors in Office. The person so
elected to fill vacancy shall serve dur
ing the unexpired term of his predeces-
sor. and until his successor is elected
and qualified.
ARTICLE VIII
The officers of this corporation shall
be president, vice-president, secretary
and treasurer. and shall be elected by
the board of directors Immediately after
each annual meeting of The stockholders
of the corporation, and shall hold office
for one year and until their successors
are elected and qualified. The board
of directors first elected shall elect the
officers of the corporation, who shall
serve until their successors are elected
and qualified. The offices of secretary
and treasurer may be held by the same
person. In the event of vacancy in
any office, the board of directors may
fill the vacancy, and the person SO
elected shall serve during the unexpired
term of his predecessor, and until his
successor is elected and qualified.
ARTICLE TX
Bylaws of this corporation shall be
adopted and may be amended or revised
by the board of directors, unless other
wise provided by resolution of the
stockholders.
ARTICLE X
The highest amount of indebtedness
or liability, direct or contingent, to
which this corporation is at any time
to subject itself shall be Ten Thousand
($l0, O00.00) Dollars.
ARTICLE XI
The private property of the stock
holders of this corporation is to be ex-
empt from corporate debts.
ARTICLE XII
At any annual meeting of the stock
holders, or any special meeting of the
stockholders called for that purpose,
upon notice given as required by law,
these articles of incorporation may be
amended in any of the foregoing parti-
culars, by the affirmative vote of
majority of the shares of stock issued
and outstanding.
In WITNESS WHEREOF, we have here
unto set our hands this 9th day of
September, 1917.
JNo. BIRDw ELL, JR.,
c. o. BENNETT,
A. F. KAT. ENsTIEN, JR.