The Coconino sun., 1918-09-27
,wn stock, bonds and other obliga-

own stock, bonds ana otner oDnga- tions.
 (g) To conduct its business having one or more offices in any part of the world, but always subject to the local laws, and to make and perform con- tracts of any kind and description, and, in order to carry on it's business or for the purpose of obtaining or furthering any of its objects, to do any and all things which natural per sons can or may lawfully do, and to do any and all of the foregoing things in any part of the world, subject, how ever, to local laws either through iti officers or any of them or any other agent or agents.
 ARTICLE III.
 The amount of the capital stock au- thorized is One Million ($1 ,O00, 100000 Dollars, divided into one hundred thousand 100000 shares of the par value of Ten ($1O.00) Dollars each, all of which shall be common stock. Said capital stock may be paid in, and the certificates therefor issued, at any time, or times in the discretion of the Directors, and any and all of the stock may be issued in exchange for any property, contract, cash, or services or other asset or assets worth the par value of the stock so issued; the judg- ment of a majority of the directors, as to the value of any of said assets, received by the corporation in pay ment for any such stock, shall, in the absence of actual fraud, be conclusive.
 ARTICLE W.
 The time of the commencement of the corporation shall be the date of the receipt of the license to do busi- ness from the Arizona Corporation Commission, and the date of its ter imitation shall be twenty-five years thereafter.
 ARTICLE V.
 That the officers by whom the af- fairs of the corporation are to be con- ducted shall be Board of not less than three (3) nor more than nine (9) directors. The directors shall choose a President, Vice-President, Secre- tary and Treasurer, and may choose an executive committee and such other officers or agents as the Bylaws may prescribe. The President and Vice President shall be members of the Board of Directors. Thy two officers except President and Vice-President may be filled by one and the same person. A majority of the Directors in office shall constitute quorum.
 The incorporators may choose three or more directors at their organiza- ton meeting and thereafter all direc- tors shall be elected by the stockhold- CTS in accordance with the provisions of the bylaws at the annual meeting, which shall be held in the office of the corporation in the town of Ere donia aforesaid, on the first Monday of August, in each year, at 10 o'clock A. M. But the directors chosen by tho incorporators at their organization meeting shall have power to add to their number prior to the first annual meeting and to fill vacancies. There after vacancies arising or created by or from any cause, including failure of the stockholders to eelct the full number, may be filled by the remain ing director or directors in office, though less than quorum, provided, however, that the My-Laws may pro- vide for the removal of directors and officers in any manner not contrary to the laws of the State of Arizona. All directors shall hold office until the next annual meeting, and until their successors are elected and qualified. ARTICLE VI. The nlgnest amount or lndeDtedneSS to which this corporation may at any time subject itself is six hundred and sixty-five thousand dollars. ARTICLE VII.
 The private property of stockhold- CTS shall be at all times exempt from any and all corporate debts and lia- bilities.
 IN WITNESS WHEREOF, we have hereunto set our hands this 10th day of August, 1918.
 CYRUS A. PHELPS, JOHN J. KAMM.
 STATE OF CALIFORNIA,