Arizona republican., 1919-10-15
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stock is created are that it shall be issued to the full par value thereof, and said stock shall be issued as fully paid and -assessable, and the capi tai stock of this corporation, after it's full par value has been paid, shall not be subject to assessment to pay the debts of the corporation.
 Said capital stock may be paid for in cash or service, or by the sale and transfer of real or personal property for the use and purpose of said cor poration. In the absence of actual fraud in the sale of any such property the judgement of the directors as to value of such property shall be deemed final and conclusive.
 ARTICLE ".
 The time of the commencement of this corporation shall be at the date of the filing of these Articles of In- corporation in the office of the Arizona Corporation Commission at Phoenix, Arizona, and the said corporation shall endure for twenty-five (25) years thereafter unless sooner terminated.
 ARTICE VI.
 The affairs of the corporation shall be conducted by board of directors, consisting of five (5) persons, and may be increased to seven CD in number by majority vote of the stockholders at any regular meeting, all of whom shall be stockholders of this corpora tion, and who shall be elected annually at the regular meeting of the stock holders of this corporation, in accord ance with the provisions of the by laws. Lytle S. Adams, Ray Ferguson Hosea Greenhaw, Charles A. Banker6 and CC. Chapman, shall be and cQnsti- tute the board of directors of this cor poration, and shall hold office as suct untl successors are duly elected and qualified. The powers of the board oi directors of this corporation, and of al officers, shall be defined by the by laws to be adopted by this corpor- ation.
 ARTICLE VII
 The officers of this corporation shal be a President, a Vice President, { Secretary, Treasurer and General Man. ager. Said officers shall be elected annually by the board of directors il accordance with the provisions of thu bylaws. The following persons shal be the officers of this corporation unti their successors are elected and quail fled:
 President: Hosea Greenhaw. Vice. President: Ray Ferguson. Secretary Treasurer: Charles A Bankerd.
 General Manager: Lytle S. Adams ARTICLE VIII. | The highest amount of indebtedness or liability, direct or contingent. t which this corporation is at any tim subject, shall not exceed two-third | (2-3) of its capital stock. ARTICLE TX. ] The private property of the stock holders of this corporation shall be for ever exempt from corporation debts c any kind whatsoever.
 IN WITNESS WHEREOF, we hay hereunto set our hands and seals a Nogales, Santa Cruz County, State C Arizona, this 18th day of Septembel 1919.
 LITTLE S. ADAMS (SEAL RAY FERGUSON (SEAL CHAS. A. BANKERD (SEAL STATE OF ARIZONA,
 lCOUNTY OF SANTA CRUZ. : Before me S. F. Noon, Notar
 Public in and for the County of Sant Cruz, State of Arizona, on this da personally appeared L-TLE s. AZ AIMS. RAY FER G U SON an CHARLES A. BANKERD, known me to be the persons whose name
 are subscribed to the foregoing instrl iment, and acknowledged to me tn; they executed the same for the pul poses and consideration therein e1 pressed.
 Given under my hand and seal office this 18th day of September. 191 , (NOTARIAL SEAL) s. F. NOON Notary Public.
 Filed in the office of the Arizor - Corporation Commission this 22I - day of Sept. A. D. 1919 at r 90 a. n
 at request of S. F. NOON, whose pos
 office address is Nogales, Arizona.
 ARIZONA CORPORATION CON
 MISSION.
 By AMOS A. BETTS. Chairman.
 SALT RIVER VALLEY WAITE
 USERS ASSOCIATION