Arizona republican., 1919-04-03
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 estate possessed by this corporation; to lease. rent. sell, dispose of, and mortgage the same, and to engage in any and every business which may by the board of directors be deemed necessary or which may be eXpedient or incidental to the carrying out of the objects and purposes of this cor poration to borrow money and other wise to incur indebtedness, and to is sue it's promissory notes, bonds, in dentures and mortgages whenever the same may be deemed necessary by the board of directors in carrying out the business for which this corporation is formed; to buy, own, acquire, sell and otherwise deal in it's own stock or the stock of any other corporation and, as the owner thereof, to vote the stock of any other corporation the same as an individual owner and hold CT thereof;
 ARTICLE III.
 The amount of the capital stock of this corporation is One Hundred Thousand Doulars, (s10000O 0O), di- vided into One Thousand G,000) shares of the par value of One Hundred Dol lars (S100.00) each; which said stock shall be issued fully paid and non- assessable, and upon such terms and conditions as the board of directors may determine and prescribe and the whole or any part thereof may be is sued and exchanged for cash, property, contracts, services or other benefits accruing to this corporation, as in the judgment of the board of directors may be determined to be for the best interest of the corporation, and, in the absence of actual fraud in the transaction. the judgment of the board of directors as to the value of any such property, either real or personal, contracts, services or benefits, shall be conclusive and shall bind all par ties in interest.
 ARTICLE ".
 The time of the commencement of this corporation shall be the date of the issuance of a certificate of incor- poration to it by the Arizona Cor poration Commission, and the time ot the termination thereof shall be twenty-five years thereafter; provided that this corporation may enjoy per petual succession as now prescribed by law;
 Afl1ICLE V.
 The business and affairs of this cor | poration shall be conducted by q board l of directors of not less than three noI more than five persons, each of whom | shall be a stockholder of the corpora | tion; and the first board of directors | shall consist of four members, each ot | whom, as aforesaid, shall be a stock holder; the board of directors shal 1 have the power to increase or decrease | their number within the limits above 1 provided, and until their successors are elected and qualified, the follow | ing named persons shall constitute the board of directors and shall holC the respective offices set after theil names:
 R. N. F'redericks, ....... Presiden | Morris Goldwater ... Vice -Presiden B. M. Goldwater Secretary Treasure | E. J. Bennitt, ............... .Directo thereafter, the board of directors shal be elected at the regular annual meet ing of the stockholders, which shal | be held at Phoenix, Maricopa county l Arizona, on the second Monday il 1 April of each year, commencing witt the year 1919; the subsequent officer of this corporation shall be electo; by the board of directors from anon, the members of the board, and shai | hold office for one year, or until thei l successors are elected and qualified the officers shall be a president, vice president. secretary and treasurer | (which said last two mentioned office may be held by one person., togethe with such additional officers as tn board of directors may deem neces