Graham guardian., 1920-02-06

poslts, TO reloan such deposits and
o pay interest thereon; to conduct
avings departments in any branch
If the corporation; and to do all
Ither kinds Of business not incon-
iistent with good banking and not
n conflict with State or Federal
Jaws.
ARTICLE III
The amount of the capital stock
If this corporation shall be one
hundred thousand (Si00,0OOO0) dol
ars, divided into one thousand
hares of one hundred dollars each.
II shall be paid at such times as the
BOARD of directors may designate in
cash; provided that stockholders OF
he Citizens Bank, Thatcher, Ari-
iona, shall be entitled TO exchange
heir stock in that corporation for
he capital stock of this corporation
lpon transfer, assignment and
onveyance of the assets of said The
citizens Bank TO this corporation.
Such stock shall be exchanged upon
iuch terms as the board of directors
If this corporation shall determine,
md all shares of capital stock is
sued in exchange therefor shall
hereupon become and be fully paid
The same as though paid for in cash
at par, and shall be non -assessable
forever, and in the absence Of actual
fraud in the Judgment of the Board
If Directors as to the value of the
iame shall be conclusive.
ARTICLE ".
The time of the commencement Of
this corporation shall be the day
hese articles Of incorporation are
lied in the office of the Corporation
Commission of the State OF Arizona
md certified copy thereof, record
ID in the office of the County Re
order of Graham County, State of
arizona: and its termination shall
oe twenty-five (25) years, thence
lext ensuing, with the privilege OF
renewal and the right of perpetual
succession now provided by law.
ARTICLE v
The affairs of this corporation
ihall be conducted by a board Of not
less than five nor more than nine
directors, by whom president, one
Or more vice-presidents, a cashier
and such assistant cashiers as the
board Of directors shall determine,
hall be elected. The president and
gice-presidents shall be elected
from the board of directors. The
cashier and assistant cashiers may
or may not be stockholders or mem
bers Of the board of directors. The
directors shall be elected from
among the stockholders at the an
nual stockholders meeting TO be
held on the third Wednesday in
January Of each year. Until their
successors are elected and have
qualified, the following named per-
sons shall be directors: w. r.
CHAMBERS of Stafford, Arizona,
WILLIAM McRAE and w. w. PACE
Of Thatcher, Arizona, FRANK A.
WEBSTER Of Central, Arizona and
J. w. MATTICE of Pima, Arizona.
ARTICLE vi.
The directors shall adopt bylaws
for the governing of the corporation
and may amend the same. They
shall have the power to fill vacancies
in the board from any
cause.
ARTICLE VII.
The highest amount of indebted
ness or liability direct or contingent
TO which this corporation shall at
any one time subject itself shall in
no case exceed two-thirds of the
amount of the capital stock actual
ly issued,
ARTICLE VIII.
The private property Of the stock
holders Of this corporation shall be
exempt from corporate debts.
IN WITNESS WHEREOF, We
have hereunto set our hands this
18th day of December A. ID. 1919.
w. r. CLEANERS
WILLIAM McRAE
w. w. PACE
FRANK A. WEBSTER
J. w. MATTICE