Graham guardian., 1920-01-30
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lposits, TO reloan such deposits and
to pay interest thereon; to conduct
savings departments in any branch
of the corporation; and to do all
other kinds of business not incon-
sistent with good banking and not
in conflict with State or Federal
laws.
ARTICLE III
The amount Of the capital stock
of this corporation shall be one
hundred thousand (SiO0,000.00) doll
lars, divided into one thousand
shares 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
the Citizens Bank, Thatcher, Ari-
lzona, shall be entitled TO exchange
their stock in that corporation for
| the capital stock Of this corporation
upon transfer, assignment and
conveyance of the assets of said The
Citizens Bank to this corporation.
Such stock shall be exchanged upon
such terms as the board of directors
of this corporation shall determine,
and all shares Of capital stock is
sued in exchange therefor shall
thereupon becone and be fully paid
the same as thor gn paid for in cash
at par, and shall be -assessable
forever, and in TIL absence-of actual
frand in the judgment of the Board
of Directors as to the value of the
same shall be conclusive.
ARTICLE Iv.
The time of the commencement of
this corporation shall be the day
these articles of incorporation are
filed in the office of the Corporation
Commission of the State of Arizona
| and certified copy thereof, record
ed in the office of the County Re-
order of Graham County, State OF
Arizona; and its termination shall
be twenty-five (25l years, thence
next ensuing, with the privilege Of
renewal and the right of perpetual
succession now provided by law.
ARTICLE v
The affairs of this corporation
shall be conducted by board Of not
less than five nor more than nine
directors, by whom a president, one
or more vice-presidents, a cashier
and such assistant cashiers as the
board Of directors shall determine,
shall be elected. The president and
Ivice-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
appearing 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.