The Winslow mail., 1920-05-21

corporation; in payment for which
shares Of stock of this corporation
may be issued and the said shares of
capital stock SO issued shall there
upon and thereby become and be fully
paid up and worcestershire forever;
and in the absence of actual fraud in
the transaction the judgment of the
directors as to the value of the pro-
perty purchased shall be conclusive
ARTICLE VI. The affairs and busi-
nesses of this corporation shall be
conducted by a Board of Directors of
not less than three, nor more than
seven directors. who shall hold office
until their successors are elected and
qualified; and the following named
persons shall constitute the Board of
Directors until their successors are
elected and qualify:
W. c. QUEBEDEAUX
E. A. SAWYER
o. J. FAULKNER
Thereafter the Board of Directors
shall be elected from among the stock
holders at the Annual Stockholders
Meeting of the corporation, to be held
on the second Tuesday in January of
each year,or in the manner and at the
time as the. bylaws of the corporation
may otherwise provide.
Cfn h01 CHI
to increase the Board of Directors to
seven members at any time
/ ARTICLE VII. The officers of this
fcorporation shall include a president,
a vice president, secretary and
treasurer The president and vice
president shall be elected by the
| Board of Directors from among their
number at the first meeting. either re-
gular or special, of the Board of Di-
rectors next following the annual
meeting of stockholders. and the sec
retary and treasurer of the corpora
tiOn shall be elected by the Directors
at the first meeting, either regular or
special, of the Board of Directors
next following the annual meeting of
stockholders, but the secretary and
treasurer need not be directors of the
corporation and provided that the Of
fees of secretary and treasurer may
be held by one person, at the discre-
ton of the Board of Directors.
Until the first annual meeting of the
stockholders of the corporation, or
until their successors shall be elected
and qualified, the following named
persons shall serve as officers of the
corporation, towit: w. G. Quebe-
deaux shall be president, E. A. Saw
yer shall be vice president and o. j.
Faulkner shall be secretary and
treasurer.
Until further action by the Board
of Directors, e. A. Sawyer of Win
slow. Navajo County, Arizona. who
has been a bona fide resident of Ari-
Zona for more than three years last
past is hereby appointed the lawful
agent in and for the State of Arizona.
for and in behalf of this corporation
to accept and acknowledge service of.
and upon whom may be served all
necessary process or processes in any
action, suit or proceeding that may
be had or brought against this said
corporation in any of the Courts of
said State of Arizona, such service of
process or notice. or the acceptance
thereof by said agent endorsed there
on, to have the same force and effect
as if served upon the president and
secretary of this corporation.
ARTICLE VIII The Board of Di-
rectors shall have power to adopt,
amend and rescind bylaws for the
government of the corporation; it
shall have power to fill vacancies oc-
curing in the Board of Directors
| from any cause, and to elect and ap-
point such other officers, in addition
to the regular officers of the COM
pany, as they may deem necessary,
with such powers as they may confer
ARTICLE TX. The highest. amount
of Indebtedness or liability. direct or
contingent, to which this corporation
is at any time to subject itself, shall
not exceed the sum of One Hundred
Thirty-three Thousand ($133.000)
Dollars.
ARTICLE x. The time of the COM
mencement Of this corporation shall
be the date of the issuance to it OF
pOration commission of Arizona