The Coconino sun., 1923-10-05

state, county, city and town rights
Il for the use Of any and all such let
ters-patent, licenses, concessions, and
Il grants aforesaid, and generally tc
deal IN such products and articles
/ aforesaid or any thereof.
i III so borrow money for its scor-
4 p0rate purposes; to make and issue its
q bonds, debentures, promissory notes
and other obligations, or either or any
j thereof, as evidence of its indebted
ness so created; to issue shares Of its
capital stock in payment for property
ed or acquired by it, or for
any other lawful object or pur-
pose in and about its business
to negotiate its contracts for the sale
| by it of its bonds or debentures, and
| any other lawful contracts, for such
consideration to this corporation and
upon such lawful terms and conditions
as in the judgment of its board of di-
rectors may be expedient and for the
best interests of this corporation and
its stockholders; and to mortgage,
/ pledge, or hypothecate all or any part
! of its property, real, personal and
mixed, wheresoever situate, to secure
its bonds, debentures, promissory
notes, contracts, and other obligations,
1 or either or any thereof, by it made,
issued or incurred, whether as prin-
cipal or as such surety or guarantor
aforesaid.
/ (m) To have and maintain, other
| than and in addition to its aforesaid
principal office, one or more offices
for the transaction of its business,
whereat meetings of it's board of di-
rectors may be held, either within or
at any place or places without the
State of Arizona.
ARTICLE Nv.
(a) The total authorized capital
stock Of this corporation shall be Fif-
| ty thousand (50,000) dollars, divided
into five hundred (500) shares of the
/ par value of One Hundred (1O0) dol
lars each, all common stock; provided,
that the amount of said capital stock
may be increased or decreased and
may be issued in such amounts as
shall be determined by the board Of
directors of this corporation, in ac-
cordance with and as permitted by
the laws of the State of Arizona.
ARTICLE v.
(a) The shares of capital stock of
this corporation may be issued for
cash or services or property, at such
time or times as its board of directors
may by resolution direct, upon such
conditions and terms as may be de-
termined by its board of directors,
with full power and discretion vested
in its board of directors TO fix the
value of the property or services in
exchange for which said shares of
stock may be issued, and in the abb
sence of actual fraud any such val
uation so fixed shall be conclusive.
The board of directors of this corpor-
alton may sell said shares Of stock or
any thereof for cash at such price or
prices as said board of directors may
from time to time by resolution de-
termine.
(b) All shares of stock. of this
corporation shall be issued fully paid
and non-assessable, and the certifi-
cate or certificates evidenciEg the
same shall so recite.
ARTICLE vi.
The time of the commencement of
this corporation shall be the date of
the filing of these articles of incor-
poration in the office Of the Corpora
ton Commission of the State of Ari-
zona, and the recordation of a certi-
fled copy thereof in the offices of the
respective county recorders of the
following counties in the State Of Ari-
zona: Coconino and Apache, and it
shall terminate twenty-five years
thereafter, unless it be renewed in
the manner provided by law.
ARTICLE VII.
(a) The affairs of this corporation
shall be conducted, governed and con-
trolled by a board of five (5) direc-
tors, which number of directors may
be either increased or reduced by res
olution of the board of directors.
(b) Said board of directors shall be
elected at the annual meeting of
stockholders of this corporation which
shall be held on the fifteenth (15th)
day Of February in each year at 1000
o'clock in the forenoon, and all di-
rectors shall serve until their success
sors respectively are elected and quail
flied.
(c) Until the first annual meeting
of stockholders, and until their sue
.cessors are elected and qualified, the
following named persons shall COM
pose the board of directors of this
corporation
David Babbitt, r. G. Babbitt, G. ].
Babbitt, Herbert Babbitt and VIM.
Babbitt.
(d) The board Of directors Of this
corporation shall have power to fill
any vacancy or vacancies occurring in
the board, and also to fill any vacancy
or vacancies occurring among the of
ficers Of the corporation.
(e) Said board of directors shall
have full power to establish and adopt
by laws for the government Of this
corporation, and to alter and amend
the same, and to make all rules and
regulations expedient for the manage
ment of the affairs of this corporation.
(f) Any person who shall cease to
be a stockholder shall thereupon cease
to be director of this corporation.
ARTICLE VIII.
(a) The officers of this corporation
shall be president, president,
secretary and treasurer, and they shall