The Coconino sun., 1923-10-26
ARTICLE Nv.

(a) The total authorized capital
took of this corporation shall be
Three hundred fifty thousand $780,
000) dollars, divi4ed into three thou
sand five hundred (3,500) shares of
the par value of One hundred (100l
dollars each, all common stock; pro-
vided, 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
accordance 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 direc-
tors may by resolution direct, upon
such conditions and terms as may be
determined 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 alb
sence of actual fraud any such valua-
| tions so fixed shall be conclusive. The
board of directors Of this corporation
NAV 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 worcestershire, and the certificate
or certificates evidenciisg the same
shall SO reeite.
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
! tion Commission of the State of Ari-
zona, and the recordation of certi-
fled copy thereof in the offices of the
/ respective county recorders of the
| following counties in the State Of
Arizona: Coconino, Maricopa and Gila,
and it shall terminate twenty-five
Years thereafter, unless it be renewed
in tie manner provided by law.
ARTICLE VII.
(a) The affairs Of this corporation
shall be conducted, governed and con.
trolled by q board Of three Cd direc-
tors, which number of directors NAV
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 1885
] o'clock in the forenoon, and all di-
reetors shall serve until their success.
soTs respectively are elected and
qualified
(c) Until the first annual meet
ing Of stockholders, and until their
successors are elected and qualified
the following named persons shall
compose the board of directors Of this
| corporation:
B, F. Colcord, w. c. COlcord and C
j. Babbitt.
| (d) The board of directors of this
corporation shall have power to fl
ny vacancy or vacancies occurring in
| tie board, and also to I'll any va
ancy % vacancies occurring among
the officers Of the corporation.
(e) Said board of directors shall
Rave full power to establish and adopl
bylaws for the goTernment Of thls
| orporation, and to alter and amene
| he SINE, and to make all rules ans
/ z lations expedient for the manage
gsont of tie affairs of this corpora
| lion,
| IL Anv person who shall cease
| 10 be a stockholder shall thereupor
cease to be a director of this corpora
ton.
/ ARTICLE VIII.
/ (a) The officers of this corpora
ton shall be a president, vice-presi
dent, secretary and treasurer, anc
they shall be elected respectively by
the board of directors from among
the stockholders Immediately after
the annual meeting Of the stockhold-
srs, and such officers shall hold office
FOR one (1) year or until their success
s1rs respectively are elected anc
| qualified.
4 OBJ Until the first annual meeting
of the board of directors, the directors
named herein shall elect the officer;
Of this corporation.
| (cj The offices of secretary ans
treasurer of this corporation may bt
held by one and the same person, j,
so Ofuefeu Oy Lne DOdFQ OF ulTSCCOFS
ARTICLE TX.
The highest amount of indebtedness
or liability, dilect or contingent, tC
which this corporation shall be subjec'
at any one time shall be two hundred
thirty three thousand three hundred
thirty three and 34-100 (233, ,333.34,
dollars.
ARTICLE x.
The names, residences and post Of
flee addresses of the incorporation:
are:
j. i. Colcord, Roosevelt, Arizona.
/ NJ. C. Colcord, Roosevelt. Arizona.
4 c. j. Babtitt, Flagstaff, --Tizona.
ARTICLE XII.
i The private property of The stock
holders of this corporation shall b.
exempt at all times and in any even
from any and all liability for its cor
porate debts of any kind whatsoever
ARTICLE XII.
1 The clauses hereinabove set fortf
| in Article III hereof shall be con
strued as statement Of both OBJ
jects <or purposes and powers, which
powers shall be cumulative; and NJ
recitation, expression or declaration
herein of any specified object or pur
pose or special power shall be deemed