The Coconino sun., 1923-10-05
ARTIT.E ~

stock Of this corporation shall be
Three hundred fifty thousand $780,,
OO0l dollars, divided into three thou-
sand five hundred (3,500) shares Of
the par value of One hundred (100)
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 abb
.sence of actual fraud any such valua-
tions so fixed shall be conclusive. The
board Of directors of this corporation
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 worcestershire, and the certificate
or certificates evidencilsg the same
shall so recite.
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-
Izona, 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
Arizona: Coconino, Maricopa and ella,
ard it shall terminate twenty-five
years thereafter, unless it be renewed
ia tie manner provided by law.
ARTICLE VII.
(a) The affairs Of this corporation
shall be conducted, governed and con
trolled by a board of three l3) 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 10:45
o'clock in the forenoon, and all di-
eLoU ~1.,.xtn ,,p4;l 41ai,. ct.acaS-
sors respectively are elected and
qualified.
lc) 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:
d. +. Colcord, w. C. Colcord and C.
j. Babhitt.
(d) The board of directors Of this
corporation shall have power to fill
any vacancy or vacancies occurring in
the board, and also to I'LL any va
cancy or vacancies occurring among
the officers of the corporation.
lei Said board of directors shall
have full power to establish and adopt
bylaws 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 corpora
tion.
IL ANY person who shall cease
to be a stockholder shall thereupon
cease to be director of this corpora
ton.
ARTICLE VIII.
(a) The officers of this corpora
tion shall be d president, vice. -presi-
dent, secretary and treasurer, and
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
sors respectively are elected and
qualified.
(b) Until the first annual meeting
Of the board of directors, the directors
named herein shall elect the officers
Of this corporation.
lcj The offices of secretary and
treasurer Of this corporation may be
held by one ard the same person, if
so ordered by the board OF directors.
ARTICLE TX.
The highest amount of Indebtedness
or liability, direct or contingent, to
which this corporation shall be subject
at any one time shall be two hundred
thirty three thousand three hundred
thirty-three and 34-100 1885, ,333.34)
dollars.
ARTICLE x.
The names, residences and post Of
flee addresses of the incorporators
are:
B. F. Colcord, Roosevelt, Arizona.
w. G. Colcord, Roosevelt, Arizona.
G. J. Babbitt, Flagstaff, arizona.
ARTICLE XI.
The private property of the stock
holders of this corporation shall be
exempt at all times and in any event
from any and all liability for its cor
porate debts of any kind whatsoever.
ARTICLE XII.
The clauses hereinabove set forth
in Article III hereof shall be con-
strued as statement Of both OBJ
jects or purposes and powers, which
powers shall be cumulative; and no
recitation, expression or declaration
herein Of any specified object or pur-
pose or special power shall be deemed
to be exclusive Of any one or more of
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