The Coconino sun., 1923-11-23

ment of its board of directors may be
expedient and for the best interests
of this corporation and its stockhold-
ers; and to mortgage, pledge, or hy-
pothecate all or any part of its prop
erty, real, personal and mixed, where
soever situate, to secure its bonds, de-
bentures, pronissory notes, contracts,
and other obligations, or either or any
thereof, by it made, issued or incur
red, whether as principal or as such
surety or guarantee 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,
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 Two
hundred thousand (200,000) dollars,
divided into two thousand 10000
shares Of the par value of One hum
dred (100) dollars 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
bv the board of directors of this COR
poration, in accordance with and as
permitted by the laws cf 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 it's 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 evidencing 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 certi-
fled copy thereof in the offices of the
respective county recorders of the
following counties in the State o1
Arizona: Coconino and Yavapai, 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 three (3) 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 shal
be elected at the annual meeting oi
stockholders of this corporation which
shall be held on the fifteenth (15th
day of February in each year at 2:0(
o'clock IN the afternoon, and all di
rectors shall serve until their success,
sors respectively are elected ant
qualified.
(c) Until the first annual meet
ing Of stockholders, and until theil
successors are elected and qualified
the following named persons shal
compose the board of directors of thi
corporation:
Ramon Aso, Jos. r. Babbitt and c
J. Babbitt.
(d) The board of directors Of this
corporation shall have power to fill
any vacancy or vacancies occurring il
| the board, and also to fill any va
| cancy or vacancies occurring among
the officers Of the corporation.
(e) Said board of directors shal
| have full power to establish and adop
bylaws for the government Of thi
the same, and to make all rules an
regulations expedient for the manage
ment of the affairs of this corpora
tion.
| IL Any person who shall ceas
| TO De q SL0ckn0lQer snail thereup0
cease to be a director of this corpora
ton.
ARTICLE VIII.
(a) The officers of this corpora
ton shall be president, vice-presi
! dent, secretary and treasurer, an
they shall be elected respectively b
the board of directors from anon
the stockholders Immediately afte
the annual meeting of the stockhold
ers and such officers shall hold offic
for one ~ year or until their success
sors respectively are elected an
qualified.
! (b) Until the first annual meeting
of the board Of directors, the director
| named herein shall elect the officer
of this corporation.
4 (c) The offices of secretary an
treasurer of this corporation may
held by one and the same person,
so ordered by the board of director,
ARTICLE TX.
. The highest amount Of Indebtedness
or liability, direct or contingent, t
J which this corporation shall be SUI
ject at any one time shall be One hun
dred thirty-three thousand three hun
dred thirty-three and 34-100 (133