The Coconino sun., 1923-10-26
THE COCONINO SUN

ed, 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
directors may by~reselution direct, up
on such conditions and terms as may
be determined by its board of direc-
tors, with full power and discretion
vested in its board of directors to
fix the value Of the property or SER
vices in exchange for which said
shares of stock may be issued, and
in the absence of actual fraud any
such valuation so fixed shall be con-
elusive. 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 determine.
(b) All shares of stock of this
corporation shall be issued fully paid
and non-assessable, and the certifi-
cate or certificates eyidencing 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 incoi.
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
Arizona: Coconino, and it shall ter
inmate twenty-five yeals 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 board of five 90 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 900
o'clock in the forenoon, and all di-
rectors shall serve until their success
sors 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: H. w. Smith, d. Babbitt,
C. J. Babbitt, VIM. Babbitt and r. G.
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 va
cancy or vacancies occurring among
the officers Of the corporation.
(e) 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.
(f) Any person who shall cease to
be a stockholder shall thereupon
cease to be a director of this cor
poration.
ARTICLE VIII
(a) The officers of this corpora
tion shall be a president, vice-presi-
dent, secretary and treasurer, and
they shall be elected respectively by
the board eff directors from among
the stockholders Immediately after
the annual meeting of the stockhold-
ers, and such officers shall hold Of
flee for one (1) year or until their
successors 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.
(e) The offices of secretary and
treasurer of this corporation may be
held by one and 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 sub
ject at any one time shall be Thirty
three thousand three hundred thirty
three and 34-100 (33 3,333.34) dollars.
ARTICLE x.
The names, residences and post Of
flee addresses Of the incorporators
are:
Fl. w. Smith, Leupp, Arizona.
d. Babbitt, Flagstaff, Arizona.
C. ]. Babbitt, Flagstaff, Arizona.
VIM. Babbitt, Flagstaff, Arizona.
r. G. Babbitt, Flagstaff, Arizona.
ARTICLE XT.
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 a statement Of both objects
or purposes and powers, which powers
shall be cumulative; and no recitation,
expression or declaration herein Of
any specified object or purpose or
special power shall be deemed to be
exclusive of any one or more of the
others, or of any other power which
may be lawfully exercised, and it is
hereby expressly declared that all
other lawful powers not inconsistent