The Coconino sun., 1923-08-17

successors are elected and qualified.
s No person shall be eligible to the of
flee of director of this association who
is not the owner of at least five hum
dred (500) shares of stock as shown
by the corporations books The num-
Der of directors of the association may
be increased or decreased to any legal
number by resolution of the board of
directors. The board of directors shall
select and appoint such employees and
agents as they might deem advisable,
define the authority of each and pre-
scribe his duties. Seven of the incor-
porators hereof shall serve as direc-
tors until the next annual stockhold-
ers' meeting and until their successors
/ are elected and qualified
Article VIII.
Sec. /. The officers Of this associa-
tion shall be a president and two (2)
vice-presidents, a secretary and
treasurer, who shall hold office for
the term of one ~ year, and until
i their successors are appointed and
qualified. The directors shall from
their members appoint the above-nam-
4 ed officers at their first meeting, af-
! ter the regular annual meeting Of the
i stockholders, except only, that the sec
retary and treasurer need not be
director or directors. One person may
/ be both secretary and treasurer, or
one person may be secretary and an
other treasurer, at the option of the
boad OF directors. Said officers shall
! perform the duties usually performed
i by such officers of commercial corpor-
+ e.e.tzs,
have power to adopt bylaws defining
and limiting the authority and duties
/ Of any and all officers of this associa-
ton.
Sec. 2. The regular meeting Of
] stockholders shall be held on the sec
ond Monday Of February IN each and
every year after February, 1921, for
4 the election of directors and the trans
action of such general. business as
may properly come before the stock
! holders at such meeting. If said Mon
4 day shall be holiday, then the said
meeting shall be held on the next busi-
ness day At such meetings the sec
retary and treasurer shall submit COM
/ plete records showing the financial
i condition of the corporation. Each
holder of stock shall be entitled to one
/ vote for each share of stock owned by
him as shown by the books of the as
t sociation, thirty (30) days prior to
/ said stockholders meeting which he
may cast in person or by written
+ proxy.
j Sec. 8. Special meetings of the
I stockholders may be called by the
board Of directors in the manner pro.
/ vided by law, and must be called
( whenever the owners, as shown by the
4 associations books, of twenty-five per
4 cent Of the Guarantee Stock of the
corporation in writing request the
board to call special meeting of the
/ stockholders.
i Sec A. Until their successors are
j elected and qualified the following
/ named persons shall be officers to this
corporation, to-wit:
Name and Office:
Joseph j. Daynes, President and Di-
rector.
! Wesley E. King, Vice-President and
4 Director.
/ Daniel Alexander, Vice-President
and Director.
Lon Fisher, Treasurer.
John B. Armstrong, Secretary.
i M. s. Rosenblatt, Director.
4 N. J. Hansen, Director.
I A. T. Bruneau, Director.
/ r. G. Abbey, Director.
Sec. 5. The maximum aggregate
compensation of all officers of this
corporation shall never exceed one
Il per cent Of the par value Of the shares
1 Of stock subscribed for and in force in
any year, including the paid-up stock,
and shall be paid to such officers and
4 in such amounts, and in such manner
\ as the board of directors may deter-
mine, and said board Of directors may
at any time make such changes in the
lspersons to whom such compensation
Shall be paid, the amounts paid, and
+ the manner OF payments Of such COM
4 pensation as they deem fit.
1 Sec. 6. Loans shall be made upon
+ improved or to be improved real estate
/ and secured by first mortgage or trust
4 deed. The amount Of the loan shall
! not exceed sixty per cent of the value
j Of the property. The rate Of interest
ffor loans and the conditions and terms
upon which loans may be granted,
shall be fixed from time to time by
i the board Of directors.
& NSG. T. ClOSh iOesI4o iiteAy ~ N1A@eNAO -
+ stockholders of the association secured
by the pledge of their shares as col
j lateral security after the stock has
been in force not less than three 81
years, and the installments as proyid-
i ed therein to be paid Not more than
ninety. per cent. Of the book value Of
said stock shall be loaned.
Article TX
There shall be two funds maintain
ed by the association, first, Guar
antee Fund.- and second, a General
I Fund"
The Guarantee Fund shall consist of
all moneys received on stock payments
/ of all classes of stock and all profits
! earned except the moneys paid into
Il the General Fund as hereinafter pro-
vided. This fund shall guarantee and
pay the Investors Guaranteed Divi-
dend Stock eight per cent per annum
interest upon the total book value, or
the amount standing to the credit OF
such stock on the books of the COM
pany which amount or book value shall
be all moneys paid on said investors
Guaranteed Dividend Stock, less all
y moneys paid thereon into the General