The Coconino sun., 1923-10-05
ARTICLE VI

determined by It's board OF directors
with full power and discretion vestee
in its board of directors to fix the
value of the property or services II
exchange for which said shares o.
stock may be issued, and in the alb
sence Of actual fraud any such yalua
tions SO fixed shall be conclusive. The
board Of directors Of this corporatio
NAV sell said shares of stock or am
thereof for cash at such price q.
prices as said board Of directors MAJ
from time to time by resolution de
ter1nine.
(b) All shares of stock Of thi
corporation shalt be issued fully pai'
and -assessabIe, and the certificats
or certificates evidencing the sanf
nah so recite.
ARTICLE VI.
The time Of the commencement Of
this corporation shall be the date 0.
lie fling of these articles Of incol
9oration in the office of the Corpora
ion Commission Of the State Of Ar
sona, and the recordation Of cert
fled copy thereof in the offices of th
respective county recorders OF th6
following counties in the State Q
Arizona: Coconino, and it shall ter
nitrate twenty-five years thereafter
lnless it be renewed in the manne.
provided BY law.
ARTICLE VII.
la) 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
0lution 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 (15thl
day Of February in each year at 1870
o'clock in the forenoon, and all di-
rectors 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
conpose the board of directors Of this
corporation:
.seIDefs Babbitt, r. B. Corbett, D.
8abbitt, VIM. Babbitt and Philomena
| Babbitt.
(d) The board of directors Of this
corporation shall have power to Ill
any vacancy or vacancies occurring IN
the board, and also to fill any va-
| cancy or vacancies occurring among
| the offhers 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 alser and amend
the same, and to make al rules and
regulations expedient for the manage
ment of the affairs Of this corpora
tion.
CO Any person who shall cease
Ito be a stockholder shall thereupon
cease to be q director of this corpora
ton.
ARTICLE VIII.
(a) The officers Of this corpora
ton shall be a 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-
ars, and such officers shall hold office
for one ~ 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.
Co 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
iect at any one time shall be One mil
lion three hundred thirty-three thou
sand three hundred thirty three and
34-100 (1,333,333.34) dollars.
ARTICLE *.
The names, residences and post Of
flee addresses of the incorporators
are:
Herbert Babbitt, Flagstaff, Arizona.
| R. 3. Corbett, Flagstaff, Arizona.
/ d. Babbitt, Flagstaff, Arizona.
Vim. Babbiitst., Flagstaff, Arizona.
Philomena, Babbitt, Flagstaff Arr
iona.
ARTICLE XI.
The private property of the stock
holders of this corporation shall be
exenpt 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
lin Article III hereof shall be con-
strued as a statement Of both OBJ
iects or purposes and powers, which
powers shall be cumulative; and nc
recitation, expression on declaration
! herein Of any specified object or pur-
/ pose 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 in
consistent Herewith are hereby IN
cluded; and this corporation shall
have power to carry into effect any
one or more or all Of the objects or
purposes, hereinabove set forth, and
to that end to do any one or more or
all of the acts and things aforesaid,
and likewise any or al such other acts
and things necessary or incidental
thereto as such corporation may law
fully do; and in conducting ard carry
/ ing ON it's business, and for the pur-
ranra yaf nttaiuiuu rgrpYnnfinp m. fur