The Coconino sun., 1923-10-19

lawful contracts, for such considera-
| ton to this corporation and upon
such lawful terms and conditions as
| in the Judgment of its board of direc-
tors may be expedient and for the
best interests of this corporation and
its stockholders; and to mortgage,
pledge, or hypothecate all Or any part
of its property, real, personal and
mixed, wheresoever situate, to secure
its bonds, debentures, promissory
notes, contracts, and other obliga-
tions, or either or any therereof, by
| it made, issued or incurred, whether
as principal or as such surety or
guarantor 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,
whereat meetings of its board of di-.
rectors may be held, either within
or at any place or places without the
State of Arizona.
ARTICLE ~.
(a) The total authorized capital
stock of this corporation shall be Fif-
ty thousand (50,000) dollars, divided
into five hundred (500) shares of the
par value cf One hundred (100) dol
lars 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 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 resolution direct, upon such
conditions and terms as may be de-
termined 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 alb
sence of actual fraud any such valua-
tion 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 non -assessabIe, and the certificate
or certificates evidencing the same
shall so recite.
ARTICE 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 of Ari-
zona: Coconino and Navajo, and it
shall terminate, twenty-five years
thereafter, unless it be renewed in
the manner provided by law.
ARTICLE VII.
cal The affairs of this corporation
shall be conducted, governed and con-
trolled by board of five (5) 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 (15thl
day of February in each year at 9:45
o'clock in the forenoon, and all di-
rectors shall serve untll their success
sors respectively are elected and
qualified.
(c) Until the first annual meeting
Of stockholders, and until their sue
cessors are elected and qualified, the
following named persons shall COM
pose the board of directors sof this
corporations:
H. X. Warren, David Babbitt, r. G.
Babbitt, C. ]. Babbitt and VIM. Bah
bitt.
Cd 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.
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 management of the affairs of this
corporation
(f) Any person who shall cease to
be a stockholder shall thereupon cease
to be director of this corporation.
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 stockholders,
and such officers shall hold office for
one III year or until their successors
respectively are elected and qualified.
(b) Until the first annual meeting
of the board of directors, the direc-
tors named herein shall elect the Of
ficers of this corporation.
!. (c) The offices of secretary and
treasurer Of this corporation may be
held by one and the same person, il
SO ordered by the board of directors.
ARTICLE TX.
The highest amount of indebted
ness 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 (33,333.34) dollars.