The Coconino sun., 1923-10-12

for the transaction of its business,
whereat meetings of it's board of di-
rectors may be held, either within or
at any place or places without the
State of Arizona.
ARTICLE w.
(a) The total authorized capital
stock of this corporation shall be Sew
en- hundred fifty thousand (750,000)
dollars, divided into Seven thousand
Five hundred (7,500) shares of the par
value of One hundred (1O0) 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 de-
termined 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 direc-
tors may by resolution direct, upon
such conditions and terms as may be
determined 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-
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
tion 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
Arizona: Coconino, and it shall ter
inmate 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 board of three (3) direc-
tors, which number of directors may
be either increased or reduced by res
olution OF. the board or 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 11:15
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:
w. F. Griffin, R. B. Corbett and C.
J. Babbitt.
Id 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 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-
ers, 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.
(c) 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 subject
at any one time shall be Five hundred
thousand and no-100 (500,000.00) dol
lars.
ARTICLE X.
The names, residences and post of
flee addresses of the incorporators
are:
w. F. Griffin, Grand Canyon, Ari-
zona.
r. b. Corbett, Flagstaff, Arizona.
G. j. Babbitt, Flagstaff, Arizona.
ARTICLE XXI.
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-