The Coconino sun., 1923-09-21


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.
fb) All shares of stock of this
corporation shall be issued fully paid
and -assessable, 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 Ari-
zona: Coconino, and it shall terminate
twenty-five years thereafter, unless it
be renewed in the manner provided by
| law.
ARTICLE VII.
(a) The affairs of this corpora
tion shall be conducted, governed and
controlled by board of five (5) di-
rectors, which number of directors
may be either increased or reduced by
resolution 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 8:45
o'clock in the forenoon, and all di-
rectors shall serve until their success
i sors respectively are elected and quail
flied.
(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 of this
corporation: ]. P. O'Farrell, d. Bah
bitt, r. G. Babbitt, C. ]. Babbitt and
VIM. 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
cafYcy 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 management of the affairs Of this
corporation.
/ (f) Any person who shall cease to
be stockholder shall thereupon cease
TO be a director of this corporation.
i ARTICLE VIII.
i (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 Of
flee for one ID year or until their
4, successors respectively are elected
and qualified
j (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 Sc
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 Thirty-three
thousand three hundred thirty-three
and 34100 (33,333.34) dollars.
ARTICLE X.
The names, residences and post of
flee addresses of the incorporators
are:
i j. P. O'Tarrell, Tuba City, Arizona.
D. Babbitt, Flagstaff, Arizona.
. r. G. Babbitt, Flagstaff, Arizona.
G. j. Babbitt, Flagstaff, Arizona.
VIM. Babbitt, Flagstaff, Arizona.
ARTICLE XI.
Il 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 construed
, as statement of both objects or pur-
poses and powers, which powers shall
. be cumulative; and no recitation, ex-
preston or declaration herein of any
]; specified object or purpose or special
/. power shall be deemed to be exclus-
i've 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 law.
lful powers not inconsistent Herewith
/ are hereby included; and this cor
! poration shall have power to carry
into effect any one or more or all 81
J the objects or purposes hereinabove
] set forth, and to that end to do any
one or more or all of the acts ano
J things aforesaid, and likewise any OF
, all such other acts and things neces.
! sary or incidental thereto as such cor.
|, poration may lawfully do; and in con
5 Quoting and carrying on its business
!, and for the purpose of attaining, pro
I noting or furthering any one or NOR,
: of its said objects or purposes, to ex
: ercise any or all powers aforesaid
+ and any other or additional power.
now or hereafter authorized BY Law
I which natural person might or coulC
| lawfully exercise in the premises