The Coconino sun., 1923-09-28
ARTTrrE "

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
sepco Of actual fraud any such valua-
ti6ns 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-assessable, and the certificate
or certificates eyidencing 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 wears 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 a 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 (15th)
day of February in each year at 1876
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:
Herbert Babbitt, r. B. Corbett, d.
Babbitt, Wrn. Babbitt and Philomena
Babbitt.
fd) 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
caney 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 alver and amend
the same, and to make all rules and
regulations expedient for the manage
ment of the affairs Of this corpora
ton.
(f) Any person who shall cease
to be stockholder shall thereupon
cease to be director Of this corpora
-sion.
ARTICLE VIII.
(a) The officers Of this corpora
tion 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 "a 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 sub
ject at any one time shall be One mil
lion three hundred thirty-three thou
sand three hundred thirty-three and
34-l00 (1,333 ,333.34) dollars.
ARTICLE X.
The names, residences and post of
flee addresses of the incorporators
are:
Herbert. Babbitt, Flagstaff, Arizona.
r. b. Corbett, Flagstaff, Arizona.
d. BabDitt, Flagstaff, Arizona.
VIM. Babb:;.st., Flagstaff, Arizona.
Philomena Babbitt, Flagstaff, ART
zona.
ARTICLE XII.
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.
TIE clauses hereinabove set forth
in Article III hereof shall be con-
strued as a statement of both OBJ
jects or purposes and powers, which
powers shall be cumulative; and nc
recitation, expression or 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 i'm
GUIDED; 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 OF
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 and carry
inn an ;tc h,1cfnacc and fo1- fi1n nfIrl