The Coconino sun., 1923-10-12

capital stock in payment for property.
real, personal or mixed, purchased or
acquired by it, or for any other law
full object or purpose in and about its
business; to negotiate its contracts
for the sale by it of its bonds or de-
bentures, and any other lawful con-
tracts, for such consideration to this
corporation and upon such lawful
terms and conditions as in the judg-
ment of its board of directors may be
of this corporation and its stockhold-
ers; and to mortgage, pledge, or hy-
pothecate all or any part of its prop
erty, real, personal and mixed, where
soever situate, to secure its bonds, de-
bentures, promissory notes, contracts,
and other obligations, or either or any
thereof, by it made, issued or incur
red, 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, eitber within or
at any place or places without the
State of Arizona.
ARTICLE ".
(a) The total authorized capital
stock of this corporation shall be One
hundred fifty thousand (150,00O) dol
lars, divided into one thousand
five hundred (1,500) 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 determined
by the board of directors of this cor
poration, 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
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
Arizona: Coconino, Yavapai and Mari
copa, and it shall terminate twenty
five years thereafter, unless it be re-
newed 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 three (3) 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 12:45
o'clock in the afternoon, and all di-
rectors shall serve until their success
sors respectively are elected ane
qualified.
(c) Until the first anaual 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:
Fred Purcell, c. j. Babbitt and r.
G. Babbitt.
i'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
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
ton.
(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 ID year or until their success
sors respectively are elected anG
qualified.
(b) Until the first annual meeting
of the board of directors, the directors
named herein shall elect the officer
Of this corporation.
(c) The offices of secretary and
treasurer Of this corporation may be
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