The Coconino sun., 1923-11-09


business; to negotiate its contracts
for the sale by it of its bonds or de-
4 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
! expedient and for the best interests
/ 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, 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
Three hundred fifty thousand $780,
000) dollars, divided into three thou
sand five hundred (3,500) shares of
| the par value of One hundred (100)
dollars each, all common sstock; pro-
vided, 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 ".
(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 diree-
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
I thereof for cash at such price or
prices as SAID board of directors may
from time to time by resolution de
te11nine.
{b) All shares of stock of this
corporation shall be issued fully paid
and worcestershire, and the certificate
or certificates evidencil.g 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-
iona, and the recordation of cefti-
/ fled copy thereof in the offices of the
! respective county recorders of the
| following counties in the State of
Arizona: Coconino, Maric0pa and Gila,
and it shall terminate twenty-five
/ years thereafter, unless it be renewed
in tie manner provided by law.
ARTICLE VII.
fa1 TIE affairs of this corporation
shall be conducted, governed and con
trolled BY board Of three (3) direc-
tors, which number Of directors MAJ
/ be either increased or reduced by res
olufion 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 10:45
o'clock in the forenoon, and all di-
/ rectors shall seSye until their success
sors respectively are elected and
qualified.
- T44.l 49, f,,r+ .x,,,,,oI ,,,.,+
ing of stockholders, and until their
successors are elected and qualified,
the following named persons shall
compose the board of directors of this
corporation:
B. F. Colcord, w. c. Colcord and C.
| j. Babbitt.
(dl 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.
| (e1 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 a director Of this corpora
ton.
ARTICLE VIII.
(a) The officers of this corpora
ton shall be president, vice-presi-
| dent, secretary and treasurer, and
1 they shall be elected respectively by
the board Of directors from among
1.-THE stockholders Immediately after
the annual meeting of the stocl1hold-
ers, and such officers shall hold office
for one ~ year or until their success
soTs 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.
lei 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