The Coconino sun., 1923-09-21
ARrIc1E Y.

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 abb
sence of actual fraud any such valua
tions so fixed shall be conclusive. The
board of directors Of this corporation
NAV 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-
ter1nine.
(b) All shares Of stock Of this
corporation shall be issued fully paid
and worcestershire, 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 a 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 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 11:3t
o'clock in the forenoon, and all dl-
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, VIM. Babbitt and Philomeas
Babbftt.
Cd The board Of directors of tlli,
corporation shall have power to I'll
any vacancy or vacancies occurring II
the board, and also to fill any va
cancy or vacancies occurring among
the officers of the corporation.
(el Said board Of directors shal
have full power to establish and adep
bylaws for the government of thu
corporation, and to alser and amen'
the same, and to make all rules AM
4 regulations expedient for the manage
ment of the affairs of this corpora
tion.
(f) Any person who shall eeas
to be steckholder shall thereupol
cease to be a director of this corpora
ton.
ARTICLE VIII
(a) The officers of this corpora
ton shall be a president, yice-presi
dent, secretary and treasurer, an
they shall be elected respectively b.
the board Of directors from amonj
the stockholders Immediately afte
the annual meeting Of the stockhold
! lers. and such officers shall hold offic
( for one ID year or until their success
sors respectively are elected an
qualified.
(b) Until the first annual meetini
of the board of directors, the director
named herein shall elect the officer
Of this corporation.
(c) The offices of secretary an
treasurer of this corporation may b
! held by one and the same person,
! SO ordered by the board of director
ARTICLE TX.
The highest amount of indebtedness
} or liability, direct or contingent, t
: which this corporation shall be sub
iect at any one time shall be One mi
lion three hundred thirty-three thou
: sand three hundred thirty-three an
+, 34-1O0 1883, ,333.34) dollars.
ARTICLE x.
: The names, residences and post OF
: flee addresses of the incorporation
: are:
Herbert Babbitt, Flagstaff, Arizon;
r. B. Conbett, Flagstaff, Arizona.
5 D. Babbitt, Flagstaff, Arizona.
: Vim. Babbiits.., Flagstaff, Arizona.
PhiIomena Babbitt, Flagstaff, Ar
/, zona.
The private property Of the stock
: holders of this corporation shall b
! exempt at all times and in any ever
} from any and all liability for its col
5 porate debts Of any kind whatsoeye
ARTICLE XII.
The clauses hereinabove set folt
S in Article III hereof shall be col
, strued as a statement of both q
! iects or purposes and powers, whic
: powers shall be cumulative; and \
5 recitation, expression or declaratio
u herein Of any specified object OF pui
r pose on. special power shall be deeme
: to be exclusive of any one or more
S the others, or of any other powe
S which may be lawfully exercised
: and it is hereby expressly declare
: that all other lawful powers not II
$ consistent Herewith are hereby il
! cluded; and this corporation sha
Z have power to carry into effect an
{ one or more or all of the objects {
purposes, hereinabove set forth, an
: to that end to do any one or more {
: all of the acts and things aforesai'
and likewise any or all such other ac
: and things necessary or incident;
: thereto as such corporation may law
, fully do; and in conducting and carry
! ing ON it's business, and for the pll
| .,x1.. 1f effa;,,s,,,r rA1.rI1a n fincr ~. ft1-