The Coconino sun., 1923-09-21

all directors snail serve until their
successors are elected and qualified.
No person shall be eligible to the Of
flee of director Of this association who
is not the owner of at least five hum
dred (5O0) shares Of stock as shown
by the corporations books. The num-
Der of directors Of the association may
be increased or decreased to any legal
number by resolution of the board Of
directors. The board Of directors shall
select and appoint such employees and
agents as they might deem advisable,
define The authority of each and pre-
scribe his duties. Seven Of the incor-
porators hereof shallNscrve as direc-
tors until the next annual stoclShold-
cfs' meeting and until their successors
are elected and qualified.
Article VIII.
Sec. |. The officers of this associa-
tion shall be a president and two (2)
vice presidents, a secretary and a
treasurer, who shall hold office for
the term of one ~ year, and until
their successors ares appointed and
qualified. The directors shall from
their members appoint the above-nan-
ed officers at their first meeting, af-
ter the regular annual meeting of the
stockholders, except only, that the sec
retary and treasurer need not be a
director or directors. One person may
be both secretary and treasurer or
one person may be secretary and an
Iother treasurer. at the option of the
boad of directors. Said officers shall
perform the duties usually performed
by such officers of commercial corpor-
ations, but the board of directors shall
have power to adopt bylaws defining
and limiting the authority and duties
of any and all officers of this asSocia-
ton.
Sec. 2. The regular meeting Of
stockholders shall be held on the sec
ond Monday of February in each and
every year after February, 1921, for
the election Of directors and the trans
action of such general business as
may properly come before the stock
holders at such meeting. If said Mon
day shall be holiday, then the said
meeting shall be held on the next busi-
ness day. At such meetings the Sec
rotary and treasurer shall submit COM
plete records showing the financial
condition Of the corporation. Each
holder Of stock shall be entitled to one
vote for each share of stock owned by
him as shown by the books Of the as
sociation, thirty 500 days prior to
said stockholders meeting which he
may cast in person or by written
proxy.
See. 3. Special meetings Of the
stockholders may be called by the
board of directors in the manner pro.
vided by law, and must be called
whenever the owners, as shown by the
associations books, of twenty-five per
cent of the Guarantee Stock of the
corporation in writing request the
board to call special meeting of the
stockholders.
Sec. a. Until their successors are
elected and qualified the following
named persons shall be officers to this
corporation, to-wit:
Name and Office:
Joseph j. Daynes, President and Di-
rector.
Wesley E. King, President and
Director.
Daniel Alexander, Vice-President
and Director.
B0ilI II fSffeT, treasurer.
John b. Armstrong, Secretary.
NJ. s. Rosenbiatt, Director.
m. j Hansen, Director.
A. .. Binneau, Director.
r. G. Abbey, Director.
Sec. 5. The maximum aggregate
compensation of all officers of this
corporation shall never exceed one
per cent of the par value Of the shares.
of stock subscribed for and in force in
any year, including the paid-ap stock,
and shall be paid to such officers and
in such amounts, and in such manner
as the board Of directors may deter
mine, and said board of directors may.
at any time make such changes in the
persons to whom such compensation
shall be paid, the amounts paid, and.
the manner of payments of such COM
pensation as they deem fit.
Sec. 6. Loans shall be made upon
improved or to be improved real estate
and secured by first mortgage or trust
deed. The amount of the loan shall
not exceed sixty per cent Of the value
of the property. The rate of interest
for loans and the conditions and terms
upon which loans may be granted,
shall be fixed from time to time by
the board of directors.
Sec. z. Stock loans may be made to
stockholders of the association secured
by the pledge Of their shares as col
lateral security after the stock has
been in force not less than three (3)
years, and the installments as provid
cd therein to be paid. Not more than
ninety per cent of the book value of
said stock shall be loaned.
Article TX
There shall be two funds maintain
ed by the association, first, a Guar
antee Fund.- and second, General
Fund"
The Guarantee Fund shall consist Of
all moneys received on stock payments
of all classes Of stock and all profits
earned except the moneys paid into
The General Fund as hereinafter pro-
yided. This fund shall guarantee and
pay the Investors Guaranteed Divi-
dend Stock eight per cent uer annum
interest upon the total book value, or
the amount standing to the credit of
such stock on the books of the COM
pany which amount on book value shall
be all moneys paid on said investors
Guaranteed Dividend Stock, less all
moneys paid thereon into the General
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