The Coconino sun., 1923-10-05

rectors may be held, either within or
at any place or places without the
State of Arizona.
ARTICLE Nv.
| (a) The total authorized capital
stock of this corporation shall be Four
hundred thousand (400,000) dollars,
| divided into four thousand (4.OOO)
shares Of the par value of One hum
dred (100) 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 corporation,
| in accordance with and as permitted
by the laws of the State of Arizona.
ARTICLE v.
! (al 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.
Obi All shares of stock Of this
corporation shall be issued fully paid
and -assessable, 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-
poratiQn in the office Of the Corpora
ton 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, 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 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 l15th)
day of February in each year at 1:30
o'clock in the afternoon, 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:
]. Hennessy, D. Babbiit and c. ].
Babbitt.
(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
nnent Of the affairs Of this corpora
tion.
! (f) Any person who shall cease
| to be a stockholder shall thereupon
cease to be director of this corpora
tion.
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 (1) year or until their success
sors respectively are elected and
qualified.
(b) Until the first annual meeting
| Of the board of directors, the directors
1 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 Two
hundred sixty-six thousand six hun
dred sixty-six and 67-100 1855, ,666.67)
dollars.
ARTICLE X.
| The names, residences and post Of
| flee addresses of .he incorporators
| are:
J. Hennessy, Flagstaff, Arizona.
| d. Babbitt, Flagstaff, Arizona.
/ G. j. Babbitt, Flagstaff, Arizona.
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.
! The clauses hereinabove set forth
/ in Articio TIT hereof shall he con-