The Coconino sun., 1924-02-15
and as permitted by the laws Of the
State of Arizona.
ARTICLE v.

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 it's board of directors
may by resolution direct, upon such
conditions and terms as may be de-
termined by its board of directors,
with full power and discretion vested
in. it's 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-
tion 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 prices as said
board of directors may from time to
time by resolution determine.
(b) All shares of stick of this cor
poration 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
tion 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 Arr
zona; Coconino, Mohave and Pima,
and it shall terminate 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 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 $3.50
o'clock in the forenoon, and all dl-
rectors shall serve until their success
ors respectively are elected and quail
| flied.
(c) Until the first annual meeting
of stockholders, and until their suc-
cessors are elected and qualified, the
| following named persons shall COM
pose the board of directors Of this
corporation:
Philomena Babbitt, George G. Bah
bitt and Herbert G. 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 vacancy
or vacancies occurring among the Of
ficers 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
management of the affairs of this
corporation.
(f) ANY person who shall cease to
be a stockholder shall thereupon
cease to be director of this corpor-
alton.
ARTICLE VIII
(a) The officers of this corporation
/ shall be president, vice-president
| 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 stockholders
and such officers shall hold office
for one (1) year or until their sue
cessors 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.
| (c) The offices of secretary and
treasurer of this corporation may be
held by one and the same person, il
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
| iect at any one time shall be Six hun
| dred sixty-six thousand, six hundred
sixty-six and 66-10O (666,666.6s) dol
lars.
ARTICLE X.
The names, residences and post Of
flee addresses Of the incorporators
are:
Philomena Babbitt, Flagstaff, Ari-
zona,
George G. Babbitt, Flagstaff, Ari-
zona,
Herbert G. Babbitt, Flagstaff, Ari-
zona.
ARTICLE XI.
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 Article III hereof shall be con-
strued as statement of both objects
or purposes and powers, which powers
shall be cumulative; and no recitation
expression or declaration herein of any
specified object or purpose or spec.
iaI power shall be deemed to be ex-
| elusive or any one or more of the
others, or Of any other power which
may be lawfully exercised; and it is
hereby expressly declared that al
other lawful powers not inconsistent
Herewith are hereby included; anc
this corporation shall have power tc
carry into effect any one or more OF
all of the objects or purposes herein
above set forth, and to that end tC
| IL - - ~. - n..o ~ a11 IF fho cofs