The border vidette., 1931-06-13

shall be paid into tho corporation in
such manner and upon such terms as
the Board of Directors may fix in cash,
services, or by the sale, transfer and
assignment to the corporation of prop
erty, property rights or interests there
in, real or personal, for the uses and
purposes OF the corporation, and in
pay ment for which, shares OF the capt.
tai stock OF the corporation may be
issued, ard such stock so issued shall
therenpon and thereby become aud be
fully paid up and nom assessable, and
in the absence Of actual fraud in the
transaction, the jud gment OF the Boa
OF Directors as to the value OF the ser
vices rendered or property purchased
shall be conclusive.
ARTICLE vi
The time OF the commencement of
this corporation shall be the date of
the issuance to it by the Arizona Cor
poratiOn Commission of a certificate Of
Incorporation. aud the termination
thereof shall be twenty five years there
after, with the power of renewal as pro-
vided by law.
ARTICLE VII
The management aud conduct of the
business, property, and affairs OF tho
corporation shall be vested in and con-
Quoted by Board of Directors of not
less than three ~ nor more than seven
(7) persons, and all directors, except in
case of vacancies, shall be elected at
the annual meeting of stockholders.
except the first board, which is chosen
as in these articles hereinafter set
forth. The officers of the company
shall consist of q president. vice presi-
dent, secretary and treasurer, and such
other officers as the Board OF Directors
shall deem expedient, and all shall be
elected or appointed by the Board of
Directors. Any two or more offices.
the duties of the incumbent OF which
are not inconsistent. may be held by
the same person. Both officers and
directors shall hold their Offices for the
period of ono year from and after elec-
tion and qualification and until their
successors are elected and qualified, un-
less removed by the Board. The Di-
rectors shall have the right to fill any
vacancy occurring in the BOARD by
death. resignation or otherwise, and
the person or persons elected to fill any
such vacancy or vacancies shall hold
his Office until the next regular meet
ing of stockholders.
ARTICLE VIII
The regular meeting of the stock
holders shall be held at the principal
office of the corporation on the third
Monday In January in each year COM
with the year 1882.
ARTICLE TX
The incorporators shall name the
persons who shall constitute the first
Board of Directors and when so elected
by the incorporators said members of
the Board shall serve until the first
their successors are elected and quail
lied.
ARTICLE X
The Board of Directors shall have
the power to make and alter the by
laws of the corporation; to fix the
amount to be reserved rs working cap
Ital, and to authorize and cause to be
executed mortgages. debentures and
other obligations which shall be liens
upon the property and franchises Of
the corporation, and, In general. to ex-
9rcise all the powers and authority of
the company not expressly withheld
from said Board by law, or by these
Articles of Incorporation. or by the
action of the stock holders.
ARTICLE XI
The stock holders and members of
this corporation and their private prop
9rty shall be exempt from any liability
Tor the debts Of this corporation.
ARTICLE XII
The indebtedness of this corporation
shall at no time exceed the sum of Sixty
Six Thousand 1866 600 00) Dollars.
ARTICLE XIII
Ebert R. Thurman of Nogales. Ari.
IONA. who has been bona fide resident
of the State OF Arizona for at least
three years. is hereby appointed the
awful agent OF this corporation, for
and in behalf of it to accept
and acknowledge service and upon
whom may be served all necessary pro.
cess or processes in any action, suit
or proceedings that may be brought
against this corporation in any of the
courts of the State OF Arizona, and for
Ill purposes required by law.
IN WITNESS WHEREOF. we have
)f November, 1880.
VICTOR j. WAGER,
Q. G. CRENSHAW,
S. G. JUNG.
STATE OF ARIZONA,