Hello zeus1996,
Well, you can define 2 kind of Stash.
1) One is defined with CMOD server itself, so it is in the registry stored (key is called SRVR_OD_STASH from the ars.ini definition) the path should be absolute
2) you create your stash in one personalize directory, which is independent from 1). then you must give it in the arsload command like that:
arsload -u user -p c:\archive\Config\stash\myArsloadStash.stash ...
then arsload can find the location of you stash file anywhere you are. (here in my example I've used this path : c:\archive\Config\stash\myArsloadStash.stash)
Hope that helps a little bit,
Sincerely yours,
Alessandro