The border vidette., 1903-12-12

value of One Dollar each, and all stock when issued shall be fully paid and non assessable. The capital stock may be increased or decreased by the atfirma- tive vote of a majority of the stock, but in case of the increase of the cap Ital stock each shareholder shall have the privilege of subscribing for the same number of shares of the increase as were held by him before such in- crease
 SEC. 2-Shares of capital stock shall be transferable. but no transfer shall be valid, except as between the parties thereto. until regularly entered upon the books of the corporation. showing the names ana addresses of the persons by and to whom transferred, the num- bee and other designation of the shares, and the date of the transfer.
 ARTICLE IN.
 SEC. 1-The affairs of this corporation shall be conducted by d board of direct ors consisting of Five mem bers, each of whom shall be StOckhOlder, and when eyer any director ceases to be stock holder he shall at the same time cease to be a director. The directors shall be elected by the stock holders annual ly, at the regular annual meeting Of said stockholders, and shall hold office for one year and until their successors are elected and qualified.
 SEC. 2-the annual meeting of the stock holders may be held at any of the offices of the corporation, and shall be held on the last Tuesday of Novem Der in each year Any vacancy in the Board of Directors may be filed by the remaining members of the board by appointment from among the stock holders, and any person so appointed shall hold office for the unexpired term of the person in whose place he is ap- pointed.
 SEC. B. Until the first anual meeting of the stock holders, and until their successors are elected and qualified, the following named persons shall constitute the Board of Directors of said cor poration: Roscoe l.. Logan, l.. A. Teague, A. Cane, c. O'Brien Reddin and H. B. NJ. Miller. A ma jOrity of the Board of Directors shall constitute quorum for the transaction of busi- ness.
 celetion of any Board of Directors they shall meet and elect from among their number the officers of this corporation, who shall be d president, ,vice-president, secretary and treasurer. and such other minor officers or agents as the Board of Directors may deem necessary for the best interests of the corporation.
 SEC. -The Board of Directors shall have the power to hold it's meetings at any Of the offices of the corporation.
 ARTICLE V.
 SEC. 1.-The highest amount of indeb- tedness or liability to which this cor poration is at any time to subject itself, shall not exceed the sum of Two Hun dred and Fifty Thousand Dollars, and no debts shall be incurred except by authority of the Board of Directors.
 SEC. ? The private property of tEe stock holders shall be exempt from cor porate debts and liabilities.
 ARTICLE VI.
 SEC. 1-The time of the commence 1f ' ts ch oil 6n hn day of the filing of its Articles of In- corporation in the office of the County Recorder of Santa Cruz County, Ari zona, and certified copy thereof in tho etfice of the Auditor for said Terri tory. and the termination thereof shall be twenty-five years thereafter, unless the same be renewed, or unless said corporataion be dissolved prior to that time by majority vote of it's members or by operation of law.
 ARTICLE VII.
 SEC. 1-These Articles of IncorpOr- ation may be altered or amended at