The border vidette., 1911-11-18

to be ana ahall De a ln1n& HpnrL rom : the other business of the corporation and the property of the preferred and the proct eds shall be applicable to the payment of the pre- ferential dividends regardless of whe ther the general operations of the cor pOretion show profit or n loss; and | the holders of the preferred shares | shall. under all circumstances. be tine | of both the principal and | the income from said fund to the ex clusion of any and all cred itors of the and Of the holders of the common shares.
 VH-The capital stock of the corpor- ation. made up as aforesaid. shall be paid for at such time and in such man. ner, either in cash or by the sale and transfer of property to the corporation. ! or by services rendered. as the board of directors shall determIne; and said stock when issued shall be fully paid and non -assessable.
 VlIl-The corporation sbail begin business on November first, 1911, shall continue for twenty five years from said date and then shall terminate.
 N-The business Of the corporation shall be conducted by d board of di- rectors, seven in mum Der. elected at the annual meeting of the Shareh olders, to hold office until the DeXt annual meet ing and thereafter until their successors are elected and qualify; also by pre-
 
 and treasurer, elected for term of one year or less by and from the board of directors, in accordance with the by laws; also by an executive committee consisting Of the president. vice-presi- dent, and secretary and treasurer, which shall have such powers as the bylaws may prescribe Vacancies in the board of directors may be filled by the board or by the shareholde CTS. for the unexptred term Meetings of the board of directors shall be held at such placed and time as the bylaws shall prescribe. It shall be necessary for four members to be present person ally for the business transacted to have force and effect; but in case a less number are present the meeting may be held and transcript of the minutes prepared and signed by those present t and mailed to the absent members, and such absen tees shall at the bottom of said transcript record over their sigma lures their votes on all quest tions which arose at said meeting. and such totes shall have the same force and effect as though made at said meeting, and the transcript when signed by all the mem- bers of the board shall be filed among the records of the proceedings of the board and shall be deemed the record , of valid meeting and have effect as such.
 Until the first annual meeting of the shareholders, the following named per sons shall constitute the board of di- rectors Elgin B. Holt. Lawton B. Gar side Emory D. Miller. Clarence H. Fowler, Walter E.. Holt, NJ. A. Garside, and w. A. O'Connor.
 l X-Any business of the corporation 1 involving the purchase, sale, or other disposition of property of more than l Five Thousand Dollars value, or any 1 financial transaction involving more than Five Thousand Dollars, must be l approved by not less than six mem bers of the board of directors or by not less ! than seventy-Gve per centum of the stock issued and outs standing; and the highest amount of liability or Indebted ness to which the corporation shall at any time subject itself shall be the sum of One Million Two Hundred and Fifty i Thousand Dollars; and the private property of tho shareholders ot the cor poration shall be exempt from the pay ment Of the corporate debts.
 l xI-The shareholders of the corpora. tion shall hold an annual meeting at : p. m. on the third Monday of January
 in each and every year at the New
 tor any reason the board of directors
 see fit they may direct the holding o
 such annual meeting at any other place
 on said date or within one week there | after. by proper notice mailed to each shareholder at least thirty days prlol 1 to the date of meeting. Fifty pei
 centum of the capital stock of the cor poration. issued and outstanding, mus
 be present, in person or by proxy, a
 any annual or other meeting of tho
 shareholders in order to constitute [ quorum, and shareholders shall have
 one vote for each and every share
 owned.
 XII The board of directors or the
 shareholders may adopt or amend by
 laws not inconsistent with these article
 by vote of not less than all the mem bers of the board not less thar
 seventy five per centum of the stock
 issued and outstanding.
 IN WITNESS WHEREOF we have here
 unto set our hands and seals this 24tl
 day of October, 1911.
 ELGIN B. HOLT. (SeaD
 LAWTON B. GARSIDE (Seal) Signed, sealed. and delivered in the
 presence of Frank J. Duffy.