The herald., 1911-08-10
ARTICLE III.

The capital stock Of this corporation is
hereby fixed at the sum of twenty-five thou
sand 1925, 100000 dollars, divided into and
represented by two hundred and fifty (250)
shares OF the par value of one hundred
(S100.O0) dollars each. Said stock shall be
represented by certificates of stock, signed by
the president and the OBSERVATION-DISCLOSURES of
the corporation, and in the absence of the
president, by the vice president. Said stock
shall be issued at such times, for such price
and upon such terms and conditions and
may be paid for In money, property or ser
vices, as the board of directors may deem
advisable. No transfer of stock shall be
binding upor the corporation unless made
on its books. No stakeholder shall have the
right to sell or otherwise dispose of his
shares Of stock In this company without first
having offered them to the corporation, and
this corporation is hereby empowered and
authorized to purchase said shares for the
benefit of all its stockholders at the book
valuation of said stock, as shown by the
books OF the corporation.
ARTICLE ".
All the corporate powers of this corpora
ton shall be vested in and the manage
ment and control of its business and affairs
conducted by board Of directors, composed
five stockholders, three OF whom shall con-
stitute quorum no member of said board
to own or subscribe for less than five shares
of stock. Said directors shall be elected by
a
holders on the second Monday Of September,
1917, and annually thereafter on that day.
Every stockholder shall be entitled, either
in person or by proxy, to one vote for every
share owned by him. All elections shall be
held under such rules and regulations as
may be determined by said board of direc-
tors. Ten days written notice, directed
to the last known address Of every stockhold-
er shall be given of all elections.
The directors thus elected shall continue
in Ottce for one year or until their success
sors shall have been elected and qualified ::
any failure to elect directors or officers shall
not be considered as a forfeiture of this
charter. Any vacancy occurring in the
board of directors shall be filled by the re-
naming directors for the unexpired term
majority of the stockholders at q meeting
shall constitute a quorum for the transac
tion OF any business.
Said board of directors shall, at its first
meeting after its election, elect out OF its
own members, president, a vice-president
and a secretary-treasurer; and said board
shall have the power in dts discretion to
unite two or more offices and the same to
confer upon one person.
Said board shall have the power to ap-
point and dismiss such officers agents. clerks
and employees as may be deemed necessary
and to fix their compensation.
Said board is specially vested with the
power and authority TO mortgage or pledge
the property, real and personal, of the cor
poration, as they may deem advisable: to
purchase, hold, own, lease, mortgage pledge
sell and dispose OF real estate, improved and
unimproved; to execute mortgages issue
notes, bonds and other evidences of debt
and to borrow and lend money on same, to
and from individuals, firms and corpora
lions, at such times, for such price, and
upon such terms and conditions as they NAV
deem advisable. This power to buy and
sell real estate, to borrow and lend money
execute mortgages, issue notes, bonds and