The border vidette., 1911-12-02

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.
 Vui-The corporation shall begin business on November first, 1911, shall continue for twenty-five years from said date. and then shall terminate.
 K-The business of the corporation shall be cond uctGd by board of di- , rectors. seven in number, elected at the annual meeting of the shareh old CTS, to hold office until the next annual meet ing and thereafter until their successors are elected and qualify; also by pre- sident, vice president, and secretary , and treasurer, elected for a 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 shareholders, for the unexpired 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 and mailed to the absent mem bers, and such absente tees shall at the bottom of said transcript record over their sigma lures their votes on all questions 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.
 shareh olders, 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
 X-Any business of the corporation involving the purchase, sale, or other disposition of property of more than Five Thousand Dollars value, or any financial transaction involving more than Five Thousand Dollars, must be approved by not less than six memb bers Of the board of directors or by not less than seventy-five per centum of the stock issued and outstanding; and the highest amount of liability or indebted ress to which the corporation shall at my time subject itself shall be the sum of One Million Two Hundre red and Fifty Thousand Dollars; and the private property of the shareholders ot the cor poration shall be exempt from the pay nent of the corporate debts.
 N-The shareholders of the corpora- tion shall hold an annual meeting at D. m. on the third Monday of January in each and every year at the New York office Of the corporation, but if tor any reason tho board of directors see fit they may direct the holding of 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 prior to the date of meeting. Fifty per centum of the capital stock of the cor poration, issued and outstanding, must be present, in person or by proxy, at any annual or other meeting of the shareholders in order to constitute a quorum, and shareh folders 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 articles by vote of not less than all the mem bers of the board or not less than seventy five per centum of the stock issued and outstanding.
 IN WITNESS WHEREOF we have here- unto set our hands and seals this 24th day of October, 1911.
 ELGIN B. HOLT, (SeaD
 LAWTON B. GARSIDE (SealJ
 Signed, sealed. and dcliveIed in the presence of Frank J. Duffy.