The herald., 1911-05-11
ARTICLE ".


hereby declared to be: One Hundred Thou
sand Dollars $500. 0OO.OO), divided into
one thousand shares (1OOO) of one hundred
dollars tS100.00) each. which said stock
shall he paid for in cash or Its equivalent,
whether paid directly or indirectly, in such
amounts and on such terms and conditions
and In such manner as the Board OF Direc-
tors NAV determine, or it may be issued
full paid or worcestershire for property
actually purchased. or labor actually per-
formed or rendered to this corporation.
This corporation shall be authorized 10
thousand dollars (s25. 900. OOC Of its stock
shall be subscribed for.
ARTICLE V.
All the corporate powers Of this corpOr-
alton shall he vested in and exercised by
a Board of Directors Of not less than three
(3l and not more than seven % directors.
who must he stockholders and who shall
he elected annually on the second Monday
in April Of each year. by the stockholders.
commencing on the second Monday In April.
1912. at which time the officers OF this cor,
poration shall also be elected by the board
from among their number or as soon there
after as possible and the directors and Off
GERS shall hold their respective Offices until
their successors are duly elected and quail
flied.
The said officers are declared to be a
president. vice-president and treasurer.
They shall also elect a secretary, who
" n
or n stakeholder, at the discretion Of the
board and the Offices OF secretary and
treasurer may be filled by one and the
same person as the board may determine.
The first Board OF Directors Is hereby
declared to be: Mr. Gordon s. Orme. Mr..
Julius r. Ross and Mr.. James L. Pilot,
with the said Gordon s. Orme as presi-
dent. the said James L. Pilot as vice-pres-
ident and the said Julius r. Ross as sec
retary-treasurer.
which said Board Of Directors and ON
GERS shall retain their respective offices un'
til the second Monday In April. 1912, or
until their successors are duly elected and
qualified. ANY vacancies occurring In the
Board OF Directors before the expiration OF
their term shall be filled by the stockhold
ers. after ten (10) full days notice shall
have been sent to each stakeholder by mall
TO his last known address. Two (2) mem
bers Of said board shall constitute quo
rum for the transaction Of all business.
Said Board OF Directors shall have the
power to make such bylaws. rules and
regulations as It deems proper, and to
alter, amend, break and revoke same al
pleasure.
No director shall be allowed to sell his
stock without first offering the same to
the Board Of Directors OF this corporation
at its then book-value. and the said ohel
must be made to the board In writing anc
| II same Is not taken advantage Of within
| thirty days. the said stockholders shall
have the right TO sell his stock to whom
they please.
ANY director shall have the right TO IN
represented by written proxy given to any
stakeholder to represent him at any dlrec
| tors meeting and anv director may waive
| any or all notices of meetings by WRITER
notice TO the secretary and each member
| OF the board. as also the stockholders shall
leave their last address with the secretary
| Of this corporation and their failing to d.
so shall be construed as a waiver OF al
notices.
All notices Of stockholders meetings I'M
less herein otherwise provided for shall b'
| by ten (10l days written notice In tn,
manner herein provided.
This corporation shall retain first lier
| on any stock of any stakeholder for any
| Indebtedness due this corporation by him
and all transfers of stock shall be made
subject to this clause.
/ All employees OF this corporation shall
be considered as employed by the month un
less otherwise contracted with In writing