The border vidette., 1911-11-25

to be and shall be q thing apart from | the other business of the corporation | and the property of the preferred i shareholders, and the proce eds shall be 1 applicable tn the pay ment Of tho pre- | ferential dividends regardless of whe | ther the general operations of the COT pOratiun show profit n loss; and the holders of the preferred shares shall. under all circumstances, be the beneficiaries of both the principal and . the income from said fund to tho ex- clusion Of any and all creditors Of the corporation and of the holders of the common shares
 Vii-The ca pital 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 i transfer of property to the corporation. ! or by services rendered, as the board of directors shall determines; and said stock when issued shall be. fully paid and non assessa ble.
 VIII The corporation sball begin business on November first, 1911, shall continue for twenty-five years from said d ate. and then shall terminate.
 N-The business Of the corporation shall be conducted by board Of di- rectOrs, seven in number, elected at the annual meeting Of the shareholders to hold office until the next annual meet ing and thereafter until their successors are elected and qualify; also by a pre- sident, vice president. and secretary and treasurer, elected for n term Of one year or les 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 hnve such powers as the bylaws may prescribe Vacancies in the board of directors may be filled by tho 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 mem berS to be present person ally for the business transacted to have force and effect; but in case less number arc present the meeting may be held and transcript of the minutes prepared and signed by those present and mailed to the absent members, and such absentees 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 ns 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 shareh olderr, the following named per sons shall constitute the board of di- rcctors 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 moro than Five Thousand Dollars, must be approved by not less than six member of the board of directors or by not less than seventy-fve per centum of the stock issued and outstanding; and the highest amount of ability or indebted ness to which the corporation shall at any time subject itself shall be the sum Of One Million Two Hundred and Fifty Thousand Dollars; and the private property of the shareholders ot the cor poration shall be exempt from the pay ment of the corporate debts.
 XI-The shareholders of-the corpora tion shall hold an annual meeting at 3 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 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 prlor 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 quorum, and shareholders shall have one vote for each and every share owned.
 xII-The board of directors or the shareholder may adopt or amend by laws not inconsistent with these articles by a 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, fSeaD
 LAWTON B. GARSIDE (Seal)
 Signed, sealed. and delivered in the presence of Frank J. Duffy.
 TERRITORY OF ARIZONA,