The border vidette., 1911-10-28

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 determines; and said stock when issued shall be fully paid and non -assessable.
 VHl-The corporation sball 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 a 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 pre- sident, vice. president, and secretary 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 shareholders, for the unexpired term. Meetings of the board of directors shall be held at such placed and time as the by Jaws shall prescribe. It shall be necessary for four mem bers to be present person. ally for the business transacted to have
 
 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 mem berS, and such absentees shall at the bottom of said transcript record over their sigma tures their votes on all questions which arose at said meeting, and such votes shall have the same force and effect as though made at said meet 'ng, 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 such.
 Until the first annual meeting of the shareholders, the following named per sons shall ccrg tue the board of di- Iec.ors 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 than Five Thousand Dollars, must be approved by not less than six nom bers of the board of directors or by not less than seventy-6ve per centum of the stock issued and outstanding; and the highest amount of liability or Indebted
 
 any time subject itself shall be the sum of One Million Two Hund red 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.
 Xl-T 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 for 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 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 elders shall have one vote for each and every share owned.
 xII-The board of directors or the sharehold CTS may adopt or amend by laws not inconsistent wit h these articles by vote of not less than all the mem bers of the board or not less than seventy-fYe per centum of the stock issued and outstanding.
 IN WITNESS WHEREOF we have here unto set our hands and seals this 24tb day of October, 1911.
 ELGIN B. HOLT. (SeaD
 LAWTON B. GARSIDE (Seal)
 Signed, sealed, and delivered in the presence of Frank J. Duffy.