The herald., 1912-05-23
The stock of this corporation may be Is.

! The stock Of this corporation may be Is
sued for money, for labor done, or services
rendered. or for lands or other property.
which may be thus paid for or exchanged
and made over to the company. The valu-
alton Of any and all lands, rights. contracts.
| labor or services or property, movable, i'm
movable and mixed, corporeal or incorpo-
! real, accepted and received by the corpora
| tiOn for its corporate purposes in payment,
exchange or otherwise, for any of the stock
and shares of this corporation and fixed by
| the board of directors upon such terms and
| conditions for the issuance of such stock
| shall be conclusive evidence Of such yalua-
| tiOn ;and any and all persons, partner
| ships. associations, corporations or credit
ors dealing with this corporation are con
| cluded thereby, and any and all persons,
partnerships. associations, operations or
creditors dealing with this corporation here
| by waive any right or cause of action
against the original or subsequent owner
| or owners of such stock and shares issued to
| Ii, him, her or them in payment or ex-
change for labor done or services rendered,
or for such lands, rights, credits. contracts
and property valued by the board OF direc-
all contracts, contract or undertaking made
by or entered into with this corporation
shall be subject to this provision of this
charter.
All OF said stock shall be fulI-paid and
worcestershire when issued and delivered
and transfers thereof shall not be binding on
the company unless recorded In its books,
and shall be further subject to such rules,
directors may prescribe.
This corporation shall begin its business
as soon as three thousand dollars (s3.-
OOO;OOl of Its stock shall have been sub
scribed.
ARTICLE V.
The corporate powers Of this corporation.
including the power to make and amend its
bylaws and the management and control of
its affairs shall be vested in and exercised
by a board Of directors, composed of not
persons, who shall be the holder of at least
one share Of the capital stock of this COM
pany, majority of whom, represented eth
er In person or by proxy, shall constitute
quorum for the transaction of all business
Any director in his absence from any
meeting of the board of directors shall have
the power to appoint in writing any other
director or stakeholder as his proxy, with
full power to act in his stead at such meet
ing.
The directors shall be elected annually
by ballot by the holders of tho stock on the
hrst Tuesday in April Of each year. Each
holder or stock shall be allowed to vote
in person or by written proxy, one vote for
each share OF stock owned by him. and all
elections shall be held under such rules and
re dractS as may be adopted by the board
snail continue in office for one year and un-
I'll their successors shall have been duly
elected and qualified Any failure to elect
officers or directors shall not be regarded as
forfeiture Of the charter. ANY vacancy
occurring on said board Of directors shall he
nlled by the remaining directors for the
unexpired term.
The following persons shall be and consti-
TUE the hrst board OF directors: Otto T.
Maler, 1. Il. A. Carr and L. Howard Mecca
leb, a majority of whom shall constitute a
quorum, with Otto I. Maier as president. G
=, A. Carr, vice-president and Z. Howard
McCaleb, secretary, who shall be the officers
OF the corporation and shall serve until the
rG9iar meeting on the first Tuesday in April,
1913, or until their successors have been
elected and qualified.