The copper era and Morenci leader., 1913-10-03

transaction of the business of the | Board may be fixed by the Directors, and unless so fixed shall be two.
 S3. The continuing Directors may act notwithstanding any vacancy in their body, but, if and so long as their number is reduced below the number fixed by, or pursuant to the reguia- tions of the Company, as the neces- sary quorum of Directors, the contin- ing Directors may act for the pur- pose of increasing the numbers of Directors to that number, or of sum- moning a General Meeting of the Company, but for no other purpose.
 S4. The Board may elect Chair man of their meetings and determine the period for which he is to hold of elected, or if at any meeting the Chairman is not present within i've
 minutes after the time appointed for
 holding the same, the Directors pres
 ent may choose one of their number
 to be Chairman of the meeting. | S5. The Board may delegate any
 of their powers, other than the pow
 CTS to borrow and make calls, to Com
 mittees, consisting of such member
 
 think fit; any Committe so formed
 shall, in the exercise of the powers
 so delegated, conform to any regula- tions' that may be imposed on them | by the Board
 S6 A Committee may elect a Chairman of their meeting; if no Fsuch Chairman is elected, or if at any
 meeting the Chairman is not present
 within five minutes after the time appointed for holding the same, the members present may choose one of ltheir number to be Chairman of the
 meeting. s+
 ST. A Committee may meet and ad-
 journ as they think proper. Questions
 arising at any meeting shall be de-
 termined by majority of votes of
 the members present, and in case of an equality of votes the Chairman shall have second or casting vote. S8. All acts done by any meeting of the Board or of a Committee of Directors, or by any person acting as a Director, shall, notwithstanding that | it be afterwards discovered that there was some defect in the appointment of any such Directors, or persons act ing as aforesaid, or that they or any of them were disqualified, be as valid as if every such person had been duly appointed and was qualified to be a Director.
 Is. INDEMNITY OF DIRECTORS, Sc.
 89. Every Director, officer, or ser want of the Company shall be indem- nified out of it's funds against all costs, charges. expenses, losses, and liabilities incurred by him in the con- duet of the Company's business, or in the discharge of his duties; and no Director or officer of the Company shall be liable for the acts or omis- sions of any other Director or officer, or by reason of his having jonied in any receipt for money not received by him personally, or for any loss on account of defect of title to any prop erty acquired by the Company, or on account of the insuffciency of any security in or upon which any moneys of the Company shall be invested, or for any loss incurred through any bank, broker, or other agent, or upon any ground whatever other than his own wilful acts or defaults.
 V. DIVIDENDS AND ACCOUNTS. |
 l. DIVIDENDS.
 90. The Company in General Meet ing may declare dividends, but no ! dividend shall exceed the amount rec ommended by the Board
 91. The Board may from time to time pay to the Members such interim dividends as appear to the Board to pc justified by the profits of the Com )any.
 92. No dividend shall be paid oth- ,Fwise than out of profits
 93. Subject to the rights of per { ons, if any, entitled to Shares with ' pecial rights as to dividends, all I dividends shall be declared and paid S ccording to the amounts paid or | redited as paid on the Shares. No mount paid on Share in advance of ( -I, ,I,sI s~-4- | e treated for the purposes of this I rticle as paid on the Share. t
 94. The Board may, before recon t lending any dividend set aside out o the profits of the Company such e ums as they think proper as re- a erve or reserves, which shall, at the e iscretion of the Board, be applicable e or meeting contingencies, or for a qualizing dividends, or for any other c urpose to which the profits of the p ompany may be propertly applied, c nd pending such aplication may, at b le like discretion, either be employ if | in the business of the Company or p g invested in such investments (oth- O. r than Shares of the Company as b le Board may from time to time N link fit.
 95. If several persons are register l as joint holders of any Share, any L ne of them may give enectual re- sipts for any dividend payable on V le Share. c 96. Notice of any dividend that lay have been declared shall be R iven in manner hereinafter mention I to the persons entitled to share herein.
 97. No dividend shall bear interest s gainst the Company.
 3. ACCOUNTS.
 9S. The Board shall cause accounts h , be kept of the assets and liabilities, ,ceipts, and expenditure of the Com any. 9S. The books of account shall be ept at the ergistered Office CT the |