The border vidette., 1920-12-18

tion; all of which business may be
 carried on at such. place or places,
 either in the United States or in foreign
 countries, ss the Board of Directors
 may at any time determine to be for
 the best interests of the corporation. V
 The capital stock of this corporation shall be one million two hundred fifty thousand shares of the par value of one (S1 0O) dollar per share At such time and under such conditions as the Board
 of Directors may determine subscrip- ttons to the capital stock shall be paid for either in cash or by the sale and transfer to the corporation of real or personal property. or for services rem dered on behalf of the corporation, and
 said stock when issued shall be fully paid and non assessiole, and In the ab- sence of actual fraud, the determiua- tion by the Board of Directors as to
 the value of any property purchased or services rendered shall be conclusive. VT
 The highest amount of indebted ess
 or liability either direct or contingent to W ich this corporation is st any time to subject itself shall not exceed two thirds Of the amount of it's capital
 stock; and the private property of the stock olderS of this corporation shall
 be exempt from the payment of its
  The business affairs of this corpora tion shall be conducted by Board of
 Directors, consisting of not less than three, nor moro than seven mem bers,
 each of whom shall be @ stock old CT {; and whenever any director ceases to be a stock holder, he shall at the same time cease to be a director. They shall be elected annually by the stock holders a mai lar al ioh shall be held at the office of the cor poration in Nogales, Arizona, on the
 second Monday of October in each year, and shall hold their office until
 their successor is elected and qualified. !. unless sooner removed by death, re- signation or otherwise. Any vacancy in the Board of Directors may be filled by the remaining members of the board by appointment from among the stock | holders, and any director so appointed | shall hold office until the next annual meeting Of the stock holders. A major ity of the Board of Directors shalt con- stitute quorum for the transaction of business.
 The first Board of Directors shall i consist of John Willis, John Hoy. W. H. McNulty, E. R. Purdum, F. J. I Duffy, J. 0. Thompson and J. L.. Schleimer. who shall continue to con stitute the Board of Directors until the
 regular. annual meeting of Ehe stock holders in October, 1921, unless sooner removed by death. resignation or other | wise. The Board of Directors shah have power and authority to adopt By Laws for the government Of the corporation. -'t'- VIII .tf--. E The officers of this corporation shall | be president, vice-presid ent. secretary and treasurer, and such other officers, or agents as the Board of Directors may deem necessary for the purposes | of this corporation. They shall be chosen by the Board of Directors and shall hold office during the life of the | board by which they are elected, and until their successors are elected and qualified, unless sooner removed by re signation or by the vote of two thirds | of the Board of Directors. Until the | ii irst annual meeting of the stockhold. CTS in October. 1921, the officers of this l corporation shall be: John Willis, Pre-.
 sideut; John Hoy, Vice-PresIdent; W l H. .McNulty. Secretary and Treasurer TX
 These Articles of Incorporation may | be altered amended and the capital stock may be increased or decreased al any regular meeting of the stockhold- 1 CTS, or at any special meeting called l for that purpose. by the affirmative l vote of the majority of the stock hold | CTS. and the Board of Directors may | call a meeting of the stock kholders for | this or any other purpose not contrary | to law, but notice of such proposed
 meeting shall be given to each stock | holder either personally or by writing. 1 twenty days prior to the meeting at | which the proposed amendment shall be voted upon. --.~
 In Witness Whereof, we have here- unto set our hands this 16tE day oi November, A. D. 1920.