The border vidette., 1922-04-01

| i ferred stock, the holders of common | stock shall bo entitled to all profits distributed as dividends. up to ten per l cent per annum on their stock. h any | calendar year when dividends aggregat- ing ten per cent shall have been paid on the common stock, if my further dividends to be declared tho same shall be distributed pro-rata between the common and pref9rreI stock stock holders. (2) The preferred stock is issued 10 1 and accepted by stock holders upon the express unders' 'auding, and the right is hereby reserved to the stock holder of this corporation, that these Articles of
 Incorporation may be amended in che
 manner provided by law for increase of preferred stock aud the directors oi this corporation may with the consent of any holder of preferred stock retire the same.
 (3) Said prefer, ed stock staN have full voting power at all meetings of stock holders to the same extent as com
 mon stock CD At the option of the holler Of any of said preferred stock. tbe same may at any time be exchanged for com
 ID on stock Of an equal amount. At such time as the board Of direct ors, by resolution. shall direct said
 capital stock, common and preferred,
 shall be paid into this corporation either
 in cash or by sale or transfer to the C'ji iOIdblOu Ol EeStt UT pSESOldl ItOpSE- ty. contracts. leases services, or eDy other valuable right or thing, for the use or purposes of this corporation. in payme for which shares of ca pital stock of tho corporation, common or preferred as the dire ctOrs shall by re solution direct, may be issued. and the capital stock so issued shall thereu pOn and thereby become and be fu;ly paid up and forever non -assessab!e The jud dgment of inc board Of directors as fan al of rT,.l0S ceived in exchange for stock shall he conclusive in the absence Of actual fraud.
 ARTICLE
 The time of the commencement of this corporation shalt be the date Of the
 filing of n certified copy Of these AItj- cles of incorporation for record in the office of the County Recorder ofs the County Of Santa Cruz, State of Arizona, and tho termination thereof shall be twenty five (25) ears thereafter. but the right is reserve ed to renew this cor poration from time to tfma as by the present or any future laws of the State of Arlzona may be provid cd.
 ARTICLE VI
 The general mana cement and cootrul o! the business. property. interest 8, and affairs of this cCrpOrnt:On. are and shall be vested in and conduct by a Board Of Directors consisting of not less than three (3) or more than i've {5) persons each stock holder in this corporation. By laws shall be adopted for the hot 1 ter regulation of the more detail affairs l Of this corporation. and therein the
 mum Der of stockholders which shall
 comprise the Board of Directors, within
 the limits fixed by these articles, shall i be provided.
 Until such bylaws shall be adopted,
 and shall otherwise provide, the Board of Directors of this corporation shall l be composed of three (3l per5ons. Except in the case of vacancies the Board of Directors shall be elected an
 nuaIly at the annual meeting of the 1 stockholders, at any adjournm ment of
 such annual meeting. or, at any special
 meeting called :or that purpose among others when auy such regular meeting shall not have been held.
 Directors elected at any such regular adjourned or special meeting sball hold office until the next regular annual stockholde 's' meeting. and until their successors shall have been elected and qualified. except, however, the first Board of Directors which is chosen as in these Articles Of Incorporation set forth.
 Tho officers of this corporation. in addition 10 the Board Of Directors, shall consist of a president. a vice. president, q treasurer and a SecI etary, together with such other officers as by the by laws may be provid ed, and any two
 SuCD OilcSS may DS uliGu Dy one ana
 the same person, and such officers shall
 have charge and control of the business of this corporation, subject and sub
 servient to its Board of Directors, and in accordaEce with the provisions of the bylaws.
 All of the herein before specifically named offices shall be filled by stock holders of this corporation.
 All of the above mentioned officers, except the directors. shall be by the Board of Directors elected or appointed at its first any subsequent meeting next after the election of such direct Ors, and all such elected CT appointed officers shall hold the office to which appoin ted or elected until the first meet ing Of the next newly elected Board of Directors, and until their successors shal have boon elected or appoIn ted and be qualified, unless, as hereinafter provided, sooner removed from office
 Any officer elected or appointed by the Board of Directors, and any subor- dinate officer CT employee, may be re- moved at will by an affirmative vote of n majority of the full membership of the Board of Directors, and vacancies from such cause be filed in the same manner and by the same authority as such removed officers shall have been elected or appointed originally. Any vacancy or vacancies occurring and existing in the Board of Directors
 from any cause al any time shall be filled by ma jOrity vote Of the re-
 ruAinder of the Board of Directors, and all persons elected or appointed to ill any vacancy in office shall hold such office for the uuexpired term thereof
 and until his successor shall have been duly elected or appointed and qualified,
 I..II