Nogales international., 1928-01-27

O1SCOuuL, 0AGCutS ana ASouG pIO
rnissorv notes, drafts, bills of ex-
change, warrants, debentures, anc
other negotiable or transferable
instruments.
TO issue bonds, debentures
obligations or other evidences OF
indebtedness and to secure the
same by mortgage, pledge, deco
Of trust or otherwise.
To purchase, hold and reissue
the shares Of its capital stock.
To carry an any or all of its
operations and business and to
promote it's objects within the
State of Nevada, or elsewhere,
without restriction as to place OF
amount.
To do any or all of the things
herein set forth to the same ex-
tent as natural persons might or
could do and in any part Of the
world, as principals, agents, con-
tractors, trustees or otherwise,
alone or in company with others.
ARTICLE Nv
The maximum number of shares
that the corporation is authorized
to have outstanding at any one
time is twenty-five hundred
(250O) shares of cumulative pre-
ferred stock of the par value of
Ten Dollars ($1O.O0) per share,
ard twenty-five thousand (25,-
C0O) shares of common stock Of
the par value of One Dollar
(S1.OO) per share.
The holders of the preferred
stock shall be entitled to cumul.
ative dividends thereon at the rate
of seven (T7o) percent for each
and every fiscal year of the Com
pany, payable at the discretion OF
the board of directors out Of any
surplus or net profits of the Com
pany on such dates as may be
fixed by the board of directors,
and payable before any dividend
is paid upon the common stock.
Should the net earnings in any
one year be insufficient to pay
said preferred dividend in full, in
the judgment of the board OF
directors such portions Of said div
idend as may be possible may be
paid therefrom, and any unpaid
dividend shall be a charge against
the net earnings Of the company
and shall be paid in full out OF
any available profits. If after
paying said dividend of seven
(7%) percent upon said preferred
stock for any year, together with
any or all arrearages thereon, any
further available profit shall re-
main, the directors of the COM
pany may. at their discretion. out
of said remaining profits, declare
and pay a dividend upon the OUT
standing common stock Of the
company.
Said preferred stock is subject
to redemption at the option OF
the directors at any time after
sixty (60) days notice upon pay
ments of Ten and $4,000 ($10.-
50) Dollars per share, and any
accumulated dividends.
In the event of dissolution or
liquidation of the corporation, the
holders OF the preferred stock
shall be entitled to receive the
par value of the preferred shares
and any accumulated dividends
thereon before anything shall be
paid to the holders Of the common
stock. These rights and pre-
ference of the preferred stock
shall not be altered, amended or
rescinded without the consent Of
all of the holders thereof.
Shares of stock shall be issued
only upon the payment of cash,
services rendered or property
transferred to the corporation
equivalent to the par value of
the stock issued, provided that
the value placed upon the services
rendered or property transported
to the corporation shall be final
and conclusive proof of their
value.
ARTICLE v
That the amount of capital with
which the corporation will begin
business is Five Hundred and
no/100 ($5O0.00) Dollars.
ARTICLE vi
The members of the governing
board shall be styled directors,
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