Nogales international., 1928-12-18
LEGAL NOTICE

Y. To call the General Or-
dinary or Extraordinary Meetings
of Stockholders.
EIGHT. The members of the
Board of Dire tors and the Cen
cral Manager shall hold office for
cne wear: but if their Successors
shall not have been elected at the
expiration of their term of Office,
than t,,ev shall ontinue to per-
form their duties until their sue
ressors shall have been appointed.
Al members may be reelected.
vaoancies in the Board, as well
as in the offices of supervisors,
SAL be filled as may be de-
+err,irnA by the hv laws.
NINTH. The President, or IN
lis absence the Vi"e-Presldent
sail e-,e ute tie resolutions of
the Board of Directors and they
both NAV sign on behalf of the
rc,noration and they are hereby
50 empowered jointly or separate
T. To represent the corporation
iudicialIv or extrajudicially.
IT. To grant general or special
,owers attorney and also to
revoke them. :,
III To sign documents of all
KINDS. issue che ks, drafts, notes,
receipts to make contracts for
loans and to arbitrate, make ana
sipn all kinds OF Obligations
rledge, and bonds. :,
TENTH. A reserve fund shali
be created, which as to terms and
quantity sha!! be as provided tor
in article 214 of the Commercial
Code now in force.
ELEVENTH. After deductlng
t]7e general expenses at the end
If each fis al year and the amount
f the reserve fund, the profits,
= t1,ere be any, shall be distn,
4,,tod equally to each share and
the losses in like manner shall De
charged up to the amount OF the
capital stock.
TWEL Eth. The founders do
rot reserve to themselves any
srecial srare in the profits.
THIRTEENTH. The corpora
ton shall be dissolved: (a) by
consent of TIE stock holders. (b)
Bv the expiration of the term for
for which it was organized. (c)
Bv legally being declared in
solvent
FOURTEENTH. In case of
liquidation of the corporation, the
General Meeting of Stockholders,
specially called for the purpose,
sha!! appoint one or more receiv-
els; it shall name the time in
which the liquidation shall be
made and reserve to itself the
right to extend the time if it is
deemed necessary or convenient;
it shall fix the compensation of
tie receivers and instruct them as
to the terms under which the
liquidation shall be made, which
shall conform to the provisions of
articles PIT, and the following
articles of the Commercial Code.
AS soon as the corporation goes
into liquidation the powers, au-
thority and duties of the Board
Of Directors cease, as well as the
powers, authority and duties of
the Managers, and thereupon the
receiver or receivers shall sub
stitute all of them.
FIFTEENTH. The bylaws of
the corporation shall determine
the rules for calling and holding
tie meetings Of the Board of Dr.
-rectos, Ordinary and Extraor-
binary General Meetings of Stock
holders, quorum and majorities
thereof and in general, al matters
pertaining to the conduct, pro-
gress, dissolution and liquidation
of the company, not provided for
in this instrument. The bylaws
of the company shall be definitely
approved at the General Meeting
Of Stockholders hereby specially
called for the first day of Oc-
tober of the present year in the
town of Los Mochis. The parties
hereto, without further notifioa-
ton or citation, consider them
selves hereby notified to hold said
meeting.
GENERAL AND TEMPORARY
PROVISION. /. The first Board
of Directors is hereby appointed
as follows: President, Bias Valen-
2uela; Vice President, Thomas D.
Boyd, Jr.; Treasurer, Jesus Maria
Tarriba; Secretary, Carlos R. Lin
ga; First Voting Member, Leon
tonseda; Second Voting Member,
Joseph P. Sally; Third Voting
Member, Andres Quinones. The
l!rst supervisors are Rafael G..
!! fbarra and Spiro S. Proto.
2. For this term only the
Board of Directors is authorized
% appoint the General Manager
as wei! as the" Sales Manager, but
subsequent appointments shall be
! made at the General Meeting of
Stockholders.
3. The appointment of Gen
eral Manager may fall upon a
stockholder or member of the
Board. -
A. The Sales Managership shall
be- exercised by persons who are
not members of the company.
5. No stockholder may acquire
shares to the value of more than
10 per cent of the capital stock.
6. The Board of Dire, tors shall
meet at Nogales from November
first to May thirtieth of each fis.
ca! year and may legally act when
there is an attendance of only
three of it members, whose com
pensation for the first fiscal year
shall be fixed by the Board in full
session.
7. The corporation shall make