The border vidette., 1931-10-31

| "
common stock. Whenever q dividend
or dividends as herein provided ehall
have been set aside aud paid on the
preferred stock, and when all dividends 8
which may have accumulated and be-
been paid, the Board OF Directors may
and shall have the power In their dis
cretion to declare and pay dividend
for like period on the outstanding
common stock. Shares Of the common
stock shall likewise be issued as and
when determined by the Board OF ni.
rectOre.
In case OF liquidation or dissolution
of the corporation the holders OF pre-
ferred stock shall be entitled to be paid
tie value OF their shares. together with
the dividends accumulated and not
| paid thereon. before any amount Is
| pard to the holders Of common stock
Further assets may be distributed
among the holders of the common
| stock.
The Board OF Directors, without ac-
tion by the stock holders. may issue and
sell shares of the capital stock OF the
corporation from time to time for such
consideration and upon such terms as
IN their judgment may be for the best
interests Of the corporation.
Payment for said shares Of the cap
| ital stock shall be made In cash, real
or personal property. services. leases.
contracts, options to purchase, or any
other valuable right or thing for the
uses and purposes of the corporation
and all shares Of the capital stock when
issued and exchanged therefor, shall be
fully paid the same as though paid for
In cash at par, and shall be forever
non. .assessable In the absence OF &C.
ttial fraud, the judgment of the Board
of Directors as to the value OF any
property, right or thing acquired in ex
change for shares of the capital stock,
shall be conclusive.
Preferred stock, in the discretion OF
the Board OF Directors shall. at any
time be subject to redemption in whole
or in part at its par value per share,
plus dividends accrued to the date Of
redemption. II less than the whole
amount of the issued outstanding pre-
ferred stock shall be redeemed, the
amount OF the stock 90 to be redeemed
shall be determined by the Board of
Directors.
Holders OF the preferred stock shall
have no voting power whatsoever with
respect to their holdings of preferred
stock, nor shall they be entitled to no
tice of stockholders meetings.
ARTICLE V
The time of the commencement of
this corporation shall be the date upon
which q certificate of Incorporation
shall be issued to it by the ARIZONA Cor
pOratiOn Commission, and the termina-
tion thereof shall be twenty FIVE years
thereafter, but the corporation shall
have the privilege of renewal and Of
perpetual succession as provided by
law.
The business affairs OF this corpora.
tion she'll be conducted and controlled
by Board of Directors consisting of
not less than three nor more than seven
members, each of whom shall be q
stockholder and whenever director
ceases to be q stock holder. be shall, at
the same time. cease to be director.
The number of directors for any en-.
suing year shall be elected annually by
the stockholders from among their
number at the regular annual meeting
Of the stockholders which shall be held
at the office Of the company in NOgalas.
Arizona. on the second Monday in July
OF each year and they shall hold their
Office until their successors are elected
and qualified
Until the next annual meeting OF the
stock holders on the second Monday in
July, 1882, aud until their successors
are elected and q quslified, the following
named stockholders shall constitute the
Board of Directors OF this corporation,
namely:
L. G SKLIRIS
CHRIS KERSON
JAMES ALEXANDER
A vacancy on the Board OF Directors
may be Fl led by the remaining mem
bers Of the board. provided quorum
Is present and voting, by appointment
from among the stock holders.
ARTICLE VII
The highes. amount OF indebted ness
or liability, either direct or contingent,
to which this corporation shall at any
time subject itself, shall not exceed two
thirds Of the amount OF the capital
stock or such other amount as may be
fixed by the Arizona Corporation Com.
mission; and the private property Of
the stock holders of this corporation
shall be forever exempt from its cor.
porate debts and obligations.
ARTICLE VIII
The officers Of this corporation shall
be President. one or moro Vice-Presi-
dents, q Secretary and Treasurer, and
such other officers or agents as the
Board of Directors may from time to
time determine. They shall be chosen
by the Board Of Directors at their first
meeting after the annual meeting OF the
stock holder in each year, and shall
hold their Office until their successors
are elected and qualified. The Secre-
tary and Treasurer may be one and the
same person and may or may not be q
director The President and Vice. Pre-
sident shall be members Of the Board
OF Directors.
ARTICLE TX
The Board of Directors shall have
power TO adopt, amend and rescind by
laws for the corporation. and such by
laws or any smendment thereof shall
be in full force and effect until the next