The border vidette., 1932-01-02

| dividend shall be paid to the holders OF
| common stock. Whenever q dividend
or dividends as herein provided shall
have been set aside and paid on the
| preferred stock, and when all divide lends
which may have accumulated aud BE-
come due on suoh preferred stock have
| been paid, the Board of Directors may
and ehall 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 nj.
rectors.
In case of liquidation or dissolution
of the corporation the holders OF pre-
ferred stock shall be entitled to be paid
| the 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.
tual 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. If less than the whole
amount of the issued outstanding pre-
ferred stock shall be redeemed, the
amount Of the stock so 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
bave the privilege of renewal and of
perpetual succession as provided by
law.
ARTICLE vi
The business affairs of this corpora.
tion she'll be conducted and controlled
by Board of Directors consisting OF
not lees than three nor more than seven
members, each of whom shall be a
stockholder and whenever director
ceases to be stockholder. he 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 stock holders which shall be held
at the office of the company in Nogales,
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, 1892, and until their successors
are elected and qualified, the following
named stockholders shalt constitute the
Board of Directors of this corporation,
namely:
L. G SKL1RIS
CHRIS KERSON
JAMES ALEXANDER
A vacancy on the Board of Directors
may be filed by the remaining mem
bers of the board. provided a quorum
is present and voting, by appointment
from among the stock holders.
ARTICLE VII
The highest amount of indebtedne
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 it's cor.
porate debts and obligations.
ARTICLE VIII
The officers Of this corporation shall
be President one or more Vioe-Presi-
dents, a 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 o! Directors at their first
meeting after the annual meeting of the
stock holders 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 NAV not be q
director The President and Vice. Pre-
sident shall be Nom bers Of the Board
of Directors.
ARTICLE TX
The Board of Directors shall have
power 10 sd dopt, amend and rescind by
laws for the corporation, and such by
laws or anv amend ment thereof shall