The border vidette., 1933-12-30
cession, as now provided by law.
ARTICLE v

The number of directors of the COR
poration shall be fixed from time to
time by the bylaws. The humber of
directors may be increased as may be
provided in the bylaws. The directors
Shall be elected by and from among the
stock holders on the fret Tuesday of
January Of each year. Until their suc-
cessors are elected and qualified, tho
following named persons, who are the
incorpora.ors hereof, shall be directors:
Mark p Thompson, 22S Security
Building. Phoenix. Arizona.
Sam II. Kyle, 22s Security Build
ing. Phoenix, Arizona.
Nj. M. Thompson, 228 Security
Building PnoeniK, Arizona.
In case o! any vacancy on the Board
OF Directors by death. resignation, dis
qualification, or any cause, the remain.
ing directors by vote OF q msju ity
thereof may elect a director to hold
office for the uneXpired portion OF the
term of the director whose place shall
be vacant, aud until the election Of a
successor
The Board OF Directors shall have
power TO hold their meetings outside OF
the State OF A Arizona. at such places as
from time may be designated by the
by laws or by resolution of the Board
Any officer elected or appointed by
the Board of Directors may be removed
at any time by the affirm ative vote of
q majority OF the whole Board Of Diiec-
tors. Any other officer or employee Of
the Company may be removed at any
time by vote OF the Board OF Directors,
or by any committee or superior officer
upon when such power Of removal may
he conferred by tbs bylaws or by vote
OF the Board Of Directors.
The Board OF Directors shall have
power fro n time to t!mo to fix and TO
determine and to vary the amount Of
the working capital Of the Company;
and to direct aud determine the use and
disposition or any surplus or net profits
over and above rhe capital stock paid
In; and ia It's discretion the Board OF
Directors may use aud apply ANY such
surplus or accumulated profits in prr.
chasing or acquiring it's bonds or other
obligations. or shares Of its own capital
stock, to such extent and in such man
ner and upon such terms as the Board
Of Directors shall deem expedient; bu
ed or acquired may be resold, unless
such shares shall have been retired for
the purpose OF decreasing the com
pany a capital stock 90 provided by law.
Subject always to by laws made by
tha tockholders. the Board OF Dtrec-
tors may make bylaws, and. from time
to time. may alter, amend or repea!
any by laws; but any bylaws mede by
the Board Of Directors may be altered
or repealed by the stock holders at any
annual meeting. or at any spe,ial meet.
ing, provided notice Of such proposed
alteration Or repeal be included in the
notice Of the meeting.
Whenever any resolution in writing
may be signed. or any proposed action
acq uiesced in writing by all the mem
befs OF the Board OF Directors. such re.
solution or proposed action shall be
taken and considered to be the act OF
the Board of Directors, with the same
force and effect as II the same had been
duly approved by the same vote at a
meeting OF the Board, duly called and
convened; and it shall be the duty OF
the secretary OF the Company to cause
such action to be recorded in the min
utes OF the Company, with the same
particularly as If it had been so ap
proved.
ARTICLE vi
The highest amount Of Indebtedness
or liability to which the corporation is
at any time to subject itself is Sixty
Five Thousand 1865. 000. 00) Dollars.
ARTICLE VII
Private property 0! the stock holders