The border vidette., 1933-12-16
cession, as now provided by law.
ARTICLE

The number OF directors OF the cor
poration shall be fixed from time 10
time by the bylaws. The number OF
directors may he increased as may be
provided in the bylaws. Tie directors
sha he elected by and from among the
stock b olders on the first Tuesday OF
cessorB are elected and qualified, the
following naned persons, who are the
incorporatOrs hereof, shall be directors:
Mark B thompson. 22S Security
Building, Phoenia, Arizona.
Sam Ii. Kyle, 228 Security Build.
ing, Phoenix, Arizona.
M. NJ. Thompson. 225 Security
Building Phoenix. arizona.
In case OF any vacancy on tho Board
OF Directors by death. resignation, DIS
justification, Or any cause, the remain.
Ing directors By vote Of a majo ity
thereof may elect a director to hold
Office for the uneXpired portion OF the
term Of the director whose place shall
be vacant, and unit! the election Of q
successor
The Board OF Directors ehall have
power to hold their mGct!Dgs outside OF
the State OF A arizona. at such places as
from time may be designated by tho
bylaws, or by resolution OF the Board
Any Officer elected or appointed by
the Board Of Directors may be removed
st any time by thu affirm alive vote OF
majority OF the ~hole SOard of DiIec.
tors. Any other officer or employee Of
the Company may be removed ut any
tune by vote OF the Board OF Directors,
or by any committee or superior officer
upon whom such power of removal may
be conferred by the by laws or by vote
OF the Board OF Directors.
The Board Of Directors shall have
power fro n tinno to time to fix md to
determine and 30 vary the amount OF
the working capital OF the Company;
and to direct and determine the use and
disposition or any surplus or net profits
over and above 4be capital stock paid
In; and in its discretion the Board Of
directors may use and apply any such
surplus or accumulated profits in pur-
chasing or acquiring ita bonds or other
obligations, or shares OF its own capital
stock, to suoh extent and il euch man
rer and upon such terms as the Board
of Directors shall deem expedient; bu.
shares or such capital stock 90 purchas
ed or acquired may ba resold, unless
such shares shall have been retired for
the purpose OF decreasing the COM
pany's capital stock IS provided by law.
Subjact always to bylaws made by
thu, stock holders, the Board OF Direc-
tors may make bylaws, and. from time
to time, may alter, amend or repesl
any bylaws; but any bylaws mtde by
the Board OF Directors may be altered
or repeated by the stock holders at any
annual meeting. or at any special 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
acqulesced in writing by all the mem
bers of the Board o! Directors. snch re.
solution or proposed action shall be
taken and considered to be the aot 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 tho Company, with the same
particularly as II 1t 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 OF the stock holders