The border vidette., 1934-03-17
cession, as now provided by law.
ARTICLE

The number OF directors of the cor.
poration shall be fixed from time to
time by the bylaws. The Eumber 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 first Tuesday OF
January Of each year. Until their sue
cessors are elected and qualified. the
following named rers ..S, who are tie
incorpora!ors hereof, shall be directors:
Mark B Thompson, 228 Security
Building, Phoenix, Arizona.
Sam II. Kyle, 228 Security Build.
ing, Phoenix, Arizona.
M, M. Thompson, 228 Security
Building Phoenix, Arizoud.
In case of any vacancy on the Board
OF Directors by death. resignation, dis
qualification, or any cause, the remain
ing directors by vote OF a majo ity
thereof may elect 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 Arizona. at such places as
from time may be designated by the
bylaws, or by resolution Of the Board
Any officer elected or appointed by
the Board Of Directors may be removed
at any time by the affirmative vote Of
q majority of the whole Board of Di,eo-
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 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 from time to time to fix and 60
determine and to vary the amount OF
the working capital Of the Com pany;
and to direct and determine the use and
disposition or any surplus or net profits
over and above the capital stock paid
in; and in its discretion the Board of
Directors may use and apply any such
surplus or accumulated profits in pGr.
chasing or acquiring it's bonds or other
obligations, or shares of its owe capital
stock, to such extent and in such man
ner aad upon such terms as the Board
of Directors shall deem eXpedient; bus
shares or such capital stock so purchas-
ed or acquired may be resold, unless
such ehsres shall hsve been retired for
the purpose Of decreasing the com
pany's capital stock as provided by law.
Subject always to bylaws made by
the stock holders, the Board Of Direo-
tors may make bylaws, and, from time
to time, may alter, amend or repeal
any bylaws; but any bylaws made by
the Board of Directors may be altered
or repealed 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
acquiesced in writing by all the mem
bers 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 il the same had been
duly approved by the same vote at a
meeting OF the Board, duly called and
con nvened; and it shall be the duty of
the secretary of the Company to cause
such action to be recorded in the mic
utes of the Company, with the same
particularly as II 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, O0O. .00) Dollars.
ARTICLE VII
Private property of the stock holders