The border vidette., 1934-05-19
cession, rs now provided by law.
ARTICLE v


The number OF directors OF the cor
poration shall be Fixed from time to
time by tho bylaws. The Number OF
directors may be Increased as may be
provided in the bylaws. The directors
shall he elected by end from among the
stock b olders on the first Tuesday OF
January Of each year. Until their suc-
cessors are elected and qualified. the
following named paraons. who are the
incorporatora hereof, shall be directors:
Mark 3 Thompson, 225 Security
Building, Phoenix. Arizona.
Sam II. Kyle, 228 Security Build.
ing,. Phoen1s. Arizona.
M. NJ. Thompson, 22S Security
Building Phoenix, ArizouA.
In care Of any vacancy on the Board
OF Directors by death. resignation, dis
qualification. or any cause, the remain
ing directors by vote OF mRjo IVY
thereof may elect g director to hold
office for the unexpired portion OF the
term OF the director whose place shall
be vacant, anl until the election of Is
successor
The Board OF Directors shall have
power to hold their meetings outside OF
the State OF Arizona. at Ruch 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
a msioricy OF tho whole ooard OF Direc-
tors. Any other officer or employee OF
the Company may be removed at any
time by vote of tho Board Of Directors,
or by any committee or superior officer
upon whom such power Of removal may.
of the Board OF Directors.
The Board OF Directors shall have
power fro n time to tlme to fix and 30
determine and to vary tho amount OF
tho working capital Of the Company;
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 pur-.
chasing or acquiring it's bonds OF other
obligations, or shares of its own capital
stock, to ench extent and in such man
uer and upon such terms as the Board
of Directors shall deem expedient; bus
shares ar such capital stock SO pure has
cd or acquired may be resold, unless
such shares shall have been retired for
the purpose OF decreasing the com
pany "a capital stock as provided by law.
Subject always to by laws made by
th. stockholders, the Board of Direc-
tors may make bylaws, and, from time
to time, may alter, amend or repeal
any by laws; bnt any bylaws made by
the Board of Directors may be altered
or repealed by the stock holders at any
annual meeting. or at any spesial 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
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 If the sane had been
duly approved by he Same vote at G
meeting Of the Board. DULY oalled and
con vened; and it shall be the duty Of
the secretary o! the Com pany to, cause
eUCu HC6iOH W. tJc 'cCOiuOO IA ''.E 'AA"
utes Of tho Company, with the same
particularity as II it had been SO ap.
proved.
ARTICLE vi 2"
The highest amount OF Indebtedness
or liability to which the corporation Is
at any time to subject itself Ia Sixty.
Five Thousand 1866. coo. 00) Dollars.
ARTICLE VII
Private property o: the stock holders