The border vidette., 1934-05-05
cession, as now provided by law.
ARTICLE


The number Of directors Of the cor
poration shall be fixed from time TO
time by the by laws. The number 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 eieosed and qualified. the
following named persons, who are the
incOrporators hereof, shall be directors:
Mark B Thompson, 22S Security
Building, Phoenix, Arizona
Sam Fl. Kyle, 22S Security Duiid.
ing. Phoenix. Arizona.
M. Nj. Thompson. 22S Security
Building Phoenix. Arizona.
In case of any vncancy on the Board
OF Directors by death. resignation, DIS
qualification, or any cause, the remain.
ing directors by vote of a mhjo ity
thereof may elect a director to hold
Office for the unex pired portion OF the
term of the director whose place shall
be vacant, aud until the election Of Il
successor
The Board Of Directors shall have
power to hold their meetings outside Of
the State OF A rizoua, 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 this affirmative vote of
a majority OF the whole hoard OF Diroc-
tors. Any other officer or employee Of
the Company may De removed 1T 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 bylaws or by vote
of the Board Of Directors.
The Board of Directors shall have
power fro n time to time to fix and TO
determine aud to vary the amount Of
the working capital Of the Company;
aud 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 its bonds or other
obligations, or shares of it's own capital
stock, to such extent and in such man
neY a1d upon such terms as the Board
of Directors shall deem expedient; bui
shares or such capital stock 80 purchas.
ed or acquired may be resOld. unless
such shares shall have been retired for
the purpose of decreasing the c0m.
pany's capital stock as provided by law.
Subject always to bylaws made by
the stock holders, the Board OF Direc-
tors may make bylaws. and, from time
to time, may alter, amend or repeal
~ ~ 10 h,,t NV. lon
the Board Of Directors may be altered
nr 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 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
euch action to be recorded in the min
utes of the Company, with the same
particularly rs Ii 1t had been go ap
proved.
ARTICLE vi
The highest amount of Indebtedness
or liability to which the corporation is
at any time to subjeot itself la Sixty.
Five Thousand 1865, 600. 00) Dollars.
ARTICLE VII
Private property of the stock holders