The border vidette., 1934-02-03
cession. as now provided by law.
ARTICLE v

The number OF directors of tho cor
poration shall be fixed from time to
time by the bylaws. The number oil
directors may be increased as may be
provided In the bylaws. Tho directors
sha il 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, tho
following named persons, who are the
incorporators hereof, shalt be directors:
Mark B Thompson. 228 Security
Building. Phoenix. Arizona.
Sam II. Kyle, 223 Security Build.
ing, Phoenix. Arizona.
NJ. Nj, Thompson. 228 Security
Building Phoenix, Arizona
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 q mAjo ity
thereof may elect director to hold
office for the unexpired portion Of the
term of the director whose place shall
be vacant, and 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
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 majority okthe whole t,oard Of Direc-
tors. Any o'her officer or employee Of
the Company may bs removed at any
time by vote of the Board of Directors,
or by any committee or superior officer
be conferred by the by laws or by vote
of the Board OF Directors.
The Board OF Directors shall have
power fron time to time to fix and TO
determine and to 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 rhe 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 or other
obligations, or shares Of it's own capital
stock, to snch extent and in such man.
ner aud upon such terms as the Board
OF Directors shall deem expedient; bu
shares or such capital stock 80 purchas
ed or acquired may be resold, unless
such shares shall have been retired for
tho purpose OF decreasing the com.
pany's capital stock as provided by law.
Subject always to bylaws made by
th., stock holders, the Board OF Direc-
tors may make by-laws, aud, from time
to time, may alter, amend or repeal
any by laws; but eny 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
tho 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
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 tue same
particularly as X it had been 60 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 stockholders