The border vidette., 1934-06-02
cassion, as now provided Try law.
ARTICLE

The number of directors Of the cor
porntion stall be fixed from time to
time by the bylaws. The number OF
directors may no increased as may be
provided In the bylaws. The directors
ahall be elected By and from among the
stock holders on the frat Tuesday Of
January OF each year. Until their auc-
eessors are elected and qualified, the
following named persons. wno are the
incorpoyators hereof, shall be directors:
Mark B. Thompson, ea:a Security
building, Phoenix. Arizona.
Sam II. Kyle, 23S Security Bald
ing. Phoenix. Arizona.
M. NJ. Thompson, 223 Security
Building Phoenix. Arizona.
In case OF any vacancy on the Board
ot Directors by death. resignation, dis.
qualification, or any cause, the remain
ing directors by vote Of majo ity
thereof may elect director to hold
office for the unexpired portion Of the
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 Arizona. ut such places as
from time may he 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 hoard Of Direc.
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 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 the capital stock paid
in: and 10 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 its own capital
stock, to snch extent and IN such man.
ner end upon such terms as the Board
of Directors shall deem expedient; bu
shares or such capital stock so purchas-
ed or acquired may be resold. unless
such shares shall have been retired for
the purpose OF decreasing the com.
pauy' n capital stock as provided by law.
Subject always to by laws made by
The ockholders. the Board OF Dtrec.
tors may make bylaws. and. from time
to time. may alter, amend or repeal
any by laws; but any by-laws made by
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 il the same had been
duly approved by the same vote at a
meeting of the Board. DULY called and
con vened; 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 the same
particularity as II 1t had been SO sp.
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 GOO. .0O) Dollars.
ARTICLE VII
Private property OF the stock holders