The border vidette., 1934-06-30
cession, as now provided by law.
ARTICLE

The number Of directors Of the cor.
porxtlon shall be fixed from time &c
sime by the bylaws. The number Of
directors may be increased as may bo
provided in the by.lAwn. The directors
shall be elected by and from among the
stock holders ON tho first Tuesday Of
January OF each year. Un:il their sue.
cessora are elected and qualified, the
following named persons, who are the
:nccrporators hereof, shall! DO directors.
Mark 3 Thompson, 936 Security
Building. Phoenix, Arizona.
Sam II. Kyle, 228 Security Build.
ing. Phoenix, Arizona.
NJ. nj. Thompson, 22a Security
Building Phoenix, ArizouA.
In case OF any vacancy on the Board
OF Directors by death. resignation. DIS
qualification, or any cauec, the remain.
Ing directors by vote cf ma5O ity
thereof msy elect q director to hold
Office for the unexpired portion OF the
term OF the director whose place shall
be vacant, and until the election Of q
successor
The Board OF Directors shall have
power to hold their meetings outside o:
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
9 majority OF the whole ttoard Of Direc.
tors Any other officer or emplo zee Of
Che 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 tho Board OF Directors.
Tho Board OF Directors shall have
power fro III time to time to fix and 70
determine and to vary tho amount OF
the working capital Of the Company;
and to direct and determine tho use and
disposition or any surplus or net profits
over and above the capitel stock paid
In; and ia It's discretion the Board Of
Directors may use and apply my such
surplus or accumulated profits in pur-
chasing or acquiring its bonds or other
obligations, or shares of its own capital
stock, to such extent and in such man.
ner and upon such terms as the Board
of Directors shall deem expedient; bu
shares or such capital stock SO pnrchss-
ed or acquired may be resold, unless
such shares shall have been retired for
the purpose OF Decreasing the com.
pany'e capital etock rs provided by law
Subject aiw6ps to by laws made by
the stock holders, the Board OF Dtrec.
tors may make bylaws. and. from time
to time. may alter, amend or repeal
any by laws; but any by-lawa mode BY
the Board OF Directors may be altered
or repealed By the stockholders 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
acc uiesced in writing by all the mem.
bers Of the Board OF Directors. such re-.
solution or proposed action ahR!l 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
con vened; and it shall DO 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
particularly as II It had been 90 sp.
proved.
ARTICLE vi
The highest amount Of iadebsedne
or liability to which the corporation !s
at any time to subject itself .s Sixty.
Five Thousand 1866 000. .00) Dollars.
ARTICLE VII
Private property O! the stock holders