The border vidette., 1934-01-13
cession, rs COW provided by law.
ARTICLE

The number OF directors OF the cor.
pOration shall be fixed from time to
time by the bylaws. The Enmber OF
directors may he increased rs may be
provided ia tbe bylaws. Tie 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 elected and qualified, the
| following named persons, who are the
incorporators hereof shall be directors:
Mark B Thompson. 22S Security
Building, Phoenix, Arizona.
Sam II. Kyle, 22S Security Build.
Ing. Phoenix, Arizona.
NJ. M. Thompson, 228 Security
Building Phoenix, Arizona.
In cnse of any vacancy on the Board
OF Directors by death. resignation, DIS
qualification, or any cause, the rema ln.
Ing directors by vote OF majo i;y
thereof may 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 a
successor
The Board of Directors Shalt have
power to hold their meetings outside OF
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
q majority OF the whole Board OF Direc.
tors. Any other officer or employee Of
the Company may be removed ut any
time by vote OF the Board OF Directors,
or by any committee or superior officer
upon whom such power CT removal may
be conferred by ths by laws or by vote
of the Board Of Directors.
The Board of Directors shall have
powor 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
Ia; and in its discretion the Board OF
Directors, may use aud 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 such cxtent and in such man
per and 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 shsll have been retired for
the purpose of decreasing the com.
pany's capital stock ae provided by law.
Subject always to bylaws made by
tn. stock holders, the Board OF Direc-
tors may make bylaws, aud. from time
to time, may alter, amend or repeal
auy bylaws; but any by.laws msde 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
acquieeced 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
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 as II it had been 90 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 0O0. .00) Dollars
ARTICLE VII
Private property OF the ockholders