The border vidette., 1934-06-16
cession, IA now provided by law.
ARTICLE v

The number OF directors OF the cor
porHtion shall be fixed from time TO
time BY the bylaws. The Eumber 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 suo-
cessore are elected and qualified, the
following named persona, who are the
;ncorpora.ors hereof, shall be directors:
Mark r Thompson, o2S Security
Building. Phoenix. Arizona.
Sam II. Kyle, 2aos Security Build.
Ing, Phoenix. Arizona.
NJ M. Thompson, o28 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 maj o ity
thereof may elect director to hold
Office for the unexpired portion OF the
term OF the director whose place shall
be vacant. aud until the election Of a
successor
The Board OF Directors shall have
the State OF Arizona, st such placos as
from time may DO designated by the
bylaws or by resolution OF the Board
Any officer elected or appointed by
the Board Of Directors may be removed
1T any time by the affirmative vote OF
q majority OF the whole toard of Diroo.
tors Any other officer or employee Of
the Company may be removed at any
timo 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 tins 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 in Its discretion the Board OF
Directors msy 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 such extent and in such man.
ner nnd upon such terms as the Board
of Directors shall deem expedient; blu
shares Or such capital stock 40 purchas-
ed or acquired may be- reaold, unless
snch shares shall have been retired for
the. purpose OF decreasing the COM.
.pany's capital stock as provided by law.
! Subject always to by laws made by
til. stockholders, the Board OF Direc.
tors may make bylaws, and. from time
to time may alter, amend or repeal
any by laws; but any by-laws mbde 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
ACC uiesced 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
meeting OF the Board. duly called and
con vened; and it shall be the duty OF
the secretary OF the Company to cause
kuch action to be recorded in the min
uteS OF the Company, with Tue same
particnlarity as II it had been so 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. O0) Dollars.
ARTICLE VII
Private property of the stock holders