The border vidette., 1934-04-14
cession, as now provided by law.
ARTICLE ".

The number OF directors of the cor.
~, ~atinu shall be fixed from time to
time by the ., laws. The he Eumber a nte.' Of Of
directors may be increos,,cd as may be
provided In the bylaws. The direcu.'" -
shal be elected by and from among the
stock olders 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, 228 Security
Building, Phoenix, Arizona.
Sam II. Kyle, 223 Security Build.
ing, Phoenix, Arizona.
NJ. M. Thompson, 22S Security
Building Phoenix, Arizona
In caee of any vacancy on the Board
OF Directors by death. resignation, DIS
qualiicstion, 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
term Of the director whose place shall
be vacant, aud until the election Of a
successor
The Board of Directors shall 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
ct any time by the affirmative vote Of
majority OF the whole EOard 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
letter mine 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 may use and epply 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 and upon such terms as the Board
of Directors shall deem expedient; bu@
Su6r0S SuCu ChpIUHl cOONh OO PulShoS-
ed or acquired may be resold, unless
such shares shall have been retired for
the purpose of decreasing the COM
pany r. capital stock as provided by law.
Subject always to bylaws made by
thn stock holders. the Board OF Dlrec-
tors may make bylaws, and. from time
to time may alter, amend or repeal
any bylaws; but any by-iSws made by
the Board OF Directors may be altered
nr repealed by the stockholders at any
annual meeting. or at any spo3i8l 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
convened; and it shall be the duty OF
the secretary of the Company to cause
tuch action to be recorded in the min
utes OF the Company. with the same
particularly 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. 600. O0) Dollars.
ARTICLE VII
Private property of the ckholders