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. t -3 <br />11. This Company shall have perpetual existence. <br />12. This Company shall be authorized to issue 772 shares of Class I <br />stock, 378 shares of Class II stock and 25,000 shares of Class III stock, all <br />of no par value. <br />13. This Company shall have a Board of Directors seven <br />members who shall hold office for a period of one year and until their <br />successors are elected and qualified. <br />Carl Scorup; A. E. Riddle; Marguerite M. Colombo; Ben F. Robb; <br />M .. <br />Frankia Fads; Will Shideler and C. ). Gerber <br />are hereby designated to manage the affairs of the Company the first year of <br />its existence. Said directors shall have power to make and adopt such by- <br />laws as they may deem proper. <br />14. The principal office and place of business of the Company shall <br />be in said Paradox Valley in Montrose County, Colorado, where the books and <br />records of said Company shall be kept. However, the Company having property <br />and interests in the State of Utah, it is contemplated that some of its <br />business will be carried on in that state. <br />IN WITNESS WHEREOF, we have hereunto set our hands and seals on this <br />3rd day of January, A. D. 19490 <br />r �r <br />e r. . <br />. T <br />eA <br />(SEAL) <br />