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<br />� L�.ws of the Cra,,l�x ���es� ;-z�:�ljr��.r Comp� ny Continued
<br />Art. DII. Cor�pe.zsa.tion of rrficers
<br />Sec. 1. The me�z'�er; c�r �he board of directors sha�l re-�
<br />ceive no compensa,Ti..;� �o�.^ their services as directoxs, noz
<br />shall the cor�pa,ny be l:elcl lia,ble for any services r�nderea
<br />except it be expressly so provided, but the members of the
<br />bo2.rd sh�.11 be allov�red reasona.ble coMpensa.tion when �.ctu�.]
<br />ly enga.ged in the business of the company to be audited
<br />and allowed as in other cF.ses of demands �„gainst the com-
<br />pany, The secret�,ry, tre�.�urer �,nd �en�ra.l superintendent
<br />shal]. b e s.11owed such c omp ensa.t i on as sha.11 be � 1Zowed 'oy
<br />four-fifths of the board of directors. •
<br />Art. VIII, Contr�.cts
<br />Sec. 1. No contract by a,ny officer of the comp��ny c�h�,ll k�
<br />vP,lid without previous Puthoriz�,tion or subsequent ra.ti-
<br />fication of the bo�.rd of directors.
<br />Art . TX . r�eetings
<br />Sec. 1. The regul�r annua.l meeting sh�.11 be held on the
<br />firet SA.turda.y in asa�.rch of ea.ch yea,r. A representation of
<br />2 r��jority of the c�.pita,l stock sh�.11 be necess�,ry for the
<br />tr�.nsaction of the business of P.11 meetings of the stock-
<br />holders.
<br />Sec. 2. at su�h meetin�s � represent�,tion by proxy duly
<br />appointed sh�.11 be �.11owed, such proxy to be in writing
<br />�.nd to be filed with the secreta,ry of the �,ssocia,tion.
<br />Sec. 3. A regula.r qu?rterly r,�eetin.� of the boArd of direc-
<br />tors sh�.Il be held in each ye�,r and specza.l meetin�s of
<br />the boa,rd ma.y be ca,lled by th� president whenever he r��,y
<br />deem it expedier_t. A m�.jority of the directors sh�,ll con-•
<br />stitute a, quorum ne�?s�a,ry for the transa,ction of business
<br />except a, la.rger �e:�b� r of directors are required by these
<br />by l�.ws .
<br />Sec. 4. All meetings of stockholders sha.11 �e c�.11ed by
<br />notice p�.iblished a.t le�.st once in a, weekly newsp�,per
<br />printed in the County of ��es�, or by notice throu�h the
<br />mail, in writing, �nd t� '; c^-� �ic,;ic:>s in five conspicuous
<br />places on Kanna,h Creek.
<br />Art. X. Certifica.tes of Stock
<br />Sec. 1. Certificates of stock sh�,ll be of such forn and
<br />device as the board of directors m�,y direct, and such
<br />certifie� tes sh�.11 be si�ned by the president �,nd secreta,_-�-
<br />and eapress upon their face their number, d�tes if issuancr
<br />a.��ount of stock for which, �.nd the person to who:� issued,
<br />Severa.]. certific�,tes r_�ay be issued to t�e sPr.1e persc�� .
<br />provided tha.t in the ���ri��.te they do not exceed the nu�.�••
<br />ber of sh�rea or �,r_zount of stock belon�;ir.� to sucn �ersor.�
<br />Art. X1. Tr�.nsfer
<br />Sec. 1. Sh�.re� in the conp�n,y r��,y be tra,nsferred �,t P�y
<br />ti:ne by the holder thereof or by �,ttorney le�?a.11y consti ��
<br />tuted or by his Ie�;�,l representa,tive, but r.o tr�nsfer sha.�.l
<br />be v�.lid except betvreen the p�.rties thereto, unless in the
<br />proper forr� on the books of the cor�pa,ny. T�e proper sur-
<br />rendere� c?rtific�.te s�a.11 be ca.nceled before a r_e�r cer-
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