AZ vs. CA:04 California Exhibits, Vol. IV; Nos. 151-192

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-9- Ninth :-The founders shall not receive any particular share in the profits.- Tenth :-The cases in which the "Sociedad," shall be prematurely dissolved, shall be in accordance with that set forth in article two hundred sixteen of the Code of Commerce.- Eleventh :-The basis on which liquidation of the "Sociedad," shall be performed, and the manner of proceeding to the election of the liquidators when same shall not have been previously appointed, shall be in accordance with that contained in articles two hundred sixteen and two hundred twenty-four inclusive, of the Code of Commerce. Twelfth :-That it shall be expressly understood, that at no time, or for any reason shall a Government or Foreign State be admitted as member or stockholder in this "Sociedad," neither shall they acquire any profits from the shares, properties or rights of same being fttttt veid any contract, arrangement or agreement, in viola- tion of that contained in this clause. Thirteenth :-The Founders shall adopt for the management and direction of the "Sociedad," the following statutes, obligating and binding themselves to approve said Statutes, at the first General Meeting which shall be held according to terms established in the fourteenth clause of this document: Statutes of the Compania de Terrenos y Aguas de la Baja California, Sociedad Anonima.-Section One-Article 1. The administration and direction of the "sociedad," shall be confined in a Board of Directors and a General Manager.-Article 2.-The Board of Directors shall be composed of three members. The Board of Directors shall elect from its