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

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-10- members, a president, vice-president, secretary and treasurer; which shall be removed at their judgment, others being appointed to fill their place. The office of President, is compatible with that of Treasurer or General Manager; the office of Vice-President is compatible with that of Secretary, Treasurer or General Manager; the office of Secretary is compatible with that of Vice-President, Treasurer or General Manager; the offices of Treasurer and General Manager are compatible with any of the other offices.- Article 3.-The members of the Board of Directors, shall be elected by a majority of votes at the General Meetings of Stockholders, for the term of one year. In case of failure to elect at the regular time, the members of the Board will continue to perform the duties of their office until the following election. Article 4.-In order to become a member of the Board, it shall be necessary to own at least one share. Each one of the members shall deposit with the Treasurer of the "Sociedad," one or more shares in the form of a surety bond, for the entire term in which they shall be in office, which shares shall not be withdrawn until approved by the Board at the General Meeting of Stockholders.- Article 5.-The Board of Directors shall hold its meetings in any part of the Republic, or in foreign territory, with or without previous notice to the members, and said meetings shall be considered legally constituted, if two or more members are present.- Article 6.-At each meeting of the Board, minutes shall be recorded by the Secretary, and signed by those present.-