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accept, endorse, discount, guarantee, grant and issue promissory
notes, drafts, guarantee, and any kind of guaranties for obliga-
tions and certificates or negotiable documents, to participate
in public or private bids, and price contests; e) To act as re-
presentative for manufacturing companies, commissioners agents,
to realize all kinds of contracts, acquire and negotiate with
negotiable documents and credit titles in general; f) to realize
factibility studies, as well as engineering, architectural and
inspection studies; g) to realize market studies, act as advisor,
administration of any kind of society, realize accounting works,
advisements and training of personnel; h) to invest, stock market, .
participation in other societies, commercial and financing operations
of any kind; i) the buying, the commerce of shares or capital
quotas and in general any commercial, maritime or financial ope-
ration, movable or immovable, permitted by the Laws of the Republic
of Panama or that may be permitted in the future. j) Shipyard
businesses, building and repaying of ships, ship-chandler, maritime
E transportation, ship equipment, to finance operations and the socie-
ty may also dedicate itself to any other legal business permitted
E
by the law for anonymous societies. On this respect, the society
will have all those faculties granted by Article 19 of Law 32 of
1927.----THIRD: The domicile for the society will be the Republic
of Panama but may establish branches in any part of the country or
abroad.---FOURTH: The capital for the society will be Ten Thousand
Balboas (B/.10,000.00), divided into one hundred (100) shares of
One Hundred Balboas (B/.100.00) each, all nominatives or to the
F
Bearer, to the selection of the holder, and with a right to vote.
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The price of the shares may be paid in cash, in work, services
rendered or in goods of any kind. The price for the works, ser-
f vices or goods rendered for the obtaining of shares, will be de-
termined by the Board of Shareholders unanimously. The responsi-
bility of the shareholders will be limited to the amount paid by
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