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each for the shares. -------FIFTH: The society itself, and in
its defect, the shareholders at pro-rata of the paid shares,
will have the right to buy the shares a holder wants to sell,
advising the society with 30 days in anticipation to the date of
the transference of the shares. The price for the buying of said
shares by the society or by any holder, will be that listed,
based on the last balance, and on its defect, the price will be
the nominative value of the share. The share certificates will
be issued with the signature of the President and Secretary of
the society. The General Board of Shareholders may authorize
the issuing of common and prefer shares without a right to vote
and voice.----SIXTH: The shares that each of the subscribers
agree to take are: MARIO FONSECA LOPEZ and JOSE DEL CARMEN ESPI
NO, one (1) share each. The total of subscribed shares is two
(2) with a total value of One Hundred Balboas (B/.100.00) each.
-----SEVENTH: The President for the society, or the person en-
charged, will have the legal representation of same, and will
sign and be authorized to celebrate contracts and arrangements,
and any other authorization granted by the Board of Shareholders,
and who will preside same meetings. He will also have the rights
and obligations permitted by the Law or by the Board of Share-
holders. In absence or incapacity of the President, the rights
and obligations will correspond to the Secretary and in their de-
fect, the person authorized by the Board of Directory until the
Board of Shareholders assigns the person to occupied this charge.
EIGHTH: The society will have perpetual term. Nevertheless, its
disolution can take place at any time, as per resolved by the
Board-of Shareholders.-------NINTH: The Board of Directors can
authorize any other dignitary with the faculties and obligations
he seems convenient for the period of time he considers necessary,
but the faculties and obligations of the Dignitaries will be de-
termined by the Board of Shareholders.-----TENTH: The number of
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