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Directors elected each year by the Board of Shareholders will
be not less than 3 and no more than 7 and may be re-elected
indefinitely. If said election does not occur then the pre-
vious Directors will remain in their places until new elect-
ions are called. It will not be necessary far a Director to
be shareholder. One person can occupied 2 or more charges in
the society. ELEVENTH: If vacancy occurs in the Board of Di-
rectors, no matter its reasons, such vacancy will be filled with
the votes of the absolute majority of Directors presently acting,
until the Board of Shareholders calls to a new election of Di-
rectors.-----TWELFTH: The first Directors for the society will
be 3 and their names are: PABLO GASPAR AROSEMENA, MARIO FONSECA
LOPEZ and JOSE DEL CARMEN ESPINO, all domiciled at Via Espana,
Republic Building, Seventh Floor. ------THIRTEENTH: The society
will have not less than 3 or more than 7 dignitaries, who need not
to be shareholders themselves. A dignitary can occupied 2 or
more charges. The first dignitaries for the society will be the
following: PRESIDENT: JOSE DEL CARMEN ESPINO; TRF.ASUREF: PABLO
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f GASPAR AROSEMENA and SECRETARY: MARIO FONSECA LOPEZ, all domiciled
at Via Espana and 47th Street, Republic Building , Seventh Floor.
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----FOURTEENTH: The. meetings of the Board of Shareholders will
be held in the principal offices of the society in Panama or at
any place in said city, as indicated by the Board of Directors .
Nevertheless, it can take place in other country, notifyirq the
date, time and place through a Resolution of the Board of Direc-
tors or General Board of Shareholders. The Board of Shareholders
will meet in ordinary sermons once a year, to elect Dignitaries
and Directors and to resolve any matter concerning the society.
FIFTEENTH: The Board of Shareholders will meet any time it is
so called by the Board of Directors. The Board of Directors is `
obliged to call to extraordinary meeting to the Board of Share-
holders as per requirement of the 20$ or more of shares issued.,
paid and in circulation and with a right to vote. The communications
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