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other laws in force.--------------------------------------------
THIRD: (a) The authorized capital of the corporatin shall con-
sist of TEN THOUSAND DOLLARS, United States currency (US~10.000)
divided into ONE THOUSAND (1.000) SHARES, with a nominal or par
value of TEN DOLLARS, United States currency (US~10), each.-----
b) The voting power shall be vested exclusively in the holders
of such shares, one vote for each share so held. Shares may be
nominative or issued to bearer. Shares may be nominatives on to
bearer.---~-----c) Any holder of certificate for. shares issued
i to bearer may exchange such certificate for a certificate or
! certificates for a like number of shares of the same class is-
- sued in his names and the holder of a certificate for shares
-
issued in the name of they owner thereof may exchange it for a
certificate or certificates for a like number of shares issued
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to bearer.
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FOURTH: The number of shares of stock which each subscriber to
these Articles of Incorporation agrees to take is as follows:
j ; JOSE ANGEL NORIEGA PEREZ, BANCO DO BRASIL Building Elvira Men-
dez Street Number ten (10), Panama, Republic of Panama ONE (1)
i~
ACTION and JULIO CESAR CONTRERAS III, BANCO DO BRASIL Building
i
~ i` Elvira Mendez Street Number ten (10), Panama, Republic of Pana-
ma ONE (1) ACTION-----------------------------------------------
FIFTH: The liability of each stockholder is limited to the a-
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f mount, if any, unpaid on his shares.----------------------------
SIXTH: The duration of the corporation's existence is to be
( perpetual.------------------------------
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~ SEVENTH: .(a) The Board of Directors of the corporation shall
i~
ii be composed of not less than three (3) no more than seven
F
members.---------------b) Subject to the provisions of the law
and of these Articles of Incorporation, the number and term of
'i office of directors shall be fixed by or determined by resolu-
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14 AROSEMENA. NORIECiA a CASTR~ - AVARTA00.OSTAI NO.024e - ~ANAYA O. R. Ot
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