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by r~ference or inference, from the terms of any other paragraph
and that in the e~ent of any ambiguity th:is Article 2 shall be
construed in such a way as to widen and not to restrict the
powers ot the corporation.
With these purposes the corporation shall ha~e all the powers ;
outlined in Article 19 of Law 32 of~ 1927 of the Republic of ~
Panama as well as any other poi,uers which may be granted to the
corporation by any other laws in force.
. TNIFtD: (a) The total number of shares which may be issued by
the corporation is FIVE HUNDRED (500) shares and they shall be
without nominal or par ~alue and shal~ be classiried as Common
Shares.
(b) E~ery stockholder of the corporation shall be entitled at
each meeting of stockholders thereof to one ~ote for each share
of capital stock held by him.
(c) The stated capital of the corporation shall be at least
equal tv the sum of the aggregate par ~alue of all issued shares
ha~ing par ~alue, if any, plus One Dollar ($1.00) in respect of
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e~ery issued share without par ~alue; plus such amounts as from
time to time by resalution of the Board of Directors may be
transferred thereto.
(d) Th~ corporation may issue and sell its authorized shares i
uiithout par ~alue from time to time for such consideration as, in
the judgement of the Board of Directors shall be fair value of
such shares; or for such consideration as may be fixed by khe _
Board of Directors, or for such consideration as shall be
consented to or appro~ed by the holders ot at least a majority of
the shares ehtitled to ~ote. Any and al~ shares so issued shall
be f~ally paid and non-assessable and the hoiders of such shares
~ g~ox 571 9~.fi
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