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shall not be liable to the corporation or its creditors in
respect thereto.
(e) Certificates of stock may be issued in bearer form or in
the name ot the oWner thereof. fhe holder of a certificate for
shares issued in the name of the owner may exchange such
certificate for a certificate or certificates for a like number
of shares of the same class issued to bearer. The holder of a
certificate for SiiRi"'a,•3 373i.i~~ tQ ~earpr m~v Axchange such
certificate for a certificate or certificates for a like number
.of shares of the same class issued in his name.
FOURTH: The number of shares of stock which each subscriber
to these Articles of Incorporation agrees to take is as follows:
NAMES ADDRESSES N0. OF SFiARE5
ROY CARLOS DURLING Fiduciari4 t3uilding, 1 ~
Via Espana 200, I
. Panama, Republic of Panama
ESTEBAN BERNAI ~iduciario Building, 1
Via Espana 200
Panama, Republic of Panama
FIFTH: The liability of each stockholder is limited to the
amount, if any, unpaid on his shares.
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~ STXl"H : The dornicile of the corporation is in the Republic of
Panama, and the name of its Resid~nt Agent is thz law firm ARIAS,
FABREGA ~ FABREGA, whose domicile is at Fiduciari4 Building, Via
~ Espana 200, City of Panama, Republic of Panama.
` SEUENTti: The duration ot the corporation's existence is to
be perpetual.
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