154 FL Notes unica 0) A bujer who declares the contract avoid in resect of ay detivery ‘my. ate sae ne, clei aided in espet of delivery alealy made or of Fae dive if by reason of hi iterdepemdence.” thos deliveries cult ‘we used forthe purpose comemplted by ts paisa th ine ofthe concasion hie sna we, $i la der mre ee oe eee "bois rnp a ined Elbe a ap aon ep pin ei 3 eae X. LAS SOCIEDADES MERCANTILES 1. Introducetin Las empresas dediadas a I industria, al comercio y a fos servicios, en suma,_al mundo de los negocios, pueden adoptar diversas. formas ‘oranzaivas,reguladas por et derecho Je sociedades (Company Lav), las ‘ales dependen de vais circunstancias de indole financier, personal 0 iiridics, Las tres Formas ms conacdas son el pequetio comerciante (ole rade? a Sociedad colectva (partnership) y I sociedad mercantil (company © corporation), las eves tienen en comin In obtencion de un lucro 0 benefcio empresana 'l empresirio individual 0 sole rader, con ta de que se insriba en eb regio (rite) del impuesto el IVA (Vale Added Tas) y se atenga a Io Drevisto cn la Ley de Nombes Comerciales (Business Names Act 1985), ede abrir Is puenas desu negocio sin mayer diiutad; no obstnt, si Sunombre mercantt (huriness/rade/irm name) induce 2 confosion © ‘esorintaelén se expone (hei abe 1o) ana demand evil (a cv ection) or el ilcto evi tor) de imtacion Faudulema 9 engatosa (passing of) La parmeraip! es la enidad empresarialformada por dos © mis Socios (parmers) hasta um maximo de vein, y fomalizaa por medio de convenio (@greemen) en forma de contato escritura de consitucin, para Nevar a ‘abo actividades comerciales, industiales 0 profesioales con fines lwerativos (with a view of prof. Estas organizaciones ze basan en The Partnership Act de 1890, 9 son distinas de las sociedades de capital, lamadas companies o corporations. Desde el punto de vista empresa, también se Tas puede llamar empresas Urns), como tales, poseen ung denominacign © razén social firm name). Por otra parte, la Lay de Sociedades Mercatles de 1985 (Companies Act 1985) autores que, chs nombre comercial, ls partnerships utlicen el ténmino Company and SORA RAARHAMBMORARAARBASOSAOSCEOSEEEEEEEEESGonna pa ver seals mec pope a, do el miner de nase ele! pu ep Ik moi Jonson Sar Cr pede er oa seed al (compas) sino wna sacl & setedal elena Geren as ambi, fesestécompletamert pohibido cnpear la pulbrs Lined © Tiree bs det aks enpesiesa 90 ene ‘etal join poi ns sea eee spare fon) ade a fropitarios 0 scion) ios mcmncs de las isn se tnan soos Ga tr os mec) sh Charades) sass teen repealed ee hepsi ‘Said rns poste at yg esac fa de am conscn po tin eps saa bth ca so ‘able) des Jes de a empresn por ques es pede demamtrconjnt Gain) dimen rely dl mo en es pop {polar engin cun Snes an es wc El dct ac sus usec eae pares Constclon (potest ded aris of prep) ca qe se Sspecicanfes oeosarngemen) pass cay eons de iris, tes como aprons cpa capa cong) Sobre dels empresa ane of the exp), nda a (Gratton of eaonshipy os obigcanes esx memos (nul tite) e Sino secur en mete aves ds double our to previo en In ly ds parmerps de T890, qs detes soe ipo de Sipeicaclonemprearl come nein stats eae cet § cabo un negocio cm lide cong un bnfictn. compu adres hs poe, poten wo nad jnthi 0 parte ea cy). on Clips 9 dees doe ei lat mousy lomsnc for en rardn as compara ies tate corporation oh eps en Ean Unidos proc de cane area o fund d is sna wee Hama ncrporton ‘Guino qe sugiere que un nuevo scterpos juridico se ha ereado, Tambien cer ecasncin se utiliza cl adjtivo compara aplieado alo relacionado con ‘rt oan se orl rr em, 4 SEUSS Silt ape otc tr Wee ap ms sacedades mercanies: comport aust (activo soi. corporae body (persona juridica), corporate capital (exp socal), corporate dome {Gomiclio seis corporate group (rapo de empresas). corporate lear (dirgente empretaisl, corporate lo {logoipo sos), corporate name {denominacitn social), corporate tock (arcane de seiedaden, corporate ax (poesia de sociedad) y coporate year (eee socal) El que una company 0 corporation tenga personalidad jrcca propia ‘permite ser titlor de bienes (own propery), formalizarcontates (make ontrac), emandst ue) 9 se enandada enn comer ats iio (Comat canes) or ejemplo, dos ecg, 9 sobre todo, eer via con Independencia dela svete de us secionsts hareholders), que sm los propltatioe de Is merani. No hay admero maximo de acionss ido ‘Sor okeninimo, y su responsabilidad labii) queda Himitada a vale ‘minal de Sus aches (nominal value of thei hae). “Aga eel pasado I Fundacion des Socedades eran se hacia por medio de cédula real (Royal Charter, desde e ao 1984, en ue se Dronulgé la «Ley de Socedades de Capitals Join Stock Companies Act Tak se etectia por meio de nscripgn (eration) ane el Regist de Soeiees (Reptrarof Companies) ‘La mayor parte de las mereatles del Reino Unido son sociedades animus (conpanir lined by shares). las cuales pueden ser publics? y pvaas as primers deen poser on capita mismo de 80.000 basen Eccles, de las cuales, al menos la cuarta parte debe haber silo ‘esemboisade Gilly paid-up) por los accionistas en el momento de a Seripeiin, Ba fat mereamles pblicas, ders de su nombre comercial Figura sel ple ui nied company cntas queen Estados Unidas Tu abrevinura ead fn, que corespone a tacorporaedy mchas de thls uno o todas, ction en Bolsa (are ltd onthe Sock Exchange. {La sorledades mereanils prvadas no pueden ofrecer sus aciones al public en general, yu que cjrcen contol sobre quienes pueden ser ‘Scorn de a misma ymshas de esas sociedad etn controls por ‘a determina Faria Para In aconaitucidns (incorporation) de una sociedad mercanti s recesan sl menos dos documentos bsiens (incorporation papers: Ia Esertra Memoca de Constivion (The Memorandum) y 1 Eaton Sociales (Article of sociation, que se deen presenta, nto cm la s ince ee eco an, amgue eases nin ee "Se timate aie es138 Lets nico elaracdn de que se cumplen todos Ios rusts exigidos por la Uieclaraton of compliance) en el Rego de Sota Ee odo jose comply with) a ls dapoicones legals eninge (ue) el Certeato de Contin de Seed (Cefn of erpontony Eb la Memoria de Constitucin (The Menorondum) conta el bet seca a I sociedad purpose) ~efcjadoen la eisuladestnae’s ete ft {object etusey~. el capital socal (hare capa, domi sot Atusiness address, et. Los Arles of Asoterion 0 Faas Soci lamado Charter Aries of Incorporation en os Estados Unidos exe i vais po fos fundadees dona soled, a mugen de a Ec de Cons de aims, en I qe econ ay roms nters a Sistibciin pormenoraade 9 extture de etal, Ts derches eas Secon poseun de yoni el pediment a eg case de quer, tes como Se vere dotineno machismo as reso que {lescitoMenorondin of Associaton ET Conse de Admins (Bot of DietosGoveros), rae de fobiero de les socedaes, et formado por un ante de conseoos recor) eeoreaponde nombre Coser ep (managing director) yn canon stn fer de a seid ae, noma, ‘om resideme ef viepesdent sera ye eres El presen como cago dctive pang y primer, ela or bwena marcha de sociedad apersieond con al of he snes ane atrsof he corpora sempre taj a utordady conte el ube inthe control of Consejo." El wicepresidente desemnpea fas fncioncs reforms he dis) en 0 ausencia nh abence en a Se mee Ticapei in he event of as deat or bi. Ente ls fancies Set cesta dstacan a 0 ser el depostaro de Tos libres ofa (curtodion of he conorte reco. de evar a aces de as dinar Scviones (hep the minutes ofthe proeeings) en ano o vain ios de ‘in (mir books) previson atl ecto (provided fort purpose) de cose de que (ve 0) se leven cae fos ls otfeaconc al trices) previa mls Ents {in accordance withthe provisos of there By-Laws) 0 exghan poi ey (required bylaw), tse. (tear ee 9s ago fn ovo Se os fondo valves Gand and Searnes)de ts mereanl Consejo pce ceva (remove a calgir de os argos dtcivos (offers bere qua boc (nis aden) fo ext nro 10 ta eam conse ca ain pa ca tas Unie yet fn etre The eof npr ama Cae) yt {veo cupraonetenie ore Rep de Snedner& fe at S ‘cn ee ee ert Tren shor roe air et pode scene mec se ou pn for pss Pasi rote nade C2 @ Cf oat See a Las soca ameavrts 19 ta sociedad ihe es interests of the Corporation. ¥en caso de vacant (a vacaney in any office) por_mverte’ (because of death), dmision (esignaon, cose (mova, ihabiliacin daquaiianon) 0 caiger tir casa (or oerize) tps se cube (fl) dante el Vempo de teste de mandato or the unepiedpomion ofthe term) por la persona {ve nombre el Conse. Us socedades mercantile consis (incorporate) en el extranero gue open ene Reino Unido de cterda son Is Ley de Soedades Mer ies de 1985 (Companies At 1985 debe emi l Regist Meret {Regirarof Companies) um ines (arta) ave cntengs (ieling) oe nombres decone de lx persona eens ene Relivo Undo qo han Sido autorzaas pare acsat ecto (acer service of proces en nom bre da sociedad mescantl (o blaf of the company) eas demands oni la nerpocts, a como de tos avs 0 macaciones (noice ‘Mies. Muchos estatto, en au thulopreliminar (reiinary), contenen retizions 0 mtnaciones de tip lal por ejemplo, The rgularions Contained in Tale Bn he Sched tothe Companies Reulatons 1983 Shall not apply tosis company)» precsiones de tipo lingstco (por ‘empl, “Monde imporing® the sitalar manber only shall inctede the frat andthe comers shall ao ppt "Words impor ates sa Include fates” 0 Words importing ndvideats shal! Ielude compar non Lax scioddes ndnias te tinguen cut fei a iqidacin (winding op a misma, ns aber aorad antes su soins ona fencral accion (sharcolders” genera mecting) x uidaores Uigtaetoro son lat persceas vombres por dict fonts geseal para ‘eputien son, patrimonia social elon ene fos scents, “Tambien se enghe ona sociedad, tas fa hdc evade 9 cabo rel since (rue in bankrapey despues de gue ur haya dita ao jaca declarative dequicbra o onkrapey onder) squib dense olotras 0 mpatst.En lise eso, al no per hacet Free sss eudas (meet deb, el dewor shia, defo volta, A dectaracion de qua ila peti of bentrapty ane igh Const 12 Satan i eins erie py eer cae of ei se tt cp ct Ir ee cn nie eine enero a Fr a comet 1S ew aa ay me ns al160 Linctes ninco {2 Sutce «el County Cot, dependiendo de as cua. Ea el segundo, son los creedores(reditors} los qe prescman la pelcgn de eslaeie Ae quiebra contra ile the bankrucy petion agama) i seceded meteantil company), cuando na han podigo hacer efecvo el cobea {enforce the payment deta deuda procedente de un allo 0 sentenels indicia Gdement deb). Normalmente,en su slit los sereedoes iden titra gue nombre wn sindicy (a veceier af the debtors Drapery) hasta que ve teselva It slisited © se nombre ot guar © indice ev (rate i bankrupt fects gor a ‘nvolunaia,si cre ques soletey no eat dispute er acted uetrad (hntrpn. tee dress deendene eau jo con ed tral wth jr Sil ttunal admit a soci (adn the appiarin) por consider gue ct deudor es insolvent, tru sta adc dela de quis e enirpey oner® con to ue et parnclo el urate Ce Seog ‘stne) past manos del ea Sndico 0 admins ode opt receive El sindico dcbers convoctr una junta de neteedors att {retrs meting eon fin Ue peste ent te evens tenet {of afrs) para so exatneny nombra )liguiador 0 sndco Seals {irate in bankrupt) encargado de admits Is empresa en queda {Gankrup frm) de dsb eh pacimoni deh gush ene sak scieedres, de acuerdo con ls norms lysis, El mismo admniseadar Judicial e sndico (ofc recver) puede comers enlqudadrosnice Sete rue bn) ey und ee bine ‘resolver insolvecis (solvency pensioner) pence agin cles rote recon lenin (aprsedpferonal Ba) osbe enor jurado de eens (chartered accountant) Wenic en gui de insolvencas(auoreney practitioner ee “anton tn quis volutara omg on It impuesa, of dcudor debe presenta (fie) acon vets cedex) con tor omnes es SSreedore, un dale de cov yl pasvo de nempecs (he ett Sind Wabiier), at como el eda de cuentan(ttenent offi) com {tormacion financiers prinem, send an delta emia fence) I Ceultacon de actos (concent of ese). En Estados Unidos el procedimiento concusal ode. guibra (Gankraptcy proceedings) iniia presentanda (file) ana slic de Tum pmo et ec pre mm Porta ipl moderne te pom comms «de wie (ergy RE re mere pereprerecrtrd cote Seen aca Semone MTEC Use a Corfe Pe Acs, CPA uiebra (bankruptcy petition) en ta secreara (the ofce ofthe clerk) del trbunal Federal de dati (the US. dict cour) donde resi et deo, son juecesexpecalizados en quicbras (Bankrupt judge), que aetan bajo la autoridad de fos mencionados tribunals, Js que resuelven estos En el texto que sigue, Ib Chancery Division el Tribunal Superior de Justicia, en el enjuicamiesto de uaa costion previa (a preliminary fsue) ‘esetima la demanda de indermnizacén por datos perucis (action for ‘damages) presenta por el ejecutivo despedida(dimised director, que perdié la opcin a adi acciones desu emprest; aunque indectamente tra de un éespido, es un pleto relacionao con la aduisicén de valores (Gece) por ao, debe ser enjiciada en The Chancery Dion, coo [a mayorta‘de los litigios relacionados con asuntos de as sociedades The Chancery Division —Divisién dela Cucilea—es la Sala de The High Court of hasice ue, pestis pore! Lord Cail, 0 po el jez en ‘uien dlepue, canoce fos pelts de mayor evan relacionados con auiebes,hipetecs,eserturas,testamentras contenioss,adminisacisn ‘e patrmonos, te, en especial cud Toque se pide (eecing) ex slo imerpretacién judicial de un document, una ciusula, le. (court construction ofa document, clowse, ete), come ese asunte del que tata el texto que sigue. Tree dos tebunales especiales: uno, el tnibunal de sociedades mercantile (Company Cour), que entiende de los pelts y eos avant (carer relacionados con eis sociedad, y oto, ib ral de patents Patents Cou, que resuelve las cuestones relacionadas com Tak patents y Ia propiedad industnal. Como re dijo en ol punto 4 del captlo cuatro comesponden a I mii, en este cana ea The Chancery Division of The High Court of ste, os proceso (cates) relcionador con Ia terpretacia aici Je un documento, una elsuels, un estameto, ee (ourt consrucion ofa document, clase, et) El demandante hace costar {en este pracediminto et punto fs puntos de Derecho (sues) de los que pide aclaracién, y expone fundamento de la reclamacion (cause of faction, 8 deve el motivo o eas de a demand gue present, yl asia ‘remetho (remedy) gue pide ales tiburales El documento comprende algunos aculos de los estatutos de uns smercnil, 2 rin tp162 LINGLE wntocD 2. ‘Texto Rachel Daves Baris: “Dismiss Director cannot Claim Damages for Lost Share Option™ FT Law Reports Finegan (May 8, 1990), a " MICKLEFIELD ». 8. A. © TECHNOLOGY LTD. Chancery Divi sion (Bristol). Mr J. W. Mowbray QC™ siting™ arn Sopoe teak ak sno uy epoty High Cou 400) EMPLOYEE who is wrongflly dismissed shortly before” becoming ted" nec his contact of employment, to erercse® n opon to eae for share” in the employers parent company. cannot sc foe damagee™ far tes of the option if the schemes" under winch h was rane caprety tse ‘ould laps if employment ceased and expressly exempted the employe fom ot pat is Hab or wrong amet” Uhh ee oe oe ah 2, mua gin pap oe care, cos ten oe {ln suey de miei, cers co ln perpesie tempura dope Pe ‘kc Pr smn nui Insts sp hook eae eee eet er Bc mer indent pr aay pic, 2 rant i por ee ops ng es de a ene et Ng 1 Cs eb pn 6 Sep a hat ee Como: 30 ne apa gh Co age ali tn ome] gaat pene Il Stair etl fl mgace tps Quen’ s Cone bre SSL Unger ops el Kyrie anal ne toca ‘on on pul en alin peer el ae Sane sen tone fe 2 12 ny ele ps tone 3 Se led cee doch 3k Een joe an Soo pine). 3 Se or ses abla 3 fea cman angen ats a inp) 1. efor dag pen on Sey ern, 1 (lof pd prep ne wa gramps el ut fe oc, ‘Sores se expt om eee espesaenc bs) ‘pe reo exc ‘ity cgi emt, 7 St a Srp tn, BEEEAS vepiianils ake Las socoanes suncasis 163 Mr Wi Mowbray QC, sting 3 deputy High cout judge so hel on a preliminary isu i an ato’ by shmaed drecion Mr Neil Anthony Bice, agus hs prevons employer SAC Tol) Li, Me hue ‘eter Mr etd woul ect odes fers of ash ops ‘ie pes ons dois I ws assumed forthe purposes of the prcininary Hse ely hat Me Michel a oon wrongly dsmsss in bch of ee ‘HS LORDSHIP sas hat Mr Miki wos employe by SAC Technolog, andi nouns lors csv “The serie aremen rove hat he hl serves a's sl he ween was derma fy cer pry ging sin moth! wee The share {on sca war yt pr ctpay repo tho. T provide ht th fr nn aol deren nie exenes ‘> agnyfronsatibe nton pe an tht toto rn shld fe ‘ernie nly she el ony he tn a ra. ‘hase 4.0 of te shame reat I an oon tlle cesres te employ wid he gop fray veszon whee the the pion grant oi sal. Tape an ot be exch en iit 0M Co 2 le apa pee eT “e 1 Me, el cee gn M1 Mot SA oh as ment ab em doe 5% nbd of meron tcp |v lo a Se pcp en coir wc fa oe ps bes, cn me ee ee yb ane itn os pc en Soe cr nh PPOPOAAARHRABAOBAAABAABKOOHOHCEHEEEEESELSA!68 HL meus unbico Paragraph 9, head “loss of ofce"® provided that “by applying for an tion an excel shal be decd ievceaty thn wave eters” by way compensation for fos foes oo ay fu oe bee compensate him for he as of ay gs under scheme (On Febery 19 1985 Mr Mike! as grate an option Wo subseibe for {300 6 sores at 25 pence at 2.80 pr stare Febuary 9 188 he woe fe sirsoe ting ht he wished kore hs pn ea Febery 1, he id tnniverary ofthe grat of he option. ‘On ebony I ther wat a esting he fies of he hea ad managing stscte** On Feary 12h wt to Mr Mite! conf ha hens td ben rine at at mesg. ih sx moms ay ew ese ‘The parent company wrote to Mr Michiel en Febuary 23 er he hed snniversry of grant fhe option a afte exces of te open, stig ta he ‘pion lpee¥on termination of his employment, ad eased be exrablet For the purposes of the prelininsty ase ey. twas assumed tat Mr Micki wa sms ronal an in Beach of cots The quosion was. whether on the we constuction of the contrat of employment and the share opin chee he was call to recover dap fet Joa of his eption. “The fat poit made by Me Coteril fF Mr Micklesild was based on™ Gunton: Richnendeapon-Thaes (780) 3 WER 7 ‘end ia ‘ alba orn oad ama ee mayo entama apo ane tee me: ps pn ea cme. ip ac cms ri ‘et vera hele val monn cr mje ese ‘ies sia te). roe esc coc um nti es mnie et re pti ot ernst te preinury ou ony a sen ce actin pein Bei tc gay oe fom ‘ne ie tej pot mae ie rman nase po ipa ets sunt tag Ls socepanes wescanrass 16s In that case™ Lond Dus Brighinon said that wrongly dimisad employer oa ny Se for gee ot slay, heap mat nd servant hd ben rake, Bt ta it docs a am Ut every ih a ‘ligation wa the coc sexing twat lee fom the parapet Land Jasice Brighan was raving x ditinton batween the contact onthe one hand and sate ‘Satonship of employment onthe ether, and was saying atte tlt inte option sche paragah 4.38 refered othe sates rats moto the contact W began an opto hls ess Tobe cgay wi the Mr Mickel cose abe employed when he was wrongly diamiaed,even i some ote spe fs comet Sti fc, “Tet satis ae IY Cott second pon was thatthe company was ying omits own wrong and seeking to take Benet from i own wrong," entry Wo some tore nan iy wrongfully ining Me Micleeld weck 90 before he became ‘ns Wo exes epton te company escaped exes of eon ad, ITamgrgt 9 the scheme pic ato eotaped Haig I damages for hs ae Me Cote ion aubories which xine he rine ha 2 man coud ot te pried ae alent Of hw nc uas Alghsen Esaishncn Eo Clee (1985) | WL 387.3 Howse of Lond elon (whch eld ore ways pesmi ha pry 3 ont could So pried to takeadvomagy of hr own orn, he ene OF PES Fron te cota {OL tantnsnce Dogon Sadr # wry damned enya mopar Lond eT fre rrp incu try con {ih lle daar qu mo re oc qu ‘hay hho er i eo cee bps con ae np Se rar enact Siow name ere ‘er (uc cn “ratte npc oa 1M viene tari coe Uh Sowa epd seeps ee cee in Tie See er Sh ee or er a 7S Fda chide ini a ran ud ries ‘sarge ces oes eet pyre sas em, Tiers wen pin etre mca Se eee Be ees Coo Meld yaad onl ie pm ea gs ee ie ast166 "AL NeLEs unoico Paragraph 9 was an exemption clase” and fered fom the kindof etuse seminar ene he cnpy ett io is woo inthe elvan Sts" Cp i ceany ee he the daages tht it woul ahve haved pay fr wrong dare een tos of opin ih Lien lee Tetha wee Wrong, the principle that a man could no be permite to take rane of is vn wrong, was sje fo exempuon se emt InAlghasiem Lord June) si ht “spel te pipe embod in ‘ale fconstcton rater an a ssl i of aw Tete re was ny nef const, could be excluded by a skenly clear onary provision ne contac | 1s Chel! APECS (1983) 2 AC 180 Lord Diplock refered w “he wel sown rule of consetion tha excep inthe uty cas thatthe een ont er exress pointe contr. eb prs eee was notte inton.« that ether pry shod be ened fo ney ons owe Secaches of is pei igatons" a ogi the ato a Tanga 9 was clear ant deve enwgh® to aca e rnp wel ww oprt aan exmpion chs Tepressy apie I an option bolder ceated tobe an executive for any reson That ole his beng only sed “Te ctase was need sed was ie ele the company oeeaze part ort ig “The final point was ude th Unfir Cont Terms Act 1977.5 ‘ee utd id pace >. pore en fr cee coe sp tm Cirle oa pn 12 eer pare eine, ‘te om nm ea) te sh gL et of on: a a a EE iyo pn cmt ma gi en Taner te lt Mii nf cin a in es 2 st may ca pie oo we ote pay an eae 8 pi ia re eve cement dela. {Sty an ra ne ne 13S ape oa fab pac ge ene sar pe al al pi at er he he Com Tra At 197 at ei sta i eae ep einen oe si Siplnb ie leetbeeese 1s sociDADES MEREANTLES er fr Sc ee ome Sip et me PRLTES Lirea cunt vats depend soit ata ates ats tanec SDT yn tr mene For Mr Mite: Malcolm Cover Crump & Panes, Bist) Forth company Michael inde ested) 3, Documenta Esato. de-una Sociedad Mercantil, en’ especi scons y los acciones, En este documento se recogen algunos anicwlos det Tos referidos a tos roma wel pt epee ee ee 3 es rmaeeiobay 1 apd pci at eof empl cnn fo rh sco a la eis) a 1 ei i uh i ny 1 Sih aimp o sumedo9e aepad 1os, adic wg doy pee 1S hartsjaort emma a 1 tere fo of ple: 88 nmin de hy pc eae pn16 ARTICLE "pial fics of the Comporation athe Sate of Califone shal sated in Sacramento. The Corporation muy have ach i lise win wit {he Ste of Califia. the Board of Dstt may designate owt aaa ‘ofthe Corporation may regu nie ne ARTICLE Swastsocoas Section Anal meting “The anol meting ofthe shoes sl be held on he 20 day in th ‘mon of Aplin each yea, he ou ft clk pana the ppl tc of the Conan 1 the day Tne forts an meting il be nl ly nthe ‘State of California, such meeting sal be eon the neat seceding bie Section 2 Notice of meeting ite notice sain the plas day nd hoof the meing sale delved so esta en days norm tha thy ye lore the ae he meng ‘ich shareholder of ocd ent i sah mig Secon Quorum ‘A majoriy ofthe outstanding shares ofthe Corporation ete to vote, tepresented i poron ce by prot shal conse a qooum at's mesing SF ‘Mtveolders. "Al mesings of shrcholde. a shacldr may vos i pero or by proxy cenccuted in wnt shrcoier ory hi uly Stead atm oct (a a et of teh al Be jo sm Se ao 135 Satbeatered nr essa ten irr mr oe Sy ye eve he of te snc wt ath edn eh mang ep rae een Teh enon non scees der dy nee ory ay sre os eit 13: namin er of Capra ee i, epne Ce salon ena esem fono 8 oe Ce acne sis Las soceoaoes MERCANTILE 1 ‘Such proxy sal ie wh the secretary ft Corin Ineo he ine ibe meting Section 4. Cals shares, “The dca my fom ie oie mike alls poe he meres in pet sy oes pon shares Tet ds fs sacle nly and eve al py al can eet te incall respect of sre sm id lee ron te day apd ‘erqeymet tr pron nw etm da sl oye on seam ah of 8 ere era oe pel Sire yen face ly np "Ie pv fae plano ably oft on nd 0 ynente cen al pi ce fw gym ny om” cy Sivoo oe coms pp std wi Tem poe sm ora Sy ai di “Te dlc: may mabe arngemenon he st of shares ow ins tween te bi ant i bed di he es parc ny eit ere of te Cope oe fi 1. td en muna y oar te. te nro en cogs iho te fad in tt ent a ns Soy a ls ool tp ese cera at et le a een ct eo70 "aL neu unoico Section SLs ‘The company shall have fen on every share™ (aot being & fully-puid share)" for all mones'™ (wheter presently payable ot no) called or Peyable® at fixed time in spec a l sar and the company shal so have 5 en om all shares (ther than Fully-pld shares)™ standing registered ine ‘amc fa single person fr all moneys presently payable by hi o his ett to ‘he company ut te ietors may at any tine deca any shar tobe wholly ‘Fin pare exempt rom the provisions ofthis rgultion > The company’s en Gf ‘ny)" on share shal extend 1» al vend payable hereon ‘The corporation may sel, in such manner ae the diestory think Fi any shares on wich he eovporation hat en but no sale shall be made ules some ‘Sum in respect of whieh the len exists is presently payable, nor until te apiration of fourteen days after a notice in writing” stating and demanding Payment of such part ofthe amount in rexpoct of which the len exists a3 ay i pet mann ee ep qe a Then hl hme asa le ee es Ss tree sit as lg oy seman nba eat ee TRE fora mney porting ae monet 90 iter presen ple Aa. come sa a se TE cat ane fee tio pi ete aa 13h, Spe of tl semper del ot ain, "t,t pa sre ao ea Sis ead, 19 feet cope "Se tl nme epee se rn pa, 1h td eon fe fern or: rege none ev lia ewe rib ee cp ing eo 1 oan ec pn [n.d rt wy or pa ng fo prin ee ea pe scar alo pro cae ies Ds, mel mare dec id oma es el com. 230, nls ti ope of ehh eh ene pers ens te ee Sin te ssp et ee ee Sri ein oe deena ig be tat sci dan eqs bn do state por cas aeey 1s SOCIEDADES MERCANTILES m presently payable has Been given tothe registered holder for the time ing ofthe sare, or the person ented here by reason of his death or ankle. “The process of he sae sal be recive by he company and appli in payment of chp ofthe amo in espero which he en exists asi present Babes the este sil eto aie he for sums ot peel payable a td ap te shares pi oe sk) Be pod the pron ented he Shas eae o he ale 208 sting deans apt of ch et of he eet of wich ee ciation ne ne col dasa an pe BR psd enc ports on. ie et ee ee ee NS