Status: Incomplete

June 27
No Ans

A.S.M.E A.I.E.E.



V. Stefansson, Esq.,
Ellison-White Sevens Chautauqua Circuit,
Twin Falls, IDAHO.

Dear Stefansson,

Enclosed please find copies of the Articles
of Association and Memorandum of Agreement for the
Stefansson Arctic Exploration and Development Company,
Limited. These documents have all gone forward to the
Registrar of Joint Stock Company in Victoria, and the
company now is in the process of being incorporated.

I do not know of any terms in either of these
documents that need explanation except perhaps clause
26 of thw Articles of Association. That simply means
that the company as incorporated is a private limited
company and that we cannot advertise or in that way in-
vite the public to buy the shares, but all the shares
can be disposed of by private treaty. The fact that
the company is a private limited company gives you a
good many advantages, and has no practical disadvantages
that I know of, inasmuch as I am quite sure you had never
contemplated putting stock of this company on public
market. If, however, you later decide to change the
company into a public company, I believe this can be
quite readily arranged.

You will notice that the signatures to these
documents are those of my Secretary, Mr. Anderson, and
our lawyer, Major Wilson. I have not used my own name
for the reason that it will save me from being asked
questions by inquisitive people, and I have not used your
name for the reason that I have no Power of Attorney with
which to sign.

I hope you will find everything in order and
to your satisfaction, and if there are any matters that

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