Minutes - 9

8

16 The stock transfer books of the Company shall be closed 15 days
before each regular meeting of the stockholders and all persons who are
stockholders as shown by the books of the Company at the time
when so closed shall be entitled to vote at such meeting.

17- All stockholders of record ten days prior to the time any
dividend may be declared shall be entitled to the dividend
so declared.

18- It shall be the duty of the President to preside at all meetings
of the Board of Directors - to sign all certificates of stock, deeds
conveyances - Bonds, notes and contracts of the Company except
where otherwise directed by these By-Laws - or by action of the
Board of Directors. He shall have the general supervision
and control of the affairs of the Company and be the
executive head of the Company under the direction of the
Board of Directors until the General Manager of the Company
has been selected the President shall have the power to
appoint such assistants - subordinate officers and employees
of the Company as from time to time in his judgement may
be necessary to properly conduct and carry on the business of the
Company - and to remove or discharge same from such
employment when in his judgement it shall be for the
interest of the Company to do so.

19 In the absence or inability of the President to act or in case of
vacancy in the office of the President - the First Vice President shall
have all the authority and power conferred upon the President
herein and shall perform the duties imposed upon the President
herein - and in the event of the absence or inability of both President
and First Vice President to act - or a vacancy in both the said offices -
then the Second Vice President shall that same power

20 The Secretary and Auditor and the Treasurer and General Manager of the
Company shall have such power and authority - and perform such
duties as may hereafter be conferred upon them or required of them
by the Board of Directors by resolution duly enacted.

21 The By-laws of this Company may be amended - altered or appealed
at any regular or special meeting of the Board of Directors provided
ten days notice of said meeting and of the proposed amendment -
alteration or appeal shall be given to each member of the Board
of Directors. Said notice shall be given by mail by letter addressed
to the last known Post office address of each Director.