Minutes - 27

26

Whereas said John H Kirby has with the assent of said Houston Oil
Company of Texas assigned his rights instead contract to the Kirby
Lumber Company and the Kirby Lumber Company has assumed all
obligations of said Kirby in said contract stipulated and provided and

Where as said Houston Oil Company of Texas is desirous of anticipating
the payments stipulated in said contract by assigning each contract
and the proceeds and avails arising therefrom to the Maryland Trust Company
as trustee - together with all of the timber covered by said contract and
authorizing said Company to issue certificates of beneficial interest
against said contract and the proceeds and avails thereof. Therefore be it

Resolved that said contract be assigned and transferred by the
said Houston Oil Company of Texas to the Maryland Trust Company
of Baltimore Maryland as trustee together with all the rights and
privileges there under and as well the actual titles to said ownership of
the timber covered and included their end for the purpose of the collection
by said trustee of the proceeds and avails of said contract as well
as of the proceeds of sales of said timber should default be made
and payments under said contract and the distribution of all said
proceeds and avails however arising amongst the holders of said
certificates of beneficial interest so to be issued by said Maryland
Trust Company trustee as hereinafter provided to the extent of the
principal thereof and the interest accruing thereon under and in
pursuance of the terms and provisions of said certificates and to
the payment of trustees fees and to the payment over to said
Houston Oil Company of Texas of the surplus thereof remaining.

Resolved further that the said Maryland Trust Company Trustee as
aforesaid be and it is hereby authorized and empowered to issue against
said contract and the proceeds and avails thereof certificates of beneficial
interest to the amount of Eleven million ($11,000,000) dollars each for
the sum of one thousand ($1,000) dollars entitling all holders thereof to
the equal and pro rata benefits of the proceeds and avails of said
contract and as the same are collected and received by the said
Maryland Trust Company trustee and applicable to the payments of the
principal and interest thereof, said certificates to be payable and United
States gold coin of or equal to the present standard of weight and fineness
and to bear interest at six percent (6%) per annum payable semi-annually
in like gold coin of like standard of weight and fineness and which
said certificates are to be made payable in several installments.

Resolved that as an additional security for the prompt and full
payments of the principal and interest of said certificates to the Houston