Minutes - 28

27

Oil Company of Texas shall and will guarantee the prompt and full
payment to the Maryland Trust Company Trustee of each and every
installment of money agreed to be paid by said stumpage contract
by said Kirby Lumber Company as the assignee of said John H Kirby
as they severally fall due under and by the terms of said assigned
contract.

Resolved that said certificates of beneficial interest aforesaid
be issued by said Maryland Trust Company Trustee aforesaid from
time to time as directed by said Houston Oil Company of Texas as the
lands from which said timber is to be cut are acquired by said
Houston Oil Company of Texas and title approved but so that at
no time shall certificates be issued in excess of aggregate value
of timber upon the lands and properties of the said Houston Oil
Company of Texas, computed at the rate of one dollar and twenty-five
cents ($1.25) per thousand feet.

Whereas the form of said assignment of said contract to said
Maryland Trust Company Trustee as aforesaid and the form of said
certificates of beneficial interest so to be issued by said Maryland
Trust Company Trustee and the form of the interest warrants to
be thereto attached and the form of guarantee by said Houston
Oil Company of Texas of the prompt and full payment of said
trust certificates, principal and interest have each and all been exhibited
to the Directors of said Company in session at this meeting and
considered by them. Therefore be it

Resolved further that said various forms be and the same are
hereby approved and the President of the Houston Oil Company of
Texas is hereby authorized to execute as the acts and deeds of said
Company said assignment and said guarantee in substantial compliance
with the said forms but he is further fully authorized and
empowered to make any and all modifications atterations and
additions thereto that may in his judgement be or become
necessary to properly carry out the spirit and purpose of these
resolutions. His act or acts in the premises being in all things
ratified and approved and be it

Further Resolved that said Maryland Trust Company Trustee as
aforesaid be and it is hereby authorized to issue said
certificates of beneficial interest together with interest warrants
thereto substantially in accordance with the form thereof so exhibited
to this meeting, but the President of said Houston Oil Company
is hereby further authorized and fully empowered to agree with
said Maryland Trust Company Trustee as aforesaid upon any
atteration or modification of or addition to said certificates or