Minutes - 33

32

Regular Meeting
August 26, 1901

Proceedings
of the meeting of the Board of Directors of the Houston Oil Company
of Texas held at the office of the Company in the city of Houston
Harris County Texas August 26th 1901 at 4 o'clock pm.

A quorum being present to wit.
S. B. Cooper
Joe H. Eagle
B. F. Borner
E. J. Eyres
R. W. Weir

The meeting was called to order by Mr
Joe H Eagle who was unanimously elected Chairman of the meeting
in the absence of the President and first Vice President

Thereupon upon motion duly seconded the
reading of the
minutes of the
previous minutes
of the Board of Directors
was dispensed with
until next meeting
of said directors.

Thereupon upon
motion duly seconded
the following resolution
was presented - seconded and unanimously adopted.

First Resolution

Ratification of
Loan of $500,000
with Brown Bros and Co

Resolved - by the Board of Directors of the Houston Oil Company of
Texas that the action of Thos H Franklin President in borrowing
from Messes Brown Bros and Co of New York for the Houston Oil
Company of Texas the sum of $500,000 for six months at 6%
per annum interest and in pledging $1,000,000 of the interim
timber certificates issued against the Kirby Lumber Company
contract by the Maryland Trust Copmany Trustee and in executing
the note of said Houston Oil Company of texas for said sum
dated the 22nd day of August 1901, and in discounting same
with said Brown Bros and Company be in all things approved and
confirmed.

Authority to
President to
renew loan
of $500,000

Resolved further that the President of said Houston Oil Company
be and he is hereby authorized and empowered to make such
renewal or extention of said loan as he may deem advisable for
the interest of said Company and to continue the deposit of
said collateral as security for any such executions or renewals.

Thereupon motion duly seconded the following resolution was
presented seconded and unanimously adopted.

Authority to
President to
borrow money,
etc.

Second Resolution
Resolved that the President of the said Houston Oil Company
of Texas ba and he is hereby authorized from time to time to borrow
money for said Company and to execute the obligations of said
Company therefore and to pledge and transfer as security for such
loans or any of themany of the personal property of said