4

The capital stock may be paid for in goods, wares or
merchandise at a reasonable price, but no certificate of
stock shall be issued unless the par value thereof has been
paid, which certificate thereafter shall be non-assessable.

5th. The names and post office addresses of the subscribers
for stock and the number of shares subscribed for by each,
the aggregate of which being the amount of the capital stock
with which the company will commence business, are as follows:

Name	Post-office address.	Shares
Cannon & Fetzer Co.,	Concord, N. C.	50
A. R. Hoover,	High Point, N. C.	25
E. W. Freeze,	High Point, N. C.	25.

6th. The period of existence of this corporation shall be
sixty years.

7th. The general management of said corporation shall be
by a board of not less than three and not more than five
directors, to be elected by the stockholders, but no one
shall be eligible to be a director of this company unless he
is a stockholder of this company or a stockholder of Cannon
& Fetzer Company, Concord, N. C.

The officers of said corporation shall consist of a Pres-
ident, Vice-President and Secretary and Treasurer, to be elect-
ed by the Directors of this Company.

The Board of Directors of this corporation shall have the
power by vote of the majority of the directors and without the
assent or vote of the stockholders, to make, alter, amend and
rescind the by-laws of this corporation.

In witness whereof, we have hereunto set our hands and
fixed our seals.

this the [blank] day of March, 1905.
(corporate seal) CANNON & FETZER COMPANY

Attest:	By P. B. Fetzer President
B. E. HARRIS	E. W. Freeze (SEAL)
Sec. &. Treas.	A. R. Hoover (SEAL)