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CERTIFICATE.

I, George E. Crothers, Secretary of The Board of Trustees of
the Leland Stanford Junior University, a body corporate
under the laws of the State of California, do hereby
certify:

THAT the By-Laws of the Board of the Trustees of the Leland
Stanford Junior University, a body corporate under
the laws of the State of California, contain no
provision authorizing any person or persons to act for
said body corporate in causing transfers and sales of
its securities, other than that the respective officers
of the Board (consisting of President, Vice-President,
Treasurer and Secretary) "shall exercise the usual
functions of such officers, together with such powers
and duties as the Board of Trustees may, from time to
time, designate or assign to them;''

THAT in such matters as transfers and sales of its
securities, special action is taken by said Board
whenever any transfer or sale is made, and that the
Board of Trustees alone has full power to sell and
direct the transfer of any bonds or personal securities
belonging to said body corporate;

THAT a meeting. of said The Board of Trustees of the Leland
Stanford Junior University was duly held, pursuant to
notice and recording to law, at its office in the City
and County of San Francisco, State of California, on the
7th day of February, 1908;