Minutes - 38

37

Regular Meeting
December 7, 1901

Be it known that at a meeting of the Directors of the Houston
Oil Company of Texas held at the office of the Company in the
city of Houston Texas on this 7th day of December A.D. 1901. A quorum
being present Mr Joe H Eagle was elected chairman and the
following resolution was passed to wit.

In re Issue of
Timber Ctfs
above $6,000,000

1. That the President of this Company be and he is hereby
authorized to enter into agreement that timber certificates
above the present issue of six million dollars will be issued
only under assignment of Kirby Lumber Company contract
to the Maryland Trust Company in payment at cost for
additional lands that may hereafter be acquired by the
Houston Oil Company of Texas.

Agreement not
to box timber

2. That the President of this Company is hereby authorized
to enter into a contract with the Maryland Trust Company
not to box the pine timber growing on the lands of this
Company for turpentine or permit same to be done
with the timber certificate to be issued are fully paid.

Present Issue of
Timber Ctfs to
be based on re-
ports of Experts
of Brown Bros and Co

3. That the President be and he hereby is authorized to enter
into contact that the said present issue of timber certificates
shall be based on the estimate of timber on the lands of
this Company made by an expert or experts selected by Messes
Brown Brothers and Company.

There being no further business upon motion duly seconded the meeting adjourned.

Asst Secretary Houston Oil Company of Texas