Minutes - 43

42

Meeting
January 29, 1902

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 on the 29th day of January 1902 at 2 pm.

A quorum being present to wit.
Thos N. Franklin
Joe H. Eagle
E. J. Eyres
B. F. Bouner
R. W. Wier
the meeting was called to order by
Me Thos N. Franklin whereupon upon motion duly seconded the reading
of the minutes of the previous meeting of the Board of Directors was
dispensed with until the next meeting of the said board.

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

Redemption of H. O.
Co. pfd stock out of
K. L. Co. payment
of Jany 10, 1902

Whereas under the terms of the assignment to the Maryland Trust Company
of the lumber contract between the Houston Oil Company of Texas and the
Kirby Lumber Company it is provided that a certain portion of the
semi-annual payments to be made under the terms of said contract by
said Kirby Lumber Company may be applied by said Maryland Trust Company
to the redemption of the preferred stock of the Houston Oil Company of Texas as
and when directed by the Board of Directors of said Houston Oil Company of
Texas, and

Whereas said Kirby Lumber Company is the owner of certain preferred
stock of said Houston Oil Company of Texas; and

Whereas it is deemed advisable to redeem as much of the preferred stock
so held by said Lumber Company as can be redeemed under the terms of said
assignment out of the amount available therefor from the semi-annual
payments falling due under said contract on the 10th of January 1902.

Therefore be it resolved by the Board of Directors of the Houston Oil Company
of Texas that the said Maryland Trust Company be and it is hereby directed
to apply such portion of the semi-annual payment so due by the Kirby
Lumber Company on the 10th day of January 1902 as may be available for
the purpose of redemption of said preferred stock to the redemption of the
preferred stock held by the Kirby Lumber Company to the extent same may
be redeemed at the price and on the terms provided for in said assignment
of said lumber contract to said Maryland Trust Company.

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