Minutes - 47

46

Meeting of
February 12/02

Proceedings of hte 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 12th day of February 1902 at
10 am.

A quorum being present to wit.
Thos H Franklin
Joe H Eagle
E J Eyres
R W Wier
B F Bourner

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

Resignation of
Mr Patrick Calhoun
as Director

The resignation of Mr Patrick Calhoun as Director was presented and
upon motion duly seconded the same was accepted and Mr Frank A
Reicharat was unanimously elected in his stead.

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

$2,500,000 Pfd
Stock offered
for subscription

Whereas it is necessary for the interest of the Houston Oil
Company of Texas that the Two million five hundred thousand ($2,500,000)
dollars of unissued preferred stock of the Houston Oil Company of Texas be
placed at par and that commissions be paid for placing same
therefore be it

Resolved by the Board of Directors of the Houston Oil Company of Texas
that said preferred stock be offered for subscription at par.

In re Comn
on above Subn

Resolved further that the President of the Houston Oil Company of Texas
or Mt Patrick Calhoun who is hereby selected for said purpose, be and they
are each and either of them authorized to bind the Houston Oil Company
of Texas to pay such commissions as they or either of them may deem
necessary to be paid to secure subscriptions to said stock.

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