Wrangel Island

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and the details of its business, and alter, amend, or repeal the same from time to time in their discretion.

11. A majority of the direct ora may from tine to time at their discretion raise or borrow or secure any sum or sums of money for the purpose of the Company, and for that purpose to execute any mortgage or mortgages, bills of sale, promissory notes or other securities, negotiable or otherwise, or give or execute any other form of security whatsoever on real or personal property of the Company, and to sign, deal and execute and deliver the same.

12. A resolution in writing signed by all the Directors, personally or by proxy, shall be as valid and effeotual as if it had been passed at a meeting of Directors duly called and constituted.

13. The Directors shall appoint such officers as shall in their opinion be requisite to cerry on the business of the Company.

14. The names of the first Directors shall be determined by the Subscribers to the Memorendum, and thereafter the Board of Directors of the Company shall be elected every year at the Orginary General Meeting of the Company, and the whole Board of Directors shall retire at such Annual General Meeting of the Company, and any retiring Director shall be eligible for re-election.

15. The business of the Company may be commenced as soon after the incorporation of the Company as the Directors shall think fit, notwithstanding that part of the shares of the capital may remain unallotted or unsubscribed.

16. The shares shall be under the control of the Directors, who may allot or otherwise dispose of them to such persons, on such terms and conditiona as they think fit, and may allot the same as fully paid up, although the consideration therefor shall be other then a cash consideration, subject to the terms of these Articles.

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17. The Seal of the Company shall not be affized to any instrument except by the authority of the resolution of the Board of Directors, and in the presence of the Secretary or one Director, which said Secretary or Director shall be present when the seal is the Company is so affixed, as afresaid, and the said Secretary or Director shall sign every insturment to which the seal of the Company is so affixed in his presence.

18. The Directors may refuse to register any transfer of shares - (a) whan the Company has a lien on such share or shares; (b) when the transferor is indebted or in any way obligated to the Company in respect of unpaid calls or otherwise howsoever.

19. The Directors may retain any dividends in respect of any share or shares on which tho Company has a lien, or in respect of which any moneys are owing or accruing due to the Company, and may apply the same in or towards the satisfaction of the debts, liabilities, obligations or engagements in respect of which such lien exists, and the Directors may declare a lien on the shares of any member of the Company who is or shall be obligated in any way to the Company through unpaid calls, loans, advances, or otherwise howsoever, and the passing of a resolution by the Boerd of Directors against eny share or shares shall create a lien when and as soon as such resolution shell be entered and signed in the Minute Book by the Directors; such lien shall at once be considered as and be created and exist from the date and time of passing such resolution.

20. The Directors may accept as a pledge of good faith from any shareholder of the Company who may from time to time occupy any official capacity or in any way be concerned in the service of the Company, any share or shares owned by such member, and such shares so deposited as a pledge of good faith and good conduct on the part of such member, officer, agent or official of the Company shall be deposited with the Secretary of the Company, and from time of such deposit it shall be considered

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that the Company has a lien on said shares so deposited, so long as the said member shall remain in the service of the Company, or so long as there is any outstanding moneys or property in the said members’ hands unaccounted for and not turned over to the Company. And in case of a breach of faith or misconduct, fraud or embezzlement on the part of such member of the Company as aforesaid, the Directors may give reasonable notice through the Secretary of the Company that unless the property of the Company retained by the officer, official, agent or member in question os the case may be, is forthwith returned within the time specified in such notice, that the said shares will be forfeited, and unless such property of the Company so held and retained is returned within the time specified in such notice, then the said shares shall be absolutely forfeited to the Company, and the same shall be considered cancelled forthwith, and all right, title and interest of the said former member and holder thereof shall be deemed irrevocably cancelled forthwith.

21. With consent in writing of all the shareholders given before or at such meeting, a meeting may be convened by a shorter notice than that provided for by the regulations in Table "A " aforesaid, or without notice, and in any manner they may see fit; and may be adjourned for more than ten days without notice of the adjourned meeting being given. No business shall be transacted at any General or Special Meeting of the Corapany, unless a quorum of the members of the Company is present at the time the meeting proceeds to business, and save as herein otherwise provided, three (3) members personally present shall constitute and be considered a quorum. If within a quarter of an hour from the time appointed for a meeting, a qu rum is not present, the meeting, if convened, shall be dissolved, and it shall stand adjourned to the same day in the next week at the same time and place, nd if at the adjourned meeting a quorum is not pr sent within

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25. The Company may pay any commission, referred to in Section 98 of the Companies Act, not exceeding 10 per cent., of the shares in each case subscribed or to be subscribed.

26. No invitation shall be extended to the public to subscribe for any shares or debentures of the Company.

27. Meetings of the Directors may be held at any place either within or without the Province of British Columbia, as the Directors may determine.

WITNESS to all of above signatures:

Percy [?] 922 Rogers Block Vancouver B.C. Law Student

5

(TELEGRAM)

Seattle, Wash,. August 8, 1921.

V. Stefansson, Care Ellison White, Chautauqua, Yakima, Wash.

Victoria sails Twentieth arrives twelfth and Drydocks possibly delayed longer.

Allan R. Crawford. ____________

THE STEFANSSON ARCTIC EXPLORATION AND DEVELOPMENT COMPANY LIMITED

VILHJAMUR STEFANSSON PRESIDENT

HEAD OFFICE CREDIT FONCIER BUILDING VANCOUVER, B.C.

A. J. T. TAYLOR VICE PRESIDENT

Nov. 12th, 1921.

V. Stefansson, Esq.,

c/o American Geographical Society, Broadway, at 156th Street, New York. U.8.A.

Dear Mr. Stefansson,

I attach Trial Balance for October, also statement of the operating expenses to 30th September as per last Trial Balance, October expenses and the total to 31st October, which agrees with the Trial Balance. The accounts in the Trial Balance as appearing in the Operating Statement are either assets or liabilities.

The expenditures for October appear very large. This is due to the disbursements made at Nome, statement of which I received from Crawford only recently. It is not the kind of statement of disbursements I like to receive, as he has not attached supporting vouchers, invoices or receipts covering any of his expenditures, except the $600. paid on account of the charter of the "Silver Wave". We will have to make allowances, however, for the conditions in the northern Country, as no doubt his poor method of keeping me advised of his expenses is largely due to this cause. I enclose copy of Crawford's statement.

The reason for the large increase in the salary account between September and October is that I have given credit and paid, where necessary, to the various members of the expedition their salaries from the beginning of August to the end of October, which brings this account up to date.

The charges against Knight and Galle in the Trial Balance are for money advanced by Crawford in excess of the wages due them to the end of October. This will be worked off, however, in the case of Knight in due course by applying his. salary to it. In the case of Galle, this will be settled when returns are made on the fur, as he is not in receipt of any salary.

COPY

THE STEFANSSON ARCTIC EXPLORATION & DEVELOPMENT COMPANY LIMITED

BALANCE SHEET

As at 30th June 1922.

Vancouver, B. C. 19th July 1922

Buttar + Chiene Chartered Accountants.

THE STEFANSSON ARCTIC EXPLORATION & DEVELOPMENT COMPANY, LIMITED. --------------------------------------------

25th May, 1922.

IN WITNESS WHEREOF, the said parties have hereunto set their hands and seals the day and year first above written.

V. STEFANSON (SEAL) Party of the first part.

By Ralph Lomen (SEAL) His Agent.

Billy Patch (SEAL) Party of the second part.

Signed, sealed and delivered in the presence of:

[CJ Brinken]

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Those who went in were Dinkens Haglund Billy Patch, wife Haus Olson