Minutes - 5

4

Two hundred thousand shares amounting to Twenty Million Dollars
shall be common stock. All of the preferred stock may be
redeemed at any time upon payment of its par value and
five per cent premium thereon - together with all dividends
then accrued and unpaid on the stock so redeemed.

The preferred stock shall be entitled to dividends out of the
surplus net profits of the Company - as ascertained by the
Board of Directors - at the rate of but not exceeding six per
cent per annum - payable semi-annually in each fiscal year
from and after the first day of July 1901 - which dividend shall
be paid in priority and preference to any dividend on the
common stock - and shall be cumulative.

In the event of the liquidation or dissolution of the Company -
the holders of the preferred stock then outstanding shall be
entitled to receive the par value thereof out of the funds and
assets of the Corporation then remaining before anything shall
be paid therefrom to the holder of the Common stock.

If surplus net profits shall remain in any fiscal year
after the payment in full of the dividends upon the
preferred stock then accrued - all such surplus net profits
shall be applicable to such dividends on the common stock - as
the Board of Directors may see fit to declare.

The Company in pursuance of resolutions of its Board of Directors
may from time to time sell - lease - pledge - mortgage or otherwise
dispose of its estate and properties or any part or parts
thereof - as the Board of Directors may determine - and the rights
and privileges of the preferred and common stock as above declared
are hereby expressly made subject thereto.

Seventh

This Corporation shall have excersise and enjoy all the rights and
powers conferred by law upon private corporations - including
the power of its Board of Directors to adopt such By-Laws
from time to time for the government of this corporation as
the majority of said Board may determine - subject to the provisions
of the Statutes of the State of Texas.

Witness our hands at Houston Texas this 3rd day of July 1901.
(Signed)
B. F. Bonner
Joe. N. Eagle
S. B. Cooper