Minutes - 8

7

9 The Board of Directors shall prepare proper certificates of stock
and the stock of the company as issued shall be evidenced by such
certificates - same to be signed by the President or one of the Vice
Presidents of the Company and attested by the Secretary.

10 The Board of Directors shall have the power and authority to
mortgage - pledge or otherwise encumber any or all of the property
of the Company to secure any indebitness that may be incurred
in the acquirement of property by the corporation or in the
conduct of its corporate business - or in securing any obligation
or obligations said corporation may enter into - to endorse or
guarantee any certificate of beneficial interest that may hence after
be issued by any Trust Company or other organization at the
instance of this Corporation against or in or to any contract
or contracts of a sale of any timber growing upon any of
the lands of said Company or against any or to any of the
proceeds or avails of any such contract or contracts.

11 The Board of Directors shall also have authority to accept
the resignation of any of its members or of any officer of
Company.

12 The Stockholders of the Company shall hold a regular annual
meeting at the office of the Company on the second Tuesday of
the month of November in each year at 10 a.m.

13 Stockholders may vote at any meeting in person or by proxy
and each share of stock shall be entitled to one vote. A majority
of all the stock issued shall constitute a quorum at any
meeting.

14 Special meetings of the stockholders may be called by the President
and majority of the Board of Directors - or one third of the total
stock issued. Ten days notice of such meeting shall be given
by letter or wire - addressed to the last known Post office
address of each stockholder - and by notice published for Ten
days in some daily paper published in the city of Houston.

15 No stock shall be transfered except in writing and such
transfer shall be duly entered on the transfer books of the
Company.