Minutes - 51

50

Houston Oil Company of Texas same to be ussued to me as full paid
and nonaccessible - provided the Houston Oil Company of Texas will
transfer to me said $150,000 of preferred stock in the Treasury as
aforesaid.

Upon the acceptance of said proposition and the reissuance and
delivery to me of all stock subscribed for and the transfer to me
of the said $150,000 of the preferred stock so in the Treasury I
will accept same in full settlement of the indebtness hereinbefore
referred to to the extent hereinbefore stated.

Yours truly
(signed) Jno H Kirby

Acceptance of
Proposition in
Kirby letter of May 1/02

After due consideration of the proposition contained in said letter
the following resolution was offered duly seconded and unanimously
adopted viz:

Resolved: That the proposition of Mr John H Kirby contained in his
letter of May 1st 1902 this day presented to the Board of Directors of
this Company be and the same is hereby accepted and the President
of the Company is hereby authorized to accept Mr John H Kirby's
subscription to $860,900.00 of the preferred stock of the Houston Oil
Company of Texas and to cause to be issued and delivered to him
that amount of preferred stock and likewise transfer to Mr John
H Kirby the $150,000 of hte preferred stock of said Houston
Oil Company of Texas, now in its Treasury referred to in the
said proposition of Mr John H Kirby. Said stock to be delivered
to Mr Kirby by the President upon receipt from Mr Kirby of same as
being in full settlement of the indebtness referred to in his
proposition aforesaid.

Right of Way to G
Bmt and Gt Northn RR

Thereupon the President submitted to the Directors right of way deed
from the Houston Oil Company of Texas to the Gulf Beaumont and
Great Northern Railway Company over a portion of the Samuel
Steadman survey in San Augustine County Texas and the same being
considered by the Director the following resolution was offered duly
seconded and unanimously adopted.

Resolved that said conveyance of said right of way be made by
the Houston Oil Company of Texas and that said deed be and it is
hereby approved and the President of the said Company is hereby
authorized to execute same on behalf of said Company.

On motion duly seconded the meeting then adjourned.