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% Special meeting of the Board of Directors of Las Vegas Land and Water Company, in pursuance of Waiver and Consent to such meeting, signed by four Directors, was held in the Company's principal office in the Union Pacific Building, 422 West Sixth Street, Los Angeles, California, at 9:00 A. M., August 3, 1949. Present: E. E. Bennett W. T. Price A. C. Ritter A. M. Polger Absent: A. E. Stoddard Win. Reinhardt On motion duly seconded, E. E. Bennett was appointed Chairman of the meeting and presided. Minutes of meeting of Board of Directors, held July 12, 1949, were read and approved. On motion duly seconded, it was RESOLVED, that the action of President and Asst. Secretary Bachman in executing Contract Audit No. 10490, dated March 24, 1949, with Ceco Steel Products Corporation, called 1! Pur chaser", granting said Purchaser option to purchase Lot 47, Union Pacific Tract, Los Angeles, Calif., effective March 24, 1949, and continuing for period of two years, at purchase price of $24,693.20, plus any assessments for public improvements chargeable as capital expenditure assessed upon said option percel during the option period; said option to be exercised by written notice from Purchaser prior to expiration of option period; Land Company, upon exercise of said option and payment -1-