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authorized and outstanding shares.of capital stock of the corporation were present or represented at the- meeting. Minutes of annual Stockholders} meeting held November 14, 1938, were read and approved* r . : The next order of business being: election of six Directors to serve the corporation during the ensuing year, the following were nominated as Directors: W. k, Jeffers E. E. Bennett Frank Strong A. V. Kipp W. R, Bracken A. A. Murphy. Nomination was duly seconded, and in absence of further nominations, ballot was taken. After computing votes cast, Inspector reported that 500 Bhares of. stock, being all of the stock present or represented by proxy, had been cast for each of the above named Pirectors. Thereupon, Chairman declared that w. M. Jeffers E. E. Bennett Frank Strong A. V. W. R. Kipp Bracken A. A. Murphy had been duly and regularly elected to serve this corpora­tion as Directors for the ensuing year. The Secretary was requested to present for in­spection, records and proceedings of Board of Directors of the Company since date of last annual meeting of the Stock­holders. This was done, and on motion duly made and seconded, it was RESOLVED, that the acts and proceedings of the Board of Directors of this company, as recorded in the records thereof, and all of the acts and doings of officers of the company, done in pursuance of said orders of the Board of Directors since date of last meeting of the Stockholders of the company, are hereby ratified, approved and confirmed. - 2-