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Regular monthly meeting of Board of Directors of Las Vegas Land and Water Company was held In the Company*s principal office in the Union Pacific Building, 422 West 6th Street, Los Angeles, California, at 11:00 A. M., Tuesday, December 1 1 , 1956. Present: Absent: Wm. Reinhardt E. E. Bennett J . W . Padden W„ H . J ohns on A. E. Stoddard Co Mo Bates Vice President Reinhardt called the meeting to order and presided. Minutes of meeting of Board of Directors held November 13, 1956, were read and approved. The Chairman submitted the following report: Estimated net income of Las Vegas Land and Water Company for year ending December 3 1 , 1956, before payment of any dividend is Profit and loss surplus on December 3 1 , 1955, was Making estimated profit and loss surplus December 3 1 , 1956, of The Las Vegas Land and Water Company had deposits with Union Pacific Railroad Company on November 30, 1956, aggregating * 119,829 1,813.611 U, 933,440 : 175,244 and recommended that, based upon the company*s present cash situation, a dividend of \$Q% on $50,000 par value capital stock, amounting to $75,000, be declared. Whereupon on motion, duly made and unanimously seconded, it was RESOLVED, that dividend of 150# on $50,000 par value capital stock of the company, amounting to $75,000, be and -1-