AZ vs. CA:02 California Exhibits, Vol II; Nos. 58-113A

page 16

-16- elected Directors of the Company, to hold office during the ensuing year or until the election of their successors. The following resolutions were offered. Resolved that the President, when elected, be and he hereby is authorized and empowered to receive subscriptions to the capital stock of this Company up to the amount of One million dollars ($1,000,000) par value in addition to the shares owned by the incorporators. Resolved that the Board of Directors be authorized and instructed to call for assessments from time to time, as they may deem advisable, upon any and all stock subscribed for, until the same is full paid. On motion duly made and seconded and unanimously carried, the resolutions were adopted. The following preamble and resolution was offered: Whereas Philip Van Volkenburgh of New York City has in his possession or ownership as Trustee, under certain trusts, described in an agreement dated and executed on the 19th day of February, 1896, made between James H. Beatty, Samuel W. Fergusson, and Charles R. Rock-wood, certain property consisting of cash, surveys, maps, engineering implements, contracts for the conveyance of land in Arizona, and in the Republic of Mexico, and in Southern California, U. S. A. part of the purchase price of which has been paid and part remains due, all of which property, land and contracts are fully described in such agreement, and Whereas Said Philip Van Volkenburgh executed a Declaration of Trust, with regard to said property, contracts &c. dated February 19, 1896, to said Beatty, Fergusson and Rockwood, all of which said cash, property,