Williams news., 1921-04-15
EIGHTH: In furtherance

powers conferred by statute,
 the board of directors are ex-
 preSsly authorized:
 To make and alter the by
 laws of the corporation to de-
 termine when dividends shall
 be declared and the amount
 thereof; to fix and vary the
 amount to be reserved as work
 the amount, use and disposition
 of any surplus or net profits,
 over and above the capital
 stock paid in-
 With the assent in writing of
 the holders of at least seventy
 five (75) per centum in amount
 of each class of the capital
 stock of the corporation issued
 and outstanding, or pursuant
 to the vote (either in person or
 by proxy) of stockholders hold
 ing at least seventy-fve G5) per centum in amount of each
 class of the issued and out
 standing stock of the corpora ton at a special meeting of the stockholders called for that purpose or at an annual meet ing thereof, to sell, assign, 1 tanCfer, convey or otherwise dispose of all or substantially all of the property and assets of the corporation as an entire ty or going concern on such terms and conditions as the board of directors shall deem advisa ole, either for cash or bonds or shares of capital stock of any corporation or corpora tions, or for any kind or species of property or obligation or se- curities.
 If the bylaws so provide, to designate two or more of their number to constitute an execu- tive committee, which commit tee shall for the time being as provided in said resolution and in the bylaws of this corpora tion, have and exercise any or all of the powers of the board of directors in the management of the business and affairs of this corporation, and have pow CT to authorize the seal of this corporation to be affixed to all papers which may require it.
 This corporation may in it's bylaws confer upon directors powers in addition to the pow ] CTS and authority conferred up on them by the foregoing and by statute.
 NINTH: At all elections of every stockholder en- titled to vote thereat shall have the right to vote in nersor or bv proxy the number of shares owned by him for as many per sons as there are directors to be elected, or to cumulate such shares and give one candidate as many votes as the number of multiplied by the number of his shares shall equal, or to distribute them on the same principle among aS many candidates as he shall think fit.
 Both stockholders and direc- tors shall have mower if the bv- Ia WIS so provide, to hold their meetings either within or with nut the State of Delaware. to have one or more offices out side of the State of Delaware in addition to the principal off"e , in Delaware, and to keep the books of this corporation (sub- feet to the laws of Delaware) of the State of Della ware at such places as may be from time to time designated oy them..
 This corporation reserves the right, with the consent of at east a majority in amount of each class of it's stock then out standing, to amend, alter, .hange or repeal any provision in this certificate of in the manner low or hereafter prescribed by statute, and all rights conferred ,n stockholders herein are yranted subject to this reserva- ion.
 WE, THE UNDERSIGNED, being all of the original sub- 'cribers to the capital stock of aid SAGINAW 6 MANISTEE LUMBER COMPANY, for the ,,1rnoco of fory,,inr o oor,o,.o