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Article 10, con't.
may be waived by the board of directors in any particular instance;- a stockholder wishing to sell or transfer any of his stock, shall first, in writing, offer to sell the same to the corporation, through the board of directors, disclosing the consideration for the proposed sale or transfer, and the name and address of the person or persons to whom it is to be made. The Board of Directors shall have twenty days from the date of such offer to purchase the stock in behalf of the corporation for a consideration to be determined by three arbitrartors, of which one shall be appointed by each party and the third by the two so appointed; or the board may, after such determination, elect to buy the said stock at the price of the price of the proposed sale or transfer. 
Article 11.
   These by-laws may be altered, amended, or repealed by a majority vote of a quorum as herein defined at any annual or special meeting of the stockholders, provided notice of such proposed alteration, amendment or repeal is given in the call for the meeting.
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   Upon motion then duly made and seconded it was voted to proceed by ballot to the election of a board of directors. The total number of votes cast was three, all of which were for Capt. Arthur R. Brooks, Harland F. Banks and C. Oren Smith, who were declared elected, and thereupon the said Harland F.Banks and C. Oren Smith being all of those elected who were present, severally accepted their election and entered upon the discharge of their office. Upon motion duly made and seconded it was voted to proceed by ballot to the election of a treasurer. The whole number of votes cast was two all of which were for C. Oren Smith who was declared elected and thereupon accepted his election and entered upon the discharge of the duties of his office.
   Upon motion duly made and seconded it was voted to proceed by ballot to the election of a treasurer. The whole number of votes cast was two all of which were for C.Oren Smith who was declared elected and thereupon accepted his election and entered upon the discharge of the duties of his office. 
   Upon motion duly made and seconded it was voted to proceed by ballot to the election of a president. The total number of votes cast were two, all of which were Capt. Arthur R. Brooks and he was declared elected presidnet.