Viewing page 4 of 18

This transcription has been completed. Contact us with corrections.

RESOLVED that the Board of Directors be and is hereby authorized in its discretion to issue the shares of the capital stock of this corporation in the full amount of the number of shares authorized by the Certificate of Incorporation in such amounts and for such considerations as from time to time shall be determined by the Board of Directors but as may be permitted by law.

RESOLVED that the initial consideration for which stock of this corporation shall be issued shall be the sum of $10.00 per share, $1.00 thereof being a contribution to capital and $9.00 thereof being a contribute to surplus.

RESOLVED that Mr. Landis be and is hereby authorized to purchase in behalf of this corporation ten (10) shares of the common stock of Colonial Airlines at its market value.

There being no further business to come before the meeting, on motion duly made, seconded and unanimously approved, the meeting was adjourned.

Edson M. Wood - Secretary

APPROVED:

Michael A. Gitt, President