Appendix E: 1903 Petition

lapsed shares may be sold without further notice by the Secretary for the benefit of the Corporation, by means of a public or a private sale.

If the sale results in a surplus above the indebtedness on the stock, such surplus shall be paid upon demand, to the delinquent stockholder to whom the stock had belonged.

Part IV: Stockholder Meetings

Article 1: The regular Annual Meeting of stockholders of this Corporation shall take place in the office of the corporation in the city of Mangum or in the Branch office in Chamal, state of Tamaulipas, Mexico, on the first Saturday of November of each year, at ten o'clock A.M. Stockholder meetings may be called by the Directors.

Article 2: The Secretary shall notify each stockholder in writing or in print by mail to his known address, indicating the date and place of annual or special Meeting of stockholders. Such notice shall be mailed at least ten days prior to the date on which the Meeting will be held.

Article 3: At all stockholder Meetings, each stockholder shall have one vote for each share of stock he holds. He may vote in person or by proxy, named in writing and whose appointment is deposited with the Secretary who will record it in the minutes of the meeting.

Article 4: In all stockholder Meetings a majority of shares must be represented to constitute a quorum for transaction of business; however, stockholders present at any Meeting although being less than a quorum may defer the Meeting to another day and time.

Article 5: The President and Secretary of the Corporation shall serve as President and Secretary of the stockholders meetings unless the meeting determines otherwise. Any Meeting of stockholders may, at any time, choose a President and Secretary from the Board, and in consequence thereof, the President and the Secretary will cease to serve as President and Secretary of said Meeting.

Part V: Amendments

Article 1: These by-laws or any one of its articles may be changed, amended, added to, or revoked at any stockholder Meeting, provided that said change had been proposed and recorded at the previous session.