to be fixed by the Directors of the Company at a meeting
called for such purpose, on the granting of this charter.
                    IV.
     The term for which this corporation shall exist shall
be ninety-nine years from the date of Letters Patent
bringing it into existence.
                    V.
     The business of this corporation shall be conducted by
a President, Vice-President, Secretary and Treasurer
and a Board of Directors to consist of not less than five
members and such other officers as may be created and
appointed by the Board of Directors of said corporation
provided that the office of Secretary and Treasurer may
be vested in and the duties thereof exercised by one person.
The business of the said corporation shall be conducted 
by Perry M. Colson, President, N.G. Wade, Vice-President
and D.W. McArthur, Secretary and Treasurer until
there shall have been an election of officers held by the
stockholders of said corporation.  The first annual
meeting of the stockholders for the election of officers,
adopting By-Laws and transacting generally all busi-
ness of the corporation shall be held on the 19th, day of
July,  A.D.  1905.  There shall be an annual meeting of the
stockholders on the first Tuesday in January of each and
every year thereafter during the continuance of this charter.
                    VI.
     The highest amount of indebtedness or liability to which
this corporation can at any time subject itself shall be
One Hundred Thousand Dollars.
                    VII.
     The names and residences of the subscribers to this
charter are:
     Perry M. Colson,          Gainesville, Fla.     200 shares
     N.G. Wade,                Jacksonville, Fla.    600 shares
     D.W. McArthur,            Montbrook, Fla.       200 shares
                                  Perry M. Colson,     (Seal)
                                  N.G. Wade,           (Seal)
                                  D.W. McArthur,       (Seal)

State of Florida }
County of Duval  } On this day personally appear-
ed before me, Perry M. Colson and N.G. Wade, to 
me well known and known to be the subscribers respect-
ively to the foregoing articles of incorporation and
Charter of the Colson Investment Company and
severally acknowledged before me that they did so
subscribe the same for the purpose of obtaining
letters patent thereon from the State of Florida and
the further and other purposes therein set forth and
expressed.
     Witness my hand and official seal on this the