of the said capital stock shall be subscribed and paid for in
cash and property, or goods, before the said corporation shall transact
any business, and the balance of the said capital stock, or such por-
tions thereof, as may be determined by the board of directors, shall
be payable in cash, goods, or property, labor or services, at a just
valuation to be fixed by the board of directors, at a meeting called
for that purpose.
                    - IV. -
     The term for which said corporation shall exist shall be
ninety-nine (99) years.
                    - V -
     The business of the said corporation shall be conducted
by the following officers:  a president, vice-president,
secretary and treasurer, and any two of the said offices may
be held by one and the same person, and a board of not less
than three (3) nor more than five (5) directors.  The directors
shall be elected by the stock holders at each annual meeting;
all other officers of this company shall be elected annually
by the directors.  The annual meeting of this company
shall be held on the second Tuesday in January of each
year, but the date of the annual meeting may be changed
by the by-laws.  Until the officers elected at the first election
shall be qualified, the business of this company shall be
conducted by the following officers:
                    George W. Hyde, President;
                    Joseph Horner, Vice President and General Manager;
                    James F. Horner, Secretary and Treasurer, and
                    George W. Hyde, Joseph Horner and
                    James F. Horner, Directors.
                    - VI. -
     The highest amount of indebtedness or liability to
which this company can subject itself shall be the
amount of Twenty-five Thousand ($25,000.00) Dollars.
                    - VII. -
     The names and residences of the subscribing incorporators
of the said corporation, together with the amount of stock
subscribed by each, are as follows:
     Witness our hands this 20th day of January,  A.D.,  1906,
          G.W. Hyde,     Gainesville,  Fla.     Fifty (50) shares.
          Jos. Horner,   Gainesville,  Fla.     twenty-five (25) shares,
          J.F. Horner,   Jacksonville, Fla.     Seventy-five (75) shares

State of Florida     }
Alachua County       }     I hereby certify that before me,
the undersigned authority, personally apeared, G.W.
Hyde, to me well known as the individual described
in and who executed the foergoing charter, and
acknowledged that he executed the same for the
uses and purposes therein expressed.
     Witness my hand and official seal at Gainesville,
Florida, this 22nd day of January,  A.D.  1906.