dollars, to be divided into one hundred and
fifty shares of the par value of One Hundred
($100.00) dollars each, payable in lawful money 
of the United States; and at least fifty per cent
of the capital stock to be paid in full before the
corporation shall be authorized to commence
business, the remainder to be paid as provided
by Section 2170, Revised Statutes of Florida.
                    IV.
     This corporation shall exist perpetually,
and its corporate existence shall commence
on the date of the issuance of Letters Patent.
                    V.
     The affairs of said corporation shall be
managed by a board of not less than
five nor mor than thirteen directors;
who shall be elected annually by the
stockholders, on the second Tuesday in
January of each year, and must possess
the qualifications prescribed by the laws 
of the State of Florida.  There shall also be
elected by the stockholders, at the time
of the election of said directors, a president,
vice-president, cashier, of said corporation,
each of whom shall be a member of the
board of directors and selected therefrom
at such election, except the cashier, who
may or may not be a member of said
board, as may be determined by the
stockholders at the time of such election
and until such first election, which shall
be held at ten o'clock A.M. on the day
herein named, the names of the directors
who are to manage the affairs of said 
corporation, and the names of the 
president, vice-president, cashier, of
said corporation, until those elected at
the first election shall qualify, are as
follows: viz:  L.O. Benton, President; H.A. 
Pickett, Vice-President; and Buck Ellington.
Cashier.
          Directors.
H.A. Pickett, C.D. May, J.F. Ruff, John
W. White, W.H. Tucker, Buck Ellington and
L.O. Benton.
                    VI.
     The highest amount of indebtedness
or liability to which said corporation 
can at any time subject itself is in
such amount as shall not exceed the