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.
                    Fourth
     This corporation shall exist perpetually and its corporate
existence shall commence on the date of the isuance of Letters
Patent.
                    Fifth
     The affairs of said corporation shall be managed by a board
of directors, not less than five nor more than thirteen 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 there from
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:  C.E. Melton President  H.L. Montgomery Vice President
J.D. Watkins Cashier,  Directors J.D. Watkins, H.L. Montgomery
O.L. Feaster, J.B. Simonton, J.J. Barr, E.C. Chitty, C.E. Melton and
M.E. Schlater.
                    Sixth
     The highest amount of indebtedness or liability to which said
corporation can at anytime subject itself is in such amount 
as shall not exceed the amount of its capital stock at such
times actually paid in and remaining undiminished by
losses or otherwise except on account of such demands as are
prescribed by the laws of Florida.
                    Seventh
     The names and residences of the subscribers are
          J.D. Watkins          Micanopy   Fla
          H.L. Montgomery       Micanopy   Fla
          O.L. Feaster          Micanopy   Fla
          J.B. Simonton         Micanopy   Fla
          J.J. Barr             Micanopy   Fla
          E.C. Chitty           Micanopy   Fla
          C.E. Melton           Micanopy   Fla
          M.A. Carlton          Micanopy   Fla
          Ella Porter           Micanopy   Fla
          Sue D. Feaster        Micanopy   Fla
          J.L. Stokes           Micanopy   Fla
          M.E. Schlater         Micanopy   Fla and
          T.A. Rose             Evinston   Fla
                    Eighth