presentation, and surrender of any outstanding cer-
tificates of stock in either of said companies and certif-
icates for a like amount of stock in such consoli-
dated company shall be issued to the holder thereof.
Eighth:  The first annual meeting of the stock-
holders of the said consolidated company for the 
purpose of electing directors of said company for
the year then ensuing will be held at the offices
of the company in the city of Gainesville, State of
Florida on the third Tuesday in July, 1907.  Said di-
rectors shall be chosen by ballot, at said meeting
by a majority of the votes of the stockholders of said
consolidated company voting at such election
in such manner, as may be prescribed in the
by laws of said new corporation, and they
may, and shall continue to be directors of said
consolidated company for one year from the
date of their election and until others are chosen
in their places.  Vacancies occuring in said board of
directors may be filled at any time before the
said first annual meeting of said consolidated
company, by a majority vote of the directors
present at any regular or special meeting of the
Board of Directors of said consolidated company
and thereafter as the by laws of said new corpo-
tation may prescribe.
The president, vice president, secretary, and treasurer,
of said consolidated company shall be
chosen by a majority vote and by ballot
by the board of directors immediately succeed-
ing the annual election of directors and other
officers may be chosen and appointed by the
board of directors as they may deem advisa-
ble.
The directors of the said consolidated company
are hereby authorized to draft and adopt
suitable by-laws for use of said corporation and
to carry the within agreement of consolidations
into effect by all necessary and proper acts
for that purpose.
Ninth: - And the said parties of the first part
and second parts, for the consolidation afore-
saisd do mutually agree and declare that the
said consolidation shall take effect imme-
diately upon the due execution of the present
articles, and in such manner as may be
prescribed by law.
     In Testimony Whereof the parties hereto
of the first and second parts have execu-
ted this joint agreement in duplicate the