ers to said stock shall pay therefor, either in cash per-
sonal property or real estate; or in labor or service at a fair
and just valuation, to be fixed at the first meeting of the board
of directors of the corporation.
                    Article 4-
Terms.  This corporation shall exist for a term of ninety-nine
(99) years unless sooner dissolved by law or otherwise.
                    Article 5.
Officers.  The business of this corporation shall be con-
ducted by the following officers:  a president and vice-presi-
dent, secretary, and a treasurer, and one and the same person
may hold both the office of the secretary and treasurer, and
said officers shall constitute its board of directors, unless
and until the number of members of said board be increased.
Until otherwise ordered by the board of directors of the corpora-
tion the following shall be the officers of said corporation:
     T.S. McManus,     President
     E.A. Turner,      Vice President,
     A. Turner,        Secretary and Treasurer,
And their successors shall be elected and qualified at the
first regular election.
                    Article 6-
Liability.  The highest amount of indebtedness or lia-
bility to which the corporation can at any time subject
itself, shall be Five Thousand ($5,000.00) Dollars.
                    Article 7-
Term of Office.-  The officers of this corporation shall hold
office for the term of One (1) year from the date of their e-
lection, and shall be elected at an election to be held on the
first Monday in January, 1909, and thereafter on the first Mon-
day in January of each year.
                    Article 8-
Names, Residences and subscription of Subscribers:
Subscriber          Residence               Amt. of Stock subscribed
T.S. McManus,       Waldo, Florida          25 shares;
E.A. Turner,        Waldo, Florida          24 shares;
A. Turner           Waldo, Florida           1 share.
                    Article 9-
Seal.-  The seal of the corporation shall be a circular
impression stamp bearing in the Center the words:
"Incorporated 1908" and around the circumference
the following words:  "The El Tony Cigar Company"
                    T.S. McManus
                    E.A. Turner
                    A. Turner

State of Florida     }
Alachua County       }
                     Before me, an officer duly authorized to
administer oaths in and for the aforesaid County and
State, personally came and appeared T.S. McManus