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*-• 2 — In th is connection, Mr. Bennewltz, in h is l e t t e r o f January 27, 1940 to Mr. Ashby, a copy o f which was furnished you by Mr. Ashby w ith h is l e t t e r o f February 8 , 1940, s ta te s w ith resp ect to execution o f lea ses by Mr. Strong - M. . . . I t has been our authorized p ra c tic e to d e a l in the m atter o f execution o f con tra cts w ith n o n -ra ilro a d su b s id ia rie s on a p a r ity w ith the a u th o rity granted to the R a ilro a d Company.. . . ” He fu rth e r s ta te s - am in c lin e d to think the P resid en t would be j u s t i f i e d in d e le g a tin g au th ority to a V ice P resid en t to sign leases (o th er than m ineral le a s e s ) f o r terms o f two years o r f o r lo n g er terms (w ith such lim it as he may see f i t to f i x ) when the lea ses can be term inated by the Company on one y e a r 's n o tic e o r le s s . This a t le a s t would accord w ith the s p i r i t o f the parent company's b y -la w s .” from which i t appears to me that i t is the in te n tio n that the P resid en t and Vice P resid en t may execute documents without approval o r r a t if ic a t io n o f such act by the Board o f D irecto rs to the same exten t th at o f f ic e r s o f the R a il­road Company are perm itted under the parent company's by-laws. W ill a p p recia te i f you w i l l advise i f you concur, and i f so, I w i l l in fu tu re only prepare res o lu tio n s fo r Board a u th o riza tio n or r a t if ic a t io n o f the execution o f documents or a u th oriza tion s f o r expenditures, such as would req u ire s im ila r action by the Board o f D irecto rs under the R ailroad Company's by-law s. W./i H.