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i C e r t ifi­cates of stock - - when i s ­sued, T ra n sfer o f stock. S eal, .Amend­ments. $ evidence o f such disburseaents. He is authorised to approve fo r payment, a l l vouchers, p a y -ro lls , drafts ©r other ac­counts when approved, by the President or by such persons as sh all be designated by the President in w ritin g, and he may-delegate such authority by appointment in w ritin g with the approval o f the President, to one or .more employes o f the .to-counting Separtment- ARTICLE V, Regulations re la tin g to the issue o f stock c e rtific a te s and the tran sfer o f stock. Section 1. C ertific ates o f stock may be issued prior to the f u ll payment therefor a ft e r the payment o f ten per cent ( 1 0 $ ); but such c e rtific a te s must show the per cent of the par value o f the stock actually paid fo r. Section 2. J?o tran sfer o f stock sh all be v a lid and binding upon the Company unless entered upon the books kept for that purpose by the Secretary, ARTICLE VI. Final. Section 1. The Company sh a ll have a seal which sh a ll bear upon it s face these words: «Las Yeg&e Land and Water Company, Incorporated May End, 1905.4 Section 2, These by-laws may be altered* amended or | repealed at any annual meeting o f the stockholders, or at any special meeting called for that purpose, by the holders o f a m ajority o f the issued and outstanding stock o f the Company; ©r by written consent to such a lte ra tio n , amendment or repeal, signed by the holders o f at le a st a majority of the issued and outstanding stock.