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m Kay 31, 1905. By-Laws o f Las Vegas Land and Water Co: Mr. W. K* B an croft, Care Oregon Short Line R. R.Co., S a lt Lake C ity , Utah* My Lear S ir ; I have to acknowledge r e c e ip t o f yours o f the 29th in s t. upon the above m atter, and in r e p ly have to say th at S ection 5 o f A r t ic le I V . , d e fin in g the d u ties o f the S ecreta ry , was adopted on the assumption th at the business o f the Company would r e a lly be la r g e ly an o f f i c e business, that is ; simply the business o f keeping accounts o f the payments made upon lands, and o f the income o f the Water Company, and that th is business would n a tu ra lly f a l l under the c o n tro l o f the S ecretary. When the By-Laws are a l l read to g e th e r , I nardly th ink the s e ctio n in qu estion could be in terp re te d so as to in t e r fe r e w ith ty,e a u th o rity o f the Executive Committee. You w i l l note th at a l l o f the powers o f the S ecretary are to be ex ercised under the d ir e c tio n o f the Board o f D ire c to rs and the P re s id e n t. The E xecu tive Committee is the creatu re and d ir e c t rep re­s e n ta tive o f the Board o f D ire c to rs , and under S ectio n /j o f A r t ic le I l l - c o n s titu tin g i t , e x e rcis e s a l l the power o f the Board o f D ire c to rs , when the Board is not in session . I b e lie v e , th e r e fo r e , th at the r e s ­e rv a tio n o f power in the Board o f D ire c to rs , to c o n tro l the S ecretary, is tantamount to a re s e rv a tio n o f power in the E xecutive Committee to c o n tro l the S ecreta ry. I f the assumption is c o rre o t, that the c h ie f