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\ By-Laws November 4-, 1932 Las Vegas Land & Water Company. Mr . - E. E. C a lv in , V ice P r e s id e n t. Bear S ir: R e fe r rin g to your l e t t e r o f October 26th en closin g d r a ft o f new o f Las Vegas Land & Water Company: I submitted tfcesa to Mr. MoNames and he s ta te s th at they are in accordance with the Nevada laws* except as noted below . From a p r a c t ic a l standpoint i t seems to ms they meet the s itu a tio n in a gen eral way, but I would lik e to c a l l your a tte n tio n tc a few suggestions- The”e is an apparent c o n flic t between Sections 1 J and 58 o f the Corporation Law# o f Nevada r e la t iv e to the c lo s in g o f tr a n s fe r books* In other words, there is a question whether t h f p ro v is io n s o f the By-Laws co n tro l over the S ta tu te s . The s ta tu te s p ro vid e that tra n s fe r books should bo clo sed twenty dftyf precedin g the date o f the stock h o ld ers' meeting, and un­le s s th e re is o b je c tio n th ere to , change be made. fouid recommend th at th is ;l it Section 4 o f A r t ic le I p ro vid es th at in the absence o f ’ the frees!dent oh Vice P resid en t the Board o f D ire c to rs ap­p o in t a chairman o f the s to c k h o ld e rs 1 m eeting. This, i t seems to flja, could w e ll be changed, to conform to the usual p r a c tic e p f 'having the stockholders present e le c t a chairman o f the m eeting. How would the Board o f D irecto ra be ab le to a c t . i f a ..-'meeting were c a lle d whan n e ith e r o f sa id o f f i c e r s was present^ A'Undalf S ection 2 of. A r t ic le XI the regu la r meetings o f the / A B o a fd o f D ire c to rs s h a ll be h eld on the f i r s t Tuesday a f t e r the f i r s t Monday in each month, w h ile S ection 2 o f A r t ic le I p ro v id ­es th at the annual meeting o f the stockholders f o r the purpose o f e le c t in g d ir e c to r s s h a ll be held on the seoend Monday o f November. ' This might make an in terim between the e le c t io n o f the d ir e c to r s and the; f i r s t meeting th e r e a fte r o f two weeks or more. Under the laws o f Nevada d ir e c to r s are not req u ire d to f i l e oaths o f o f f i c e , the Secretary only being req u ired to f i l e an oath o f o f f i c e . T h erefo re, might i t £ th a t!th e annual meeting o f the stockholders ehai f i r s t Tuesday a ft e r the f i r s t Monday in November, that d ir e c t o r s 1 meeting could be h eld im m ediately a ft e r the stockholders meeting fo r the purpose o f o rga n isin g the board? be wf i l l to p:ro v i de s h a ll be >. -,*?» ,* lia* W*. OXl the mb a r , so that a