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Las Vegas Land & Water Company 0 Amendment to By-laws. February 15, 1923. Mr. A. S. H alsted: I note and retu rn herew ith, correspondence r e la t iv e to the above, and I have c a r e fu lly compared Mr. C la rk 's sugges­tio n w ith my l e t t e r to you under date o f November 4th. There is an apparent c o n flic t in S ectio n 17 o f the C orporation Laws o f Nevada, which reads as fo llo w s : "S ec. 17. Unless otherw ise provided in the ch art­e r , the a r t ic le s or c e r t i f i c a t e or by-laws o f th e co rp o ra tio n , each stock h o ld er, whether res id e n t or n on -resid en t, s h a ll a t every e le c tio n be e n t it le d to one v o te in person o r by proxy fo r each share o f the c a p ita l stock h eld by him; and each member o f a cor­p ora tio n without c a p it a l stock to one v o te , but no share o f the stock s h a ll be voted on at any e le c t io n which has been tra n s fe rre d on the books o f the corp oration w ith in twenty days next precedin g such e le c t io n . No fra c tio n s le s s than one share s h a ll be recogn ized In v o tin g nor s h a ll c e r t if ic a t e s be issued th e r e fo r . A l l proxies and powers o f a ttorn ey .to v o te must be in w r it­ing aid f i l e d w ith the s e c r e ta r y ” . S ection 17 is in c o n s is te n t with S ectio n 58, which pro­v id e s : "S ec. 58. A ft e r the f i r s t e le c t io n o f d ir e c to r s , unless the by-laws or the c e r t i f i c a t e o r a r t ic le s o f in co rp o ra tio n otherw ise p ro vid e, no sto ck s h a ll be voted on a t any e le c t io n o f <3. re c to rs or tru s te e s, or on any question subm itted to stockholders at any meeting th ere­o f, which s h a ll have been tra n s fe rre d on the books o f the Company w ith in twenty days next preceeding such e le c t io n , and i t s h a ll be the duty o f the d ire c to rs or tru stees to cause the o f f i c e r who s h a ll have charge o f the stock le d g e r , to prepare and make, at le a s t ten days b e fo re every e le c t io n , a complete l i s t o f stockholders e n t it le d to v o te , arranged in a lp h a b eti­c a l o rd e r....................... " I do not q u ite understand Mr. C la rk 's statement r e la t iv e to stock tr a n s fe rs - that the Nevada sta tu tes do not req u ire i t . They c e r ta in ly do req u ire i t unless i t is otherw ise provided in the A r t ic le s or the By-laws, and these p ro visio n s seem to be in c o n flic t w ith S ectio n 17, henc$ my su ggestion that we comply