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1 ? Quorum mM e ja otura- Chairman of Meet­ing# Number, tenure end Powers Meetings Vacancies and the attendance of any Director at a special meeting shall constitute a waiver by him of c a ll and notice thereof and a consent to the holding of said meeting and the transaction of any corporate business thereat* A ll regular meetings of the Board of Direotore shall be held at the general office of the Company in the City of lo t Angeles* State of California* Special meetings of the Board of Direotore may be held at the office of the Company at Los Angeles, California, or at the office of the Company in the Town of Las Vegas, County of dark, S tats of Nevada* Section 3. A majority of the direotore in office shall oonstltute a quorum at a ll meetings of the Board. I f a quorum be not present at any meeting, a majority of the direotore present may adjourn the meeting until & later day or hour, and a minute of suoh adjournment shall be entered on the reoorda by the secretary* section 4* The Chairman of the Executive Cbmmlttee shall preside at a ll meetings of the Board of Directors at which he shall be present, and in the absence of the Chairman the Board shall appoint one of their number to preside* ARTICLE H I Executive Committee Section 1. The Board of Directors shall elect from their number at the first meeting of the Board after the annual elec­tion, or as soon thereafter as possible, an Executive Cbmmlttee of three members, including a chairman to be elected by the Board, whose terms of offloe shall oontinue during the pleasure of the Board. The Exeoutivs Committee shall, when the Board of Directors is not in session, have a ll the powers of the Board of Directors to manage and direct a ll the business and affairs of the Company, in suoh manner as said committee shall deem best for the Company*a Interests, in a ll oases in which specific directions shall not hags been given by the Board of Direotore* The committee shall keep a fu ll and accurate record of a ll its acts and proceedings and report the anted from time to time to the Board* Section 2* Regular meetings of the Executive Committee shall be held at such times and at suoh places In the City of Los Angeles, Stats of California, or elsewhere, as the Committee shall from time to time determine. Special meetings may be Galled at any time by the Chairman and shall be called at the request of any member of ths (teasittss, to convene at such time and place as may ba appointed* Section 3. Any vacancy in the Committee shall be fille d by the Board of Direotore. 3 o