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Me* ‘ ‘ nga V Quorum A d j o u r n ­ment Chairman o f M e e t ­i n g s Pees Number, Tentire and Powers S e c t i o n 2. R e g u l a r m e e t in g s o f t h e Board o f D i r e c t o r s s h a l l be h e l d on the f i r s t Tuesday a f t e r the second Monday i n each month a t 11 o ’ c l o c k A. M. and no f u r t h e r n o t i c e o f such r e g u l a r monthly m e e tin g s s h a l l be r e q u i r e d . S p e o i a l m e e t in g s s h a l l be h e l d whenever c a l l e d by the S e c r e t a r y upon o r d e r o f the Chairman o f the E x e c u t i v e Committee o r upon t h e signed o r d e r o f t h r e e members o f the Board. N o t i c e o f s p e c i a l m e e tin g s s h a l l be g i v e n at l e a s t t h r e e days p r i o r t h e r e t o by m a i l i n g or t e l e g r a p h i n g the same t o the r e s p e c t i v e r e s i d e n c e s or o f f i c e s o f the D i r e c t o r s , but any D i r e c t o r may co nsent I n w r i t i n g t o th e h o l d i n g o f a s p e c i a l m e e tin g w ith o u t n o t i c e , and the a tt e n d a n c e o f any D i r e c t o r a t a s p e c i a l m e e tin g s h a l l c o n s t i t u t e a w a i v e r by him o f c a l l and n o t i c e t h e r e o f and a consent t o the h o l d i n g o f s a i d m e e tin g and the t r a n s a c t i o n o f any c o r p o r a t e b u s in e s s t h e r e a t . A l l r e g u l a r m e e tin g s o f the Board o f D i r e c t o r s s h a l l be h e l d a t the g e n e r a l o f f i c e o f the Company i n t h e C i t y o f Los A n g e l e s , S t a t e o f C a l i f o r n i a . S p e c i a l m e e tin g s o f the Board o f D i r e c t o r s may be h e l d a t the o f f i c e o f the Company a t Los A n g e l e s , C a l i f o r n i a , o r a t the o f f i c e o f the Company i n the Town o f Las Vegas, County o f C l a r k , S t a t e o f Nevada. S e c t i o n 3. A m a j o r i t y o f the d i r e c t o r s I n o f f i c e s h a l l c o n s t i t u t e a quorum a t a l l m e e t in g s o f th e bo a r d . I f a quorum be not p r e s e n t a t any meet­i n g , a m a j o r i t y o f the d i r e c t o r s p r e s e n t may adjourn t h e m e e tin g u n t i l a l a t e r day o r hou r, and a minute o f such adjournment s h a l l be e n t e r e d on the r e c o r d s by the S e c r e t a r y . S e c t i o n U. The Chairman o f th e E x e c u t i v e Com­m i t t e e s h a l l p r e s i d e a t a l l m e e t in g s o f the Board o f D i r e c t o r s at which he s h a l l be p r e s e n t , and i n the absence o f the Chairman t h e Board s h a l l a p p o in t one o f t h e i r number t o p r e s i d e . S e c t i o n 5» Each d i r e c t o r s h a l l be p a id a f e e o f $2£ f o r each m e e t in g o f the Board o f D i r e c t o r s which he s h a l l a t t e n d . (Adopted August lip, 1956 .) ARTICLE I I I E x e c u t i v e Connni t t e e S e c t i o n 1 . The Board o f D i r e c t o r s s h a l l e l e c t from t h e i r number at t h e f i r s t m e e t i n g o f the Board a f t e r the annual e l e c t i o n , o r as soon t h e r e a f t e r as p o s s i b l e , an E x e c u t i v e Committee o f t h r e e members, I n c l u d i n g a chairman t o be e l e c t e d by the Board, whose terras o f o f f i c e s h a l l c o n tin u e during t h e p l e a s u r e o f th e Board. The E x e c u t i v e Committee s h a l l , when the Board o f D i r e c t o r s i s n o t i n s e s s i o n , have a l l the powers o f the Board o f D i r e c t o r s t o - 3 -