$444. Recreation Companies.

Marquette Bowling Company, Limited.

"The character of the business to be conducted by the said association is the owning and conducting of one or more bowling alleys in the city of Marquette."

$445. Sanitarium Companies.

Fenton Heights Sanitarium, Limited.

"The purpose and purposes of this association are as follows: For the purchasing, buying and taking in the name of said association all lands and buildings that may be necessary and used in and for the purpose of said association, and of selling and disposing of the same, and for the equipping and running of hospitals, sanitariums, training schools for nurses, and the manufacture and sale, and dealing in of drugs and medicines."

$446. Stock Raising Companies.

The Chippewa Farm Company, Limited.

"The business to be carried on by said partnership association is general farming, stock raising, and the purchase and sale of stock, grain and other farm and forest products at 'Chippewa Farm,' Sheridan Township, Mecosta County, in the State of Michigan."

$447. Stone Companies.

Ida Stone Company, Limited.

"The character of the business to be conducted and carried on by this association is the quarrying, crushing, shipping and using stone of all kinds and the supplying of stone and building material of all kinds to the trade."

$448. Surety Companies.

Hancock Mortgage Loan & Surety Company, Limited. "The business of the company shall be as follows: (among other things) To undertake the payment of money, or of doing or not doing, performing or not performing, any act, under bond or contract, and to act as surety, or guarantor, on bonds, undertakings, obligations and recognizances, for a consideration."

$449. Traction Companies.

Michigan Central Traction Company, Limited.

"The character of the business to be conducted by this association is to construct, operate, and maintain an electric railroad in the streets and in the highways, or private ways, within and from the city of Battle Creek, Calhoun County, to and within the city of Lansing, Ingham County, by way of Bellevue, Olivet, Charlotte and Grand Ledge, Eaton County, in the State of Michigan, for the purpose of the transportation of passengers, the United States mail, and merchandise, by electrical power. To construct and maintain the necessary turnouts, side tracks, switches, bridges, culverts and crossings. To purchase and acquire the land necessary for stations, sidetracks, power plants, shops and warehouses. To purchase and acquire water rights, construct dams, erect power houses, stations, shops and warehouses, mechanical and electrical appliances, and to do whatever may be necessary for the construction, operation and maintenance of an electrical railroad within and between the said described places."

$450. Trust Companies.

The Collateral Deposit Company, Limited.

"The business of the association is to act as trustee under trusts created, or to be created, by other corporations, or by individuals; to hold the debentures, or other obligations, securities, or property of other corporations or individuals."

$451. Vineyard Companies.

Lawton Vineyards Company, Limited.

"The character of the business to be conducted by and carried on by this association is as follows: The manufacture and sale of non-fermented fruit juices and kindred products; the carrying 'on of any and all business incidental or necessary to the principal business of this association; the purchase and sale of such real and personal property as may be necessary to carry on the business of this association."

$452. Form of By-Laws Adapted to Use of Partnership Associations, Limited.

BY-LAWS

of

Company, Limited.

1.

MEMBERSHIP. Any person who shall become the owner of one or more shares of the capital stock of this company, either by direct issue, or by assignment and transfer, shall become a member thereof, provided that in the latter case such person shall become a member of this association only when such transfer shall have been made on the books thereof.

2. STOCK. (a) The capital stock of this association shall be of two classes, namely, Common Stock and Preferred Stock, in such proportion and amounts as shall be from time to time authorized by the articles of association or amendments thereof. The certificates evidencing such stock shall be in such form as may be approved by the board of managers.

(b) The holders of said preferred stock shall be entitled to receive in each year, out of the accumulated net profits of the association, in excess of such sum, if any, as shall have been reserved for betterments and working capital, a non-cumulative dividend of 7%, payable quarterly, half yearly, or yearly, as the board of managers may from time to time determine, before any dividend shall be set aside or paid on the common stock of this association. If the accumulated net profits in excess of the sum reserved for betterments and working capital shall not be sufficient to pay, in any year, a dividend of 7% on said preferred stock, then such dividend shall be paid thereon as such excess of accumulated profits will suffice to pay; but the dividends thereon shall not be cumulative, but shall be payable for each year out of the accumulated net profits of such year only, and shall not be payable out of the accumulated profits of any subsequent year or years. Upon dissolution of the association by limitation or in any other manner, and after the payment of its debts, if any, the preferred stock then outstanding shall be redeemed at par, if the net assets of the association, including surplus and accumulated profits, are sufficient. If said assets are not sufficient to redeem said stock at par, then all of said assets, or their proceeds, shall be distributed ratably among the holders of such outstanding preferred stock. If the said assets are more than sufficient

to redeem the outstanding preferred stock at par, all assets remaining after such redemption, or the proceeds of such assets, shall be divided ratably among the holders of the common stock of this association.

(c) Preferred stock, by whomsoever held, may, at the discretion of the board of managers of this association, at any time after five years from and after the 16th day of November, A. D., 1920, be retired, in whole or as to any part thereof, by the association by paying to all or any owner or owners of such preferred stock the par value thereof, together with any declared dividends due thereupon, and upon payment of such retirement purchase price, it shall be the duty of the holder or holders of such preferred stock so to be retired, to deliver such stock and the certificates thereof, duly assigned in writing, to this association.

(d) The holders of preferred stock shall be entitled to such special discounts upon all, or certain portions of, their purchases of supplies from this association, and upon such terms and under such restrictions as shall be, from time to time, fixed by the board of managers.

3.

TRANSFERS OF STOCK. All transfers of stock of this association shall be made upon the books of the association by the holder of the shares in person or by attorney, and no transfers shall be deemed complete and binding upon the company until the same shall have been so made, and until the certificate or certificates thereof shall have been surrendered to the company, properly endorsed, and a new certificate or certificates shall have been issued in stead thereof. The stub of each old certificate Ishall show the number or numbers of the new certificate or certificates issued in place thereof.

4. LOST CERTIFICATE. Any person claiming to have lost any certificate of stock of this association by any means whatsoever, upon making proof of such loss to the satisfaction of the board of managers, and upon indemnifying this association by bond for such amount and with such sureties as shall be approved by the board of managers, shall be issued in lieu of such lost certificate another certificate marked, "Duplicate certificate, original lost," and all reissues of such certificate shall be marked in like manner until the lost certificate shall be recovered and delivered up to this association for cancelation, or until the total destruction of the lost certificate shall have been proved to the satisfaction of said board of managers.

5.

ANNUAL MEETING OF STOCKHOLDERS. The annual meeting of the stockholders of this association shall be held on the third Tuesday in .... in each year hereafter, beginning with the year A. D. 19...., at the hour of .... o'clock P. M. at the business office of the association in the

city of .

Michigan.

County,

6. QUORUM. A quorum of the stockholders for all purposes, except as otherwise provided by statute, shall consist of a majority of the capital stock at the date of such meeting issued and outstanding.

7. VOTES. Except as herein otherwise provided, each share of the stock of this association issued and outstanding shall entitle the holder thereof, or his lawful representative, to cast one vote on all questions coming before any meeting of the stockholders.

8.

PROXIES. Stock of this association may be voted upon by the holders thereof either in person or by proxy. Proxies, to be operative, must be in writing, signed by the principal and filed with the secretary of this association prior to the exercise thereof. Proxies conferred by means of telegram shall be deemed good and suffcient.

9. NOTICE OF ANNUAL MEETING. Written or printed notice of the time and place of holding the annual meeting shall be sent by the secretary of this association to each stockholder annually, by depositing such notice in the mail, with postage fully prepaid, addressed to the last address of such stockholder appearing upon the books of the association; and such notice shall be so mailed not less than fifteen days prior to the holding of such meeting.

10.

SPECIAL MEETING OF THE STOCKHOLDERS. Special meetings of the stockholders may be called by the chairman of this association, or by a majority of the board of managers, or by the holders of a majority of the common stock outstanding, by filing with the secretary of this association a written call for such meeting, signed by the person calling the same, which call may be in the following form: