7 ARTICLE IV
Meetings of the Stockholders:

Section 1. The annual meeting of the stock-
holders shall be held at the Club house at & p.m. on the

second Friday cf October of each calendar year.

Section &. Special meetings shall be called
by the President at the request cf a majority of the
Board of Directors or upon written petition signed by
fifty stockholders,

Section 3. Only stockholders who are members
in good standing shall sarticipate in the business meet-
ings of the Club.

ARTICLE ¥
Gapital Stock

Section 1. Certificates of stock shall not be
issued until subscriptions have been paid in full. The
Board cf Directors shall have power to regulate the amounts
and time of payments by installments. Iach certificate of
stock shall have plainly printed on the face thereof: "No
transfer of this stock can be made except in accordance
with the by-laws of the Club." No trensfer can be nade
while the holder is indebted te the Club. Neither does
a transfer confer upon the transfiree any of the privil-
eges cf the Club, except,as provided in the by-laws.

Section 2. The capital stock of the Lawrence
Country Club may be owned by any person who shall have
subseribed therefor rrior to the incorporation of the said

Club, and by any person who shall be clected to member-~

ship in the Ciub after its incorporation. No transfer of
stock toa person not a member of the Club shall be recoge-
nized by the Club or its officers as ensitling the trans-
feree to any cf the membership privileges or voting rights
of the Club. : : |

Section 3. No member of the Slub shall sell or
transfer his stock without first offering the sane to the
Lawrence Country Olub through its President and giving
the Club ten days in which to purchase she same, provided
that it should desire to become the purchaser thereof.