Orcidental Lite Insurance Company (OF HOME CALIFORNIA OFFICE: 756 SOUTH LOS ) SPRING STREET ANGELES January Mir. Marriner A. Browning 1205 First Security Bank Ogden, Utah. Dear 11, 1937. Building Marriner: Your letter of January 6th relative to the question of transferring 244 shares of Carrie's stock to the Browning-Olsen Trustees Ltd., is received. This is not a matter that has to be done at any special date just so long as it is taken cgre of by the middle of this year. So we shall appreciate it if you will start the various papers on their way. It may be a good plan in sending of Carrie's stock, to one Signed by the girls "this transfer the other here. Add trust on part of tion estate to heirs, her "consents thereto a is being made for the purpose irrevocable of out the stockholders her her holdings and is to use to the transfer" a statement of aiding similar to to the effect that Carrie to to-provide:the-fullest not a sale or of part letter transfer create the an conservaof her stock to outside interests." With this as a precedent in matters of this nature you could very properly make similar transfers MiGGEXEXRCERRMEREXE for other stockholders for like reasons, but under other circumstances you could require that notice be given as provided in the articles of incorporation and the option to buy be determined upon by the other stockholders. I am certain that you have nothing to fear in these matters. The manner in which the common, or voting stock is held virtually assures you and Val of the management control of the company while you live. I am sure that Jack would not transfer any of his voting stock during his life-time. Even if he did you and Val, with your personal holdings and trusteeships, would still control. So even with a few transfers of some of the stock, as may be asked for from time to time, the question of control is rather securely in yours and Val's hands. Furthermore, in spite of the wide differences in the personalities of the various family members I am sure you may always count on their loyalty in all matters of policy and management. So during your lifetime this should not be a problemto cause you very much anxiety. It is my opinion, as I expressed it to you during my visit there in December, that you should have no change made in the article relative to the transfer of company stock. Leave it as it is and decide each case on its merits; determing whether the stock requested transferred should be purchased by the other stockholders or traysferred as requested. Let the decision be based upon the purpose back of the proposed transfer. In this way you retain the advantages of the article as it was originally drawn, and at the same time you may make transfers where you feel the motive justifies such consider} ation.