Page No. 2. What 1 have said is based upon the assumption that the Prowning-Olsen trustees must be recognized as stockholders. il wonder if there is not another way out. | The articles ing Company contain of incorporation the following of J, M, & KH, 8. Brown- provision: : "said capital stock shall not be sold by the holders thereof or transferred upon the books of the company, or from the holders thereof at the time of the adoption of this Article, except when the written consentof all the stockholders of this corporation shall have been given for such sale or transfer, and any stockholder desiring to sell or transfer any of the sheres holder of this corporation capital of this stock; provided, however, that corporation, when requested so of the have the privilege if to any do, capital stoek of this corporation hereafter shall serve upon each stockholder in this corporation, as shown by the books of the company at the time of such proposed sale, a written request for permission to sell such shares of stock as he may desire to s6ll, and any stockshall of purchasing all or any part of said ateck, so desired to be sold and transferred as aforesaid, at a price not in excess of 50 per cent of the book value of said give his owner sixty or holder (60) days 30 desiring to sell from the receiptof deemed to given guest, has then been been done by done way without eection among other upon the the restriction virtue that anc have consent, in that or purchase event, his such written the stock of the the same, within such written re- stockholder shall be consent", Taat limitationon trensfers is stated briefly in certifileates outstanding. I understand that whatever stock has written of the things, attempt 16-65-15, Revised prevides by-laws statute is transferring 244 any transfer of any of shares that shares to comply your that Statutesof Utah, there represented shall by corporation, or stated upon the cértificate. 1t 1s not be no contrary trustees 1923, restriction otherwise, It all limitation. certificates such that to with of establishes | stockholder does not by seems to unless to the us public policy of this state for some restrictions to be placed upon @ transfer of stock. The Browning Company has attempted to @reate such a restriction,