Page No. 2. the | What Il have said is based upon the assumption that Browning-Olsen trustees must be recognized as stockholders. i wonder if eanital f'isaid thereof er from enother way out, stock & 3, the holders. Brown- provision: following shall 6, 4, of J, of incorporation the contain Company not articles The | ing thereis by sold be not the books of the company, at the time of the adoption or transferred upon the holders thereof of this Article, except when the written consent of all the stoekholders of this corporation shall have been given for such gale or transfer, and any stockholder degiring to sell or transfer any of the sheres of the eapital stock of this corporation hereafter shall serve upon each stoekholder in this corporation, as shown by the books of the company at the time of such proposed seli such and any stock- gale, & written request for permission to shares of stockas he may desire to #611, holder of purehesing this all corporation or any part have shall of the privilege of price ssid not desired so stock, said at a be sold and transferredas aforesaid, of value book the of cent per 50 of excess to in capital stocks provided, however, that if any stockholcer of this corporation, when requested so to do, does not give his written consent, or purchase the stock of the owner or holder so desiring to sell the same, within sixty (60) daya deemed to have guest, then That and from in the that given his receipt event, written such of written stockholder such re- be shall consent”. limitation on transfers is stated briefly in all 1 understand that whatever stoek certificates outstanding. hos been done by way of transferring 244 shares to your trustees has been done without sny attempt to comply with that limitation. Section 18-83-15, Pevised Statutes of Utah, i0cc, among other things, provides that there shall be no restriction upon the transfer of shares represented by certificates by virtue of any by~laws ef such corporation, or otherwise, unless the restrictionis that the public upon e to statute stated upon establishes the that certificate. it is It not. contrary seems to to us the policy of this state for some restrictions to be slaced The Browning Company has attempted transfer of stock. ¢reate such ea restriction.