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� <br />books of the corporation and entitled to vote, except that in the <br />election of directors, a shareholder shall have the right to vote <br />such number of shares for as many persons as there are directors to <br />be elected. Cumulative voting shall not be allowed in the election <br />ot directors or for any other purpose. <br />3.03 At all meetings of shareholders, fifty-one percent <br />(51�) of �he shares eri�itled to vote at such meeting, represented <br />in person vr by proxy, shall constitute a quorum. <br />3.04 No shareholder of the corporation shall have any <br />preemptive or other right to purchase, subscribe for or otherwise <br />acquire any new or additional shares of stock of the corporation of <br />,-,. <br />any class, or for rights, warrants or options to purchase, <br />subscribe for or otherwise acquire shares of stock for scrip, or <br />for securities of any kind convertible into stock or carrying stock <br />purchase warrants or privileges. <br />3.05 No stock of this corporation shall be sold or <br />transferred to any person except with the consent of the directors <br />evidenced by a resalution passed at any xegular or special meetinq <br />of the directors. <br />ARTICLE IV <br />The initial Board of Directors of the corporation shall <br />consist of four (4) directors, and the names and addresses of the <br />persons who shall serve as directors until the first annual meeting <br />,-� <br />2 <br />