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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />11 <br /> <br />, I <br /> <br />dent. Any officer may resign at any time by g1v1ng written <br />notice of his resignation to the president or to the secre- <br />tary, and acceptance of such resignation shall not be neces- <br />sary to make it effective, unless the notice so provides. <br />Any vacancy occurring in any office, the election or ap- <br />pointment to which is made by the board of directors, shall <br />be filled by the board of directors. Any vacancy occurr1ng <br />in any other office of the company may be filled by the <br />president for the unexpired portion of the term. <br />8. Compensation: Officers shall receive such <br />compensation for their services as may be authorized or <br />ratified by the shareholders. Election or appointment of an <br />officer shall not of itself create a contract right to <br />compensation for services performed as such officer. <br />ARTICLE V. - stock <br />1. Certificates: Certificates representing <br />shares of the capital stock of the company properly issued <br />prior to the effective date of these bylaws are hereby <br />confirmed as valid. Certificates representing shares of the <br />capital stock of the company issued or transferred on or <br />after the effective date of these bylaws shall be in such <br />form as may be approved by the board of directors and shall <br />be signed by the president or the vice president and by the <br />secretary. All such certificates issued or transferred on <br />or after the effective date of these bylaws shall be conse- <br /> <br />-11- <br />