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4. CAPI`PAL STOCK
(4.1) The Corooration is authorized to issue and
t~avc~ outstanding at any time 400 shares of common stock
Wit~r a par value of $1.00 per share.
(9.2) 2•i~e amount of capital with which this
Cc~rt~oration shall begin business is $ 400.00
(4.3) The shareholders of the Corporation shall
~~c~n5ist of all of tare Owners ~f Campsites in
BRYN IYlAWR OCEAN RESORTS ,
Luo;~erative Campground, hereinafter referred to as "Camp-
(4.4) In conjunction with the issuance of each
_~i~~cr~r cif car~ital stock, there shall be issued a Proprietary.
Lc•~t~~r for a l~articul~~r C.~r:~t~site.
(4:5) 5tu~~k Cc~rtific~tes of the Corporation cannot
?.~•.~issiyn~d, hyhothec:atec} or transferred in any manner except
~rpt,urterurnc~ to ti~~~ corresr~ondiny Campsite.
(4 . 6) c)n I I n~,~ t t c rs ut~<~?~ wli icl t .r shareholder sha I
c~~~ ~._rut i tled tc~ vote, t hc: c c• shall by ~?nc~ vc_~te for each share,
:~i~ict? vote may he exerri5e~e} or cast in such manner as may
t,~_~ }~rc>vided Uy trre ray-Laws oz the Corr oration. Any person
a c,r- entity owning more than one share shall be entitled to
c~n~, vote for each share owned.
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