Char-Lil Corporation - Page 3

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                                 ARTICLE FOUR                                         
                       The purposes for which this corporation is                     
                  formed are:  To construct, buy, sell, trade,                        
                  lease, rent or otherwise engage in the obtaining                    
                  of residential and commercial property of any                       
                  kind as an investment by holding for resale or                      
                  to lease or rent at a profit.  To engage in the                     
                  construction or destruction of any such building.                   
                       To engage in any business enterprise of a                      
                  retail or wholesale nature that may be operated                     
                  from or in any of the real estate owned by the                      
                  corporation or any other business enterprise                        
                  lawful in the State of Oklahoma, and to hold                        
                  title in its own name of real estate used or to                     
                  be used in the lawful business of the corporation                   
                  and to do all things necessary to carry out the                     
                  purposes of this corporation.                                       

             During the years in issue, there were 2,000 shares of                    
             petitioner's stock outstanding.  All of the stock was owned              
             by Mr. Charles McKelvey, his wife, Lilly, and his daughter,              
             Kay, as follows:                                                         

                       Mr. Charles McKelvey     1,800 shares                          
                       Ms. Lilly McKelvey       160 shares                            
                       Ms. Kay McKelvey         40 shares                             

             During the years in issue, Mr. McKelvey was petitioner's                 
             president.  His wife was petitioner's secretary and                      
             treasurer, and his daughter was vice president.  They                    
             also composed petitioner's board of directors.                           
                  On January 1, 1977, Mr. McKelvey transferred nine                   
             pieces of real estate to petitioner in exchange for stock                

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Last modified: May 25, 2011