STATE OF NORTH CAROLINA
DEPARTMENT OF THE SECRETARY OF STATE
ARTICLES OF AMENDMENT
BUSINESS CORPORATION
Pursuant to '55-10-06 of the General Statutes of North Carolina, the undersigned
corporation hereby submits the following Articles of Amendment for the purpose
of amending its Articles of Incorporation.
1. The name of the corporation is: GREAT LAND DEVELOPMENT CO.
2. The text of each amendment adopted is as follows (State below or attach):
NOW, THEREFORE, BE IT RESOLVED, that the shareholders of the Corporation hereby
approve and adopt the Articles of Amendment to increase the authorized capital
of the Corporation to 55,000,000 shares, of which 50,000,000 shares will be
Common Stock (Common Stock@) and 5,000,000 shares will be Series A Preferred
Stock (Preferred Stock@) as proposed and recommended by the Board of Directors
of the Corporation,
FURTHER RESOLVED, the shares of Preferred Stock shall have the preferences,
limitations and relative rights to be determined by the Board of Directors prior
to issuance of any shares of Preferred Stock;
FURTHER RESOLVED, that in order to effectuate the above resolutions, Paragraph 2
of the Articles of Incorporation be stricken out and deleted in its entirety and
the following new Paragraph 2 be substituted in lieu thereof:
"2. The total number of shares of capital stock which the Corporation shall
have authority to issue is 55,000,000, of which (a) 50,000,000 shares shall be
Common Stock (the Common Stock@), and (b) 5,000,000 shares shall be Series A
Preferred Stock (the Preferred Stock@). The voting powers, designations,
preferences, privileges and relative, participating, optional or other special
rights, and the qualifications, limitations or restrictions of the Preferred
Stock of the Corporation, shall be determined by the Board of Directors.@
3. The only exchange, reclassification or cancellation of issued shares as a
result of this amendment will be effected in the following manner:
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The holder(s) of outstanding shares of Common Stock of the Corporation will be
requested to surrender their certificates, and in exchange therefore, the
Corporation shall issue new stock certificates for the Common Stock and an
appropriate notation shall be endorsed or affixed to said certificates for the
purpose of indicating that the Corporation will provide, upon request and
without charge, information in writing as to the designations, preferences,
limitations, and relative rights of all classes of shares and any series thereof
and the authority of the board of directors to determine variations for future
series.
4. The date of adoption of each amendment by the share-holders of the
Corporation was June 30, 2000.
5. The amendment(s) was (were) approved by shareholder action, and such
shareholder approval was obtained as required by Chapter 55 of the North
Carolina General Statutes.
6. These Articles will be effective upon filing, unless a delayed time
and date is specified:
____________________________
This the 30th day of June, 2000.
GREAT LAND DEVELOPMENT CO.
/S/DUANE BENNETT
By: ______________________________
Duane C. Bennett, President
