162 TIMBER BONDS 



cured hereby, or implied therefrom, and that 

 except as above provided, any and all personal 

 liability, either at common law or civil law, or 

 in equity, or by statute, of every such incor- 

 porator, stockholder, officer or director, is here- 

 by expressly waived by each and every person 

 who may become the owner of any one or more 

 of the bonds secured hereby, as a condition of, 

 and in consideration for the execution and issue 

 of this mortgage and such bonds and coupons. 



ARTICLE XXXII. 



Union Trust Company is made a trustee 

 hereunder in the contemplation and belief that 

 it is now and will continue to be lawful for 

 said corporation to act as Trustee hereunder 

 and perform all the duties herein imposed upon 

 or entrusted to it as such Trustee without the 

 necessity of said corporation qualifying under 

 the Statutes of the State of Oregon to do busi- 

 ness in that State, and without the necessity of 

 said corporation complying with the require- 

 ments of any other Oregon statute or law now 

 in force or which may hereafter be enacted; 

 and should it prove at any time that said Union 

 Trust Company is not now legally entitled to 

 accept this Trust, act as Trustee hereunder and 

 perform all the duties imposed hereunder and 

 exercise all the rights conferred hereby; or if 

 for any reason, by the enactment of statutory 

 law, by the failure to comply with any law, or 



