Certificate

The State of Michigan
Michigan Corporation and Securities Commission

One certificate of filing, dated May 31, 1950, from the Michigan Corporation and Securities Commission to the "International Tugboat Racing Association." The certificate is printed in black script text on white paper that has been watermarked "Weston's Defiance [Bond]." Blank lines have been completed with black typewritten text. Decorative engraved text is printed at the top of the certificate which features an image of the State of Michigan seal at the center. The certificate has been signed by "Philip A. Hart, Commissioner," in the lower right corner. The lower left corner has a yellow seal with an embossed image of the seal of the State of Michigan.