568 APPENDIX 
holders or against the payment of the proceeds of sale to an American 
holder who sells in the market of origin. 
7. In determining availability for listing, the Committee will give con- 
sideration to all matters affecting marketability, including the total number 
of shares issued, the initial number upon the American market, and the 
facility with which domestic and international transactions may be effected. 
The application should give all facts necessary for the determination of 
these questions. 
8. No foreign share securities will be listed unless the company or its 
predecessor or constituent companies has been in operation for at least two 
(2) full years. The application should include the last two (2) annual 
balance sheets and income statements for at least two (2) full years. 
9. The share securities of small companies will not be listed. In con- 
sidering size available for listing, the nominal capitalization, the market 
price of securities to be listed, and the amount of the earnings will be 
accorded due weight. 
10. No securities will be listed of any foreign company which is in 
default in any of its obligations, other than default occasioned by currency 
depreciation beyond control of the company. A statement in regard to this 
should appear in the application. 
11. Until further action by the Committee, it will not recommend for 
listing corporate securities the nominal value of which is expressed in 
terms of, or the income from which is payable to security holders in, a 
currency which is not upon a gold basis. 
12. Applications should state specifically that provision has been made 
for maintenance of a Fiscal Agent in New York City where all dividends 
on outstanding American certificates will be payable at current rates of 
exchange. Such dividends should be remitted promptly and paid to certifi- 
cate holders by check without deduction except for reasonable charges and 
necessary expenses. Where desired the Fiscal Agent can be the same insti- 
tution which issues the American certificates. Such Fiscal Agent or the 
institution issuing the American certificates must agree to mail to registered 
holders thereof, at their last known address, .copies of all notices received 
affecting the interests of such holders in the deposited securities. 
13. Each application should state clearly all taxes which, under existing 
law, may be imposed upon the holder of American certificates, directly or 
indirectly. 
14. Accounting statements appearing in the application must be in form 
satisfactory to the Committee and, as, far as possible, should disclose the 
same amount of information in regard to the affairs of the foreign com- 
pany as are normally disclosed by the application of an American company. 
15. The application should contain a summary of all important provi- 
sions of the actions under the authority of which the securities to be listed 
are issued and should be accompanied by an English translation of all papers 
and documents required for domestic listings. 
16. The nature of the disposition of the proceeds of a corporate issue 
will be a factor affecting its availability for listing. 
17. The application should include a detailed statement of any fees, 
other than those ordinarily applying in the case of domestic securities, 
which may be charged to any one holding or dealing in the securities and 
should state to whom such fees are pavable.