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APPENDIX 
the manner prescribed in a circular of the Committee dated July 1, 1023 
(or any future amendments thereof) and contain the information and be 
accompanied by the required documents. in so far as the provisions of that 
circular are applicable. 
NoN-PUBLICATION OF APPLICATIONS 
Until further notice the names of investment trusts which apply for 
listing of their securities shall not be published, inasmuch as refusals may 
be frequent until satisfactory final requirements for listing shall have been 
developed through experience. At a later date the usual publicity may be 
given to the names of applicants. 
MANAGEMENT 
Each application for listing a security of an investment trust, as defined 
above, must state whether such trust is to be managed independently by 
its own officers and directors or whether it is to be managed directly or 
indirectly by other individuals, firms or corporations. The names of all 
individuals, firms or corporations which are directly or indirectly responsible 
for the management must be set forth, and there must be included in the 
body of the application a summary of all significant provisions contained 
in the Charter, Articles of Incorporation and By-laws of the Company, 
and all significant provisions contained in any existing agreements or con- 
tracts which define the powers and privileges of the management and the 
restraints thereon. . 
Copies of all of these documents must be submitted with the application. 
These requirements apply likewise to any subsidiaries existing at the 
time of the application. 
If the investment trust is managed exclusively and independently by its 
own officers and directors, the affiliations of such officers and directors with 
other firms or corporations must be stated. 
If the investment trust is managed directly or indirectly by another indi- 
vidual, firm or corporation, a copy of each contract with such individual, 
firm or corporation must be included in the body of the application. 
Each application must present full details regarding the basis on which 
compensation for management is computed, including direct payments, 
options, warrants and any other form of direct or indirect compensation 
either present or future. . 
Applicant companies must agree promptly to advise the Exchange, on 
behalf of themselves and of any subsidiaries which have been or may be 
formed, of any change in the terms or conditions of any management con- 
tracts existing at the time of listing and of the terms and conditions of 
contracts subsequently concluded. In like manner applicant companies and 
subsidiaries must agree to inform the Exchange of all changes in terms and 
conditions of option warrants. 
OPERATING EXPERIENCE 
No fixed period of actual existence as an operating investment trust is 
now stipulated before the applicant is eligible for listing, but such reasonable 
period will be required as in the judgment of the Committee has demon- 
strated that the applicant is a successful operating organization. The 
required period may be made to depend upon the organization’s size and 
the purpose of the trust