APPENDIX 
371 
Si1zE 
[n order to be eligible for listing the aggregate value of the capital, 
surplus and funded debt of an investment trust, whether managed inde- 
pendently and directly by its own officers and directors or managed directly 
or indirectly by other individuals, firms or corporations, should be of such 
minimum size as will, in the opinion of the Committee, permit successful 
operation as an investment trust. Such required aggregate of capital, 
surplus and funded indebtedness will depend upon the organization and 
purposes of the trust and other general considerations. 
ORGANIZATION EXPENSES 
Each application must show in detail all costs of organization and all 
expenses of selling each class of securities of such trust which may have 
been issued, together with a precise statement of the net proceeds to the 
company of each issue of its securities. Excessive costs of organization 
and of selling the several classes of securities of an investment trust may 
be considered as a bar to listing, unless such excessive costs have been 
absorbed prior to the date of the application. 
LoANs 
If the application indicates that the company has an excessive amount 
of unfunded debt or if subsequent reports indicate that such unfunded 
debt exceeds or tends to exceed prudent limits, the application may be 
rejected or the securities of the investment trust in question may be stricken 
from the list, as the case may be. 
COMMISSIONS 
As a prerequisite for listing, each individual, firm or corporation which 
is directly or indirectly concerned with the management of an investment 
irust and collectively constituting the managers of the trust must agree 
either with the New York Stock Exchange or in the management contracts 
with the investment trust that on any securities listed on any recognized 
stock exchange only the commissions authorized by such exchange shall 
be charged by such managers on securities bought or sold by such managers 
for the account of the investment trust and that only customary and 
reasonable commissions shall be charged by them on unlisted securities 
which shall be purchased or sold. 
NoNn-VoTING STOCK 
In case an investment trust has issued one or more classes of stock 
which are entitled to preferential dividends but which do not carry the 
right to vote, such stock shall be accorded the right to vote at all times 
that as much as one year’s preferential dividends are in arrears, and the 
right to vote shall continue until arrears have been liquidated. No Non- 
Voting stocks will be listed unless substantially preferred as to both divi- 
dends and assets. 
STATEMENT OF EARNINGS AND SURPLUS 
A comprehensive and detailed statement of earnings and surplus shall 
be prepared and published within thirty days after the close of at least 
ach annual fiscal period. Such statement shall also be submitted to stock-