APPENDIX 
575 
that no one of the items carried under the term “Miscellaneous” in the list 
of Investments has been held for more than one year. 
3. To publish all future annual financial statements of any character, in 
he form contained in the listing application and, in the publication of 
reports of earnings for any period of less than a fiscal year, to show net 
profits in the aggregate and per share after Depreciation, Depletion, Income 
Taxes and Interest, estimating the proportionate amount of these items as 
accurately as may be if not finally determined at date of publication. 
9. Not itself, and not to permit any subsidiary, directly or indirectly 
controlled, to take up as Income stock dividends received at an amount 
sreater than that charged against Earnings, Earned Surplus or both of them 
by the issuing Company in relation thereto. 
10. Not to pay any cash or stock dividends on Common Stock when such 
dividends, plus the amount by which the current value of securities held 
shall be less than their cost, exceed the earned surplus and undivided profits, 
without at the time of the payment of such dividends sending to stock- 
holders a statement, in a form which has been approved by the Committee 
on Stock List, setting forth clearly the net impairment which will exist 
after the payment of such dividends stated both in aggregate dollars and 
dollars per share of Common Stock. If at the time of the payment of any 
such dividends the corporation has senior securities outstanding such state- 
ment shall, in addition, state in terms of percentage the ratio of the Com- 
mon Stock equity, remaining after the declaration of such dividends, to such 
senior securities, taken at par value or the sum to which they would be 
entitled upon involuntary liquidation, whichever is the greater. For the 
purpose of this agreement, stock dividends shall be charged against earnings 
on a basis approved by the Committee on Stock List. 
iI. To notify the Stock Exchange, on behalf of itself or any subsidiaries 
which have been, or may be formed, of any change in the terms of any 
management contract existing at the time of listing and of the terms and 
conditions of contracts subsequently consummated. 
12. To maintain, in accordance with the rules of the Stock Exchange, a 
transfer office or agency in the Borough of Manhattan, City of New York, 
where all listed securities shall be directly transferable, and the principal 
of all listed securities with interest or dividends thereon shall be payable; 
also a registry office in the Borough of Manhattan, City of New York, 
south of Chambers Street, other than its transfer office or agency in said 
city, where all listed securities shall be registered. If its transfer books 
should be permanently closed, to continue to split up certificates of listed 
stock into smaller denominations in the same name so long as such stock 
shall be retained upon its list by the New York Stock Exchange. If its 
transfer office or agency should be or should become located north of 
Chambers street, to arrange, at its own cost and expense that its registry 
office will receive and re-deliver all securities deposited at such registry 
office for the purpose of transfer. 
13. To notify the Stock Exchange thirty days in advance of the effective 
date of any change in the authorized amounts of listed securities. 
i4. Not to add to the number of its transfer agencies, nor to make any 
change of a transfer agency or of a trustee of its bonds or other securities 
without prior notice to the Committee on Stock List, and not to make any 
change in its listed securities, nor to add to the number of the registrars of 
its stock. nor to change a registrar of its stock, without the prior approval