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must be epproved by ell of the members of seid Boerd, ex
cept when such members are ebsent from Los Angeles County
for more than thirty deys, end in thet instence written notice shell te sent by telegraph or letter to such ebsent members giving such sbsent members full information concerning the proposed loans or moneys té be used otherwiee in financing the production of motion picture photoplaeys by
seid corporetion and thus efford them en opportunity to make known their objections, if any, to the proposal. Where such members of the Boerd of Directors ere ebsent en@é do not teke pert in the meeting, by their failure to object to the proposed losns or moneys used otherwise in financing the production of motion picture photoplaye by this corporetion, the unenimous vote of those present et such meeting, und in no event less then an effirmetive vote of four, shall be required to suthorize such loans or moneys used otherwise in financing the production of motion picture photopleys by this corporetiocn.
Eech of those present stated thet he he¢ reéeived an executed copy of the ebove memorandum from the owner of the stock which he represented et the meeting. ~~ direction to vote for such ea resolution.
WHEREUPON, ⸗ resolution was made, seconded and unanimously adopted that the United Artists Corperetion cause to be organized a corporation to be known as United Artists Finance Corporation, or such other neme es may » ply pee by United artists Corporetion, pursuant to the s of the State of a, in keeping with the above recommendations, and thet the attorney for the corporation be suthorized to proceed with the organizetion of that corporation as end when the members of the Board of Directors of ted artists Corporation deem the seme desirable.
* aed Mr. Nayfeck reporte@, to the meeting certain negotieticoi® het-shrough Mr. William P. Philips, of Art Cinems Corperation, with Mr. Joseph Senenck, President.of United Artists Corporation, relative e temporery loan, not to exceed $100,000.00, from United artists Corporation to Art Cinema Corporation to enable Art Cinema Corporation to discount certain: notes © corporation hes given to Pearemount Publix Corporation to be secured by en assignment of ell of the earnings of all of the photoplays now being distributed by Umited Artists Corporation which ere owned by Art Cinems Corporation, the earnings of which are not pledged te any person, firm or corporation; such loan to be made es end when the Art Cineme Corporation will require it.