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JOSEPH M. SCHENCK Chairman of the Board
JOSEPH M. SCHENCK President
DENNIS F. O°BRIEN Vice President HARRY.D... BUCKLEY Vice President ARTHUR W. KELLY Vice President
AL LICHTMAN Vice President JOSEPH H. MOSKOWITZ Vice President ARTHUR W. KELLY Treasurer
HARRY J. MULLER Assistent Secretary MARY W. RUSK Assistant Treasurer
The office of Secretary Was not filled at this meeting.
Mr. Kelly, Treasurer of the corporation, made an oral report of the business and financial condition of the corporation during the previous year and a comparison of the business and financial condition of the corporation for the year ending April 4, 1952, and stated that Price, Waterhouse & Company hed finished their audit of the books of the corporation and such audit was available to all of the directors of the corporation. Mr. Kelly also submitted a copy of the report in writing upon which he hed commented orally and which hed been submitted by Mr. Kelly to the stockholders at their annual meeting held on April 17, 1933.
Mm. Kelly directed — attention of the meeting to:
“IY "Xx Isai SF $25; 000-00 Si Fue 27; 19S2° te ue: M. Schenck, the President and Chairman of the Board of Directors, which was repaid in the following manner:
By deducting $1,750.00 per week from salary during the five weeks ending July 25, 1932 amounting to } rhe ee: by receipt of cash July 29, 1932 of E
Price, Waterhouse & Co. desired an approval of this transection by the stockholders of the corpore ation.
WHEREUPON ea resolution was made, seconded and unanimously adopted that the act of the officers of the corporation in making the aforesaid loan to Mr. Joseph M. Schenck, which the records of the co ration show to be fully paid iw. Joseph M. Sehenck to the corporation, be approved end is hereby approved.
¢ 2) A loan of $25,000.00 on A t 30, 1932 to mr. Al Lichtman, Vice President end General Sales Manager, $9,000.00 of which had been repaid to December 31, 1932 by deductions of $500.00 per