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week from salary and $5,500.00 since thet date,
leaving a bd@ance of $10,500.00 es of April 15,
1933;
WHEREUPON, @ resolution was made, seconded and unanimously adopted that the act of the officers of the corporation in making the aforesaid loan to Mr. Al Lichtman be approved and is hereby approved.
3) That the balance of the loam to Samuel Goliryn, Inc., whose motion pictures are distributed by United Artists Corporation, which was carried over from 1931, was repaid in full, final payment being made on September 6, 1932. On that date a new loan of $115,000.00 was made by the corporation on a four months’ note due February 6, 19355 and at maturity this mote was renewed for a further period of three months. It was expleined to the meeting that Semuel Goldwyn, Inc. owned a la: number of photopleys that were being distributed for exhibition purposes by United artists Corporation, and from the earnings of which large sums are due weekly to Samuel Goldwyn, Inc,, and that it was quite apparent thet the earnings of Samuel Goldwyn, Inc. would be sufficient to pay this loan when it matures;
a sane : a motion was made, seconded end unanimously adop at the act 6F the officers ef the
in making the eforesaid loan to Samuel Goldwyn, Inc. be approved
and is hereby approved.
4) certain ad-ences against film rentals by checks drawn to the order of Art Cinema Corporation end receipts shown in the cash receipts book from Art Cinema Corporation to December 51, 1952, and it further —— thet all of the aforesaid advances against rentals had been fully repaid by Art Cinema Corporation to United artists Corporation.
It was further explained to the meeting the reason for these transactions, and also that Art Cineme Corporation owned a large number of photoplays which are being distributed by United Artists Corporation end for which moneys are weekly due and peyable to that corporation by United Artists a Toe
such payments, as @ rule, being made weeks from the so-termed end of the week for the week the photoplay has been exhibited and the rental for such photoplay collected.
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