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J WHEREUPON, « motion was meade, seconded and uneanimously adopted that the sforesaid act of the corporation in maki the aforesaid peyments and advances against film rentals to the Art Cinema Corporation be and is approved.
5) Certain ‘other payments then advances against film rentals|mede to the Art Cinema Gorporetion during the year 1932 and the amounts applied end receited in liquidation thereof end the balance unpaid on December 31, 1932 amounting to $25,895.10, for which en assignment to United artists Corporation of all future film rentals (except those from motion pictures assigned to benks) wes made to United artists Corporation, and that such amount head already been paid. An explanation of these items was made by Mr. Kelly together with the statement that all of the eforeseid edvances, loans and charges hed been fully repaid to Unites artists Corporation;
WHEREUPON, a resolution was made, seconded end unen— imously adopted that the act of the officers in making the aforesaid advances and loans to Art Cinema Corporetion be and is hereby approved.
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_6) Cértein other transactions with Art Cinema...
Corporetion appeering on the general ledger of United artists Corporation subsequent to December J 1932. and up to March 4, 1955, show a totel debit of $117,874.85 and total credits $61, 658.86, with the explenation that the eforeseaid amount of $117, 874.65 hed beem fully repaid to United Artists Corporation; ~ * & WHEREUPON, a resolution was made, seconded and
wnenimously adopted that the act of the officers as regard
ing the transactions with Art Cinema Corporation appearing
on the general ledger of United artists Corporetion be and
is hereby approved.
A motion was made, seconded and unanimously adopted authorizing the Chairman of the meeting to present to Price, Waterhouse & Co. a certificate evidencing the adoption of the above resolutions. ‘
The minutes of the previous meeting of the Board of Directors were read and e resolution made, seconded and
unanimously edopted approving the same.