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That United Artists Corporation cause to be ° &@ corporation, to be known as *United Artists Finance Corporation,” or such other name as might be — by Umited artists Corporation, pursuert to the laws of the State of California, in keeping with the recommendstions above recited, and that the ettorney for the corporation be authorized to proceed with the orgenization of thet
ee corporation as and when the Board of Directors of United Artists Corporation deem the same desireble.
Mr. Nayfack reported to the meeting certein negotiations hed thro Mr. Williem P. Philips of art Cinema Corporation with Mr. Joseph M. Schenck, President of United Artists Corporation, relative to a temporary loan not to exceed one hundred thousand dollars ($100,000) from United Artists Corporation to Art Cinema Corporation to enable art Cinema Corporation to discount certain notes which thet corporation has given te Peramount-Publix Corporation, tebe secured by assignment of «1.1 of the earnings on all of the photoplers now being distributed by United Artists Corporation which are owned by Art Cinema Corporation, the earnings of which are not phedged to any person, firm or corporetion; seid loan to be made as and when the Art Cineme Corporation will require it.
It was stated to the meeting — Corporation was in the hands of receivers, and that the proposal to discount the obligation of Art Cinema Corporation would have to be passed upon favorably by a of the United States District Court for the Southern District of New York, and it was further stated that at the annual meet~ing of the stockholders of United artists Corporation the motion was made, seconded and@uneanimously adopted conf the act of Mr. Joseph U. Schenck in making such loen and authoriz the proper officers of the corporation to effect.— uate said loan, subject to the documents incidental to the seme being approved by counsel for this corporation.
WHEREUPON e motion was made, seconded and unanimously adopted thet the act of Mr. seph M. Schenck as President in making such loan to Cinema Corporation be approved, amd that the proper officers of the corporation are authorized and empowered to effectuate said loan, subject to the documents incidental to same being approved by counsel
for this corporation.
The Chairman stated that under the laws of the State of Massachusetts, it was required that accountants of the corporation for the ensuing year be designated and
appointed. *
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