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Mr. Al Lichtman, the uncerscorec part of the previous. resolution is the part -to be referred to Douglas Fairbanxs for his considera* tion as soon as possibile.
Great stress was laid upon the policy of tne airectors, tnat is, that all matters of importance must be submitted to tne direcfors ané-that the executive committee hereinafter referred to must not pass upon, or change, any of the policies of the company Without the approval of the Board of “irectors.
At this point it was regulerly moved, seconced anc ununimously adopted that pursuant to eection 14 of Article IV of tne by-laws there shall be a pointea an executive committee composed of the followings
Al Lichtman
Dennis F. O'Brien
Nathan Burkan
James A, Mulvey
Edward C. hNaftery = : Tnat said Executive Committee snali hola weexly meetings at tne aia at ‘ace of business of the corporation in the city of New
fT place as the Committee may determine from : time to time, on Friauy of each weex, or on the next succeeding business aay if Friday should be a noliaay.
Saia Executive Committee shall nave ana may exercise the routine powers of the Board of Directors in tne mamagement of tne business ana affairs of the corooratiog and shall have the power to autnorize the affixing of the seal of tne corporation to all aocuments or papers, consistent with the powers granted by these by-laws. Said Executive Committee shall nave no power to inaugurate radical reversals of, or departure from, fundamentai policies ana metnods of conducting the business‘as prescribed by the directorate. Minutes of the meetings of the “xecutive Committee shall be kept by the “ccretary as part of the minutes of the Board of Directors, and copies thereof shall be sent by <eitner tne Secretary or assistant Secretary of the Corporation to each member of the Board of Virectors. Special meetings of tne “xecutive Committee may be called on one day's telegravnic notice.
It was further resolvea that the said Executive Committee shall nold office ,until-the next annual meeting of tne stockholcers unless any of the members resign or cie or are aisqualifiea, anc then said members shall be replaced by a airector electea in-tne place of Said’ member.
It was further resolved that Mr. Al Lichtman act as Chairman or the Executive Committee and Edward C. Aaftery, Assistant Secretary ot the corporation, act as Secretary of the Committee. A majority ;