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Mr. Raftery was instructed to write a letter to Dr. Giannini suggesting that the directors in California : consider the advisability of authorizing the holding of meetings of the directors in New York for the purpose of approving routine financial mattergp-of this character, such meetings to be called by the secretary of the corporation Mr. Loyd Wright upon authorization of Dr. Giannini and the matters to be taken up to be limited to the particular matter or matters set forth in the novice of meeting sent out by the secretary.
Se Mr. Buckley reported that he had negotiated for the renewal of the existing New York warehouse lease at‘’449 West 42nd Street, in New York, for two years at $5000. per annum. This was approved. P
6. Mr. Buckley reported that he had executed on behalf of the corporation Acceptance of Assignment of Welter Wanger Productions,Inc. to the Bank of America on a loan of One Million Dollars ($1,000,000). This was approved. reyes:
7. Mr. Buckley asked for the approval of the following matters:
(a) Purchase of up to eight (8) Westerns and Action pictures at prices not to exceed $500 par subject for the territory of India, Straits Settlements and Netherland East indies;
(>) Fillers for Mexico up to twenty (20) atprices not to exceed $§ 750.00 per subject;
: (c} Loan to Burt Champion of $50. to be repaid by deduction of $5. a week. e
* — These matters were approved by the Executive ” Commi ttee.
8. Mr. Muller reported the following matters and asked for the approval of the Executive Committee:
(a) Execution of the Distributor's Acceptance to the supplefiental security agreement dated December 17, 1936, by and between Selznick International Pictures,Inc. and the Bank of America National Trust and Savings Associatio! which increases the assignment on the pictures "FPAUNTEALOY” e “Sand "GAXDEN OF ALLAH" from $1,200,000 to $1,600,000.
(b) The request of the Hays Organization for payment in the amo of $429.08 as the share of the United Artists Corporatig@of $9056.50 for legal services and disbursements in re ns vs Columbie Pictures Corporation, et 4l. This sum is after the deduction of disbursements in connection with the Owens vs.Columbia matter in the wm of