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2. Mr. Muller reported as follows:
(a) That the corporation had received a Supplemental Mortgage, Pledge snd “ecurity Agreement by and between Walt Disney Productions, Ltd. and Bank of America, National Trust and Savings Association, whereby Disney assigns to the Bank the revenus to be obtained from all Disney subjects and the Bank agrees to lend $600,000 in addition to tie previous loan of poi het The Accertance Form was signed after approval by counsel,
{b Mre Le Lewis, Chief Accountant of Unitee Artists (Export) Ltd. has requested that we authorize the usual London signatories in addition to the New York signatories on the bank account of the corporation at Banca d’America s 4’ italia, Rome, Italy; The London signatories are as follows:
either Hh. Silverstofe, G. Archibald or L.#.Kastner ~ with either ©. J. Smith or Le Lewis.
This authority is requested because coupensation arrangements micht eall for quick action sand delay might cause the loss of such an arrangement.
(c} London advised the corporation by cable last week that they had transferred to it 200,000 Lira. Mr.Nuller stated he expected to receive this monéy today st the rate of 4.50 cents. He stated he did not definitely know whether this represents old Lira or current Lira.
(ec) at the request of London Mr.Muiler stated he had sold 1,400,000 Czechoslovakian Growns at 6% discount for delivery during May, June, July and Aucust conditioned upon the corporation's ability to secure a permit.
3. Mr.Buckley made a detailed report regarding the Hays Organization and the dues situation. He stated that a committee had been appointed by the organization to investigate the amount ofthe activities of the asmciation in the exhibition end as distinguished from the distribution. This committee had reported that there should be a 20% reduction in dues to those companies having no theatres, to wi Columbia, United and Universal. In addition the Hays. Organization had a surplus so that this year there would be a 15% credit on dues making a very substantis] reduction in the amount of dues to be paid by the company.
Mr. Buekley also reported that a committee had been formed for perry | age of curteiling activities € the association with the view reduce expenses. : 2