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at 4:30 P.M.

Mr. Landis read to the Board a draft of the petition for an exemption with the Securities and Exchange Commission and after certain emendations were made by the Board, he was authorized to file this petition with the Securities and Exchange Commission.

There being no further business, on motion made, seconded and approved, the meeting was adjourned.

Edson M. Wood, Secretary

APPROVED:

Michael A. Gitt, President