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American Aviation Daily
October 29, 1954
Page 362

Colonial Employes Form Corporation

A group of Colonial Airlines' employes has formed a New York corporation in an effort to "create a closer relationship" between Colonial employes and the company. The corporation, open to participation by all of the airline's employes, is names the Colonial Employes Mutual Fund, Inc. It has been made a "token purchase" of ten shares of Colonial Stock. 

In a letter to Colonia personnel, the Fund's president, Michael A. Gitt, said the organization was developed in order that the employes "as minority stockholders in Colonial might have some voice in the formulation of the plans and policies which so vitally affect us. In their capacity of stockholders, the employes would be in a position to place their ideas and suggestions with respect to theoperation [[the operation]] of the company before management and other stockholders."

The Fund hopes that, because of its representative capacity, it will be accorded more respect and will exercise more influence as a stockholder than would any individual employe-stockholder. 

Each Colonial employe would be limited to one share of stock in the Fund. The corporation will be managed by directors elected by the employe-stockholders. An investment committee will also be appointed to handle investment of the Fund's resources. There are no plans for enlarging the group's participation in Colonial beyond the "token" ten shares. 

Present directors of the Fund, in addition to Gitt, are Joseph W. Harpham, Vernon A. Taylor, and Edson M. Wood.