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of Section 408 or any other provision of the law.
MR. KURLAND: I will pay $200,000 any time to get $4 1/2 million.
SECRETARY CAMERON: They don't get anything if it is turned down.
MR. KURLAND: Don't forget, Colonial management kept in operation, and I seem to recall that their book value may have increased slightly because of the fact that they have made a profit in '54. And I think that to disregard that original contract, that contract is being penalized for keeping the line going.
Is there any expiration date on this agreement?
MR. HANRAHAN: Yes, sir, one year--January 28, 1956.
MR. KURLAND: Is that stated in the body of the agreement?
THE CHAIRMAN: Yes, it isin there some place.
MR. SILL[[??]]: The contract was based on the approval of the United States and the approval didn't come from the United States.
MR. KURLAND: Provided there was no violation. The agreement was written providing there was no violation on either part. Suppose Colonial had disregarded any caution and committed violation. Do you think Eastern would hold Colonial to that?
MR. SILLI[[??]]: The violation that Eastern was guilty of was merely a technical [[??]] and would not born violation sufficient to base a lawsuit to base a lawsuit on, in my opinion.
MR. HANRAHAN: That is my opinion, too.
THE CHAIRMAN: In the interest of expediting this meeting, I would entertain a motion that the Secretary file with out minutes of the meeting, for the purpose of reference, the following papers:
a. A list of stockholders entitled to vote at the meeting;
b. Proxies presented at the meeting;
c. Notice of Meeting and Affidavits of Mailing thereof;
d. Annual Report for your ending December 31, 1954;
e. Ballots;
f. Certificates of Judges and Inspectors of Election;
g. Proxy statement.
MR. SILLIRS: I so move.
MR. DUNN: I second the motion.
THE CHAIRMAN: Any objection?
(No response)
THE CHAIRMAN: It is so ordered.
The stockholders are to vote for or against the proposal to authorize the Board of Directors of the Corporation to establish a Retirement Plan for the employees of the Corporation. Now I think we should open that item for discussion in view of fact that the Judges and Inspectors are out of the room and we can't distribute the ballots or vote on it, but we can dispose of any discussion on it, if there is any.
Is there any discussion from anyone?
(No response)
MR. GRAY: The Inspectors are ready to report.
THE CHAIRMAN: Will you make your report, please?
MR. GRAY: We report that 344,303 shares were voted in favor; 5,470 shares were voted against, and 53,648 shares did not vote.
MR. HANRAHAN: This is on the proposal for the sale of assets?
MR. GRAY: That is right.
THE CHAIRMAN: Then the sale of assets has been approved.
Will the Judges distribute the ballots for the vote on the proposal for the Retirement Plan for employees?
(The ballots were distributed, marked and collected.)
MR. GRAY: The vote on the Retirement Plan is 307,539, for; 22,758 against; 5,804 not voting.
THE CHAIRMAN: Then the proposal to authorize the Board of Directors to establish a Retirement Plan has been approved.
Mr. Cameron, do you have any announcements you want to make?
SECRETARY CAMERON: For the record, I would like the record to show that Mr. L. E. Gray and Mr. H.K. Webb have been the Judges and Inspectors of Election rather than Mr. W.J. Lonz as previously announced.
THE CHAIRMAN: Is there any other business to come before this meeting?
MR. HORWITZ: I would life a brief opportunity to examine the proxy list and the vote.
MR. HANRAHAN: For what purpose, Mr. Horwitz? The vote is over.
MR. HORWITZ: I know the vote is over. I would like to examine the affirmative vote and the proxy list. I presume there is no question but that I have a right to.
MR. HANRAHAN: You have voted, haven't you? Are you questioning the vote, Mr. Horwitz?
MR. HORWITZ: I want to examine the vote that has been cast, Mr. Hanrahan.
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