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DEC 30 1914

Whereas checks, drafts and other orders or instruments for the payment of money covering purchases by customers of articles or merchandise from the Paris firm of Jacques Seligmann are, because of similarity of name, confusion of identity or otherwise, received from time to time by this company in firm payable to the order of this company, but which are in reality the property of said firm, and Whereas it is desired to provide for the proper endorsement and delivery for deposit and collection of all such checks, drafts and other orders or instruments for the payment of money to the credit and for the amount of the said firm, now, therefore, be it

[[underline]] RESOLVED: [[/underline]] That Jacques Seligmann, the President & Secretary of this company, or Eugene Glaenzer, its Treasurer, or Werner Jucker, one of its directors, be and each of them is hereby authorized and empowered to endorse and deliver for deposit with or collection by Lazard Freres, of New York, for the credit of the account of the said firm of Jacques Seligmann, Paris, any and all checks, drafts, orders or other instruments for the payment of money received by this company in form made payable to it or its order, which, in the opinion of the said Jacques Seligmann, Eugene Glaenzer or Werner Jucker represent transactions had with the said firm of Jacques Seligmann, Paris, and be it further

[[underline]] RESOLVED: [[/underline]] That Lazard Freres are authorized and empowered to accept any checks, drafts, orders or other instruments for the payment of money when endorsed and delivered to them, and to collect the proceeds thereof and credit the same to the account of the said firm of Jacques Seligmann, Paris, without making any inquiry of any kind with reference to the said checks, drafts, orders or other instruments for the payment of money or the endorsement thereof, or anything pertaining thereto.