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As soon as the liquidator will be ința position to sell the old company to the new Aktiengesellschaft, the new shares will be issued to shareholders in exchange of the old ones but not before the first of January, 1916. The following five gentlemen will be asked to act as founders of the new Aktiengesellschaft:-

Mr. B. Rosenbaum, Mr. G. Boolsen, Hr. F. Lieb, Mr. R. Laurenz and Mr. F. Voigts.

The five gentlemen will have to draw up and to present the articles of association of the new Aktiengesellschaft before the German consulare

Court:-

The liquidator, probably Mr. Boolsen, is to take up Trels 249,600 in shares and the other four gentlemen Tls 400 for the new

shareholders.

After the legal formalities have been complied with the Aktiengesellschaft will be registered in the company's Register of the German Consulate General, the liquidator transferring Tls. 249,600 and

the other four gentlemen Tls 400 to the new shareholders.

Should you be unable to attend the meeting, we beg to

ask you to kindly sign and return the enclosed proxi form.

Anticipating that the proposed measures which we fully

believe to be im the interest of the company, will meet with your en-

-tire approval, we beg to remain,

Dear Sir or Madam,

Yours faithfully,

B. Rosenbaum

G. Boolsen

Directors

F.. Lieb.

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Carlowitz & Co.

Agents.

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