NEW CONSORTIUM AGREEMENT
253
(4) Each of the parties issuing the Residuary Participation shall be entitled to decide for itself and without reference to the party or parties giving such notice or notices as to what expenses shall be incurred in relation to the issue of the total amount issued by such party.
(5) The party or parties issuing the Residuary Participation shall be entitled between them to charge the party or parties giving such notice or notices with a commission of not exceeding 1 per cent. on the nominal amount of the Residuary Participation and also with a pro rata share of the expenses which the issuing party or parties may in their sole discretion incur in relation to the whole issue and being in the proportion which the Residuary Participation bears to the total nominal amount of the issue.
(6) The party or parties issuing the Residuary Participation shall not by virtue of this agreement incur any responsibility to subscribe for the Residuary Participation or to cause the same to be subscribed.
(7) Each party issuing the Residuary Participation shall apply all subscriptions received by it pro rata between the Residuary Participation issued by it and the amount issued by such party on its own account.
(8) Each of the parties issuing the Residuary Participation will apply for and use its best endeavours to obtain a quotation on its market for the total amount issued by it.
(9) No issue of the Residuary Participation or any part thereof shall be made by the party or parties giving such notice or notices unless mutually agreed by the parties hereto.
7.-No participation shall be given by any one of the parties hereto outside its own market. Any participation given in its own market by any one of the parties hereto shall be for its own market only or in the event of the issue including any of the Residuary Participation for the accounts pro rata of the issuing Bank and the party or parties giving such participation. The party giving the same shall use its best endeavours to secure that no part of such participation shall be transferred to parties outside the market of the party giving the same. Any other participation shall be given only with the consent of all parties hereto and shall be borne in equal shares by the parties hereto.
8. This agreement shall remain in force for the period of five years from the date hereof provided nevertheless that a majority of the parties hereto may by twelve months' previous notice in writing addressed to the other parties hereto determine this agreement at any time.
In witness whereof the duly authorized representatives of the respective parties hereto have set their hands the day and year first above written.
For the Hongkong and Shanghai Banking Corporation.
On behalf of the British Group:
For the Banque de L'Indo-Chine.
On behalf of the French Group:
For the Yokohama Specie Bank, Ltd.
On behalf of the Japanese Group:
For and on behalf of the American Group:
The National City Bank of New York: The Guaranty Trust Company of New York: Continental & Commercial Trust Savings Bank,
Chase National Bank, New York City:
C. S. ADDIS.
TH. DE LA CHAUME.
K. TAKEUCHI.
J. P. MORGAN & Co. KUHN, LOEB & Co.
by J. A. STILLMAN, President. by J. R. SWAN, Vice-President. by JOHN JAY ABBOTT, Vice-President.
Chicago :
by A. H. WIGGIN, Chairman. LEE, HIGGINSON & Co.
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