(Art. XXV, Sec. 3, constitution.)

1. Securities admitted to dealings upon the New York Stock Exchange, Registered and Transferable in the Borough of Manhattan, City of New York, in conformity with the requirements of Section I, Art. XXXIII, of the Constitution, are a delivery : -

(a) Certificates of stock for 100 shares or odd lots aggregating 100 shares, with irrevocable assignment for each certificate, and the name of a member or his firm, registered and doing business in the Borough of Manhattan. Certificates for the exact amount or aggregating the amount of an odd lot.

(b) Or with irrevocable assignment witnessed by, or correctness of signature guaranteed by such member or his firm.

(c) Or with irrevocable assignment and power of substitution and a separate guarantee by such member or his firm, for each power of substitution.

(d) Coupon bonds payable to bearer, in denominations of $500 or $1,000 each, with proper coupons of the bond's number securely attached. Small bonds, under $500, only in special transactions. The money value of a missing coupon may be substituted only with the consent of the Committee on Securities for each delivery.

(e) Registerable coupon bonds in denominations of $500 or $1,000 registered to bearer, or when transfer books are closed, with an assignment to bearer for each bond by a member or his firm or witnessed by a member, or the correctness of the signature guaranteed by a member of his firm, registered and doing business in the Borough of Manhattan. (f) Registered bonds in denominations not exceeding $10,-000 properly assigned.

2. Securities contracted for in amounts exceeding 100 shares of stock or $10,000 in bonds, may be tendered in lots of 100 shares of stock or $10,000 in bonds, or any multiple of either, and must be accepted and paid for as delivered.

3. Securities with Assignment, or Power of Substitution, signed by an insolvent, are not a delivery. During the close of transfer books, such securities held by others than the insolvent, are a delivery if accompanied by an affidavit for each certificate or bond, that said securities were held on a date prior to the insolvency.

Securities with Assignment or with Power of Substitution, guaranteed by a member or his firm, suspended for insolvency, are not a delivery and must be reguaranteed by a solvent member or his firm.

4. Securities in the name of a deceased person, or a firm that has ceased to exist are not a delivery, except during the closing of the transfer books. The assignment must be proved or acknowledged before a notary public. (Form No. 3, for witness 10 and 11.)

Securities with either the assignment or any power of substitution witnessed by a deceased person are not a delivery.

5. Securities assigned, or a Power of Substitution by a firm that has dissolved and is succeeded by one of the same name, are a delivery, when the new firm shall have signed the statement "Execution guaranteed," under a date subsequent to the formation of the new firm.

6. Securities in the name of a corporation or an institution or in a name with official designation, are not a delivery, unless Assignment is sworn to before a Notary Public. The Notary Public must also make a deposition that he has seen the minutes of the institution authorizing the person or persons signing to make the Assignment. (Forms 8 and 9.) A certified copy of the resolutions of the proper authorities of the Company in whose name the security stands, authorizing the Assignment, and giving date of adoption, must accompany the security.

7. Securities with an Assignment or a Power of Substitution signed by Trustees, Guardians, Infants, Executors, Administrators, Assignees and Receivers in Bankruptcy, Agents or Attorneys are not a delivery.

8. Securities assigned by a Married Woman are not a delivery. A joint assignment and acknowledgment by husband and wife before a Notary Public will make such security a delivery only while the transfer books are closed. (Form No. 4.)

9. Securities in the name of an Unmarried Woman, with the prefix "Miss," are a delivery without notarial acknowledgment, when signed "Miss."

10. Securities in the name of an Unmarried Woman (without the prefix "Miss"), or a Widow are a delivery only when the Assignment is acknowledged before a Notary Public. (Form No. 5.)

11. Securities of a Company whose transfer books are closed indefinitely for any reason, legal or otherwise, the Assignment and each Power of Substitution must be acknowledged before a Notary Public. (Forms No. 2, 3, for witness 10 and 11.)

12. Securities in the name of Foreign Residents are not a delivery on the day the transfer books are closed for payment of a Dividend or Registered interest, and reclamation can only be made on that day.

13. Securities in the name of Foreign Residents must be accompanied by an acknowledgment before a United States Consul or J. S. Morgan & Co., London, when required by transfer agents.

Several companies having transfer offices at Grand Central Station, New York, make this requirement.

14. Certificate of stock on which the name of a transferee has been filled in error, may be made a delivery during the closing of the transfer books by ruling of the Committee on Securities. Necessary form of release, cancellation and reassignment will be furnished on application to the Committee on Securities.

15. An endorsement by a member or his firm registered and doing business in the Borough of Manhattan, or the signature as a witness by such a member, of a signature to an Assignment or a Power of Substitution, is a guarantee of its correctness. Each Power of Substitution, as well as the Assignment, must be so guaranteed or witnessed.

16. The Receiver of Stock may demand delivery by transfer when the transfer books are open, and must give ample time in which to make transfer. The Seller may demand payment for the securities at the time and place of transfer. The Seller may make delivery by transfer when personal liability attaches to ownership.

17. When a claim is made for a dividend on Stock after the transfer books have been closed, the party in whose name the Stock stands may require from the claimant presentation of the certificate, a written statement that he was the holder of the stock at the time of the closing of the books, a guarantee against any future demand for the same and the privilege to record on the certificate evidence of the payment by Cash or Due Bill.

18. "Coupon Bonds issued to Bearer, havmg an endorsement upon them not properly pertaining to them as a security, must be sold specifically as 'Endorsed Bonds,' and are not a delivery, except as 'Endorsed Bonds.' " Extract from Resolutions of Governing Committee, adopted May 23, 1883.

A definite name of a person, firm, corporation, an association, etc., such as "John Smith," "Brown, Jones & Co.," "Consolidated Bank" appearing upon a coupon bond, and not placed there for any purpose of the Company by any of its officers, implies ownership, and is an "Endorsed Bond" under the above resolution.

19. Any endorsement on a coupon bond, stating that it has been deposited with a State for bank circulation or insurance requirement, may be released and release acknowledged before a Notary Public; it will then be a delivery as a "Released Endorsed Bond."