"Rights To Subscribe."

20. Assignments of "Rights" with the signature of the assignor witnessed and guaranteed in the same manner as other assignments as provided in these rules, are a delivery: -

(a) An assignment of the "Rights" accruing on each 100 shares; or, Assignment of "Rights" on odd lots aggregating the "Rights" on 100 shares.

(b) An Assignment for the exact amount, or Assignments aggregating the amount, on a sale of the "Rights" accruing on an odd lot of stock.

21. Assignments of "Rights" in the name of a Married Woman, Widow, or an Unmarried Woman are a delivery without notarial acknowledgment.

22. Assignments of "Rights" made by a deceased person or a firm that has ceased to exist are not a delivery, and must be taken back by the party delivering them.

23. Assignments of "Rights" signed by Trustees, etc, or for corporations, etc, are not a delivery until passed by the Committee on Securities.

24. "Rights" may be dealt in after a day to be fixed by the Committee on Securities. Warrants for rights are deliverable upon a subsequent day to be fixed by the Committee; after said day all dealings shall be as in other securities.

25. Due Bills for "Rights" accompanying stock, which by ruling of the Committee on Securities, does not sell "Ex-Rights" at the closing of the books, must be redeemed on a day fixed by the Committee on Securities.

26. Contracts in Warrants for "Rights" may be enforced "under the rule."

Reference is made to Section 2 of Article XXXII of the Con-stitution for method of settlement of contracts carrying VI - 25

"Rights" other than those covered by 24 and 25 of these Rules, and also for Rights accruing during the pendency of a contract,

Reclamations

27. Reclamation for irregularity in a security, when such irregularity affects only its currency in the market, must be made within ten days from day of delivery of the security. (Article XXIX, Constitution.) A security with any irregularity having been delivered may be returned up to 2:15 o'clock p. m., to the party who delivered it, who must immediately give the party presenting it either the security in proper form for delivery, or pay the market price of the security, and assume all liability for non-delivery. In the latter case, the security in proper form may be delivered to the claimant before 2:15 p. m., and the amount paid shall be returned.

Signatures To Assignments And Due Bills

28. The signature to an Assignment or a Power of Substitution must be technically correct, i. e., it must correspond in every particular, without any change, with the name in which the security is issued, and the name of the Attorney or Substitute.

The date of an Assignment or a Power of Substitution must be legible, and any correction properly noted by the signer.

(a) Titles must be prefixed or affixed to signatures exactly as they are in the name in which the security is issued.

(b) "Brothers" or "Bros." must be written as it appears in the security.

(c) "And" or "&" "Company" or "Co." may be written either way.

(d) "Mr.," "Messrs.," "Esq.," or the Residence or business

Address of an individual or firm need not be made part of the signature.

(e) Due Bills must be signed by a member or a firm registered and doing business in the Borough of Manhattan.

The Committee rcommends: -

That Transfer Agents be given the exact form of the names to which securities are to be transferred.

That the signatures of all members and the firm signatures of each of the partners in a member's firm doing business in the Borough of Manhattan be filed with transfer offices in order to secure promptness of transfer of securities.