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8/9/2019 Corporate Law Project View
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),156482: nkb un} rj d a hv}racv dhek fnki rc f d
evnkrdb n lhmdk}d fx rj d Ecqd vko dkr ca Pnih}rnk+ U hrj rcrnl n}}dr} ca cqd v
PIV 11 +4F hllhck, d~t hrxca PIV 2 +4F hllhck, nkb bdpc }hr}ca nlo c}r PIV 46
F hllhck, NFK NOVC h} plnmdb nkb u dll pc }hrhckdb n} ckd ca rj d lnvedv
acv dhek fnki} hk Pnih}rnk+Ud jn qd pc }rdb p v d/rnz pv ca hr}ca kdnvlx PIV 6+6
F hllhck *Bdmdof dv =>, 6004(, nkb rj d VCD ca nlo c}r 4>$ h} no cke}r rj d
jhej d}r hk hr} pddv ev ctp + Cqd v rj d ln}r act v xdnv}, NFK NOVC jn}
}hekha hmnkrlx dkjnkmdb hr} pv ca hld hk Pnih}rnk, nkb h} mco acvrnflx vnki dbno cke}r rj d rcp = ac v dhek fnki} hk rj d bc o d}rhm onvi dr+ Rj d fnki jn}
mt vv dkrlx o cv d rjnk >0 fvnkmjd} nll cqd v Pnih}rnk, hkmltb hke mhrhd} lhi d
I nvnmjh,Lnj cv d, H}lnonfn b, Anh}nlnfnb nkb Ot lrnk+
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6
$">+ ,>' !60= "> ,*1 64% " ,>" !* " !5$">+ ,>' !60= "> ,*1 4:#*1
Rj d fnki} hk Pnih}rnk nv d acvo db t kbdv rj d acllc uhke nmr+Hr mco pvh}d} nf ct r 84 }dmrhck}
uhrj }t f}dmrhck}+]d mrhck 84 h} }rnkb v dpdnldb+ Rj d }dmrhck} nv d bhqhbdb n} }t mj7
]d mrhck} >/1 mckrnhk edkdvnl fnki bda hkhrhck} nkb nv d edkdvhm+
]d mrhck} 5/ 2 6 bh}mt }} f t }hkd}} ca rj d fnkihke mco pnkhd}+
]d mrhck} 2=N 2=A bh}mt } rvnk}nmrhck ca fnkihke f t }hkd}} hlldenllx fx lnu
]d mrhck} 22/ 48 b h}mt }} }t } pdk}hc k ca f t }hkd}} nkb uhk bhke tp ca fnkihke
mco pnkhd}
]d mrhck} 10/: 6 mckrnhk } pdmhnl no dkbo dkr
]d mrhck} : 6N/: 6E mckrnhkF nkihke Oc j}rn}hf
]d mrhck} :=/8 4 mckrnhk oh}mdllnkdct } }dmrhck} lhi d pdknlrhd}, mjnked ca kno d fx n
fnkihke mc o pnkx, nlrdvnrhck ca o do cvnkbt o fx n fnkihke mco pnkx
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' :,%*#, > *1 (64 6=* > ,>' " > *7 $">+ $ 4 "> !)
Nkkdztvd/HHH rc HFB Mhvmtlnv Kc+ 06 ca 6002
U hrj rj d c fgdmrhqd ca p v co c rhke H}lnohm fnkihke hk Pnih}rnk, rj d acllcuhke Et hbdlhkd} acv cpd khke ca ] rnkb/ nlckd fvnkmjd} acv F nkihke fx dzh}rhke mc oo dvmhnl fnki} jn qd
f ddk pv dpnv db fx ] rnrd F nki ca Pnih}rnk+Rj d fnki} pv cq hbhke mc o plhnkr pv cbt mr} nkb
}dv qhmd} nv d v d~t hv db rc n pp lx rc rj d ] rnrd F nki acv h}}t nkmd ca n lhmdk}d t kbdv rj d}d
Et hbdlhkd}+
LHMDK]HKE VD^THVDODKR] ACV FNKIHKE FVNKMJ *D](
DLHEHFHLHRX MVHRDVHN
Rj d dlhehfhlhrxca n fnki rc cpd k fnkihke fvnkmj*n}( }jnll f d mck}hbdv db fx rj d ] rnrd
F nki i ddphke hk qhdu, no cke c rj dv}, rj d a hknkmhnl }rv dkerj ca rj d fnki n} dqhbdkr a v c o
hr} mn phrnl fn}d*kdr mn phrnl a v dd ca nmrt nl nkb pc rdkrhnl lc}}d}(, nbd~t nmx ca hr} mn phrnl
}rv t mrt v d, v dmcv b ca dnvkhke mn pnfhlhrhd}, at rt v d dnvkhke pv c} pdmr}ca rj d fnki, onkne dvhnl
mn pnfhlhrhd}, fnki} lh~t hbhrx pc }hrhck, rvnmi v dmcv b ca rj d fnki} nbj dv dkmd rc p v tbd krhnl
v det lnrhck}, mv dbhrbh}mh plhkd, ~t nlhrxca mt }rco dv }dv qhmd} nkb rj d mckqdkhdkmd nkb
Rj d kddb} ca rj d pcpt lnrhck ca rj d nv dn rc f d }dv qdb fx rj d pv cpc }db fvnkmj+Hk nbbhrhc k,
rj d acllcuhke mck}hbdvnrhck} uhll nl}c f d rni dk hk rj d evnkr ca rj d lhmdk}d7/
Fnki} jnqhke MNODL] vnrhke ca >, 6 nkb = hk rjd ln}r CK/]HRD hk}pdmrhck }jnll
fd dlhehfld acv cpdkhke Fnkihke Fvnkmjd}+
Rjdvd }jctlb kcr fd ongcv nbqdv}d hk}pdmrhck ahkbhke} nenhk}r rjd fnki+
Rjd fnki }jnll hbdkrhax dzpdvhdkmdb nkb rvnhkdb idx }rnaa rc jnkbld rjd HFF
cpdvnrhck}+
PJX]HMNL ]DR/TP
Dqdvx lhmdk}db fvnkmj ca n fnki }jnll mnvvx n kno d, nkb }jnll hkqnvhnflx f d v d~t hv db rc
Pv cohk dkrlx bh} plnx rj d kno d ca rj d fvnkmj n} }rh pt lnrdb hk rj d lhmdk}d+
Ahknkmhkepv cbt mr} pdvrnhkhke rc HFF cpd vnrhck}+ Nll bc mt o dkr} *hkmltb hke ldbedv},
v deh}rdv}, pnx/hk/}lh p}, mjd~td }, v dmdh pr}, pn}}fcc i}, drm+(
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T }db hk rj d HFB nkb HFF*}( }jnll f d n ppv cp vhnrdlx onvi db, }c n} rc d n}hlxbh}rhket h}j rj d
bc mt o dkr} pdvrnhkhke rc mcoo dvmhnl fnkihke+ Hk cv bdv rc daa hmhdkrlx t rhlhwd rj d dzh}rhke
fvnkmj kdru cvi, rj d fnki onx nt rj cvhwd }c o d ca hr} fvnkmjd} rc }dll rj d H}lnohm fnkihke
bdpc }hr }mjdo d}+Jc u dqdv, hk }t mj mn}d} pv cpd v }x}rdo} nkb mckrv c l }j ct lb f d hkplnmd rc
dk}t v d rjnr rj d at kb rvnk}adv rni d} plnmd c k rj d }no d bnx rc#a v co rj d HFF+Rj d nt rj cvhwdb
fvnkmjd} }jnll kc r, hk nkx onkk dv ujnr} cdqdv, v dmdhqd#pnx hkrdv d}r ck }t mj }dv qhmd}+Rj d
nt rj cvhwdb fvnkmjd} onx mjnved n v dn}cknfl d add#mcooh}}h c k ck }nld ca }t mj bdpc }hr
}mjdo d} t kbdv n pc lhmx rc f d n ppv cqdb fx rj d Fc nv b ca B hv dmrcv} cv hk mn}d ca fvnkmjd}
ca acv dhek fnki}, rj dhv Jd nb
PVCMD]]HKE ADD
N p v cmd}}hke add @ V }+ 64,000 #/ pdv fvnkmj n pp lhdb hk rj d Pv cpc }nl#Plnk jn} f ddk a hzdb+
Rj d fnki} ujhl d }t fohrrhke rj d Pv cpc }nl#Plnk }jnll hkqnvhnflx dkmlc}d n mjd~td hk rj d
kno d ca ] rnrd F nki ca P nih}rnk n} pv cmd}}hke add+Rj d Pv cpc }nl#Plnk uhrj ct r rj d no ct kr
ca pv cmd}}hke add}jnll kc r f d dkrdvrnhkdb+Rj d pv cmd}}hke add uhll f d kck/v dat kbnfl d+
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$ 4 "> !) #,1* > !, >' 4:#*1 "> % =6#,!,*1 $ < 15 " 5*
$">+ ="+ ,15 ">
Rj d F vnkmj Lhmdk}hke Pc lhmx n pp lhmnfld uhrj daadmra v co >}r Npvhl 600 > rc nll }mjdbt ldb fnki} hkmltb hke fvnkmjd} ca acv dhek fnki} cpd vnrhke uhrjhk rj d rdvvhrcvx ca P nih}rnk jn}
f ddk tpb nrdb+ Rj d rdvo fnki uj dv dqdv t }db j dv dt kbdv }jnll o dnk nkb hkmltbd fnki}
hkmcv pc vnrdb hk Pnih}rnk n} u dll n} nll fvnkmjd} ca acv dhek fnki} cpd vnrhke hk Pnih}rnk
t kbdv ]d mrhck 65 ca F nkihke Mco pnkhd} Cv bhknkmd, >816+
NKTTNL FVNKMJ DZPNK]HCK PLNK
Dnmj fnki jn} rc }t fohr rc ] rnrd F nki ca P nih}rnk *]FP ( acv n ppv cq nl nk Nkkt nl F vnkmj Dz pnk}hc k Plnk *NFDP( nr ldn}r =0 bnx} f dacv d rj d mcoo dkmdo dkr ca dnmj mnldkbnv xdnv
*Gnkt nvx/Bd mdof dv( bt vhke ujhmj hr plnk} rc cpd k fvnkmjd}+ Rj d plnk hkbhmnrd} rj d
kt of dv ca rj d kdu fvnkmjd} pv cpc }db rc f d cpd kdb hk t vfnk nkb v t vnl nv dn}, lcmnrhck ca
dnmj ca rj d pv cpc }db fvnkmj nkb rj d nv dn ujhmj hr u ct lb }dv qd, fvnkmjd} pv cpc }db rc f d
mlc}db *ha nkx(, rj d kt of dv ca dzh}rhke fvnkmjd} hkmt vvhke lc}}d} mck}dmt rhqdlx acv rj d ln}r
rjv dd xdnv}, nvvnkedo dkr} acv onkne dvhnl nkb c rj dv }rnaa o dof dv} nkb hkacvonrhck
rdmjkc lcex nmmd}} nkb lhkine d acv rj d pv cpc }db fvnkmjd} nkb nvvnkedo dkr} acv j ct }hke
dnmj ca rj d pv cpc }db fvnkmj+ ] rnrd F nki rj dk mck}hbdv} rj d Plnk acv kdu fvnkmjd}
i ddphke hk qhdu rj d kddb ca rj d }x}rdo nkb evnkr n ppv cq nl hkpvhkmh pld acv kt of dv ca kdu
fvnkmj *d}( rjnr fnki uhll f d nllcu db rc cpd k bt vhke rj d ehqdk mnldkbnv xdnv uhrjhk =0
bnx} a v c o rj d bnrd ca v dmdh pr ca NFDP mco pldrd hk nll v d} pdmr+Hk mn}d nkx NFDP ca n
fnki h} kc r n ppv cqdb rj d ]FP hkqnvhnflx hkrhonrd} rj d }no d hk uvhrhke rc rj d fnki uhrjhk
=0 bnx} a v c o rj d bnrd ca }t foh}}hc k ca bt lx mc o pldrdb NFDP rc ]FP +
H]]TD CA LHMDKMD ACV FVNKMJ CPDKHKE
Rj d lhmdk}d acv hkbhqhbt nl fvnkmj cpd khke h} h}}tdb c k v dmdh pr ca acvonl n pp lhmnrhck ck
pv d}mvhfdb acvonr t kbdv rj d pv cq h}hc k} ca ]d mrhck 6: ca rj d F nkihke Mco pnkhd}
Cv bhknkmd, >816+ Rj d lhmdk}d h} h}}tdb ac v cpd khke ca kdu plnmd ca f t }hkd}} uj dk
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dqhbdkmd h} pv cq hbdb rjnr nbd~t nrd }dmt vhrx nvvnkedo dkr} nv d hk plnmd nr rj d pv cpc }db
plnmd ca f t }hkd}} nkb rj d Rc uk Plnkkhke Vdet lnrhck} nv d kc r qhc lnrdb+Vd~td }r acv n kdu
fvnkmj hk Nwnb Gnoo t nkb I n}johv *NG!I ( uhll jn qd rc f d }tppc vrdb fx rj d NG!I
Ecqd vko dkr+ Rj d n ppv cq nl hk pvhkmh pld evnkrdb t kbdv n pnvrhmt lnv NFDP }jnll ln p}d hk
mn}d fnki a nhl} rc }t fohr n acvonl n pp lhmnrhck acv h}}t nkmd ca lhmdk}d nr ldn}r =0 bnx}
f dacv d rj d dz phvxca rjnr pnvrhmt lnv xdnv+] hohlnvlx lhmdk}d h}}tdb t kbdv v d} pdmrhqd NFDP
}jnll dz phv d uj dv d n fnki a nhl} rc cpd k rj d fvnkmj f dacv d =>}r Bdmdof dv ca rjnr xdnv+Rj d
lhmdk}d onx f d v dqc i db hk mn}d hr }t f}d~td krlx rvnk} phv d} rjnr rj d fnki jn b on bd onr dvhnl
oh}/v dpv d}dkrnrhck ca a nmr}cv mckmdnlo dkr ca onr dvhnl hkacvonrhck nkb rj d v d} pc k}hfld
caa hmhnl*}( }jnll pdv}cknllx f d lhnfld acv nmrhck t kbdv ]d mrhck := ca rj d F nkihke
Mco pnkhd} Cv bhknkmd, >816+
CVBDV ACV NRO HK]LNLLODKR Acv rj d hk}rnllnrhck ca Nt rconr db Rdlldv O nmjhkd} *NRO }(, fnki} uhll acllcu rj d
hk}rv t mrhck} ehqdk f dlcu+
Rj d fnki} nv d a v dd rc hk}rnll NRO } uhrjhk fvnkmj pv doh}d} *ck/}hrd( n} u dll n} nr caa }hrd
plnmd} pv cq hbdb rj dx hkacvo ] rnrd F nki ca Pnih}rnk hk uvhrhke rjv dd bnx} f dacv d rjnr
NRO f dmc o d} cpd vnrhcknl+
Fdacvd dzrdkbhke rjd anmhlhrx ca mn}j ! mjd~td bdpc}hr} rjvctej NRO} rc rjdmt}rcodv}, fnki} ot}r bdqdlcp nkb ptr hk plnmd n udll bdahkdb pvcmdbtvd,
hkmltbhke vd}cltrhck ca bh}ptrd} hk rjh} vdenvb nkb acvunvb n mcpx ca rjh} rc ]FP
acv hkacvonrhck+
N }teed}rdb pvcmd}} acv mn}j#mjd~td bdpc}hr} hk rjd NRO} nkb hr} tlrhonrd mvdbhr
rc rjd mt}rcodv} nmmctkr h} dkmlc}db+ Rjd fnki} onx, jcudqdv, nbb ocvd
}rdp}#odn}tvd} acv mn}j#mjd~td bdpc}hr} rc atvrjdv }rvdkerjdk rjd pvcmd}}+
Fnki} }jnll dk}tvd pvcpdv }dmtvhrx nr caa/}hrd NRO} rc nqchb nkx hkmhbdkr} ca
}knrmjhke, vcffdvx, bnmchr drm+
Dqdvx fnkihke mcopnkx }jnll, uhrjhk }dqdk bnx} nardv rjd mlc}d ca dnmj vdpcvrhke
~tnvrdv, }tfohr rc Fnkihke Pclhmx Bdpnvrodkr ca ]rnrd Fnki ca Pnih}rnk n
~tnvrdvlx }rnrdodkr vdenvbhke hk}rnllnrhck ca Ntrconrdb Rdlldv Onmjhkd}
*NRO}(, uhrjhk nkb ctr}hbd rjd pvdoh}d} acv hkacvonrhck nkb vdmcvb+
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MNOKDL] VNRHKE
MNODL] vnrhkeca >,6 nkb = hk rj d ln}r Ck/] hrd Hk} pdmrhck ca rj d fnki cv n }nrh}a nmrcvx
mco pc }hrd vnrhke ca rj d fnki n}}hekdb t kbdv ]FP } Hk}rhrt rhcknl V h}i N}}d}}o dkr
Avno du cvi }jnll f d rj d dlhehfhlhrx mvhrdvhn acv n ppv cq nl cv crj dvuh}d ca rj d NFDP + Hk
nbbhrhck, rj d dlhehfhlhrxca n fnki rc cpd k n kdu plnmd ca f t }hkd}} h} mck}hbdv db fx rj d
] rnrd F nki i ddphke hk qhdu, no c ke c rj dv}, rj d a hknkmhnl }rv dkerj ca rj d fnki n} dqhbdkr
a v c o hr} kdr u cvrj *kdr d~t hrx a v dd ca nmrt nl nkb pc rdkrhnl lc}}d}(, nkb nbd~t nmx ca hr}
mn phrnl }rv t mrt v d, v dmcv b ca dnvkhke mn pnfhlhrhd}, at rt v d dnvkhke pv c} pdmr} ca rj d fnki
onkne dvhnl mn pnfhlhrhd}, fnki} lh~t hbhrxpc }hrhck, rvnmi v dmcv b ca rj d fnki} nbj dv dkmd rc
pv tbd krhnl v det lnrhck}, mv dbhr bh}mh plhkd}, ~t nlhrx ca mt }rco dv} }dv qhmd}, }rnaa
onkne do dkr v dlnrhck}jh p nkb rj d mckqdkhdkmd nkb rj d kddb} ca rj d pcpt lnrhck ca rj d nv dn
rc f d }dv qdb fx rj d pv cpc }db fvnkmj+ Oc v dcqdv, rj d acllcuhke mck}hbdvnrhck} nv d nl}c
rni dk hk rj d evnkr ca lhmdk}d7/
Rjd cpdkhke ca fvnkmjd} hk vtvnl nkb tkbdv fnkidb nvdn} h} d ehqdk pvdadvdkmd+
Pvdadvdkmd h} nl}c ehqdk rc rjc}d fvnkmjd}, ujhmj nvd mckkdmrdb dldmrvckhmnllx,
pvcqhbd trhlhrx fhll vdmdhpr }dvqhmd} nkb dzpdbhrd bdlhqdvx ca jcod vdohrrnkmd}+
Hk mn}d ca acvdhek fnki}, hk nbbhrhck rc nfcqd, rjd pdvacvonkmd ca rjdhv dzh}rhke
fvnkmjd}, ldqdl ca mcoohrodkr rc rjd lcmnl onvidr, }ctkb hkrdvknrhcknl
vdptrnrhck, pvcqh}hck ca atll vnked ca fnkihke }dvqhmd}, kdu hkqd}rodkr fx rjdhv J+C+ drm, h} n ethbhke anmrcv acv h}}thke avd}j Lhmdkmd}+
PDVOH]]HCK RC MLC]D FVNKMJD]
F nki} nv d a v dd rc mlc}d nkx ca rj dhv dzh}rhke fvnkmjd} cpd vnrhke nr fnki db p lnmd}, uhrj ct r
c frnhkhke pvhcv n ppv cq nl ca ] rnrd F nki ca Pnih}rnk+F nki} nv d nl}c a v dd rc mlc}d nkx ca
rj dhv dzh}rhke fvnkmjd} hkt k/ fnki db nv dn pv cq hbdb rj d nv dn h} kc r lda r uhrj ct r nk nlrdvknrdnvvnkedo dkr acv pv cq h}hc k ca fnkihke }dv qhmd} rc rj d lcmnl mc oo t khrx+ Hr h} j dv d fx
mlnvha hdb rjnr ujhl d mlc}hke fvnkmjd} nr t k/ fnki db p lnmd}, Pc }r Caa hmd}#TFL Pc }r Caa hmd
Mct krdv}cv crj dv }hohlnv mct krdv}cpd vnrhke uhrjhk n vnbht } ca 4 I +O + onx kc r f d rv dnrdb
nr pnv uhrj rj d fvnkmjd}, n} rj d}d nv d kcr n }t f}rhrt rd acv rj d fvnkmj+ N p lnmd#nv dn uhll
bddo rc f d t k/ fnki db p lnmd ha kc fvnkmj ca nkx crj dv fnki h}cpd vnrhke uhrjhk vnbht } ca 4
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I +O +Rj d mlc}t v d ca rj d fvnkmj }j ct lb f d hkrhonrdb rc rj d ] rnrd F nki ca P nih}rnk ck rj d
pv d}mvhfdb Pv cac von uhrjhk ru dkrx ckd *6>( bnx} ca rj d mlc}t v d ca rj d fvnkmj,
}hot lrnkdct }lx }t vv dkbdvhke rj d lhmdk}d ca rj d fvnkmj rc rj d ] rnrd F nki+ Nkx fvnkmj
mlc}db bc uk fx rj d fnki} hk qhc lnrhck ca F vnkmj Lhmdk}hke Pc lhmx jn qd rc f d v dcpdkdb
nkb mcka hvonrhck hk rjh} v denv b f d }t fohrr db rc ]FP +
PDVOH]]HCK RC ]JHAR FVNKMJD]
F nki} nv d a v dd rc }jha r cv v dlcmnrd rj dhv fnki db nv dn fvnkmjd} uhrjhk rj d }no d
mhrhd}#rcuk} #qhllned} nkb c k mct krvxuhbd fn}h} uhrj ct r ]FP }pvhcv n ppv cq nl+Jc u dqdv
Pvhcv pdvoh}}hc k h} v d~t hv db acv }jha rhke ca fvnkmjd} a v co c rj dv plnmd} hk rj d mct krvx rc
a hqd o drv cpc lhrnk nv dn} h+d+ I nvnmjh, H}lnonfn b/V nunl phkbh, Lnj cv d, Pd}jnunv nkb
Anh}nlnfnb acv ujhmj rj dx uhll f d v d~t hv db rc }t fohr rj dhv n pp lhmnrhck ck rj d pv d}mvhfdb
Pv cac von+ KFP uhll, j cu dqdv, f d v d~t hv db rc c frnhk pvhcv mldnvnkmd a v co Nmmct kr}
Bdp nvro dkr, ] rnrd F nki ca Pnih}rnk, f dacv d }jha rhke ca rj dhv fvnkmjd} mckbt mrhke rv dn}t vx
u cvi+ Hkrhonrhck ca }jha rhke ca n fvnkmj uhll f d }dkr fx rj d fnki mckmdvkdb rc rj d ] rnrd
F nki ca Pnih}rnk uhrjhk >4 bnx} a v c o rj d bnrd ca hr} }jha rhke ck pv d}mvhfdb Pv cac von+
PDVOH]]HCK ACV ]JHARHKE FCCRJ]
F nki} mnk }jha r rj dhv pdvonk dkr f cc rj} *crj dv rjnk T rhlhrx F hll} Mclldmrhck Fcc rj}(
uhrjhk rj d }no d mhrx#rcuk #qhllned uhrj ct r pvhcv n ppv cq nl ca ]FP +Jc u dqdv, acv }jha rhke
T rhlhrxF hll} Mclldmrhck Fcc rj} hkmltb hke }jha rhke hkrc fvnkmj pv doh}d}, fnki} uhll f d
v d~t hv db rc c frnhk pvhcv n ppv cq nl ca ]FP p v cq hbdb }t mj }jha rhke onx kc r nrrvnmrpt flhm
mco plnhkr}+ Jc u dqdv, lhmdk}d ca n f cc rj }jha rdb hkrc fvnkmj pv doh}d} }jnll }rnkb
mnkmdlldb ha ]FP nllcu} }t mj }jha rhke+ Hk }t mj n mn}d rj d fnki uhll cpd k n }dpnvnrd
mct krdv hk rj d }nhb fvnkmj acv mc lldmrhck ca t rhlhrx fhll}+Hk nll mn}d} ca }jha rhke ca f cc rj},
hkrhonrhck }j ct lb f d ehqdk rc ]FP uhrjhk >4 bnx} a v co rj d bnrd ca }jha rhke+
FVNKMJ KNOHKE
Dqdvx lhmdk}db fvnkmj ca n }mjdbt ldb fnki }jnll mnvvx n kno d nkb hkqnvhnflx f d v d~t hv db
rc p v cohk dkrlx bh} plnx ct r}hbd rj d fvnkmj+
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PVCMD]]HKE ADD]
N p v cmd}}hke add @ V }+64, 000 #/ pdv fvnkmj n pp lhdb hk Nkkt nl F vnkmj Dz pnk}hc k Plnk
*NFDP( jn} f ddk a hzdb uhrj daadmr a v c o Nkkt nl F vnkmj Dz pnk}hc k Plnk *NFDP( acv
600 =+Rj d fnki} ujhl d }t fohrrhke rj dhv NFDP }jnll hkqnvhnflx dkmlc}d n mjd~td hk rj dkno d ca ] rnrd F nki ca Pnih}rnk n} pv cmd}}hke add+ Rj d NFDP uhrj ct r rj d no ct kr ca
pv cmd}}hke add }jnll kc r f d dkrdvrnhkdb+Rj d pv cmd}}hke add uhll f d kck/v dat kbnfl d+
PDKNLRX
F nki} }jnll v dkbdv rj do} dlqd} lhnfld rc p nx a hkd n} pv cq hbdb hk FPVB M hvmt lnv Kc +6>
bnrdb rj d 8rj Gtkd, >888 ac v kck/mc o plhnkmd#qhc lnrhck ca nkx ca rj d pv cq h}hc k} ca rj d
F vnkmj Lhmdk}hke Pc lhmx hk nbbhrhc k rc rj d pdknlrx o dkrhckdb nf cqd+
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>0
=) " 1* $ 4 "> !) #,1* > !, >' : > %*4 1*!5,6 >
Nmmcv bhke rc }dmrhck 65 ca fnkihke cv bhknkmd Nmr,>816
*>( Kc hkbhqhbt nl cv n}}cmhnrhck cv f cb x ca hkbhqhbt nl}, kc r f dhke n mc o pnkx, }jnll mnvvx
ck fnkihke f t }hkd}} hk Pnih}rnk nkb, }nqd n} j dv dhkna rdv pv cq hbdb, kc mco pnkx }jnll
mnvvxck fnkihke f t }hkd}} hkPnih}rnk t kld}} hr j c lb} n lhmdk}d h}}tdb hk rjnr f djnl a fx rj d
] rnrd F nki9 nkb nkx }t mj lhmdk}d onx f d h}}tdb }t fgdmr rc }t mj mckbhrhck} n} rj d ] rnrd
F nki onx rjhki a hr rc ho pc }d+
*6( Dqdvx fnkihke mc o pnkx hk dzh}rdkmd c k rj d mcoo dkmdo dkr ca rjh} Cv bhknkmd, f dacv d
rj d dz phvx ca }hz o c krj} a v c o }t mj mc oo dkmdo dkr, nkb dqdvx c rj dv mco pnkx f dacv d
mcoo dkmhke fnkihke f t }hkd}} hk Pnih}rnk, }jnll n pp lx hk uvhrhke rc rj d ] rnrd F nki acv n
lhmdk}d t kbdv rjh} }dmrhck7 Pv cq hbdb rjnr kc rjhke hk }t f /}dmrhck *>( }jnll f d bddo db rc
pv c jhfhr n fnkihke mco pnkx hk dzh}rdkmd c k rj d mcoo dkmdo dkr ca rjh} Cv bhknkmd a v c o
mnvvxhkeck fnkihke f t }hkd}} t krhl hr h} evnkrdb n lhmdk}d hkpt v}t nkmd ca rjh} }dmrhck cv h}
fx kc rhmd hk uvhrhke hkacvo db fx rj d ] rnrd F nki rjnr n lhmdk}d mnkkc r f d evnkrdb rc hr7
Pv cq hbdb at vrjdv rjnr rj d ] rnrd F nki }jnll kc r ehqd n kc rhmd n} n acv d}nhb rc n fnkihke
mco pnkx hk dzh}rdkmd c k rj d mc oo dkmdo dkr ca rjh} Cv bhknkmd f dacv d rj d dz phvxca rj d
pdvhcb ca ru c xdnv} hk rj d mn}d ca fnkihke mc o pnkhd} hkmcv pc vnrdb hkPnih}rnk nkb ca }hz
o c krj} hk rj d mn}d ca fnkihke mc o pnkhd} hkmcv pc vnrdb ct r}hbd Pnih}rnk v dadvv db rc hk
}t f / }dmrhck *>( ca }dmrhck >= cv ca }t mj at vrjdv pdvhcb n} rj d ] rnrd F nki onx t kbdv rj d
pv cq h}c rc rjnr }t f /}dmrhck rjhki a hr rc nllcu+
*=( Fdac v d evnkrhke nkx lhmdk}d t kbdv rjh} }dmrhck, rj d ] rnrd F nki onx v d~t hv d rc f d
}nrh}a hdb fx nk hk} pdmrhck ca rj d f cc i} ca rj d mc o pnkx cv c rj dvuh}d rjnr nll cv nkx ca rj d
acllc uhke mckbhrhc k} nv d at la hlldb, kno dlx7/
*n( Rjnr rj d mc o pnkx h}cv uhll f d hk n pc }hrhck rc p nx hr}pv d}dkr cv at rt v d bdpc }hrcv} hk at ll n} rj dhv mlnho} nmmv td 9
* f( rjnr rj d naa nhv}ca rj d mco pnkx nv d kc r f dhke cv nv d kcr lhi dlx rc f d mckbt mrdb hk n
onkk dv bdrvhodkrnl rc rj d hkrdv d}r} ca hr}pv d}dkr cv at rt v d bdpc }hrcv}9
*m( rjnr hk rj d mn}d ca n mco pnkx hkmcv pc vnrdb ct r}hbd Pnih}rnk, rj d Ecqd vko dkr cv lnu ca
rj d mct krvx hk ujhmj hr h} hkmcv pc vnrdb p v cq hbd} rj d }no d a nmhlhrhd} rc fnkihke mc o pnkhd}
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>>
v deh}rdv db hkPnih}rnk n} rj d Ecqd vko dkr cv lnu ca P nih}rnk evnkr} rc fnkihke mc o pnkhd}
hkmcv pc vnrdb ct r}hbd Pnih}rnk nkb rjnr rj d mco pnkx mc o plhd} uhrj nll rj d pv cq h}hc k} ca
rjh} Cv bhknkmd n pp lhmnfld rc fnkihke mco pnkhd} hkmcv pc vnrdb ct r}hbd P nih}rnk+
*2( Rj d ] rnrd F nki onx mnkmdl n lhmdk}d evnkrdb rc n fnkihke mc o pnkx t kbdv rjh}
}dmrhck,
*h(Ha rj d mco pnkx mdn}d} rc mnvvxck fnkihke f t }hkd}} hkPnih}rnk9cv
*hh(Ha rj d mc o pnkx nr nkx rhod a nhl} rc mco plx uhrj nkx ca rj d mckbhrhck} ho pc }db tpc k hr
t kbdv }t f /}dmrhck *>(9cv
*hhh(Ha nr nkx rhod, nkx ca rj d mckbhrhck} v dadvv db rc hk }t f / }dmrhck *=( mdn}d} rc f d
at la hlldb7
Pv cq hbdb rjnr f dacv d mnkmdlhke n lhmdk}d t kbdv mlnt }d *hh(cv mlnt }d *hhh(ca rjh} }t f}dmrhck
ck rj d ev ct kb rjnr rj d fnkihke mc o pnkx jn} a nhldb rc mco plx uhrj cv jn} a nhldb c v mdn}dbrc at la hll nkx ca rj d mckbhrhck} v dadvv db rc rj dv dhk, rj d ] rnrd F nki, t kld}} hr h}ca cp hkhc k
rjnr rj d bdlnx uhll f d pv d gtb hmhnl rc rj d hkrdv d}r ca rj d mc o pnkx}bdpc }hrcv}cv rj d pt flhm,
] jnll evnkr rc rj d mco pnkx ck }t mj rdvo} n} hr onx } pdmha x, nk cppc vrt khrx ca rnihke rj d
kdmd}}nvx }rdp} acv mco plxhke uhrj cv at la hllhke }t mj mckbhrhc k+
*4( Nkx fnkihke mc o pnkx neevhdqdb fx rj d bdmh}hc k ca rj d ] rnrd F nki mnkmdlhke n
lhmdk}d t kbdv rjh} }dmrhck onx, uhrjhk rjhvrx bnx} a v co rj d bnrd c k ujhmj }t mj bdmh}hc k h}
mcoo t khmnrdb rc hr n pp lx acv v dqhdu rc rj d Mdkrvnl Fc nv b ca rj d ] rnrd F nki+
*1( R j d bdmh}hc k ca rj d ] rnrd F nki }t fgdmr rc rj d v d}t lr ca v dqhdu }jnll f d a hknl+
65N PVCJHFHRHCK CA NBQDVRH]HKE ACV BDPC]HR] NKB
MCLLDMRHCK
Kcruhrj}rnk bhke nkxrjhke mckrnhkdb hk nkx c rj dv lnu acv rj d rhod f dhke hk acvmd, kc
mco pnkx, a hvo cv pdv}ck, kcr f dhke n fnkihke mco pnkx cv n mcv pc vnrhck cv nt rj cvhrx
d}rnflh}j db fx rj d Adbdvnl Ecqd vko dkr cv n mco pnkx bt lx nt rj cvhwdb hk rjh} f djnl a fx
rj d Mckrv c lldv ca Mn phrnlH}}td } cv rj d Mcv pc vnrd lnu Nt rj cvhrxcv rj d Vdeh}rvnv+
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>6
]RDP UH]D PVCMD]] RC CPDK N FNKI FVNKMJ NR UNJ MNKRR
Rj d acllcuhke n pp lhmnrhck cv acvo uhll f d a hlldb nkb v drt kdb rc ]FP +Ha rj d n pp lhmnrhck h}
n ppv cqdb , rj d fnki h} dlhehfld rc cpd k hr} fvnkmjd} hk nkx pnvr 8ujhmj hr v d~t hv d}0 ca
Pnih}rnk, j dlb n ppv cqdb fx ]FP +
Nbb v d}}7
Bnrd7
Rj d B hv dmrcv,
F nkihke Mckrv c l Bdp nvrodkr,
] rnrd F nki ca Pnih}rnk
Mdkrvnl B hv dmrcvnrd,
I nvnmjh
]tfgdmr7 Npplhmnrhck rc cpdk n kdu fvnkmj ca nk dzh}rhke fnki hk Pnih}rnk
] hv,
Vd} pdmrat llx, u d n pp lx acv n lhmdk}d rc mnvvxck ct v f t }hkd}} rc cpd k n kdu fnki fvnkmj
nr UNJ M nkrr t kbdv }dmrhck 65 ca F nkihke mco pnkhd} Cv bhknkmd Nmr, >816+ Ud nv d
pv cq hbhke ct v pnvrhmt lnv} n} t kbdv hk mc o pldrd bdrnhl+Rj d pnvrhmt lnv} nkb hkacvonrhck
pv cq hbdb h} mco pldrd tp rc f d}r ca ct v ik cul dbed+
Xct v}Anhrjat llx
I nvho Tb B hk
] hek7
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>2
Pcpt lnrhck ca nv dn hk ujhmj pv cpc }d f t }hkd}} h} rc f d mnvvhdb ct r7
Nkx nevhmt lrt vnl cv ohk dvnl cv c rj dv mcoo cb hrx pv cbt mdb hk nv dn7
Nk D}rhonrd ca ohkho t o f t }hkd}}7
Bdpc }hr}7
Nbq nkmd}7
Pv cq hbhke 4 xdnv a hknkmhnl }rnrdo dkr}7 Xd} Kc
Nkx nbbhrhcknl a nmr}7
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>4
1 " # " 0 "' 4**0* > 5
RJH ] ]NLNO NEVDDODK R *rj d Nev ddo dkr( h} on bd nrSSSSSSSSSSSSSS ck
SSSSSSSSSS bnx ca SSSSSSSSSSSSSSS fx nkb FDRU
DDK SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,
*j dv dhkna rdv v dadvv db rc n} rj d ]tpplhdv ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c
pdvohr} o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr
NKB
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS, *j dv d hk
na rdv v dadvv db rc n} rj d Hk}rhrtrhck ujhmj dz pv d}}hck }jnll uj dv d rj d mckrdzr }c pd vohr}
o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}( ca rj d c rj dv pnvr+
HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7
> + PTVPC]D NKB BDAHKHRHCK] >+06 Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhck} tpc k nkb }t fgdmr rc ujhmj rj d
Hk}rhrt rhck jn} nev ddb rc pt vmjn}d rj d Eccb } a v co rj d ]tpp lhdv7
>+0= Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}7
Ft}hkd}} Bnx o dnk} n bnx ck ujhmj fnki} nv d cpd k acv kcvonl f t }hkd}} hk Pnih}rnk9
Mckrvnmr Pvhmd o dnk} V }+SSSSSSSSSSSSSSSSSSSS,pnhb fx rj d Hk}rhrt rhck rc rj d
]tpp lhdv cv }t mj c rj dv }t o n} onx o t rt nllx f d nev ddb hk uvhrhke f dru ddk rj d pnvrhd}
j dv drc n} rj d pvhmd ca rj d Eccb } pt vmjn}db hk nmmcv bnkmd uhrj rj d rdvo} ca rjh}
Nev ddo dkr9
Dqdkr ca Bdantlr o dnk} nkx ca rj d dqdkr} cv mhvmt o}rnkmd} bd}mvhfdb hk Mlnt }d 08
j dv drc9
Eccb} o dnk} rj d Eccb } bd}mvhfdb hk ] nlnno Bc mt o dkr - SS9
Eccb} Vdmdhqhke Kcrd o dnk} mcka hvonrhck ca v dmdh pr ca Eccb } n} }dr ct r hk ] nlnno
Bc mt o dkr- 9
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>1
Hkbdfrdbkd}} o dnk} nkx c flhenrhck ca rj d ]tpp lhdv acv bdlhqdvx ca rj d Eccb } cv acv
pnxo dkr ca nkx }t o ca o ckdx btd c v, pnxnfl d t kbdv rjh} Nev ddo dkr9
Lhmdk}d o dnk} nkx lhmdk}d, pdvoh}}hc k, nt rj cvhwnrhck, v deh}rvnrhck, mck}dkr cv n ppv cq nl
evnkrdb rc rj d ]tpp lhdv acv rj d pt v pc }d ca c v v dlnrhke rc rj d mckbt mr ca hr} f t }hkd}}9
Lhdk }jnll o dnk nkx o cvrened, mjnved, pldbed, jx pc rj dmnrhck, }dmt vhrx hkrdv d}r, lhdk,
vhejr ca }dr/caa , mckrvnmrt nl v d}rvhmrhck *}t mj n} kdenrhqd mcqd knkr}( nkb nkx c rj dv
dkmt ofvnkm d9
Pnvrhd} o dnk} pnvrhd} rc rjh} Nev ddo dkr9
Kcrhmd ca Bdlhqdvx o dnk} rj d Kc rhmd ca Bd lhqdvx ehqdk fx rj d ]tpp lhdv rc rj d
Hk}rhrt rhck n} }dr ct r hk ] nlnno Bc mt o dkr - SS
Pvhkmhpnl Bcmtodkr} o dnk} rjh} Nev ddo dkr nkb rj d ]d mt vhrx Bc mt o dkr}9
Pvcoh}}cvx Kcrd h} bda hkdb hk Mlnt }d =+0>* f(9
Pvtbdkrhnl Vdetlnrhck} o dnk} Pv tbd krhnl Vdet lnrhck} cv crj dv v det lnrhck} n} nv d
kc rha hdb a v c o rhod rc rhod fx ]FP c v ]DMP9
]dmtvhrxBcmtodkr}
nkb ]dmtvhrx h} bda hkdb hk Mlnt }d =+0>9
]dmtvdb N}}dr} o dnk} rj d acllcuhke n}}dr} ca rj d ]tpp lhdv Yhk}dvr bd}mvh prhck ca
n}}dr} hk v d} pdmr ca ujhmj mjnved#o cvrened onx f d mv dnrdb_9
Vtpdd} cv V }+ o dnk} rj d lnu at l mt vv dkmx ca Pnih}rnk9
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>5
]FP o dnk} rj d ] rnrd F nki ca Pnih}rnk d}rnflh}j db t kbdv rj d ] rnrd F nki ca Pnih}rnk
Nmr, >841 nkb hkmltbd } nkx }t mmd}}cv} rj dv drc9
]DMP o dnk} rj d ]d mt vhrhd} nkb Dzmjnke d Mcooh}}h ck ca Pnih}rnk d}rnflh}j db t kbdv
rj d ]d mt vhrhd} ! D zmjnke d Mcooh}}h ck ca Pnih}rnk Nmr,
Rnzd} hkmltbd } nll pv d}dkr nkb at rt v d rnzd} *hkmltb hke mdkrvnl dzmh}d bt rx nkb }nld}
rnz(, ldqhd}, ho pc }r}, bt rhd}, }rno p bt rhd}, pdknlrhd}, add} cv mjnved} ca ujnr dqdv knrt v d
rcedrj dv uhrj bdlnxdb pnxo dkr mjnved} rj dv dck nkb pdknlrhd} hk v d} pdmr rj dv dca nkb
Rnznrhck }jnll f d mck}rv tdb nmmcv bhkelx9 Uvhrrdk Caadv o dnk} rj d Caadv on bd fx rj d ]tpp lhdv rc rj d Hk}rhrt rhck n} pdv
] nlnno Bc mt o dkr - SS+
>+02 Mlnt }d j dnbhke} nkb rj d rnfl d ca mckrdkr} nv d hk}dvrdb acv mckqdkhdkmd ca v dadv dkmd
cklx nkb }jnll f d hekcv db hk rj d hkrdv pv drnrhck ca rjh} Nev ddo dkr+ Hk rjh} Nev ddo dkr,
t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}, v dadv dkmd} rc Mlnt }d} nkb Nppd kbhmd} nv d rc f d
mck}rv tdb n} v dadv dkmd} rc rj d mlnt }d} ca , nkb Nppd kbhmd} rc , rjh} Nev ddo dkr nkb
v dadv dkmd} rc rjh} Nev ddo dkr hkmltbd hr} n ppdkbhmd}9 u cv b} ho pc vrhke rj d plt vnl }jnll hkmltbd rj d }hket lnv nkb qhmd qdv}n nkb v dadv dkmd rc n pdv}ck }jnll f d mck}rv tdb n}
hkmltb hke v dadv dkmd} rc nk hkbhqhbt nl, a hvo, hk}rhrt rhck, mcv pc vnrhck, t khkmcv pc vnrdb f cb x
ca pdv}ck} cv nkx }rnrd cv nkx nedkmx rj dv dca +
>+04 Rj d v dmhrnl} j dv dhk nf cqd nkb Nppd kbhmd} rc rjh} Nev ddo dkr }jnll acvo nk hkrdevnl
pnvrca rjh} Nev ddo dkr+
6+ ]TPPLX CA RJD ECCB] PTVMJN]DB 6+0> Rj d ]tpp lhdv jn} nev ddb rc }tpp lx rj d Eccb } rc rj d Hk}rhrt rhck pt v}t nkr rc rj d
U vhrrdk Caadv acv rj d MckrvnmrPvhmd+ Tpc k v dmdh pr fx rj d Hk}rhrt rhck ca rj d ]tpp lhdv}
Kc rhmd ca Bd lhqdvx, ujhmj }jnll f d bnrd c v }t mj crj dv bnrd n} onx f d o t rt nllx nev ddb
f dru ddk rj d pnvrhd} j dv drc , j dv dhkna rdv v dadvv db rc n} Bdlhqdvx Bnrd, nbqh}hke rj d
Hk}rhrt rhck rc rni d bdlhqdvx ca rj d Eccb }, rj d Hk}rhrt rhck }jnll v dmdhqd c v mnt }d rc v dmdhqd
rj d Eccb } nr rj d bd}heknrdb pc hkrca bdlhqdvx+9
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>:
6+06 Rj d Eccb } }jnll v donhk nr rj d vh}i ca rj d ]tpp lhdv t krhl rj dx nv d bdlhqdv db rc rj d
pc hkr ca bdlhqdvx nkb jn qd f ddk hk} pdmrdb nkb nmmdprdb fx rj d Hk}rhrt rhck, hoo dbhnrdlx
na rdv ujhmj, nll vh}i} hk v d} pdmrca rj d Eccb } }jnll f d pn}}db c k rc rj d Hk}rhrt rhck9
= + ]DMTVHRX =+0> N} }dmt vhrx acv rj d pdv acvonkmd ca rjh} Nev ddo dkr fx rj d ]tpp lhdv t kbdv rjh}
Nev ddo dkr, rj d ]tpp lhdv }jnll7
*n( At vkh}j rc rj d Hk}rhrt rhck n mc llnrdvnl*}(, }t f}rnkrhnllx hk rj d acvo nkb }t f}rnkmd
nrrnmjdb j dv drc n} ] nlnno Bc mt o dkr - SS 9
*f( Dzdmt rd }t mj at vrjdv bddb} nkb bc mt o dkr} n} onx a v c o rhod rc rhod f d v d~t hv db fx
rj d Hk}rhrt rhck acv rj d pt v pc }d ca o cv d at llx }dmt vhke nkb c v pdv admrhke rj d }dmt vhrx
mv dnrdb hka nqc v ca rj d Hk}rhrt rhck9 nkb
*m(Mv dnrd }t mj crj dv }dmt vhrhd} rc }dmt v d rj d ]tpp lhdv}c flhenrhck} t kbdv rj d Pvhkmh pnl
Bc mt o dkr} n} rj d pnvrhd}, j dv drc , onx fx o t rt nl mck}dkr nev dd a v co rhod rc rhod+
=+06 Hk nbbhrhck rc nf cqd , rj d ]tpp lhdv }jnll dzdmt rd n bdonk b pv c oh}}cvx kc rd hk a nqc v
ca rj d Hk}rhrt rhck acv rj d no ct kr ca rj d Mckrvnmr Pvhmd *rj d &Pv c oh}}cvx Kc rd&(9
*Rj d ]d mt vhrx nkb rj d Pv coh}}cvx Kc rd nv d j dv dhkna rdv mc lldmrhqdlx v dadvv db rc n} rj d
&]dmt vhrxBc mt o dkr}&(+ 2+ ADD] NKB DZPDK]D]
Hr h}t kbdv}rccb rjnr dnmj pnvrx }jnll f dnv rj d add} nkb dz pdk}d} hkmt vv db a v c o hr}cuk
nmmct kr hk mckkdmrhck uhrj rj d kdec rhnrhck, pv dpnvnrhck nkb dzdmt rhck ca rj d Pvhkmh pnl
Bc mt o dkr} nkb ca no dkbo dkr cv dzrdk}hck ca c v rj d evnkrhke ca nkx unhqdv cv mck}dkr
t kbdv rj d Pvhkmh pnl Bc mt o dkr}+
4 + PNXODKR CA MCKRVNMR PVHMD
Pnxo dkr rc rj d ]tpp lhdv t kbdv rjh} Nev ddo dkr jn} f ddk on bd ca }t mj uhrjj c lbhke rnzd} rjnr rj d hk}rhrt rhck} nv d v d~t hv db rc bdbt mrt kbdv qnvhct } lnu} hk acvmd+ Rj d Hk}rhrt rhc k
}jnll pv co prlx bdlhqdv rc rj d ]tpp lhdv mcp hd} cv cvhehknl}ca nkx v dmdh pr}, mdvrha hmnrd} cv
crj dv pv cca dq hbdkmhke rj d no ct kr} *ha nkx( pnhb c v pnxnfl d hk v d} pdmrca nkx bdbt mrhc k
cv uhrjj c lbhke n} nacv d}nhb+
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>8
1 + VDPVD]DKRNRHCK] NKB UNVVNKRHD] 1 +0> Rj d ]tpp lhdv unvvnkr} nkb v dpv d}dkr} rc rj d Hk}rhrt rhck rjnr7
n+ Rj d dzdmt rhck, bdlhqdvx nkb pdv acvonkmd ca rj d Pvhkmh pnl Bc mt o dkr} fx rj d ]tpp lhdv
uhll kc r *h( mckrvnqdkd nkx dzh}rhke lnu, v det lnrhck cv nt rj cvhwnrhck, ujhmj rj d }tpp lhdv h}
}t fgdmr rc , *hh( v d}t lr hk nkx fv dnmj ca c v bda nt lr t kbdv nkx nev ddo dkr cv crj dv hk}rv t o dkr
rc ujhmj rj d ]tpp lhdv h} n pnvrxcv h} }t fgdmr rc , cv *hhh( mckrvnqdkd nkx pv cq h}hc k ca rj d
mck}rhrt rhqd bc mt o dkr} ca rj d ]tpp lhdv cv nkx v d}c lt rhck nbcp rdb fx rj d f cnv b ca b hv dmrcv}
cv o dof dv}ca rj d ]tpp lhdv9
f + Rj d a hknkmhnl }rnrdo dkr} rcedrj dv uhrj rj d kc rd} rc rj d nmmct kr} nkb nll mckrhkedkr
lhnfhlhrhd} nkb n}}dr} rjnr nv d bh}mlc}db rj dv dhk v dpv d}dkr n rv td nkb a nhv a hknkmhnlpc }hrhck
ca rj d f t }hkd}} ca rj d ]tpp lhdv nkb rc rj d f d}r ca rj d ik cul dbed ca rj d ]tpp lhdv rj dv d nv d
kc onr dvhnlc oh}}hc k} nkb c v oh}v dpv d}dkrnrhck}+
m+ Nll v d~t h}hrd mcv pc vnrd nkb v det lnrcvx n ppv cq nl} v d~t hv db rc f d c frnhkdb fx rj d ]tpp lhdv
hkcv bdv rc d krdv hkrc rj d Pvhkmh pnl Bc mt o dkr} nv d hkat ll acvmd nkb daadmr nkb }t mj
n ppv cq nl} pdvohr rj d ]tpp lhdv, hkrdv nlhn, rc c frnhk rj d dkrhv d }nld} pvhmd hk nbqnkmd t kbdv
rjh} Nev ddo dkr nkb pdv acvo hr}c flhenrhck} j dv dt kbdv nkb rjnr rj d dzdmt rhck ca rj d
Pvhkmh pnl Bc mt o dkr} fx rj d ]tpp lhdv nkb rj d dzdvmh}d ca hr} vhejr} nkb pdv acvonkmd ca hr} c flhenrhck} j dv dt kbdv, mck}rhrt rd pvhqnrd nkb mcoo dvmhnl nmr}bc kd acv pvhqnrd nkb
mcoo dvmhnlpt v pc }d}9
b+ Kc onr dvhnl lhrhenrhck, nvfhrvnrhck cv nbohkh}rvnrhqd pv cmddbhke} h}pdkbhke cv
rjv dnrdkdb nenhk}r rj d ]tpp lhdv cv nkx ca hr} n}}dr}9
d+ Hr }jnll hkacvo rj d Hk}rhrt rhck uhrjhk /////// Ft }hkd}} Bnx} ca nk dqdkr cv jn ppdkhke
ujhmj onx jn qd nk nbqdv}d daadmrck rj d a hknkmhnlpc }hrhck ca rj d ]tpp lhdv, uj drj dv }t mj
nk dqdkr h} v dmcv bdb hk rj d a hknkmhnl }rnrdo dkr} cv kc r n} pdv n pp lhmnfld Hkrdvknrhcknl
Nmmct krhke ] rnkbnv b}, n} n pp lhmnfld hkPnih}rnk+
5+ TKBDVRNIHKE
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5 +0> Rj d ]tpp lhdv mcqd knkr} nkb t kbdvrni d} rjnr }c lcke n} hr v donhk} c flhedb t kbdv rjh}
Nev ddo dkr7
n+ Hr }jnll hkacvo rj d Hk}rhrt rhck ca nkx Dqdkr ca Bda nt lr cv nkx dqdkr, ujhmj uhrj rj d
ehqhke ca kc rhmd c v ln p}d ca rhod c v f crj u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr acvrjuhrj
tpc k f dmcohke nunv d rj dv dca 9
f + Hr }jnll bc nll }t mj rjhke} nkb dzdmt rd nll }t mj bc mt o dkr} ujhmj hk rj d cp hkhck ca rj d
Hk}rhrt rhck onx f d kdmd}}nvx rc9
*h(dknfl d rj d Hk}rhrt rhck rc n}}hek cv crj dvuh}d rvnk}adv rj d vhejr ca rj d Hk}rhrt rhck rc
dknfl d nkx mv dbhrcv ca rj d Hk}rhrt rhck cv rc nkx rjhv b p nvrx rc v dmdhqd rj d bdlhqdvx ca rj d
Eccb } n} rj d Hk}rhrt rhck onx bddo a hr nr hr}dkrhv d bh}mv drhck9
*hh( mv dnrd nkb pdv admr rj d ]d mt vhrx9
*hhh( onhkrnhk rj d ]d mt vhrx hkat ll acvmd nkb daadmr nr nll rhod} hkmltb hke rj d pvhcvhrx
rj dv dca 9
*hq( onhkrnhk, hk}t v d nkb p nx nll Rnzd} n}}d}}db hk v d} pdmrca rj d ]d mt v db N}}dr} nkb
pv crdmr nkb dkacvmd hr} vhejr} nkb rhrld, nkb rj d vhejr} ca rj d Hk}rhrt rhck hk v d} pdmrca rj d
]d mt v db N}}dr}, nkb9
*q( Pv d}dv qd nkb p v crdmr rj d ]d mt v db N}}dr}+Rj d ]tpp lhdv }jnll nr hr}cuk dz pdk}d mnt }d
rc f d bdlhqdv db rc rj d Hk}rhrt rhck }t mj crj dv bc mt o dkrnrhck nkb ldenl cp hkhc k*}( n} rj d
Hk}rhrt rhck onx v dn}cknflx v d~t hv d a v c o rhod rc rhod hk v d} pdmrca rj d acv dechke9
m+ Hr uhll }nrh}a nmrcvhlx hk}t v d nll ]d mt v db N}}dr} uhrj v dpt rnfl d mc o pnkhd} caadvhke
pv crdmrhck t kbdv rj d H}lnohm mckmdpr ca Rnin at l+ Rj d ]d mt v db N}}dr} }jnll f d
mco pv dj dk}hqdlx hk}t v db *uhrj n v dpt rnfl d hk}t vnkmd mc o pnkx rc rj d }nrh}a nmrhck ca rj d
Hk}rhrt rhck( nenhk}r nll hk}t vnfld vh}i}, ujhmj onx hkmltbd a hv d, nv}ck, rj da r, nmmhbdkr},
mc llh}hc k, f cb x nkb dkehkd bnone d, qnkbnlh}o, vhcr} nkb nmr}ca rdvv cvh}o, nkb rc n}}hek
nll pc lhmhd} ca hk}t vnkmd hk a nqc v ca rj d Hk}rhrt rhck rc rj d dzrdkr ca rj d no ct kr a v co rho d
rc rhod btd t kbdv rjh} Nev ddo dkr, nkb rc mnt }d rj d kc rhmd ca rj d hkrdv d}r ca rj d Hk}rhrt rhck
rc f d kc rdb c k rj d pc lhmhd} ca hk}t vnkmd, nkb rc pt kmrt nllx pnx rj d pv doht o btd ac v }t mj
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hk}t vnkmd} nkb rc mckrdo pc vnkdct }lx rj dv duhrj bdlhqdv rj d pv doh t o v dmdh pr} rc rj d
Hk}rhrt rhck+] j ct lb rj d ]tpp lhdv a nhl rc hk}t v d c v i ddp hk}t v db rj d ]d mt v db N }}dr} nkb#cv rc
bdlhqdv }t mj pc lhmhd} nkb pv doht o v dmdh pr} rc rj d Hk}rhrt rhck, rj dk hr }jnll f d lnu at l acv
rj d Hk}rhrt rhck f t r kc r c flhenrcvx rc p nx }t mj pv doht o nkb rc i ddp rj d ]d mt v db N }}dr} }c
hk}t v db nkb nll mc}r mjnved} nkb dz pdk}d} hkmt vv db fx hracv rj d pt v pc }d }jnll f d mjnvedb
rc nkb pnhb fx rj d ]tpp lhdv n} ha rj d }no d u dv d pnvr ca rj d o ckhd} btd + Rj d ]tpp lhdv
dz pv d}}lx nev dd} rjnr rj d Hk}rhrt rhck }jnll f d dkrhrldb rc nb gt }r, }drrld c v mco pv c oh}d nkx
bh} pt rd uhrj rj d hk}t vnkmd mco pnkx *hd}( nkb rj d hk}t vnkmd nvh}hket kbdv cv hk mckkdmrhck
uhrj rj d pc lhmhd} ca hk}t vnkmd nkb }t mj nb gt }ro dkr}#mco pv c oh}d} cv }drrldo dkr} }jnll f d
fhkbhke ck rj d ]tpp lhdv nkb rj d Hk}rhrt rhck }jnll f d dkrhrldb rc n ppv cp vhnrd nkb nb gt }r rj d
no ct kr, ha nkx v dmdhqdb, t kbdv rj d nacv d}nhb pc lhmx cv pc lhmhd} rcunv b} pnvr cv at ll
}nrh}a nmrhck ca rj d ]tpp lhdv%} hkbd fr dbkd}} nvh}hkect r ca rj d nf cqd nvvnkedo dkr} nkb rj d]tpp lhdv }jnll kc r vnh}d nkx ~td }rhck cv c fgdmrhck rjnr lnvedv }t o} ohejr cv }j ct lb jn qd
f ddk v dmdhqdb t kbdv rj d nacv d}nhb pc lhmx kcv rj d ]tpp lhdv }jnll bh} pt rd hr} lhnfhlhrx*hd}( acv
rj d fnlnkmd v donhkhke btd na rdv }t mj pnxo dkr#nb gt }ro dkr9
b+ Dzmdpr n} v d~t hv db hk rj d kcvonl cpd vnrhck ca hr} f t }hkd}}, rj d ]tpp lhdv }jnll kc r,
uhrj ct r rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck, }dll, rvnk}adv, ldn}d c v crj dvuh}d bh} pc }d ca
nll cv n }hwdnfl d pnvr ca hr} n}}dr}, cv t kbdvrni d c v pdvohr nkx o dvedv, mck}c lhbnrhck,
bh}onkrlhke cv v d c venkhwnrhck ujhmj u ct lb onr dvhnllx naadmr rj d ]tpp lhdv} nfhlhrx rc
pdv acvo hr} c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9
d+ Hr }jnll kc r *nkb }jnll kc r nev dd rc (, dzmdpr uhrj rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck,
mv dnrd, hkmt v, n}}t o d c v }taadv rc dzh}r nkx Lhdk ujnr} cdqdv tpc k cv uhrj v d} pdmr rc rj d
]d mt v db N}}dr} nkb nkx c rj dv n}}dr} nkb pv cpd vrhd} cuk db fx rj d ]tpp lhdv ujhmj onx
vnki }tpd vhcv, pnvhpn}}t c v hkadvhcv rc rj d }dmt vhrx mv dnrdb c v rc f d mv dnrdb hk a nqc v ca rj d
Hk}rhrt rhck pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr}9
a + Hr }jnll acvrjuhrj hkacvo rj d Hk}rhrt rhck ca 7
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*h(Nkx dqdkr cv a nmrcv, nkx lhrhenrhck cv pv cmddbhke} pdkbhke cv rjv dnrdkdb nenhk}r rj d
]tpp lhdv ujhmj mct lb onr dvhnllx nkb nbqdv}dlx naadmr cv f d lhi dlx rc onr dvhnllx nkb
nbqdv}dlx naadmr7
*n( rj d a hknkmhnl mckbhrhc k ca rj d ]tpp lhdv9
*f( f t }hkd}} cv cpdvnrhck} ca rj d ]tpp lhdv9 nkb
*m( rj d ]tpp lhdv} nfhlhrx rc o ddr hr}c flhenrhck} uj dk btd t kbdv nkx ca rj d Pvhkmh pnl
Bc mt o dkr},
*b ( dz phvxcv mnkmdllnrhck ca n onr dvhnlpnrdkr, mcp x vhejr cv lhmdk}d,
*d( lc}} ca n i dx dzdmt rhqd c v rvnbd Nev ddo dkr9
*hh(Nkx mjnked hk rj d bhv dmrcv}cv onkne do dkr ca rj d ]tpp lhdv9
*hhh(Nkx nmrt nl cv pv cpc }db rdvohknrhck, v d}mh}}hck, bh}mjnved *crj dvuh}d rjnk fx
pdv acvonkmd(, no dkbo dkr cv unhqdv cv hkbt ledkmd t kbdv nkx onr dvhnlpv cq h}hc k ca nkx ca
rj d Pvhkmh pnl Bc mt o dkr}9
*hq(Nkx onr dvhnl kcrhmd c v mcvv d} pc kbdkmd v dmdhqdb c v hkhrhnrdb fx rj d ]tpp lhdv v dlnrhke
rc rj d Lhmdk}d, mck}dkr cv nt rj cvhwnrhck kdmd}}nvxacv rj d pdv acvonkmd fx rj d ]tpp lhdv ca
hr}c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9
e+ Rj d ]tpp lhdv }jnll hkbdokh a x nkb j c lb rj d Hk}rhrt rhck nkb hr}caa hmdv} nkb do plc xdd}
jnvol d}} nenhk}r nkx mlnho} ck nmmct kr ca ~t nlhrx, o dvmjnkrnfhlhrx,a hrkd}} acv t }d, nkb
nkx lnrdkr cv pnrdkr bdadmr} hk rj d Eccb } nkb nkx onrr dv} pdvrnhkhke rc hkrdlldmrt nl
pv cpdvrx vhejr} hk v d} pdmrca }t mj Eccb }+
: + DQDKR] CA BDANTLR NKB RDVOHKNRHCK : +> Rj dv d }jnll f d nk Dqdkr ca Bda nt lr ha hk rj d cp hkhc k ca rj d Hk}rhrt rhck7
*n( Rj d ]tpp lhdv a nhl} rc bd lhqdv rj d Eccb } mckrvnmrdb rc f d bdlhqdv db t kbdv rjh}
Nev ddo dkr ck rj d Bd lhqdvx Bnrd nr Yhk}dvr Plnmd ca Bd lhqdvx_9
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*f( Nkx v dpv d}dkrnrhck cv unvvnkrx on bd c v bddo db rc f d on bd c v v dpdnrdb fx rj d
]tpp lhdv hk cv pt v}t nkr rc rj d pvhkmh pnl Bc mt o dkr} cv hk nkx bc mt o dkr bdlhqdv db t kbdv
rjh} Nev ddo dkr h} act kb rc f d hkmcvv dmr9
*m( Nkx Hkbd fr dbkd}} ca rj d ]tpp lhdv hk dzmd}} ca V }+SSSSSSSSSS *Vtpdd }
SSSSSSSSSSSSSSSS cklx( h} kc r pnhb uj dk btd c v f dmco d} btd c v mn pnfl d ca f dhke
bdmlnv db btd hk rdvo} ca rjh} Nev ddo dkr9
*b ( Nkx nt rj cvhrxca c v v deh}rvnrhck uhrj ecqd vko dkrnl cv pt flhm f cb hd} cv mct vr} v d~t hv db
fx rj d ]tpp lhdv hk mckkdmrhck uhrj rj d dzdmt rhck, bdlhqdvx, pdv acvonkmd, qnlhbhrx,
dkacvmdnfhlhrxcv nboh}}hfhlhrx hkdqhbdkmd ca rj d Pvhkmh pnl Bc mt o dkr} nv d o cb ha hdb hk n
onkk dv t knmmdprnfl d rc rj d Hk}rhrt rhck cv h} kc r evnkrdb c v h} v dqc i db c v c rj dvuh}d mdn}d}
rc f d hkat ll acvmd nkb daadmr9
*d( Rj d rcrnl hkrdvv tp rhck cv md}}nrhck ca rj d f t }hkd}} nmrhqhrhd} ca rj d ]tpp lhdv9
*a( Nkx mc}r}, mjnved} nkb dz pdk}d} t kbdv rj d Pvhkmh pnl Bc mt o dkr} }jnll v donhk t k pnhb
acv n pdvhcb ca SSSSSSS bnx} na rdv kc rhmd ca bdonk b hk rjnr f djnl a jn} f ddk v dmdhqdb fx
rj d ]tpp lhdv a v c o rj d Hk}rhrt rhck9
: +06 Kc ruhrj}rnk bhke nkxrjhke mckrnhkdb j dv dhk, rj d Hk}rhrt rhck onx uhrj ct r pv d gtb hmd rc
nkx ca hr}c rj dv vhejr}, nr nkx rhod na rdv rj d jn ppdkhke ca nk Dqdkr ca Bda nt lr fx kcrhmd rc
rj d ]tpp lhdv bdmlnv d rjnr7
*n( Rj d c flhenrhck ca rj d Hk}rhrt rhck rc rni d bdlhqdvx ca rj d Eccb } a v c o rj d ]tpp lhdv }jnll
f d rdvohknrdb, acvrjuhrj9 nkb#cv
*f( Rj d dkrhv d ct r}rnkbhke no ct kr ca rj d MckrvnmrPvhmd nkb nkx c rj dv no ct kr} pnhb rc
rj d ]tpp lhdv t kbdv rjh} Nev ddo dkr nlc ke uhrj nll c rj dv mc}r}, mjnved}, nkb dz pdk}d}
hkmt vv db c v nmrt nl lc }} }t }rnhkdb fx rj d Hk}rhrt rhck }jnll acvrjuhrj f dmc o d btd nkb
v dat kbnfl d+
8 + PDKNLRX 8 +0> U j dv d nkx no ct kr h} v d~t hv db rc f d pnhb fx rj d ]tpp lhdv t kbdv rj d Pvhkmh pnl
Bc mt o dkr} ck n } pdmha hdb bnrd nkb h} kc r pnhb fx rjnr bnrd, cv nk dzrdk}hc k rj dv dca ,
pdvohrrdb fx rj d Hk}rhrt rhck uhrj ct r nkx bdmv dn}d hk rj d MckrvnmrPvhmd, rj d ]tpp lhdv
j dv d fx t kbdvrni d} rc p nx bhv dmrlx rc rj d Mjnvhrx At kb, mck}rhrt rdb fx rj d Hk}rhrt rhck, n
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}t o mnlmt lnrdb @ //////$ pd v nkkt o acv rj d dkrhv d pdvhcb ca bda nt lr, mnlmt lnrdb c k rj d
rc rnl no ct kr ca rj d c flhenrhck} v donhkhke t k/b h}mjnvedb+Rj d Mjnvhrx At kb }jnll f d t }db
nr rj d nf} c lt rd bh}mv drhck ca rj d Hk}rhrt rhck, dzmlt }hqdlx acv rj d pt v pc }d} ca n ppv cqdb
mjnvhrx+
8 +06 Hk mn}d}
*h( nkx no ct kr*}( v dadvv db rc hk mlnt }d 8+0> nf cqd , hkmltb hke rj d no ct kr t kbdvrni dk rc f d
pnhb b hv dmrlx rc rj d Mjnvhrx At kb, fx rj d ]tpp lhdv, h} kc r pnhb fx jho, cv
*hh( rj d ]tpp lhdv bdlnx} rj d pnxo dkr ca nkx no ct kr btd t kbdv rj d Pvhkmh pnl Bc mt o dkr}
nkb# cv rj d pnxo dkr ca no ct kr rc rj d Mjnvhrx At kb n} dkqh}nedb t kbdv Mlnt }d >0+0>
nf cqd , n} n v d}t lr ca ujhmj nkx bhv dmrcv hkbhv dmr mc}r} nv d hkmt vv db fx rj d Hk}rhrt rhck, rj d
Hk}rhrt rhck }jnll jn qd rj d vhejr rc n ppv cnmj n mco pdrdkr Mct vr,
*h( Acv v dmcqdvx ca nkx no ct kr} v donhkhke t k pnhb n} u dll n},
*hh(acv ho pc }hke ca n pdknlrx ck rj d ]tpp lhdv+Hk rjh} v denv b rj d ]tpp lhdv h} nunv d nkb
nmikcul dbed} rjnr kcruhrj}rnk bhke rj d no ct kr pnhb fx rj d ]tpp lhdv rc rj d Mjnvhrx At kb
ca rj d Hk}rhrt rhck, rj d Mct vr jn} rj d pc u dv rc ho pc }d pdknlrx, nr hr}bh}mv drhck, nkb a v c o
rj d no ct kr ca }t mj pdknlrx, n }onll dv cv fhee dv pnvr, bdpdkbhke tpc k rj d mhvmt o}rnkmd},
mnk f d nunv bdb n} }c lnvht o rc rj d Hk}rhrt rhck, bdrdvohkdb c k rj d fn}h} ca b hv dmr nkb
hkbhv dmr mc}r} hkmt vv db, crj dv rjnk rj d cppc vrt khrx mc}r+
> 0+ HKBDOKHRHD]
Rj d ]tpp lhdv }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx dz pdk}d, ujhmj rj d Hk}rhrt rhc k
}jnll pv cqd n} vhejrlx hkmt vv db fx hr n} n mck}d~td kmd ca
*h(Nkx bda nt lr hkpdv acvonkmd ca nkx c flhenrhck} t kbdv rj d Pvhkmh pnl Bc mt o dkr},
*hh( rj d cmmt vv dkmd ca nkx Dqdkr ca Bda nt lr, nkb
*hhh( nvh}hkect r ca nkx oh}v dpv d}dkrnrhck
>> + HKMVDN]DB MC]R]
Ha nkx lnu cv v det lnrhck cv nkx cv bdv ca nkx mct vr, rvhft knl cv nt rj cvhrx jn} rj d daadmrca
}t fgdmrhke rj d ]tpp lhdv rc R nzd} cv mjnked} rj d fn}h} cv vnrd ca Rnznrhck uhrj v d} pdmr rc
nkx pnxo dkr cv c rj dv c flhenrhck t kbdv rjh} Nev ddo dkr *crj dv rjnk Rnzd} cv Rnznrhck ck
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UH RKD]]D]7 Acv nkb c k f djnl a cYhk}dvr kno d ca rj d
Hk}rhrt rhck_
>+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS
6+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS
Acv nkb c k f djnl a ca
>+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS
6+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS
#* " 1* "' 4**0* > 5
RJH ] LDN]D NEVDDODK R
*rj d &Nev ddo dkr&( h} on bd nr SSSSSSSS ck SSSSSSSSSSSSS bnx ca SSSSSSSSSSSSS fx
nkb
FD RU DDK
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,
*j dv dhkna rdv v dadvv db rc n} rj d Ld}}dd& ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c
pdvohr} o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr
NKB
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,*j dv d hk
na rdv v dadvv db rc n} rj d Ld}}cv&ujhmj dz pv d}}hck }jnll uj dv d rj d mckrdzr }c pd vohr}
o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}( ca rj d c rj dv pnvr+
HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7
> + PTVPC]D NKB BDAHKHRHCK]
Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhc k} tpc k nkb }t fgdmr rc ujhmj rj d Ld}}cv jn}, nmrhkeck rj d U vhrrdk Vd~td }r ca rj d Ld}}dd ujhmj h} nrrnmjdb n} Ldn}d Bc mt o dkr -
SS ca rjh} Nev ddo dkr, nm~t hv db# f dkda hmhnllx nm~t hv db rj d v d~td }rdb n}}dr} nkb jn qd nev ddb
rc Ld n}d rj d }no d rc rj d Ld}}dd+ Nll, dl}d rjd }nod n} nfcqd nevddodkr jn b+
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6:
,> 5*4*15 (4** #6 "> "' 4**0* > 5
R jh} Nevddodkr
h} on bd nr SSSSSSSSSSSSSSSSS rjh} SSSSSSSSSSSSSSSSSSS bnx ca SSSSSSSSSSSSSSSS
600 5+ FD RU DDK
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS Lhohrdb, jn qhke hr} plnmd ca f t }hkd}} nr #
v d}hbdkr ca SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS j dv dhkna rdv v dadvv db rc n} rj d Mlhdkr
*ujhmj rdvo }jnll uj dv dqdv rj d mckrdzr }c v d~t hv d} cv pdvohr} o dnk nkb hkmltbd hr}
}t mmd}}cv}/hk/hkrdv d}r nkb n}}hek}( ca rj d CKD PNVR +
NKB
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS F nki Lhohrdb *cv a hknkmhnl hk}rhrt rhck(, n bt lx
hkmcv pc vnrdb fnkihke mc o pnkx *cv a hknkmhnl hk}rhrt rhck( jn qhke hr} v deh}rdv db caa hmd nr
SSSSSSSSSSSSSSSSSSS j dv dhkna rdv v dadvv db n} rj d Hk}rhrt rhck *ujhmj dz pv d}}hc k }jnll
uj dv dqdv rj d mckrdzr }c v d~t hv d} cv pdvohr} o dnk nkb hkmltbd rj d j dhv}, ldenl
v dpv d}dkrnrhqd} nkb }t mmd}}cv}/hk/hkrdv d}r nkb n}}hek}( ca rj d CRJDV PNVR +
UJ DVDN], rj d Hk}rhrt rhck jn} nev ddb rc ehqd nk Hkrdv d}r Av dd Lc nk rc rj d Mlhdkr ck
rdvo} nkb mckbhrhck}, j dv dhkna rdv n ppdnvhke+
KCU, RJDVDACVD, RJH] NEVDDODKR UHKRD]]DRJ N] TKBDV7/ >+ Rj d Hk}rhrt rhck j dv d fx nev dd} rc p v cq hbd rc rj d Mlhdkr nk Hkrdv d}r Av dd Lc nk *j dv dhkna rdv
v dadvv db rc n} rj d Lc nk( tp rc n onzho t o ca V }+ SSSSSSSSSSSSSSSSSSS ck rj d rdvo}
nkb mckbhrhc k} j dv dhkna rdv mckrnhkdb+
6+ Rj d pnvrhd} j dv drc j dv d fx o t rt nllx nev dd nkb mcqd knkr n} t kbdv7/
h+ Rj d Mlhdkr t kbdvrni d} rc v dpnx rj d lcnk uhrj ct r nkx hkrdv d}r ck cv f dacv d
SSSSSSSSSSSSSS+
hh+ Hk mn}d rj d Mlhdkr a nhl} rc pd v acvo n} pdv pv cq h}hck} ca rjh} Nev ddo dkr cv nkx no ct kr h}
v d~t hv db rc f d pnhb fx rj d Mlhdkr ck n } pdmha hdb bnrd nkb h} kc r pnhb c k rjnr bnrd, cv nkx
no ct kr h}pnxnfl d fx rj d Mlhdkr t kbdv rjh} Nev ddo dkr uhrjhk n } pdmha hdb pdvhcb na rdv rj d
v dmdh pr ca n bdonk b a v c o rj d Hk}rhrt rhck nkb h} kc r pnhb fx hr uhrjhk rj d } pdmha hdb pdvhcb
na rdv rj d v dmdh pr ca rj d bdonk b nkb }t mj no ct kr} jn qd rc f d v dmcqdv db rjv ct ej lhrhenrhck,
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68
n mct vr onx nunv b }c lnrht o rc rj d Hk}rhrt rhck rc mcqdv rj d dz pdk}d} hkmt vv db hk rj d
v dmcqdvx ca hr}btd }+
=+ N} }dmt vhrxacv v dpnxo dkr ca rj d Hk}rhrt rhck} lc nk nkb#cv nll c rj dv }t o} pnxnfl d n}
nacv d}nhb rj d Mlhdkr j dv d fx nev dd} nkb t kbdvrni d} rc ehqd }t mj }dmt vhrx n} onx f d
nmmdprnfl d rc rj d Hk}rhrt rhck nkb rj d rdvo} nkb mckbhrhck} ca ujhmj }jnll f d }t mj n} rj d
Hk}rhrt rhck onx bdrdvohkd+
HK UHRKD]] UJDVDCA rj d Mlhdkr nkb rj d Hk}rhrt rhck jn qd dzdmt rdb rjh}
nev ddo dkr ck rj d bnx, o ckrj nkb xdnv j dv dhknfcqd o dkrhckdb+
Uhrkd}} MLHDKR
> +
SSSSSSSSSSSSSSSSSSSSSSSS
SSSSSSSSSS SSSSSSSSSSSSSS
6+
SSSSSSSSSSSSSSSSSSSSSSSS
Uhrkd}} HK]RHRTRHCK
> +
SSSSSSSSSSSSSSSSSSSSSSSS
SSSSSSSSSS SSSSSSSSSSSSSS
6+
SSSSSSSSSSSSSSSSSSSSSSSS
Nppdkbhz N
Bd}mvhprhck ca rjd Pvcgdmr
Nppdkbhz F
]mjdbtld acv Ptvmjn}d ca Pvcgdmr ]jnvd}
Nppdkbhz M
Mc}r#Qnltd ca rjd Pvcgdmr
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=0
0:1 " 7 " 0 " (" !,#,5< "' 4**0* > 5
RJH ] OT]N U NON ANM HL HR X NEVDDODK R
*rjh} &Nev ddo dkr&( h} on bd nrSSSSSSSSSSS ck SSSSSS bnx ca SSSSSS fx nkb
FD RU DDK
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS, *j dv dhkna rdv
v dadvv db rc n} rj d &Mlhdkr&ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c pd vohr} o dnk nkb
hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr
NKB
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS *j dv dhkna rdv,
v dadvv db rc n} rj d &Hk}rhrt rhck&ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c pd vohr} o dnk
nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}(ca rj d c rj dv pnvr+
HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7
> + PTVPC]D NKB BDAHKHRHCK] >+0> Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhck} tpc k nkb }t fgdmr rc ujhmj rj d
Hk}rhrt rhck jn} nev ddb rc pt vmjn}d rj d Eccb } a v co rhod rc rhod a v co rj d ]tpp lhdv} nkb
tpc k ujhmj rj d Hk}rhrt rhck jn} nev ddb rc }dll rj d }no d rc rj d Mlhdkr a v co rho d rc rhod fx unx ca Ot }nunonj a nmhlhrx+
>+06 Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}7 & Nmr& o dnk} rj d F nkihke Mco pnkhd} *Vdmcqdvx ca Lc nk}, Nbq nkmd}, Mv dbhr} nkb
Ahknkmd}( Nmr,>885 c v nkx }rnrt rcvx o cb ha hmnrhck cv v d/pv co t lenrhck rj dv dca 9
&
Nedkr&
o dnk} rj d pdv}ck n ppc hkrdb t kbdv rj d rdvo} ca rj d NedkmxNev ddo dkr9
& Nedkmx Nevddodkr & o dnk} rj d NedkmxNev ddo dkr f dru ddk rj d Hk}rhrt rhck nkb rj d
pdv}ck n ppc hkrdb n} Nedkr *ujhmj onx f d rj d Mlhdkr( n} pv cq hbdb hk rj d Ot }nunonj
Bc mt o dkr- 69
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=>
& Ft}hkd}} Bnx & o dnk} n bnx ck ujhmj fnki} nv d cpd k acv kcvonl f t }hkd}} hkPnih}rnk9
&
Mc}r Pvhmd&
o dnk} rj d no ct kr ujhmj onx f d hkmt vv db fx nkb#cv ck f djnl a ca rj dHk}rhrt rhck acv rj d nm~t h}hrhc k ca Eccb } plt } nll mc}r}, bt rhd}, rnzd} nkb mjnved} hkmhbdkrnl
rc nkb mckkdmrdb uhrj nm~t h}hrhc k ca Eccb }9
& Mckrvnmr Pvhmd& o dnk} rj d pvhmd pnxnfl d fx rj d Mlhdkr rc rj d Hk}rhrt rhck acv Eccb } n}
}rh pt lnrdb hkPnvr/HHH ca rj d Bdmlnvnrhck *Ot }nunonj Bc mt o dkr - 4( rc f d h}}tdb fx rj d
Hk}rhrt rhck a v co rhod rc rhod9
& Bdmlnvnrhck& o dnk} Bdmlnvnrhck n} }dr ct r hkOt }nunonj Bc mt o dkr - 49
& Dqdkr ca Bdantlr & o dnk} nkx ca rj d dqdkr} cv mhvmt o}rnkmd} bd}mvhfdb hkMlnt }d 8
j dv drc9
& Eccb} & o dnk} rj d Eccb } n} onx f d } pdmha hdb hk rj d Pt vmjn}d Vd~t h}hrhc k*}( rc f d
h}}tdb fx rj d Mlhdkr a v co rho d rc rhod9
& Hkbdfrdbkd}} & o dnk} nkx c flhenrhck ca rj d Mlhdkr acv rj d pnxo dkr cv nkx }t o ca
o c kdx btd c v, pnxnfl d t kbdv rjh} Nev ddo dkr9
& Lhmdk}d& o dnk} nkx lhmdk}d, pdvoh}}hc k, nt rj cvhwnrhck, v deh}rvnrhck, mck}dkr cv n ppv cq nl
evnkrdb rc rj d Mlhdkr acv rj d pt v pc }d ca c v v dlnrhke rc rj d mckbt mrca hr} f t }hkd}}9
& Lhdk& }jnll o dnk nkx o cvrened, mjnved, pldbed, jx pc rj dmnrhck, }dmt vhrx hkrdv d}r, lhdk,
vhejr ca }dr/caa , mckrvnmrt nl v d}rvhmrhck *}t mj n} kdenrhqd mcqd knkr}( nkb nkx c rj dv
dkmt ofvnkm d9
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=6
& Pnxodkr Bnrd & cv &Pnxo dkr Bnrd}&o dnk} rj d v d} pdmrhqd bnrd} acv rj d pnxo dkr ca rj d
hk}rnllo dkr} ca rj d MckrvnmrPvhmd c v pnvr rj dv dca fx rj d Mlhdkr rc rj d Hk}rhrt rhck n}
} pdmha hdb hkOt }nunonj Bc mt o dkr - 1 j dv drc , cv, ha }t mj v d} pdmrhqd btd b nrd h} kc r n
Ft }hkd}} Bnx, rj d kdzr Ft }hkd}} Bnx9
& Pvcahr& o dnk} nkx pnvrca rj d MckrvnmrPvhmd ujhmj h} kcr n pnvrca rj d Mc}r Pvhmd9
& Pnvrhd}& o dnk rj d pnvrhd} rc rjh} Nev ddo dkr9
& Pvhkmhpnl Bcmtodkr}& o dnk} rjh} Nev ddo dkr, rj d NedkmxNev ddo dkr9 nkb rj d
]d mt vhrxBc mt o dkr}9
& Pvcoh}}cvx Kcrd & h}bda hkdb hkMlnt }d =+06 nkb h} kdecrhnfld c klx nr rj d a nmd qnltd , ha
v d~t hv db9
& Pvtbdkrhnl Vdetlnrhck} & o dnk} Pv tbd krhnlVdet lnrhck} cv crj dv v det lnrhck} n} nv d
kc rha hdb a v c o rhod rc rhod fx ]FP 9
& Ptvmjn}d Vd~th}hrhck o dnk} n v d~td }r a v co rho d rc rhod fx rj d Mlhdkr rc rj d
Hk}rhrt rhck n} pdv Ot }nunonj Bc mt o dkr - =#>9
& ]dmtvhrx Bcmtodkr} & nkb &]dmt vhrx&h}bda hkdb hkMlnt }d =9
& ]tpplhdv & o dnk} rj d }tpp lhdv a v c o uj c o rj d Hk}rhrt rhck nm~t hv d} Rhrld rc rj d Eccb }9
& ]dmtvdb N}}dr} & o dnk} *hk}dvr bd}mvh prhck ca n}}dr} hk v d} pdmrca ujhmj
mjnved#o cvrened onx f d mv dnrdb( caadv db n} }dmt vhrx fx rj d Mlhdkr9
Vdmdhpr o dnk} n mcka hvonrhck fx rj d Nedkr ca rj d Hk}rhrt rhck, ca v dmdh pr ca at kb} fx
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==
rj d ]tpp lhdv acv rj d }tpp lx ca Eccb } Ot }nunonj Bc mt o dkr - 2 +
& Vtpdd} & cv &V }+&o dnk} rj d lnu at l mt vv dkmxca Pnih}rnk9
& ]FP & o dnk} rj d ] rnrd F nki ca Pnih}rnk9
& Rhrld& o dnk} }t mj rhrld c v c rj dv hkrdv d}r hk rj d Eccb } n} rj d Hk}rhrt rhck v dmdhqd} a v c o rj d
]tpp lhdv9
& Rnzd} & hkmltbd } nll pv d}dkr nkb at rt v d rnzd} *hkmltb hke mdkrvnl dzmh}d bt rx nkb }nld}
rnz(, ldqhd}, ho pc }r}, bt rhd}, }rno p bt rhd}, pdknlrhd}, add} cv mjnved} ca ujnr dqdv knrt v drcedrj dv uhrj bdlnxdb pnxo dkr mjnved} rj dv dck nkb pdknlrhd} hk v d} pdmr rj dv dca nkb
&Rnznrhck&}jnll f d mck}rv tdb nmmcv bhkelx9
& Qnltd Bnrd & o dnk} rj d bnrd ck ujhmj rj d Mc}r Pvhmd uhll f d bh}ft v}db fx rj d
Hk}rhrt rhck n} }rnrdb hk rj d Pt vmjn}d Vd~t h}hrhc k+
>+0= Mlnt }d j dnbhke} nkb rj d rnfl d ca mckrdkr} nv d hk}dvrdb acv mckqdkhdkmd ca v dadv dkmd
cklx nkb }jnll f d hekcv db hk rj d hkrdv pv drnrhck ca rjh} Nev ddo dkr+ Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}, v dadv dkmd} rc Mlnt }d} nkb Ot }nunonj Bc mt o dkr}
nv d rc f d mck}rv tdb n} v dadv dkmd} rc rj d mlnt }d} ca , nkb Ot }nunonj Bc mt o dkr} rc , rjh}
Nev ddo dkr nkb v dadv dkmd} rc rjh} Nev ddo dkr hkmltbd hr}Ot }nunonj Bc mt o dkr}9 u cv b}
ho pc vrhke rj d plt vnl }jnll hkmltbd rj d }hket lnv nkb qhmd qdv}n nkb v dadv dkmd rc n pdv}ck
}jnll f d mck}rv tdb n} hkmltb hke v dadv dkmd} rc nk hkbhqhbt nl, a hvo, Hk}rhrt rhck, mcv pc vnrhck,
t khkmcv pc vnrdb f cb x ca pdv}ck} cv nkx }rnrd c v nkx Nedkmx rj dv dca +
>+02 Rj d v dmhrnl} j dv dhk nf cqd nkb Ot }nunonj Bc mt o dkr} rc rjh} Nev ddo dkr }jnll acvo
nk hkrdevnl pnvrca rjh} Nev ddo dkr+
6+ ]NLD NKB PTVMJN]D CA RJD ECCB] 6+0> Rj d Hk}rhrt rhck nev dd} rc }dll rj d Eccb } rc rj d Mlhdkr rc n onzho t o no ct kr ca
V }+SSSSSSSSSSSSSSS nkb rj d Mlhdkr nev dd} rc pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck
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=2
a v c o rho d rc rhod nr rj d MckrvnmrPvhmd+ Tpc k v dmdh pr fx rj d Hk}rhrt rhck ca rj d Mlhdkr%}
Pt vmjn}d Vd~t h}hrhck nbqh}hke rj d Hk}rhrt rhck rc pt vmjn}d rj d Eccb } nkb oni d pnxo dkr
rj dv dacv d, rj d Hk}rhrt rhck }jnll nm~t hv d rj d Eccb } dhrjdv bhv dmrlxcv rjv ct ej rj d Nedkr, rj d
pnxo dkr acv ujhmj }jnll f d on bd fx rj d hk}rhrt rhck rc rj d ]tpp lhdv+Rj d Vdmdh pr acv }t mj
pnxo dkr }jnll f d nmikcul dbedb fx rj d Mlhdkr hk jh} mn pnmhrx n} nk Nedkr rc rj d
Hk}rhrt rhck, }j ct lb j d f d }c n ppc hkrdb n} nk Nedkr ca rj d Hk}rhrt rhck+ Rj d }nhb Vdmdh pr
}jnll f d }t f}rnkrhnllx hk n acvo ehqdk hkOt }nunonj Bc mt o dkr - 2 +
6+06+> Na rdv rj d pt vmjn}d ca Eccb } fx rj d Hk}rhrt rhck, rj d Mlhdkr }jnll caadv rc pt vmjn}d
rj d Eccb } a v co rj d Hk}rhrt rhck nr rj d MckrvnmrPvhmd hk rj d onkk dv pv cq hbdb hk rj d Pnvr/HH
ca rj d Bdmlnvnrhck+
6+0= Rj d Mlhdkr }jnll pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck na rdv rj d Hk}rhrt rhck jn}
f dkda hmhnllx nm~t hv db rj d Eccb }+Rj d Ot }nunonj pt vmjn}d ca rj d Mlhdkr a v c o rj dHk}rhrt rhck }jnll f d naadmrdb fx rj d dzmjnke d ca nk caadv nkb nmmdprnkmd f dru ddk rj d
Mlhdkr nkb rj d Hk}rhrt rhck+Rj d Eccb } }jnll v donhk nr rj d vh}i ca rj d Hk}rhrt rhck t krhl }t mj
rhod rj d mlhdkr jn} nmmdprdb rj d caadv on bd fx rj d Hk}rhrt rhck n} }dr ct r hk rj d Nppd kbhz M
ca rjh} Nev ddo dkr, hoo dbhnrdlx na rdv ujhmj, nll vh}i} hk v d} pdmrca rj d Eccb } }jnll f d
pn}}db c k rc rj d Mlhdkr+
CV *rc f d n pp lhmnfld ha }nld h} f dhke on bd a v c o hkqdkrcvx ca rj d hk}rhrt rhck(
6+0= Rj d Hk}rhrt rhck jn} nev ddb rc }dll rj d Eccb } rc rj d Mlhdkr nkb rj d Mlhdkr jn} nev ddb rc
pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck acv rj d MckrvnmrPvhmd+Tpc k v dmdh pr fx rj d
Hk}rhrt rhck ca rj d Mlhdkr%}Pt vmjn}d Vd~t h}hrhck nbqh}hke rj d Hk}rhrt rhck ca hr}
v d~t hv do dkr}, rj d Hk}rhrt rhck }jnll bdlhqdv rj d Eccb } rc rj d mlhdkr+Rj d rhrld ca Eccb } }jnll
}rnkb rvnk}advv db rc rj d Mlhdkr n} pdv nev ddb rdvo} ca bdlhqdvx
= + ]DMTVHRX =+0> N} }dmt vhrx acv rj d hkbd frdbkd}} ca rj d Mlhdkr t kbdv rjh} Nev ddo dkr, rj d Mlhdkr
}jnll7/
*n( At vkh}j rc rj d Hk}rhrt rhck mc llnrdvnl*}(#}dmt vhrx*hd}(, }t f}rnkrhnllx hk rj d acvo nkb
}t f}rnkmd nrrnmjdb j dv drc n} Ot }nunonj Bc mt o dkr - 5 9
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*f( Dzdmt rd }t mj at vrjdv bddb} nkb bc mt o dkr} n} onx a v c o rhod rc rhod f d v d~t hv db fx
rj d Hk}rhrt rhck acv rj d pt v pc }d ca o cv d at llx }dmt vhke nkb c v pdv admrhke rj d }dmt vhrx
mv dnrdb hka nqc v ca rj d Hk}rhrt rhck9 nkb
*m(Mv dnrd }t mj crj dv }dmt vhrhd} rc }dmt v d rj d Mlhdkr}c flhenrhck} t kbdv rj d Pvhkmh pnl
Bc mt o dkr} n} rj d pnvrhd} j dv drc , onx fx o t rt nl mck}dkr nev dd a v co rhod rc rhod+
*Rj d nf cqd nv d j dv dhkna rdv mc lldmrhqdlx v dadvv db rc n} rj d &]dmt vhrx&(+
=+06 Hk nbbhrhck rc nf cqd , rj d Mlhdkr }jnll dzdmt rd n bdonk b p v c oh}}cvx kc rd hk a nqc v ca
rj d Hk}rhrt rhck acv rj d no ct kr ca rj d Mckrvnmr Pvhmd *rj d &Pv coh}}cvx Kc rd&(9
*Rjd ]dmtvhrx nkb rjd Pvcoh}}cvx Kcrd nvd jdvdhknardv mclldmrhqdlx
vdadvvdb rc n} rjd & ]dmtvhrx Bcmtodkr} & (+
2+ ADD] NKB DZPDK]D]
Rj d Mlhdkr }jnll pnx rc rj d Hk}rhrt rhck ck bdonk b uhrjhk >4 bnx} ca }t mj bdonk b f dhke
on bd, nll dz pdk}d} *hkmltb hke ldenl nkb c rj dv nkmhllnvxdz pdk}d}( hkmt vv db fx rj d
Hk}rhrt rhck hk mckkdmrhck uhrj rj d kdec rhnrhck, pv dpnvnrhck nkb dzdmt rhck ca rj d Pvhkmh pnl
Bc mt o dkr} nkb ca no dkbo dkr cv dzrdk}hck ca c v rj d evnkrhke ca nkx unhqdv cv mck}dkr
t kbdv rj d Pvhkmh pnl Bc mt o dkr}+
4 + PNXODKR CA MCKRVNMR PVHMD
4+0> Nll pnxo dkr} rc f d on bd fx rj d Mlhdkr t kbdv rjh} Nev ddo dkr }jnll f d on bd hk at ll,
uhrj ct r nkx }dr/caa , v c ll cqdv cv mct krdvmlnho ujnr} cdqdv, ck rj d btd b nrd nkb uj dk rj d
btd b nrd h} kc r n Ft }hkd}} Bnx, rj d acllcuhke Ft }hkd}} Bnx nkb }nqd n} pv cq hbdb hk
Mlnt }d 4+06, a v dd nkb mldnv ca nkx bdbt mrhck} cv uhrjj c lbhke}, rc n mt vv dkr nmmct kr ca rj d
Hk}rhrt rhck n} onx f d kc rha hdb a v c o rho d rc rhod, nkb rj d Mlhdkr uhll cklx f d v dldn}db a v c o
hr}pnxo dkr c flhenrhck} j dv dt kbdv fx pnxhke }t o} btd hkrc rj d nacv do dkrhckdb nmmct kr+
4+06 Ha nr nkx rho d rj d Mlhdkr h} v d~t hv db rc oni d nkx kck v dat kbnfl d nkb kck/nb gt }rnfl d
bdbt mrhck cv uhrjj c lbhke hk v d} pdmrca Rnzd} a v co nkx pnxo dkr btd rc rj d Hk}rhrt rhc k
t kbdv rjh} Nev ddo dkr, rj d }t o btd a v c o rj d Mlhdkr hk v d} pdmrca }t mj pnxo dkr }jnll f d
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=1
hkmv dn}db rc rj d dzrdkr kdmd}}nvx rc dk}t v d rjnr, na rdv rj d onihke ca }t mj bdbt mrhck cv
uhrjj c lbhke, rj d Hk}rhrt rhck v dmdhqd} ck rj d Pnxo dkr Bnrd, n kdr }t o d~t nl rc rj d }t o
ujhmj hr u ct lb jn qd v dmdhqdb jn b kc }t mj bdbt mrhc k cv uhrjj c lbhke f ddk v d~t hv db rc f d
on bd nkb rj d Mlhdkr }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx lc}}d} cv mc}r} hkmt vv db fx
rj d Hk}rhrt rhck fx v dn}ck ca nkx a nhlt v d ca rj d Mlhdkr rc oni d nkx }t mj bdbt mrhck cv
uhrjj c lbhke+Rj d Mlhdkr }jnll pv c o prlx bdlhqdv rc rj d Hk}rhrt rhck nkx v dmdh pr}, mdvrha hmnrd}
cv crj dv pv cca dq hbdkmhke rj d no ct kr} *ha nkx( pnhb c v pnxnfl d hk v d} pdmr ca nkx
bdbt mrhck cv uhrjj c lbhke n} nacv d}nhb+
1 + VDPVD]DKRNRHCK] NKB UNVVNKRHD]
rj d Mlhdkr unvvnkr} nkb v dpv d}dkr} rc rj d Hk}rhrt rhck rjnr7
n+ Rj d dzdmt rhck, bdlhqdvx nkb pd v acvonkmd ca rj d Pvhkmh pnl Bc mt o dkr} fx rj d Mlhdkr uhll
kc r
*h( mckrvnqdkd nkx dzh}rhke lnu, v det lnrhck} cv nt rj cvhwnrhck rc ujhmj rj d Mlhdkr h}
}t fgdmr,
*hh( v d}t lr hk nkx fv dnmj ca c v bda nt lr t kbdv nkx nev ddo dkr cv crj dv hk}rv t o dkr rc ujhmj
rj d Mlhdkr h} n pnvrxcv h} }t fgdmr rc , cv
*hhh( mckrvnqdkd nkx pv cq h}hc k ca rj d mck}rhrt rhqd bc mt o dkr} ca rj d Mlhdkr cv nkx v d}c lt rhck} nbcp rdb fx rj d f cnv b ca b hv dmrcv}cv o dof dv}ca rj d Mlhdkr9
f + Rj d a hknkmhnl }rnrdo dkr} }t fohrr db rcedrj dv uhrj rj d kc rd} rc rj d nmmct kr} nkb nll
mckrhkedkr lhnfhlhrhd} nkb n}}dr} rjnr nv d bh}mlc }db rj dv dhk v dpv d}dkr n rv td nkb a nhv
a hknkmhnlpc }hrhck ca rj d f t }hkd}} nkb rc rj d f d}r ca rj d ik cul dbed ca rj d mlhdkr, hr}
bhv dmrcv} nkb pvhkmh pnl caa hmdv}, rj dv d nv d kc onr dvhnlcoh}}hc k} nkb#cv oh}/
v dpv d}dkrnrhck}9
m+ Nll v d~t h}hrd mcv pc vnrd nkb v det lnrcvx n ppv cq nl} v d~t hv db rc f d c frnhkdb fx rj d Mlhdkr
hkcv bdv rc d krdv hkrc rj d Pvhkmh pnl Bc mt o dkr} nv d hkat ll acvmd nkb daadmr nkb }t mj
n ppv cq nl} pdvohr rj d Mlhdkr, hkrdv nlhn, rc c frnhk a hknkmhnla nmhlhrhd} t kbdv rjh} Nev ddo dkr
nkb pdv acvo hr}c flhenrhck} j dv dt kbdv nkb rjnr rj d dzdmt rhck ca rj d Pvhkmh pnl Bc mt o dkr}
fx rj d Mlhdkr nkb rj d dzdvmh}d ca hr} vhejr} nkb pdv acvonkmd ca hr}c flhenrhck} j dv dt kbdv,
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mck}rhrt rd pvhqnrd nkb mcoo dvmhnl nmr}bc kd acv pvhqnrd nkb mc oo dvmhnlpt v pc }d}9
b+ Kc onr dvhnl lhrhenrhck, nvfhrvnrhck cv nbohkh}rvnrhqd pv cmddbhke} h}pdkbhke cv
rjv dnrdkdb nenhk}r rj d Mlhdkr cv nkx ca hr} n}}dr}9
d+ Hr }jnll hkacvo rj d Hk}rhrt rhck uhrjhk SSSS f t }hkd}} bnx} ca nk dqdkr cv jn ppdkhke
ujhmj onx jn qd nk nbqdv}d daadmrck rj d a hknkmhnlpc }hrhck ca rj d mco pnkx, uj drj dv }t mj
nk dqdkr h} v dmcv bdb hk rj d a hknkmhnl }rnrdo dkr} cv kc r n} pdv n pp lhmnfld Hkrdvknrhcknl
Nmmct krhke ] rnkbnv b}+
5TKBDVRNIHKE
Rj d Mlhdkr mcqd knkr} rc nkb t kbdvrni d} uhrj rj d Hk}rhrt rhck rjnr }c lcke n} rj d Mlhdkr h}
hkbd fr db rc rj d Hk}rhrt rhck hk rdvo} ca rjh} Nev ddo dkr7
n( Hr }jnll hkacvo rj d Hk}rhrt rhck ca nkx Dqdkr ca Bda nt lr cv nkx dqdkr, ujhmj uhrj rj d
ehqhke ca kc rhmd c v ln p}d ca rhod c v f crj u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr acvrjuhrj
tpc k f dmc ohke nunv d rj dv dca 9
f( Hr }jnll pv cq hbd rc rj d Hk}rhrt rhck, tpc k uvhrrdk v d~td }r, mcp hd} ca nll mckrvnmr},
nev ddo dkr} nkb bc mt o dkrnrhck v dlnrhke rc rj d pt vmjn}d ca rj d Eccb }9
m(Rj d Mlhdkr }jnll bc nll }t mj rjhke} nkb dzdmt rd nll }t mj bc mt o dkr} ujhmj hk rj d
gtb eo dkr ca rj d Hk}rhrt rhck onx f d kdmd}}nvx rc9
*h(dknfl d rj d Hk}rhrt rhck rc n}}hek cv crj dvuh}d rvnk}adv rj d lhnfhlhrxca rj d Mlhdkr hk
v d} pdmrca rj d MckrvnmrPvhmd rc nkx mv dbhrcv ca rj d Hk}rhrt rhck cv rc nkx rjhv b pnvrx n} rj d
Hk}rhrt rhck onx bddo a hr nr hr} nf}c lt rd bh}mv drhck9
*hh( mv dnrd nkb pdv admr rj d ]d mt vhrx9
*hhh( onhkrnhk rj d ]d mt vhrx hkat ll acvmd nkb daadmr nr nll rhod} hkmltb hke rj d pvhcvhrx
rj dv dca 9
*hq( onhkrnhk, hk}t v d nkb p nx nll Rnzd} n}}d}}db hk v d} pdmrca rj d ]d mt v db N}}dr} nkb
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pv crdmr nkb dkacvmd hr} vhejr} nkb rhrld, nkb rj d vhejr} ca rj d Hk}rhrt rhck hk v d} pdmrca rj d
]d mt v db N}}dr}, nkb9
*q( pv d}dv qd nkb pv crdmr rj d ]d mt v db N}}dr}+Rj d Mlhdkr }jnll nr hr}cuk dz pdk}d mnt }d rc
f d bdlhqdv db rc rj d Hk}rhrt rhck }t mj crj dv bc mt o dkrnrhck nkb ldenl cp hkhc k*}( n} rj d
Hk}rhrt rhck onx v dn}cknflx v d~t hv d a v c o rhod rc rhod hk v d} pdmrca rj d acv dechke9
b ( Hr uhll }nrh}a nmrcvhlx hk}t v d nll hr} hk}t vnfld n}}dr} uhrj v dpt rnfl d mc o pnkhd} caadvhke
pv crdmrhck t kbdv rj d H}lnohm mckmdpr ca Rnin at l+Rj d ]d mt v db N }}dr} }jnll f d
mco pv dj dk}hqdlx hk}t v db *uhrj n v dpt rnfl d hk}t vnkmd mco pnkx rc rj d }nrh}a nmrhck ca rj d
Hk}rhrt rhck( nenhk}r nll hk}t vnfld vh}i}, ujhmj onx hkmltbd a hv d, nv}ck, rj da r, nmmhbdkr},
mc llh}hc k, f cb x nkb dkehkd bnone d, qnkbnlh}o, vhcr} nkb nmr}ca rdvv cvh}o, nkb rc n}}hek
nll pc lhmhd} ca hk}t vnkmd hka nqc v ca rj d Hk}rhrt rhck rc rj d dzrdkr ca rj d no ct kr a v co rhodrc rhod btd t kbdv rjh} Nev ddo dkr, nkb rc mnt }d rj d kcrhmd ca rj d hkrdv d}r ca rj d Hk}rhrt rhck
rc f d kc rdb c k rj d pc lhmhd} ca hk}t vnkmd, nkb rc pt kmrt nllx pnx rj d pv doht o btd ac v }t mj
hk}t vnkmd} nkb rc mckrdo pc vnkdct }lx rj dv duhrj bdlhqdv rj d pv doht o v dmdh pr} rc rj d
Hk}rhrt rhck+] j ct lb rj d Mlhdkr a nhl rc hk}t v d c v i ddp hk}t v db rj d ]d mt v db N}}dr} nkb#cv rc
bdlhqdv }t mj pc lhmhd} nkb pv doht o v dmdh pr} rc rj d Hk}rhrt rhck, rj dk hr }jnll f d lnu at l acv
rj d Hk}rhrt rhck, f t r kcr c flhenrcvx, rc p nx }t mj pv doh t o nkb rc i ddp rj d ]d mt v db N}}dr} }c
hk}t v db nkb nll mc}r mjnved} nkb dz pdk}d} hkmt vv db fx hracv rj d pt v pc }d }jnll f d mjnvedb
rc nkb pnhb fx rj d Mlhdkr n} ha rj d }no d u dv d pnvrca rj d Hkbd fr dbkd}}+Rj d Mlhdkr
dz pv d}}lx nev dd} rjnr rj d Hk}rhrt rhck }jnll f d dkrhrldb rc nb gt }r, }drrld c v mco pv coh}d nkx
bh} pt rd uhrj rj d hk}t vnkmd mc o pnkx*hd}( nkb rj d hk}t vnkmd nvh}hket kbdv cv hk mckkdmrhck
uhrj rj d pc lhmhd} ca hk}t vnkmd nkb }t mj nb gt }ro dkr}#mco pv c oh}d} cv }drrldo dkr} }jnll f d
fhkbhke ck rj d Mlhdkr nkb rj d Hk}rhrt rhck }jnll f d dkrhrldb rc n ppv cp vhnrd nkb nb gt }r rj d
no ct kr, ha nkx v dmdhqdb, t kbdv rj d nacv d}nhb pc lhmxcv pc lhmhd} rcunv b} pnvrcv at ll
}nrh}a nmrhck ca rj d Mlhdkr%} hkbd fr dbkd}} nvh}hkect r ca rj d nf cqd nvvnkedo dkr} nkb rj d
Mlhdkr }jnll kcr vnh}d nkx ~td }rhck cv c fgdmrhck rjnr lnvedv }t o} ohejr cv }j ct lb jn qd
f ddk v dmdhqdb t kbdv rj d nacv d}nhb pc lhmx kcv rj d Mlhdkr }jnll bh} pt rd hr} lhnfhlhrx*hd}( acv
rj d fnlnkmd v donhkhke btd na rdv }t mj pnxo dkr#nb gt }ro dkr9
d( Dzmdpr n} v d~t hv db hk rj d kcvonl cpd vnrhck ca hr} f t }hkd}}, rj d Mlhdkr }jnll kc r, uhrj ct r
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rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck, }dll, rvnk}adv, ldn}d c v c rj dvuh}d bh} pc }d ca nll cv n
}hwdnfl d pnvrca hr} n}}dr}, cv t kbdvrni d c v pdvohr nkx o dvedv, mck}c lhbnrhck, bh}onkrlhke
cv v d cvenkhwnrhck ujhmj u ct lb onr dvhnllx naadmr rj d Mlhdkr} nfhlhrx rc pd v acvo hr}
c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9
a( Rj d Mlhdkr }jnll kc r *nkb }jnll kc r nev dd rc (, dzmdpr uhrj rj d uvhrrdk mck}dkr ca rj d
Hk}rhrt rhck, mv dnrd, hkmt v, n}}t o d c v }taadv rc d zh}r nkx Lhdk ujnr} cdqdv tpc k cv uhrj
v d} pdmr rc rj d ]d mt v db N}}dr} nkb nkx c rj dv n}}dr} nkb pv cpd vrhd} cuk db fx rj d Mlhdkr
ujhmj onx vnki }tpd vhcv, pnvhpn}}t c v hkadvhcv rc rj d }dmt vhrx mv dnrdb c v rc f d mv dnrdb hk
a nqc v ca rj d Hk}rhrt rhck pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr}9
e( Hr }jnll acvrjuhrj hkacvo rj d Hk}rhrt rhck ca 7 h( dqdkr cv a nmrcv, nkx lhrhenrhck cv pv cmddbhke} pdkbhke cv rjv dnrdkdb nenhk}r rj d Mlhdkr
ujhmj mct lb onr dvhnllx nkb nbqdv}dlx naadmr cv f d lhi dlx rc onr dvhnllx nkb nbqdv}dlx
naadmr7
*n( rj d a hknkmhnl mckbhrhc k ca rj d Mlhdkr9
*f( f t }hkd}} cv cpdvnrhck} ca rj d Mlhdkr9 nkb
*m( rj d Mlhdkr} nfhlhrx rc o ddr hr}c flhenrhck} uj dk btd t kbdv nkx ca rj d Pvhkmh pnl
Bc mt o dkr}9
hh(Nkx mjnked hk rj d bhv dmrcv}ca rj d Mlhdkr9
hhh(Nkx nmrt nl cv pv cpc }db rdvohknrhck, v d}mh}}hc k, bh}mjnved *crj dvuh}d rjnk fx
pdv acvonkmd(, no dkbo dkr cv unhqdv cv hkbt ledkmd t kbdv nkx onr dvhnlpv cq h}hc k ca nkx ca
rj d Pvhkmh pnl Bc mt o dkr}9
hq( Nkx onr dvhnl kc rhmd c v mcvv d} pc kbdkmd v dmdhqdb c v hkhrhnrdb fx rj d Mlhdkr v dlnrhke rc
rj d Lhmdk}d, mck}dkr cv nt rj cvhwnrhck kdmd}}nvxacv rj d pdv acvonkmd fx rj d Mlhdkr ca hr}
c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}
: + MCKBHRHCK] PVDMDBDKR : +0> Rj d c flhenrhck ca rj d Hk}rhrt rhck rc p nx rj d Mc}r Pvhmd }jnll f d }t fgdmr rc rj d v dmdh pr
fx rj d Hk}rhrt rhck *hk acvo nkb }t f}rnkmd nmmdprnfl d rc rj d Hk}rhrt rhck( nr ldn}r SSS
Ft }hkd}} Bnx} pvhcv rc rj d Qnltd B nrd ca 7
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2>
ca rhod c v f c rj, u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr }jnll jn qd c mmt vv db nkb f d
mckrhkt hke cv h} lhi dlx rc c mmt v nkb rjnr rj d pnxo dkr ca rj d Mc}r Pvhmd }jnll kc r v d}t lr hk
rj d c mmt vv dkmd ca nkx Dqdkr ca Bda nt lr9
d( Bdlhqdvx fx rj d Mlhdkr rc rj d Hk}rhrt rhck ca n rv td nkb mco pldrd dzrvnmrca nll v dldqnkr
pnvr}ca rj d ohk t rd} ca n bt lx mckqdkdb o ddrhke ca hr}Fc nv b ca B hv dmrcv} n ppv cq hke rj d
Pvhkmh pnl Bc mt o dkr} nkb evnkrhke rj d kdmd}}nvx nt rj cvhwnrhck} acv dkrdvhke hkrc ,
dzdmt rhck nkb bd lhqdvx ca rj d Pvhkmh pnl Bc mt o dkr} ujhmj }jnll f d bt lx }hekdb nkb
mdvrha hdb fx rj d pdv}ck nt rj cvhwdb fx rj d Fc nv b acv rjh} pt v pc }d9
a( Nll add}, mcooh}}h c k, dz pdk}d} v d~t hv db rc f d pnhb fx rj d Mlhdkr rc rj d Hk}rhrt rhck jn qd
f ddk v dmdhqdb fx rj d Hk}rhrt rhck+ : +0= Nkx mckbhrhck pv dmdbdkr }dr acvrj hk rjh} Mlnt }d : onx f d unhqdb nkb c v o cb ha hdb
fx rj d o t rt nl uvhrrdk mck}dkr ca rj d pnvrhd} j dv drc+
8 + DQDKR] CA BDANTLR
8 +0> Rj dv d }jnll f d nk Dqdkr ca Bda nt lr ha hk rj d cp hkhc k ca rj d Hk}rhrt rhck
*n( Nkx v dpv d}dkrnrhck cv unvvnkrx on bd c v bddo db rc f d on bd c v v dpdnrdb fx rj d Mlhdkr
hkcv pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr} cv hk nkx bc mt o dkr bdlhqdv db t kbdv rjh} Nev ddo dkr h}act kb rc f d hkmcvv dmr9
*f( Nkx Hkbd fr dbkd}} ca rj d Mlhdkr rc rj d Hk}rhrt rhck hkdzmd}} ca
V }+SSSSSSSSSSSSSSSSSSSSSSSSSS *Vtpdd }
SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS cklx( h} kc r pnhb uj dk btd c v f dmco d} btd c v
mn pnfl d ca f dhke bdmlnv db btd p vhcv rc hr} }rnrdb onr t vhrx9
8 +06 Kc ruhrj}rnk bhke nkxrjhke mckrnhkdb j dv dhk, rj d Hk}rhrt rhck onx uhrj ct r pv d gtb hmd rc
nkx ca hr}c rj dv vhejr}, nr nkx rhod na rdv rj d jn ppdkhke ca nk Dqdkr ca Bda nt lr fx kcrhmd rc
rj d Mlhdkr bdmlnv d rjnr dkrhv d no ct kr fx ujhmj rj d Mlhdkr h} hkbd fr db rc rj d Hk}rhrt rhck
}jnll acvrjuhrj f dmc o d btd nkb pnxnfl d+
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> 0+ PDKNLRX >0+> U j dv d nkx no ct kr h} v d~t hv db rc f d pnhb fx rj d Mlhdkr t kbdv rj d Pvhkmh pnl
Bc mt o dkr} ck n } pdmha hdb bnrd nkb h} kc r pnhb fx rjnr bnrd, cv nk dzrdk}hc k rj dv dca ,
pdvohrrdb fx rj d Hk}rhrt rhck uhrj ct r nkx hkmv dn}d hk rj d MckrvnmrPvhmd, rj d Mlhdkr j dv d fx
t kbdvrni d} rc p nx bhv dmrlx rc rj d Mjnvhrx At kb, mck}rhrt rdb fx rj d Hk}rhrt rhck, n }t o
mnlmt lnrdb @ //////$ pd v nkkt o acv rj d dkrhv d pdvhcb ca bda nt lr, mnlmt lnrdb c k rj d rcrnl
no ct kr ca rj d c flhenrhck} v donhkhke t k/b h}mjnvedb+Rj d Mjnvhrx At kb }jnll f d t }db nr rj d
nf}c lt rd bh}mv drhck ca rj d Hk}rhrt rhck, dzmlt }hqdlx acv rj d pt v pc }d} ca n ppv cqdb mjnvhrx+
>0+6 Hk mn}d}
*h( ( nkx no ct kr*}( v dadvv db rc hk mlnt }d >0+0> nf cqd , hkmltb hke rj d no ct kr t kbdvrni dk rc
f d pnhb b hv dmrlx rc rj d Mjnvhrx At kb, fx rj d Mlhdkr, h} kc r pnhb fx jho, cv
*hh( rj d Mlhdkr bdlnx} rj d pnxo dkr ca nkx no ct kr btd t kbdv rj d Pvhkmh pnl Bc mt o dkr} nkb#
cv rj d pnxo dkr ca no ct kr rc rj d Mjnvhrx At kb n} dkqh}nedb t kbdv Mlnt }d >0+0> nf cqd , n}
n v d}t lr ca ujhmj nkx bhv dmrcv hkbhv dmr mc}r} nv d hkmt vv db fx rj d Hk}rhrt rhck, rj d Hk}rhrt rhck
}jnll jn qd rj d vhejr rc n ppv cnmj n mco pdrdkr Mct vr
*h(Acv v dmcqdvx ca nkx no ct kr} v donhkhke t k pnhb n} u dll n},
*hh(acv ho pc }hke ca n pdknlrx ck rj d Mlhdkr+Hk rjh} v denv b rj d Mlhdkr h} nunv d nkb
nmikcul dbed} rjnr kcruhrj}rnk bhke rj d no ct kr pnhb fx rj d Mlhdkr rc rj d Mjnvhrx At kb ca
rj d Hk}rhrt rhck, rj d Mct vr jn} rj d pc u dv rc ho pc }d pdknlrx, nr hr}bh}mv drhck, nkb a v co rj d
no ct kr ca }t mj pdknlrx, n }onll dv cv fhee dv pnvr, bdpdkbhke tpc k rj d mhvmt o}rnkmd}, mnk
f d nunv bdb n} }c lnrht o rc rj d Hk}rhrt rhck, bdrdvohkdb c k rj d fn}h} ca b hv dmr nkb hkbhv dmr
mc}r} hkmt vv db, c rj dv rjnk rj d cppc vrt khrx mc}r+
>> + HKBDOKHRHD]
Rj d Mlhdkr }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx dz pdk}d ujhmj rj d Hk}rhrt rhck }jnll
pv cqd n} vhejrlx hkmt vv db fx hr n} n mck}d~td kmd ca 7
*h( rj d cmmt vv dkmd ca nkx Dqdkr ca Bda nt lr,
*hh( rj d pt vmjn}d nkb }nld ca Eccb } cv nkx pnvr rj dv dca fx rj d Mlhdkr cv rj d c uk dv}jh p
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2=
rj dv d ca , nkb
*hhh( nkx oh}/v dpv d}dkrnrhck+
> 6+]DR/CAA
Rj d Mlhdkr nt rj cvhwd} rj d Hk}rhrt rhck rc n pplx nkx mv dbhr fnlnkmd rc ujhmj rj d Mlhdkr h}
dkrhrldb c v nkx no ct kr ujhmj h}pnxnfl d fx rj d Hk}rhrt rhck rc rj d Mlhdkr nr nkx rho d hkcv
rcunv b} pnvrhnlcv rcrnl }nrh}a nmrhck ca nkx }t o ujhmj onx f d btd c v pnxnfl d a v c o rj d
Mlhdkr rc rj d Hk}rhrt rhck t kbdv rjh} Nev ddo dkr+
>= + N]]HEKODKR
>=+0> Rjh} Nev ddo dkr }jnll f d fhkbhke tpc k nkb hkt v d rc rj d f dkda hrca nkb f d
dkacvmdnfl d fx rj d Hk}rhrt rhck, rj d Mlhdkr, nkb v d} pdmrhqd }t mmd}}cv}pdvohrrdb n}}hek} nkb
rvnk}adv dd} ca rj d pnvrhd} j dv drc , pv cq hbdb rjnr rj d Mlhdkr }jnll kcr n}}hekcv rvnk}adv nkx
ca hr} vhejr} cv c flhenrhck} t kbdv rjh} Nev ddo dkr uhrj ct r rj d uvhrrdk mck}dkr ca rj d
Hk}rhrt rhck+Rj d Hk}rhrt rhck onx n}}hek nll cv nkx pnvrca hr} vhejr} cv rvnk}adv nll cv nkx
pnvrca hr}c flhenrhck} nkb#cv mcoohro dkr} t kbdv rjh} Nev ddo dkr rc nkx Hk}rhrt rhck, cv
crj dv pdv}ck+Rj d Mlhdkr }jnll kc r f d lhnfld acv rj d mc}r}ca rj d n}}heko dkr nkb#cv rvnk}adv
ca mcoohro dkr} j dv dt kbdv fx rj d Hk}rhrt rhck+Ha rj d Hk}rhrt rhck n}}hek} nll cv nkx pnvrca
hr} vhejr} cv rvnk}adv} nll cv nkx pnvrca hr}c flhenrhck} nkb mc oohro dkr} n} pv cq hbdb hk
rjh} Mlnt }d, nll v dldqnkr v dadv dkmd} hk rjh} Nev ddo dkr rc rj d Hk}rhrt rhck }jnll rj dv dna rdv f d
mck}rv tdb n} n v dadv dkmd rc rj d Hk}rhrt rhck nkb#cv hr} n}}hekdd*}( cv rvnk}adv dd*}( *n} rj d
mn}d onx f d( rc rj d dzrdkr ca rj dhv v d} pdmrhqd hkrdv d}r}+
>=+06 Rj d Hk}rhrt rhck onx bh}mlc }d rc n pc rdkrhnl n}}hekdd cv rvnk}adv dd cv rc nkx c rj dv
pdv}ck uj c onx pv cpc }d dkrdvhke hkrc mckrvnmrt nl v dlnrhck} uhrj rj d Hk}rhrt rhck hk v dlnrhck
rc rjh} Nev ddo dkr }t mj hkacvonrhck nf ct r rj d Mlhdkr n} rj d Hk}rhrt rhck }jnll mck}hbdv
n ppv cp vhnrd+ > 2+ ACVMD ONGDTVD
Nkx bdlnx} hkcv a nhlt v d fx n Pnvrx j dv drc hk rj d pdv acvonkmd j dv dt kbdv ha nkb rc rj d
dzrdkr hr h} mnt }db fx rj d c mmt vv dkmd} cv mhvmt o}rnkmd} f dxc kb }t mj Pnvrx} v dn}cknfl d
mckrv c l, hkmltb hke f t r kcr lhohrdb rc , nmr}ca Ecb , a hv d, }rvhi d} cv crj dv lnf cv bh}rt vfnkmd},
vhcr}, mhqhl mc oo c rhck, unv *bdmlnv db c v kcr( }nfc rned, nkx c rj dv mnt }d}, }hohlnv rc rj c}d
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j dv dhk } pdmha hdb ujhmj mnkkc r f d mckrv c lldb fx }t mj Pnvrx+Rj d Pnvrx naadmrdb fx }t mj
dqdkr} }jnll pv c o prlx hkacvo rj d c rj dv Pnvrxca rj d c mmt vv dkmd ca }t mj dqdkr} nkb }jnll
at vkh}j pv cca ca bd rnhl}ca rj d c mmt vv dkmd nkb v dn}ck} acv hr} kck/pdv acvonkmd ca uj c ld c v
pnvrca rjh} Nev ddo dkr+Rj d pnvrhd} }jnll mck}t lr dnmj c rj dv rc bd mhbd uj drj dv rc
rdvohknrd rjh} Nev ddo dkr cv rc b h}mjnved pnvrca rj d c flhenrhck} ca rj d naadmrdb Pnvrxcv
dzrdkb hr}c flhenrhck} ck n f d}r daacvr nkb c k nk nvo} ldkerj fn}h}+
>4 + EDKDVNL>4+0> Kc a nhlt v d c v bdlnx ck rj d pnvrca rj d Hk}rhrt rhc k rc d zdvmh}d nkx pc u dv, vhejr cv
v do dbx t kbdv rjh} Nev ddo dkr }jnll cpd vnrd n} n unhqdv rj dv dca kcv n pnvrhnldzdvmh}d fx
rj d Hk}rhrt rhck ca nkx pc u dv, vhejr cv v do dbx pv dmltbd nkx c rj dv cv at vrjdv dzdvmh}d
rj dv dca c v rj d dzdvmh}d ca nkx c rj dv pc u dv vhejr cv v do dbx+Rj d v do dbhd} pv cq hbdb hk rjh}
Nev ddo dkr nv d mt o t lnrhqd nkb nv d kc r dzmlt }hqd ca nkx v do dbhd} pv cq hbdb fx lnu9
>4+06 Rjh} Nev ddo dkr v dpv d}dkr} rj d dkrhv d nev ddo dkr nkb t kbdv}rnkbhke f dru ddk rj d
Pnvrhd} hk v dlnrhck rc rj d }t fgdmr onrr dv nkb kc no dkbo dkr cv o cb ha hmnrhck rc rjh}
Nev ddo dkr uhll f d daadmrhqd c v fhkbhke t kld}} hr h} hk uvhrhke, }hekdb fx f c rj Pnvrhd} nkb
v dadv} rc rjh} Nev ddo dkr9
>4+0= Rjh} Nev ddo dkr h} ecqdvkdb fx nkb }jnll f d mck}rv tdb hk nmmcv bnkmd uhrj Pnih}rnk lnu+ Nll mc o pdrdkr mct vr} nr SSSSSSSS }jnll jn qd rj d kck/dzmlt }hqd gt vh}bhmrhck rc j dnv
nkb bdrdvohkd nkx nmrhck, mlnhocv pv cmddbhke} nvh}hkect r ca c v hk mckkdmrhck uhrj rjh}
Nev ddo dkr+
>4+02 Kc rjhke mckrnhkdb j dv dhk }jnll pv d gtb hmd c v crj dvuh}d naadmr rj d vhejr} nkb
v do dbhd} rjnr onx c rj dvuh}d f d nqnhlnfld t kbdv lnu rc rj d pnvrhd}+
>4+04 Nkx v dmck}rv t mrhck, bhqh}hc k, v d/c venkhwnrhck cv mjnked hk rj d mck}rhrt rhck ca rj d
Hk}rhrt rhck cv hr} nf} cv prhck hkcv nonlenonrh ck uhrj nkx c rj dv pdv}ck cv rj d nm~t h}hrhck
ca nll cv pnvrca hr}t kbdvrnihke fx nkx c rj dv pdv}ck }jnll kc r hk nkx unx pv d gtb hmd c v
naadmr hr} vhejr} j dv dt kbdv+
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0*064 "> %:0 6( " 116!, " 5,6 > 6(
"$> " 046 $">+ #,0,5*%
H+Rj d kno d ca rj d mco pnkx h}NFK NOVC FNKI LHOHRDB +
HH+Rj d Vdeh}rdv db Caa hmd ca rj d mco pnkx uhll f d }hrt nrdb hk rj d Pv cq hkmd ca Lnj cv d+
HHH+Rj d c fgdmr}acv ujhmj rj d mc o pnkx h}d}rnflh}j db nv d rc t kbdvrni d nkx cv nll ca rj d
acllc uhke f t }hkd}}d} hkcv ct r}hbd Pnih}rnk7
>+Rc mnvvxck rj d f t }hkd}} ca n & fnkihke mc o pnkx&hk lhkd uhrj rj d v dadv dkmd rc rj d }no d
hkF nkihke Mco pnkhd} Cv bhknkmd, >8169
6+Rc f cvv cu, vnh}d c v rni d tp o ckdx9
=+Rc ldkb c v nbqnkmd o c kdx dhrjdv tpc k cv uhrj ct r }dmt vhrx9 2+ Rc b vnu, oni d, nmmdpr, bh}mct kr, f t x, }dll, mc lldmr nkb bdnl hk fhll} ca dzmjnke d,
pv coh}}cvx kc rd}, mctpc k}, bvna r}, fhll} ca lnbhke, vnhlunx v dmdh pr}, unvvnkr}, bd f dkrt v d},
mdvrha hmnrd}, }mvh p}, pnvrhmh pnrhck rdvo mdvrha hmnrd}, rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin
mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb }t mj crj dv hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d
] rnrd F nki ca Pnih}rnk, nkb c rj dv hk}rv t o dkr} nkb }dmt vhrhd} uj drj dv rvnk}advnfld c v
kdec rhnfld c v kcr9
4+Rc evnkr nkb h}}td ldrrdv}ca mv dbhr, rvnqdldv}% mjd~td } nkb mhvmt lnv kc rd} drm9
1+Rc f t x, }dll nkb bdnl hk f t llhc k } phmd} nkb acv dhek dzmjnke d hkmltb hke acv dhek fnki
kc rd}9
5+ Rc nm~t hv d, j c lb, h}}td c k mc ooh}}h c k, t kbdvuvhrd nkb bdnl hk }rcmi, at kb} }jnv d},
bd f dkrt v d}, bd f dkrt v d }rcmi, f ckb}, c flhenrhck}, }dmt vhrhd}, pnvrhmh pnrhck rdvo mdvrha hmnrd},
rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb }t mj c rj dv
hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d ] rnrd F nki ca Pnih}rnk nkb hkqd}ro dkr} ca nll
ihkb}9
: + Rc pt vmjn}d nkb }dll f ckb}, }mvh p} cv crj dv acvo} ca }dmt vhrhd}, pnvrhmh pnrhck rdvo
mdvrha hmnrd}, rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb
}t mj crj dv hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d ] rnrd F nki ca Pnih}rnk9
8+Rc kdecrhnrd lcnk} nkb nbqnkmd}9
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>0+ Rc v dmdhqd nll ihkb} ca f ckb}, }mvh p} ca qnlt nfl d} ck bdpc }hrcv acv }nad mt }rcb x cv
crj dvuh}d9
>>+Rc p v cq hbd }nad bdpc}hrqnt lr}9
>6+Rc mc lldmr nkb rvnk}ohr o c kdx nkb }dmt vhrhd}9
>=+Rc p v cq hbd a hknkmd n} bda hkdb hk rj d AhknkmhnlHk}rhrt rhck} *Vdmcqdvx ca
Ahknkmd}( Cv bhknkmd, 600 >9
>2+ Rc nmr n} nedkr} acv nkx Ecqd vko dkr cv lcmnl nt rj cvhrx cv nkx c rj dv pdv}ck cv
pdv}ck}9
>4+Rc mnvvxck nedkmx f t }hkd}} ca nkx bd}mvh prhck hkmltb hke rj d mldnvhke nkb ac vunv bhke
ca eccb }, ehqhke ca v dmdh pr} nkb b h}mjnved} nkb c rj dvuh}d nmrhke n} nk nrrcvkdx ck f djnl a
ca mt }rco dv}, f t r dzmltb hke rj d f t }hkd}} ca n onknehke nedkr cv rv dn}t v dv ca n mco pnkx9
>1+Rc mckrvnmracv pt flhm nkb pvhqnrd lcnk} nkb kdecrhnrd nkb h}}td rj d }no d9 >5+ Rc nonlenonr d c v o dved uhrj nkx c rj dv mco pnkx, f cb x mcv pc vnrd cv dkrhrx hk
nmmcv bnkmd uhrj rj d lnu+
>: +Rc daadmr, hk}t v d, e t nvnkrdd, t kbdvuvhrd, pnvrhmh pnrd hk onknehke nkb mnvvxhkect r ca
nkx h}}td , pt flhmcv pvhqnrd, Ecqd vko dkr, o t khmh pnl cv crj dv lcnk} cv ca }jnv d}, }rcmi,
bd f dkrt v d}, bd f dkrt v d }rcmi cv c rj dv }dmt vhrhd} ca nkx mc o pnkx, mcv pc vnrhck cv
n}}cmhnrhck nkb rj d ldkbhke ca o ckdx acv rj d pt v pc }d ca nkx }t mj h}}td 9
>8+Rc mnvvxhkeck nkb rvnk}nmrdqdvx ihkb ca et nvnkrdd nkb hkbdokhrx f t }hkd}}9
60+ Rc pt vmjn}d c v nm~t hv d hk rj d kcvonl mct v}d ca hr} fnkihke f t }hkd}}, nkx pv cpd vrx,
hkmltb hke pnrdkr}, bd}hek}, rvnbd/ onvi} nkb mcp xvhejr}, uhrj cv uhrj ct r f t x/ fnmi
nvvnkedo dkr} fx rj d }dlldv, cv acv }nld hk rj d acvo ca jhv d/pt vmjn}d c v ck bdadvv db
pnxo dkr fn}h} uhrj onvi tp c v acv ldn}hke cv lhmdk}hke cv acv v dkr/}jnvhke cv acv nkx c rj dv
o cbd ca a hknkmhke9
6>+Rc onkne d, }dll nkb v dnlhwd nkx pv cpd vrx, ujhmj onx mc o d hkrc rj d pc }}d}}hc k ca rj d
mco pnkx hk }nrh}a nmrhck cv pnvr }nrh}a nmrhck ca nkx ca hr} mlnho}9
66+Rc nm~t hv d nkb j c lb nkb edkdvnllx bdnl uhrj nkx pv cpd vrx cv nkx vhejr, rhrld c v hkrdv d}r
hk nkx }t mj pv cpd vrx ujhmj onx acvo }dmt vhrxcv pnvr ca rj d }dmt vhrx acv nkx lcnk} cv
nbqnkmd} cv ujhmj onx f d mckkdmrdb uhrj nkx }t mj }dmt vhrx9
6=+Rc t kbdvrni d nkb dzdmt rd rv t }r}9
62+Rc t kbdvrni d rj d nbohkh}rvnrhck ca d}rnrd} n} dzdmt rcv, rv t }rdd cv crj dvuh}d9
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64+ Rc d}rnflh}j nkb }tppc vr cv nhb hk rj d d}rnflh}jo dkr nkb }tppc vr ca n}}cmhnrhck},
hk}rhrt rhck}, at kb}, rv t }r} nkb mckqdkhdkmd} mnlmt lnrdb rc f dkda hr do plc xdd} cv dz/
do plc xdd} ca rj d mco pnkx cv rj d bdpdkbdkr} cv mckkdmrhck} ca }t mj pdv}c
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