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8/9/2019 Corporate Law#1
1/36
Bjkszyj Lgj?Bjkszyj Lgj?
Iz{dgj{{ [syzkszyj{Iz{dgj{{ [syzkszyj{
Klyqlyhsj BhuKlyqlyhsj Bhu
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Lqsdlg{Lqsdlg{
[lbj syhcjy[lbj syhcjy
Lycdghyt qhysgjy{ndqLycdghyt qhysgjy{ndq
Bdmdsjc qhysgjy{ndqBdmdsjc qhysgjy{ndq
Dgklyqlyhsjc bdmdsjc qhysgjy{ndqDgklyqlyhsjc bdmdsjc qhysgjy{ndq
Syhcdge syz{sSyhcdge syz{s
Mhghejc dgpj{smjgs {knjmjMhghejc dgpj{smjgs {knjmj
Klmqhgt bdmdsjc it {nhyj{Klmqhgt bdmdsjc it {nhyj{
Zgbdmdsjc klmqhgt udsn {nhyj khqdshbZgbdmdsjc klmqhgt udsn {nhyj khqdshb
Klmqhgt bdmdsjc it ezhyhgsjjKlmqhgt bdmdsjc it ezhyhgsjj
Gl bdhidbdst klmqhgtGl bdhidbdst klmqhgt
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[lbj Syhcjy[lbj Syhcjy
Iz{dgj{{ lugjc it hg dgcdpdczhb'Iz{dgj{{ lugjc it hg dgcdpdczhb'
Snj klgczks l` snj iz{dgj{{ d{ {ziojks slSnj klgczks l` snj iz{dgj{{ d{ {ziojks sl
snj ejgjyhb bhu'snj ejgjyhb bhu' Snj iz{dgj{{ lugjy d{ qjy{lghbbt bdhibjSnj iz{dgj{{ lugjy d{ qjy{lghbbt bdhibj
udsnlzs bdmds `ly hbb iz{dgj{{ cjis{'udsnlzs bdmds `ly hbb iz{dgj{{ cjis{'
Snj iz{dgj{{ ghmj .Snj iz{dgj{{ ghmj .jeje Syz{sjc Szyfjt{$Syz{sjc Szyfjt{$mz{s ij yjed{sjyjc zgcjy snj yjbjphgsmz{s ij yjed{sjyjc zgcjy snj yjbjphgsIz{dgj{{ Ghmj{ Hks d` ds clj{ gls klg{d{sIz{dgj{{ Ghmj{ Hks d` ds clj{ gls klg{d{sl` snj ghmj l` snj qylqydjsly'l` snj ghmj l` snj qylqydjsly'
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Lycdghyt Qhysgjy{ndqLycdghyt Qhysgjy{ndq Iz{dgj{{ lugjc it mlyj snhg lgj qjy{lg'Iz{dgj{{ lugjc it mlyj snhg lgj qjy{lg' Jhkn qhysgjy d{ snj hejgs l` jhkn lsnjyJhkn qhysgjy d{ snj hejgs l` jhkn lsnjy
qhysgjy unjg khyytdge lg snj iz{dgj{{? QHqhysgjy unjg khyytdge lg snj iz{dgj{{? QH
{ :'{ :' Snj qhysgjy{,lugjy{ nhpj zgbdmdsjcSnj qhysgjy{,lugjy{ nhpj zgbdmdsjc
qjy{lghb bdhidbdst `ly cjis{ dgkzyyjc dg snjqjy{lghb bdhidbdst `ly cjis{ dgkzyyjc dg snjklgczks l` snj iz{dgj{{? {jj QHklgczks l` snj iz{dgj{{? {jj QH {{{{ 44--89'89'
Snj mzszhb ydens{ hgc libdehsdlg{ l` snjSnj mzszhb ydens{ hgc libdehsdlg{ l` snjqhysgjy{ hyj cjsjymdgjc it yj`jyjgkj slqhysgjy{ hyj cjsjymdgjc it yj`jyjgkj slsnj qhysgjy{ndq heyjjmjgs hgc snjsnj qhysgjy{ndq heyjjmjgs hgc snj
yjbjphgs Qhysgjy{ndq Hks'yjbjphgs Qhysgjy{ndq Hks'
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H qhysgjy{ndq d{ gls h bjehb jgsdst'H qhysgjy{ndq d{ gls h bjehb jgsdst'
H qhysgjy{ndq sh~ yjszyg mz{s ij blcejc'H qhysgjy{ndq sh~ yjszyg mz{s ij blcejc'Nlujpjy" h qhysgjy{ndq d{ gls h sh~hibjNlujpjy" h qhysgjy{ndq d{ gls h sh~hibjjgsdst' Hgt {nhyj l` iz{dgj{{ qyl`ds{ `lym{jgsdst' Hgt {nhyj l` iz{dgj{{ qyl`ds{ `lym{
qhys l` snj sh~hibj dgklmj l` snjqhys l` snj sh~hibj dgklmj l` snjdgcdpdczhb qhysgjy{' [dmdbhybt" hgt {nhyj l`dgcdpdczhb qhysgjy{' [dmdbhybt" hgt {nhyj l`bl{{j{ khg ij cjczksjc `ylm hgt lsnjybl{{j{ khg ij cjczksjc `ylm hgt lsnjydgklmj l` snj qhysgjy{'dgklmj l` snj qhysgjy{'
Dg snj hi{jgkj l` h klgsyhyt heyjjmjgs" hDg snj hi{jgkj l` h klgsyhyt heyjjmjgs" hqhysgjy{ndq d{ cd{{lbpjc it snj cjhsn lyqhysgjy{ndq d{ cd{{lbpjc it snj cjhsn lydg{lbpjgkt l` h qhysgjy'dg{lbpjgkt l` h qhysgjy'
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Bdmdsjc Qhysgjy{ndq VBQ]Bdmdsjc Qhysgjy{ndq VBQ] Mz{s ij yjed{sjyjc? QH { 3>.8$'Mz{s ij yjed{sjyjc? QH { 3>.8$' Mz{s nhpj hs bjh{s 8 ejgjyhb qhysgjy hgcMz{s nhpj hs bjh{s 8 ejgjyhb qhysgjy hgc
hs bjh{s 8 bdmdsjc qhysgjy? QH { 34.8$'hs bjh{s 8 bdmdsjc qhysgjy? QH { 34.8$'
H ejgjyhb qhysgjy mhghej{ snj iz{dgj{{H ejgjyhb qhysgjy mhghej{ snj iz{dgj{{hgc nh{ zgbdmdsjc qjy{lghb bdhidbdst `lyhgc nh{ zgbdmdsjc qjy{lghb bdhidbdst `lycjis{ l` snj `dym? QHcjis{ l` snj `dym? QH {{{{ 4.8$" 89.8$'4.8$" 89.8$'
H bdmdsjc qhysgjy clj{ gls mhghej snjH bdmdsjc qhysgjy clj{ gls mhghej snjiz{dgj{{ hgc d{ lgbt bdhibj `ly qhysgjy{ndqiz{dgj{{ hgc d{ lgbt bdhibj `ly qhysgjy{ndqcjis{ sl snj j~sjgs yj`jyyjc sl dg snjcjis{ sl snj j~sjgs yj`jyyjc sl dg snjYjed{sjy l` Bdmdsjc Qhysgjy{ndq{? QH { :>'Yjed{sjy l` Bdmdsjc Qhysgjy{ndq{? QH { :>'
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Dgklyqlyhsjc Bdmdsjc Qhysgjy{ndq VDBQ]Dgklyqlyhsjc Bdmdsjc Qhysgjy{ndq VDBQ]
Dg 9119" snj Klmmlgujhbsn QhybdhmjgsDg 9119" snj Klmmlgujhbsn Qhybdhmjgsjghksjc snj Pjgszyj Khqdshb Hks 9119' Dsjghksjc snj Pjgszyj Khqdshb Hks 9119' Dsuh{ hdmjc hs hssyhksdge pjgszyj khqdshb sluh{ hdmjc hs hssyhksdge pjgszyj khqdshb sl
Hz{syhbdh'Hz{syhbdh' Snj .Snj .KsnKsn$ Dgklmj Sh~ H{{j{{mjgs Hks$ Dgklmj Sh~ H{{j{{mjgs Hks
84;0 uh{ hb{l hmjgcjc sl hbblu hqqylpjc84;0 uh{ hb{l hmjgcjc sl hbblu hqqylpjc
pjgszyj khqdshb jgsdsdj{ sl ij sh~jc h{pjgszyj khqdshb jgsdsdj{ sl ij sh~jc h{`blu`blu--snylzen pjndkbj{ .snhs d{" sl ij sh~snylzen pjndkbj{ .snhs d{" sl ij sh~j~jmqs$ dg hkklychgkj udsn dgsjyghsdlghbbtj~jmqs$ dg hkklychgkj udsn dgsjyghsdlghbbtyjklegd{jc ij{s qyhksdkj `ly snj syjhsmjgsyjklegd{jc ij{s qyhksdkj `ly snj syjhsmjgs
l` pjgszyj khqdshb'l` pjgszyj khqdshb'
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Zgcjy snj Klmmlgujhbsn bjed{bhsdlg" snjZgcjy snj Klmmlgujhbsn bjed{bhsdlg" snjqyj`jyyjc iz{dgj{{ {syzkszyj `ly pjgszyjqyj`jyyjc iz{dgj{{ {syzkszyj `ly pjgszyj
khqdshb jgsdsdj{ d{ snj DBQ'khqdshb jgsdsdj{ d{ snj DBQ' Snj [shsj{ hgc Sjyydslydj{ nhpj hmjgcjcSnj [shsj{ hgc Sjyydslydj{ nhpj hmjgcjc
snjdy qhysgjy{ndq bjed{bhsdlg sl `hkdbdshsjsnjdy qhysgjy{ndq bjed{bhsdlg sl `hkdbdshsj
DBQ{DBQ{'' Nlujpjy" zgcjy snj {shsj hgc sjyydslytNlujpjy" zgcjy snj {shsj hgc sjyydslyt
bjed{bhsdlg" snj ydens sl `lymbjed{bhsdlg" snj ydens sl `lym DBQ{DBQ{ d{d{
cdyjksbt sdjc sl snj Klmmlgujhbsn pjgszyjcdyjksbt sdjc sl snj Klmmlgujhbsn pjgszyjkhqdshb bjed{bhsdlg'khqdshb bjed{bhsdlg'
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[jksdlg :8C l` snj [H Qhysgjy{ndq Hks[jksdlg :8C l` snj [H Qhysgjy{ndq Hks
qylpdcj{ snhs hg DBQ khg lgbt ij `lymjc hgcqylpdcj{ snhs hg DBQ khg lgbt ij `lymjc hgc
yjed{sjyjc d`?yjed{sjyjc d`? snj qhysgjy{ndq d{ yjed{sjyjc zgcjy Qhys 9snj qhysgjy{ndq d{ yjed{sjyjc zgcjy Qhys 9
l` snjl` snj Pjgszyj Khqdshb Hks 9119Pjgszyj Khqdshb Hks 9119 l` snjl` snj
Klmmlgujhbsn" ly h ejgjyhb qhysgjy dgKlmmlgujhbsn" ly h ejgjyhb qhysgjy dgsnj qhysgjy{ndq ly h qylql{jc ejgjyhbsnj qhysgjy{ndq ly h qylql{jc ejgjyhbqhysgjy dg snj qylql{jc DBQ dgsjgc{ slqhysgjy dg snj qylql{jc DBQ dgsjgc{ slhqqbt `ly yjed{syhsdlg l` snj DBQ lyhqqbt `ly yjed{syhsdlg l` snj DBQ lyqylql{jc qhysgjy{ndq zgcjy snhs Qhys6 lyqylql{jc qhysgjy{ndq zgcjy snhs Qhys6 ly
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snj qhysgjy{ndq d{ h pjgszyj khqdshbsnj qhysgjy{ndq d{ h pjgszyj khqdshb
mhghejmjgs qhysgjy{ndq udsndg snjmhghejmjgs qhysgjy{ndq udsndg snjmjhgdge l` { 43C.;$ l` snj .mjhgdge l` { 43C.;$ l` snj .KsnKsn$$ DgklmjDgklmjSh~ H{{j{{mjgs Hks 84;0"Sh~ H{{j{{mjgs Hks 84;0" ly snj qhysgjy{ly snj qhysgjy{dg snj qhysgjy{ndq" ly snj qylql{jcdg snj qhysgjy{ndq" ly snj qylql{jcqhysgjy{ dg snj qylql{jc DBQ" dgsjgc snhsqhysgjy{ dg snj qylql{jc DBQ" dgsjgc snhssnj qhysgjy{ndq ly qylql{jc DBQ udbb mjjssnj qhysgjy{ndq ly qylql{jc DBQ udbb mjjssnj yjxzdyjmjgs{ {js lzs dg snhs {jksdlgsnj yjxzdyjmjgs{ {js lzs dg snhs {jksdlg
`ly yjklegdsdlg h{ h pjgszyj khqdshb`ly yjklegdsdlg h{ h pjgszyj khqdshbmhghejmjgs qhysgjy{ndq'mhghejmjgs qhysgjy{ndq'
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Fjt @jhszyj{ l` hg DBQFjt @jhszyj{ l` hg DBQ
mz{s ij yjed{sjyjc? QH { 3>.9$'mz{s ij yjed{sjyjc? QH { 3>.9$'
mz{s nhpj hs bjh{s lgj ejgjyhb qhysgjymz{s nhpj hs bjh{s lgj ejgjyhb qhysgjyhgc hs bjh{s lgj bdmdsjc qhysgjy? QH {hgc hs bjh{s lgj bdmdsjc qhysgjy? QH {
34.8$'34.8$' khg nhpj hgt gzmijy l` bdmdsjc qhysgjy{khg nhpj hgt gzmijy l` bdmdsjc qhysgjy{
izs gl mlyj snhg 91 ejgjyhb qhysgjy{? QHizs gl mlyj snhg 91 ejgjyhb qhysgjy{? QH
{{{{ :1.8$:1.8$--.9$'.9$' d{ h ilct klyqlyhsj udsn bjehb qjy{lghbdstd{ h ilct klyqlyhsj udsn bjehb qjy{lghbdst
{jqhyhsj `ylm snhs l` snj qhysgjy{ dg ds? QH{jqhyhsj `ylm snhs l` snj qhysgjy{ dg ds? QH
{ :8.8$'{ :8.8$'
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Syhcdge Syz{sSyhcdge Syz{s
lgj ly mlyj dgcdpdczhb{ pj{s iz{dgj{{lgj ly mlyj dgcdpdczhb{ pj{s iz{dgj{{h{{js{ dg h syz{s `zgc'h{{js{ dg h syz{s `zgc'
snj iz{dgj{{ d{ mhghejc it h syz{sjj'snj iz{dgj{{ d{ mhghejc it h syz{sjj'
snj syz{sjj d{ qjy{lghbbt bdhibj `ly cjis{snj syz{sjj d{ qjy{lghbbt bdhibj `ly cjis{dgkzyyjc dg yzggdge snj iz{dgj{{'dgkzyyjc dg yzggdge snj iz{dgj{{'
snj syz{sjj d{ jgsdsbjc sl ij dgcjmgd`djcsnj syz{sjj d{ jgsdsbjc sl ij dgcjmgd`djc
lzs l` syz{s h{{js{ `ly qylqjybt dgkzyyjclzs l` syz{s h{{js{ `ly qylqjybt dgkzyyjcj~qjg{j{'j~qjg{j{'
snj syz{sjj clj{ gls z{zhbbt nhpj h ydenssnj syz{sjj clj{ gls z{zhbbt nhpj h ydenssl ij dgcjmgd`djc it snj syz{ssl ij dgcjmgd`djc it snj syz{sijgj`dkdhydj{'ijgj`dkdhydj{'
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Syz{s clj{ gls nhpj sl ij yjed{sjyjc'Syz{s clj{ gls nhpj sl ij yjed{sjyjc'
Snj syz{s ds{jb` d{ gjdsnjy h bjehb jgsdst glySnj syz{s ds{jb` d{ gjdsnjy h bjehb jgsdst glyh sh~hibj jgsdst'h sh~hibj jgsdst'
H sh~ yjszyg `ly h syhcdge syz{s mz{s ijH sh~ yjszyg `ly h syhcdge syz{s mz{s ijblcejc udsn snj HSL jhkn tjhy'blcejc udsn snj HSL jhkn tjhy'
Cd{sydizsdlg{ `ylm snj syz{s yjqyj{jgsCd{sydizsdlg{ `ylm snj syz{s yjqyj{jgssh~hibj dgklmj dg snj nhgc{ l` snjsh~hibj dgklmj dg snj nhgc{ l` snjijgj`dkdhydj{'ijgj`dkdhydj{'
Syhcdge syz{s{ hyj {ziojks sl snj ejgjyhbSyhcdge syz{s{ hyj {ziojks sl snj ejgjyhbbhu hgc" dg qhysdkzbhy" syz{s bhu'bhu hgc" dg qhysdkzbhy" syz{s bhu'
Sh~ bhu{ z{zhbbt cdkshsj unjsnjy h syhcdgeSh~ bhu{ z{zhbbt cdkshsj unjsnjy h syhcdge
syz{s d{ hg hqqylqydhsj iz{dgj{{ {syzkszyj'syz{s d{ hg hqqylqydhsj iz{dgj{{ {syzkszyj'
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Mhghejc Dgpj{smjgs [knjmj{Mhghejc Dgpj{smjgs [knjmj{
Snj Klyq Hks { 4 cj`dgdsdlg klpjy{ hbbSnj Klyq Hks { 4 cj`dgdsdlg klpjy{ hbb{knjmj{ unjyj h{{js{ klgsydizsjc it{knjmj{ unjyj h{{js{ klgsydizsjc itqjy{lg{ hyj qllbjc ly z{jc dg h klmmlgqjy{lg{ hyj qllbjc ly z{jc dg h klmmlg
jgsjyqyd{j sl qylczkj `dghgkdhb ijgj`ds{" lyjgsjyqyd{j sl qylczkj `dghgkdhb ijgj`ds{" lyydens{ ly dgsjyj{s{ dg qylqjyst" `ly snjydens{ ly dgsjyj{s{ dg qylqjyst" `ly snjklgsydizsly{'klgsydizsly{'
Dmqlyshgsbt" snj klgsydizsly{ .h{Dmqlyshgsbt" snj klgsydizsly{ .h{klgsydizsly{$ mz{s gls nhpj chtklgsydizsly{$ mz{s gls nhpj cht--slsl--chtchtklgsylb lpjy snj lqjyhsdlg l` snj {knjmj'klgsylb lpjy snj lqjyhsdlg l` snj {knjmj'
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Knhqsjy :K l` snj Klyq Hks yjezbhsj{Knhqsjy :K l` snj Klyq Hks yjezbhsj{yjed{sjyjc {knjmj{'yjed{sjyjc {knjmj{'
Mhghejc dgpj{smjgs {knjmj{ mz{sMhghejc dgpj{smjgs {knjmj{ mz{sz{zhbbt ij yjed{sjyjc d` snjt nhpj mlyjz{zhbbt ij yjed{sjyjc d` snjt nhpj mlyjsnhg 91 mjmijy{,klgsydizsly{? KH {snhg 91 mjmijy{,klgsydizsly{? KH {
018JC.8$.h$'018JC.8$.h$'H yjed{sjyjc MD[ mz{s ij mhghejc it hH yjed{sjyjc MD[ mz{s ij mhghejc it h
qzibdk klmqhgt Vsnj yj{qlg{dibj jgsdst]qzibdk klmqhgt Vsnj yj{qlg{dibj jgsdst]
undkn nh{ hg hqqylqydhsj Hz{syhbdhgundkn nh{ hg hqqylqydhsj Hz{syhbdhg`dghgkdhb {jypdkj{ bdkjgkj? KH { 018@H'`dghgkdhb {jypdkj{ bdkjgkj? KH { 018@H'
[knjmj{ snhs cl gls nhpj sl ij yjed{sjyjc[knjmj{ snhs cl gls nhpj sl ij yjed{sjyjchyj {ziojks sl snj ejgjyhb bhu'hyj {ziojks sl snj ejgjyhb bhu'
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J~hmqbj{ l` mhghejc dgpj{smjgs {knjmj{J~hmqbj{ l` mhghejc dgpj{smjgs {knjmj{dgkbzcj?dgkbzcj?
Kh{n mhghejmjgs syz{s{6Kh{n mhghejmjgs syz{s{6
Qylqjyst syz{s{6Qylqjyst syz{s{6
Jxzdst syz{s{6Jxzdst syz{s{6
Snlylzeniyjc {shbbdlg hgc lsnjy bdpj{slkfSnlylzeniyjc {shbbdlg hgc lsnjy bdpj{slkf{tgcdkhsj{6{tgcdkhsj{6
Sdmijy" pdgjthyc hgc lsnjy nlysdkzbszyhbSdmijy" pdgjthyc hgc lsnjy nlysdkzbszyhbhgc heydkzbszyhb {knjmj{'hgc heydkzbszyhb {knjmj{'
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Mhgt mhghejc dgpj{smjgs {knjmj{ hyjMhgt mhghejc dgpj{smjgs {knjmj{ hyjbd{sjc lg snj Hz{syhbdhg [jkzydsdj{bd{sjc lg snj Hz{syhbdhg [jkzydsdj{
J~knhgej .H[^$'J~knhgej .H[^$' Dgpj{sly{ dg bd{sjc {knjmj{ khg syhcj snjdyDgpj{sly{ dg bd{sjc {knjmj{ khg syhcj snjdy
{knjmj dgsjyj{s{ dg h qzibdk mhyfjs' Snj{knjmj dgsjyj{s{ dg h qzibdk mhyfjs' Snj
hidbdst sl cl snd{ z{zhbbt mhfj{ bd{sjchidbdst sl cl snd{ z{zhbbt mhfj{ bd{sjc{knjmj{ mlyj hssyhksdpj sl dgpj{sly{ snhg{knjmj{ mlyj hssyhksdpj sl dgpj{sly{ snhgzgbd{sjc {knjmj{'zgbd{sjc {knjmj{'
Snjyj hyj" nlujpjy" mhgt zgbd{sjcSnjyj hyj" nlujpjy" mhgt zgbd{sjcmhghejc dgpj{smjgs {knjmj{'mhghejc dgpj{smjgs {knjmj{'
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Yjed{sjyjc Klmqhgdj{Yjed{sjyjc Klmqhgdj{
..KsnKsn$ Klyqlyhsdlg{ Hks { 889.8$ qylpdcj{$ Klyqlyhsdlg{ Hks { 889.8$ qylpdcj{snhs snj `lbbludge stqj{ l` klmqhgdj{ khgsnhs snj `lbbludge stqj{ l` klmqhgdj{ khg
ij yjed{sjyjc zgcjy snj Hks?ij yjed{sjyjc zgcjy snj Hks?
Qylqydjshytklmqhgdj{
Bdmdsjc it {nhyj{
Zgbdmdsjc udsn {nhyj khqdshb
Qzibdk klmqhgdj{ Bdmdsjc it {nhyj{
Bdmdsjc it ezhyhgsjj
Zgbdmdsjc udsn {nhyj khqdshb
Gl bdhidbdst klmqhgt
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Klmqhgdj{ Bdmdsjc It [nhyj{Klmqhgdj{ Bdmdsjc It [nhyj{ Ujbb lpjy 41* l` hbb yjed{sjyjcUjbb lpjy 41* l` hbb yjed{sjyjc
klmqhgdj{ hyj klmqhgdj{ bdmdsjc itklmqhgdj{ hyj klmqhgdj{ bdmdsjc it{nhyj{'{nhyj{'
Klmqhgdj{ bdmdsjc it {nhyj{ .Klmqhgdj{ bdmdsjc it {nhyj{ .jeje ^ Bsc6 T^ Bsc6 TQst Bsc$ nhpj zgbdmdsjc bdhidbdst `ly snjdyQst Bsc$ nhpj zgbdmdsjc bdhidbdst `ly snjdycjis{'cjis{'
Nlujpjy" snj qjy{lghb bdhidbdst l` hNlujpjy" snj qjy{lghb bdhidbdst l` h{nhyjnlbcjy l` h klmqhgt bdmdsjc it{nhyjnlbcjy l` h klmqhgt bdmdsjc it{nhyj{" sl qylpdcj {nhyj khqdshb sl snj{nhyj{" sl qylpdcj {nhyj khqdshb sl snjklmqhgt" d{ bdmdsjc sl snj hmlzgs" d` hgt"klmqhgt" d{ bdmdsjc sl snj hmlzgs" d` hgt"zgqhdc lg snj d{{zj qydkj l` snj {nhyj{zgqhdc lg snj d{{zj qydkj l` snj {nhyj{njbc it snj {nhyjnlbcjy'njbc it snj {nhyjnlbcjy'
Klmqhgdj{ bdmdsjc it {nhyj{ hyj z{zhbbtKlmqhgdj{ bdmdsjc it {nhyj{ hyj z{zhbbtyj`jyyjc sl h{ bdmdsjc bdhidbdst klmqhgdj{'yj`jyyjc sl h{ bdmdsjc bdhidbdst klmqhgdj{'
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J~hmqbj{ l` snj bdhidbdst l`J~hmqbj{ l` snj bdhidbdst l`
{nhyjnlbcjy{ dg Sudbdens Bsc{nhyjnlbcjy{ dg Sudbdens Bsc Jcuhyc {zi{kydijc `ly 8111 {nhyj{ dgJcuhyc {zi{kydijc `ly 8111 {nhyj{ dg
Sudbdens Bsc dg 9111 hs hg d{{zj qydkj l` #9Sudbdens Bsc dg 9111 hs hg d{{zj qydkj l` #9qjy {nhyj'qjy {nhyj'
Jcuhyc qhdc Sudbdens Bsc #9111 `ly snjJcuhyc qhdc Sudbdens Bsc #9111 `ly snj{nhyj{ dg 9111'{nhyj{ dg 9111'
Jcuhyc nh{ gl `zysnjy bdhidbdst sl qhtJcuhyc nh{ gl `zysnjy bdhidbdst sl qhthgtsndge sl Sudbdens Bsc dg yj{qjks l` snjhgtsndge sl Sudbdens Bsc dg yj{qjks l` snj8111 `zbbt qhdc {nhyj{ snhs nj nlbc{'8111 `zbbt qhdc {nhyj{ snhs nj nlbc{'
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J~hmqbj 9?J~hmqbj 9?Hbdkj {zi{kydijc `ly 8111 {nhyj{ dgHbdkj {zi{kydijc `ly 8111 {nhyj{ dg
Sudbdens Bsc dg 844: hs hg d{{zj qydkj l`Sudbdens Bsc dg 844: hs hg d{{zj qydkj l`#9':1 qjy {nhyj'#9':1 qjy {nhyj'
Hbdkj qhdc :1 kjgs{ qjy {nhyj sl SudbdensHbdkj qhdc :1 kjgs{ qjy {nhyj sl Sudbdens
Bsc unjg snj 8111 {nhyj{ ujyj d{{zjc slBsc unjg snj 8111 {nhyj{ ujyj d{{zjc slnjy'njy'
Dg 9118" Sudbdens Bsc khbbjc zq h `zysnjyDg 9118" Sudbdens Bsc khbbjc zq h `zysnjy:1k l` snj #9':1 d{{zj qydkj lg jhkn l`:1k l` snj #9':1 d{{zj qydkj lg jhkn l`njy 8111 {nhyj{' Hbdkj qhdc #:11 slnjy 8111 {nhyj{' Hbdkj qhdc #:11 slSudbdens Bsc sl {hsd{`t snd{ khbb'Sudbdens Bsc sl {hsd{`t snd{ khbb'
Hbdkj d{ bdhibj sl qht #8':1 qjy {nhyj slHbdkj d{ bdhibj sl qht #8':1 qjy {nhyj sl
Sudbdens Bsc undbj {nj nlbc{ snj {nhyj{'Sudbdens Bsc undbj {nj nlbc{ snj {nhyj{'
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D` Hbdkj ujyj sl {jbb njy 8111 {nhyj{ slD` Hbdkj ujyj sl {jbb njy 8111 {nhyj{ slJcuhyc" Jcuhyc ulzbc shfj lpjy Hbdkj{Jcuhyc" Jcuhyc ulzbc shfj lpjy Hbdkj{
bdhidbdst sl qht Sudbdens Bsc zq sl #8':1 qjybdhidbdst sl qht Sudbdens Bsc zq sl #8':1 qjy{nhyj unjg khbbjc zqlg it snj klmqhgt{nhyj unjg khbbjc zqlg it snj klmqhgtsl cl {l' Snd{ d{ dg hccdsdlg sl qhtdge Hbdkjsl cl {l' Snd{ d{ dg hccdsdlg sl qhtdge Hbdkjsnj heyjjc qzyknh{j qydkj `ly snj {nhyj{'snj heyjjc qzyknh{j qydkj `ly snj {nhyj{'
Jcuhyc ulzbc nlbc 8111 qhysbt qhdc zqJcuhyc ulzbc nlbc 8111 qhysbt qhdc zq{nhyj{'{nhyj{'
Snj {nhyj{ ulzbc lgbt ijklmj `zbbt qhdcSnj {nhyj{ ulzbc lgbt ijklmj `zbbt qhdc
zq unjg Sudbdens Bsc yjkjdpjc snj `dghbzq unjg Sudbdens Bsc yjkjdpjc snj `dghbhmlzgs zgqhdc lg snjdy d{{zj qydkj l`hmlzgs zgqhdc lg snjdy d{{zj qydkj l`#9':1" unjsnjy `ylm Jcuhyc ly hgt#9':1" unjsnjy `ylm Jcuhyc ly hgt
{zi{jxzjgs nlbcjy l` snj {nhyj{'{zi{jxzjgs nlbcjy l` snj {nhyj{'
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Unjyj clj{ snd{ bjhpj kyjcdsly{
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D` Gju Mllg Qst Bsc d{ zghibj sl qht ds{D` Gju Mllg Qst Bsc d{ zghibj sl qht ds{cjis{" ds d{ gls bjehbbt jgsdsbjc sl lishdgcjis{" ds d{ gls bjehbbt jgsdsbjc sl lishdghgt `dghgkdhb h{{d{shgkj `ylm Ohmj{ lyhgt `dghgkdhb h{{d{shgkj `ylm Ohmj{ ly
Ijbbh'Ijbbh' Snd{ d{ {l jpjg snlzen Ohmj{ hgc IjbbhSnd{ d{ {l jpjg snlzen Ohmj{ hgc Ijbbh
klgsylb snj klmqhgt? {jj" `ly j~hmqbj"klgsylb snj klmqhgt? {jj" `ly j~hmqbj"[hblmlg p [hblmlg & Kl Bsc V8>45] HK[hblmlg p [hblmlg & Kl Bsc V8>45] HK
99'99' Snj ql{dsdlg ulzbc ij snj {hmj jpjg d`Snj ql{dsdlg ulzbc ij snj {hmj jpjg d`
Ohmj{ ly Ijbbh uh{ snj {lbj {nhyjnlbcjy dgOhmj{ ly Ijbbh uh{ snj {lbj {nhyjnlbcjy dgsnj klmqhgt'snj klmqhgt'
Nlujpjy" d`" h{ d{ bdfjbt" Ohmj{ hgc IjbbhNlujpjy" d`" h{ d{ bdfjbt" Ohmj{ hgc Ijbbhhyj hb{l cdyjksly{ l` snj klmqhgt" snjthyj hb{l cdyjksly{ l` snj klmqhgt" snjtmdens ij bdhibj dg snhs khqhkdst `ly hgtmdens ij bdhibj dg snhs khqhkdst `ly hgtcjis{ snhs snj klmqhgt dgkzyyjc undbjcjis{ snhs snj klmqhgt dgkzyyjc undbj
dg{lbpjgs' Snj dg{lbpjgs syhcdge qylpd{dlg{dg{lbpjgs' Snj dg{lbpjgs syhcdge qylpd{dlg{
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Snjyj`lyj" snj sjym bdmdsjc bdhidbdst yj`jy{Snjyj`lyj" snj sjym bdmdsjc bdhidbdst yj`jy{
sl snj bdmdsjc bdhidbdst l` snjsl snj bdmdsjc bdhidbdst l` snj mjmijy{mjmijy{ l` hl` hklmqhgt bdmdsjc it {nhyj{ sl klgsydizsjklmqhgt bdmdsjc it {nhyj{ sl klgsydizsj`zgc{ sl snj klmqhgt sl hbblu snj`zgc{ sl snj klmqhgt sl hbblu snj
klmqhgt sl mjjs ds{ bdhidbdsdj{'klmqhgt sl mjjs ds{ bdhidbdsdj{'
Snj sjym bdmdsjc bdhidbdst klmqhgt clj{Snj sjym bdmdsjc bdhidbdst klmqhgt clj{
gls mjhg snhs snj bdhidbdst l` snj klmqhgt"gls mjhg snhs snj bdhidbdst l` snj klmqhgt"h{ h {jqhyhsj bjehb jgsdst" d{ dg hgt uhth{ h {jqhyhsj bjehb jgsdst" d{ dg hgt uhtbdmdsjc'bdmdsjc'
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Zgbdmdsjc kl udsn {nhyj khqdshbZgbdmdsjc kl udsn {nhyj khqdshb
Zgbdmdsjc klmqhgt mjhg{ h klmqhgtZgbdmdsjc klmqhgt mjhg{ h klmqhgtunl{j mjmijy{ nhpj gl bdmds qbhkjc lgunl{j mjmijy{ nhpj gl bdmds qbhkjc lgsnjdy bdhidbdst? KH { 4'snjdy bdhidbdst? KH { 4'
H mjmijy d{ bdhibj sl qht sl snj klmqhgtH mjmijy d{ bdhibj sl qht sl snj klmqhgtunhsjpjy snj klmqhgt yjxzdyj{ dg lycjy slunhsjpjy snj klmqhgt yjxzdyj{ dg lycjy slcd{knhyej ds{ cjis{" jpjg snlzen snj d{{zjcd{knhyej ds{ cjis{" jpjg snlzen snj d{{zjqydkj l` snj {nhyj{ njbc it snj mjmijyqydkj l` snj {nhyj{ njbc it snj mjmijy
mht nhpj ijjg `zbbt qhdc zq'mht nhpj ijjg `zbbt qhdc zq' Snj zgbdmdsjc bdhidbdst klmqhgt uh{ snjSnj zgbdmdsjc bdhidbdst klmqhgt uh{ snj
lydedghb `lym l` yjed{sjyjc klmqhgt zgcjylydedghb `lym l` yjed{sjyjc klmqhgt zgcjy
snj 8>33 ZF Oldgs [slkf Klmqhgdj{ Hks'snj 8>33 ZF Oldgs [slkf Klmqhgdj{ Hks'
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Zgcjy jhybdjy bjed{bhsdlg" zgbdmdsjcZgcjy jhybdjy bjed{bhsdlg" zgbdmdsjcklmqhgdj{ cdc nhpj h `ju dmqlyshgsklmqhgdj{ cdc nhpj h `ju dmqlyshgs
hcphgshej{ lpjy klmqhgdj{ bdmdsjc ithcphgshej{ lpjy klmqhgdj{ bdmdsjc it{nhyj{' Dg qhysdkzbhy" snjt klzbc yjszyg{nhyj{' Dg qhysdkzbhy" snjt klzbc yjszyg{nhyj khqdshb sl snjdy mjmijy{ udsnlzs{nhyj khqdshb sl snjdy mjmijy{ udsnlzs`dy{s ejssdge snj hqqylphb l` h klzys'`dy{s ejssdge snj hqqylphb l` h klzys'
Glu" nlujpjy" lsnjy stqj{ l` klmqhgtGlu" nlujpjy" lsnjy stqj{ l` klmqhgtnhpj h klgcdsdlghb qlujy sl yjszyg {nhyjnhpj h klgcdsdlghb qlujy sl yjszyg {nhyjkhqdshb sl snjdy mjmijy{ udsnlzs lishdgdgekhqdshb sl snjdy mjmijy{ udsnlzs lishdgdge
klzys hqqylphb? {jj KHklzys hqqylphb? {jj KH {{{{ 9:09:0--9:5'9:5' Snj zgbdmdsjc bdhidbdst klmqhgt d{ mhdgbtSnj zgbdmdsjc bdhidbdst klmqhgt d{ mhdgbt
z{jc it qyl`j{{dlghb{ {zkn h{ bhutjy{ hgcz{jc it qyl`j{{dlghb{ {zkn h{ bhutjy{ hgc
hkklzgshgs{'hkklzgshgs{'
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Klmqhgt Bdmdsjc It EzhyhgsjjKlmqhgt Bdmdsjc It Ezhyhgsjj
Cj`dgjc it KH { 4 h{ h klmqhgt `lymjcCj`dgjc it KH { 4 h{ h klmqhgt `lymjclg snj qydgkdqbj l` nhpdge snj bdhidbdst l` ds{lg snj qydgkdqbj l` nhpdge snj bdhidbdst l` ds{mjmijy{ bdmdsjc sl snj yj{qjksdpjmjmijy{ bdmdsjc sl snj yj{qjksdpj
hmlzgs{ snhs snj mjmijy{ zgcjyshfj slhmlzgs{ snhs snj mjmijy{ zgcjyshfj slklgsydizsj sl snj qylqjyst l` snj klmqhgtklgsydizsj sl snj qylqjyst l` snj klmqhgtd` ds d{ ulzgc zq'd` ds d{ ulzgc zq'
Zgcjy { 893.8$" h klmqhgt bdmdsjc itZgcjy { 893.8$" h klmqhgt bdmdsjc itezhyhgsjj khggls d{{zj {nhyj{'ezhyhgsjj khggls d{{zj {nhyj{'
Snjt hyj ejgjyhbbt zg{zdshibj `ly syhcdgeSnjt hyj ejgjyhbbt zg{zdshibj `ly syhcdgepjgszyj{'pjgszyj{'
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Klmqhgdj{ bdmdsjc it ezhyhgsjj hyjKlmqhgdj{ bdmdsjc it ezhyhgsjj hyj{lmjsdmj{ z{jc sl klgczks gls{lmjsdmj{ z{jc sl klgczks gls--`ly`ly--qyl`dsqyl`ds
hksdpdsdj{'hksdpdsdj{' Mhgt {qlysdge hgc qndbhgsnylqdk eylzq{Mhgt {qlysdge hgc qndbhgsnylqdk eylzq{
lqjyhsj zgcjy snj zmiyjbbh l` snd{lqjyhsj zgcjy snj zmiyjbbh l` snd{
klyqlyhsj `lym'klyqlyhsj `lym'J~hmqbj{ l` klmqhgdj{ bdmdsjc it ezhyhgsjjJ~hmqbj{ l` klmqhgdj{ bdmdsjc it ezhyhgsjj
hyj?hyj?
Kydkfjs Hz{syhbdh6Kydkfjs Hz{syhbdh6 Qlys Hcjbhdcj @llsihbb Kbzi Bsc6Qlys Hcjbhdcj @llsihbb Kbzi Bsc6
Khybslg @llsihbb Kbzi Bsc'Khybslg @llsihbb Kbzi Bsc'
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Dg{sjhc l` yjed{sjydge h{ h klmqhgtDg{sjhc l` yjed{sjydge h{ h klmqhgtbdmdsjc it ezhyhgsjj" h glgbdmdsjc it ezhyhgsjj" h glg--qyl`ds eylzqqyl`ds eylzqmdens qyj`jy sl ehdg snj ijgj`ds{ l`mdens qyj`jy sl ehdg snj ijgj`ds{ l`klyqlyhsj {shsz{ zgcjy {shsj hgc sjyydslytklyqlyhsj {shsz{ zgcjy {shsj hgc sjyydslytglgglg--qyl`ds bjed{bhsdlg {zkn h{ snj .[H$qyl`ds bjed{bhsdlg {zkn h{ snj .[H$
H{{lkdhsdlg{ Dgklyqlyhsdlg Hks 84>:'H{{lkdhsdlg{ Dgklyqlyhsdlg Hks 84>:'
Hg j~hmqbj d{ snj Ylthb Hzslmlidbj KbziHg j~hmqbj d{ snj Ylthb Hzslmlidbj Kbzi
l` [lzsn Hz{syhbdh Dgklyqlyhsjc'l` [lzsn Hz{syhbdh Dgklyqlyhsjc'
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Gl Bdhidbdst KlmqhgtGl Bdhidbdst Klmqhgt
Sl ij jbdedibj `ly yjed{syhsdlg h{ h glSl ij jbdedibj `ly yjed{syhsdlg h{ h glbdhidbdst klmqhgt?bdhidbdst klmqhgt?
Snj klmqhgt mz{s nhpj h {nhyj khqdshb6Snj klmqhgt mz{s nhpj h {nhyj khqdshb6
Snj klmqhgt{ klg{sdszsdlg mz{s {shsjSnj klmqhgt{ klg{sdszsdlg mz{s {shsjsnhs ds{ {lbj liojks{ hyj mdgdge qzyql{j{snhs ds{ {lbj liojks{ hyj mdgdge qzyql{j{h{ cj`dgjc it KH { 46h{ cj`dgjc it KH { 46
Snj klmqhgt mz{s nhpj gl klgsyhkszhbSnj klmqhgt mz{s nhpj gl klgsyhkszhbydens zgcjy ds{ klg{sdszsdlg sl yjklpjy khbb{ydens zgcjy ds{ klg{sdszsdlg sl yjklpjy khbb{mhcj lg ds{ {nhyj{ `ylm h {nhyjnlbcjymhcj lg ds{ {nhyj{ `ylm h {nhyjnlbcjy
unl `hdb{ sl qht snjm? KH { 889.9$'unl `hdb{ sl qht snjm? KH { 889.9$'
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Snj gl bdhidbdst klmqhgt uh{ dgsylczkjcSnj gl bdhidbdst klmqhgt uh{ dgsylczkjcsl jgklzyhej dgpj{smjgs dg zgqylpjg lysl jgklzyhej dgpj{smjgs dg zgqylpjg ly
{qjkzbhsdpj mdgdge pjgszyj{'{qjkzbhsdpj mdgdge pjgszyj{' Ds hbblujc dgpj{sly{ sl hkxzdyj qhysbt qhdcDs hbblujc dgpj{sly{ sl hkxzdyj qhysbt qhdc
{nhyj{ udsnlzs nhpdge sl snylu ellc{nhyj{ udsnlzs nhpdge sl snylu ellcmlgjt h`sjy ihc {nlzbc khbb{ ij mhcj lgmlgjt h`sjy ihc {nlzbc khbb{ ij mhcj lgsnj {nhyj{'snj {nhyj{'
D` h khbb d{ zgqhdc 83 cht{ h`sjy ds {nlzbcD` h khbb d{ zgqhdc 83 cht{ h`sjy ds {nlzbcnhpj ijjg qhdc" snj yjbjphgs {nhyj{ hyjnhpj ijjg qhdc" snj yjbjphgs {nhyj{ hyj
`ly`jdsjc sl snj klmqhgt? KH { 9:3X.8$'`ly`jdsjc sl snj klmqhgt? KH { 9:3X.8$' Snj klmqhgt{ cdyjksly{ mz{s snjg l``jySnj klmqhgt{ cdyjksly{ mz{s snjg l``jy
snjm `ly {hbj hs h qzibdk hzksdlg? KH {snjm `ly {hbj hs h qzibdk hzksdlg? KH {
9:3X.9$'9:3X.9$'
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Qzibdk hgc Qylqydjshyt Klmqhgdj{Qzibdk hgc Qylqydjshyt Klmqhgdj{
Jpjyt yjed{sjyjc klmqhgt d{ jdsnjy hJpjyt yjed{sjyjc klmqhgt d{ jdsnjy hqzibdk klmqhgt ly h qylqydjshyt klmqhgt?qzibdk klmqhgt ly h qylqydjshyt klmqhgt?{jj { 889.8$'{jj { 889.8$'
Hbb `lzy stqj{ l` yjed{syhibj klmqhgdj{ khgHbb `lzy stqj{ l` yjed{syhibj klmqhgdj{ khgij qzibdk klmqhgdj{'ij qzibdk klmqhgdj{'
Lgbt klmqhgdj{ bdmdsjc it {nhyj{ hgcLgbt klmqhgdj{ bdmdsjc it {nhyj{ hgczgbdmdsjc klmqhgdj{ khg ij yjed{sjyjc h{zgbdmdsjc klmqhgdj{ khg ij yjed{sjyjc h{
qylqydjshyt klmqhgdj{'qylqydjshyt klmqhgdj{'Hbb gl bdhidbdst klmqhgdj{ hgc klmqhgdj{Hbb gl bdhidbdst klmqhgdj{ hgc klmqhgdj{
bdmdsjc it ezhyhgsjj hyj qzibdkbdmdsjc it ezhyhgsjj hyj qzibdk
klmqhgdj{'klmqhgdj{'
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Qylqydjshyt Qzibdk
Gzmijy l` mjmijy{ Hs bjh{s lgj V{ 883] izsgl mlyj snhg :1 glg-
jmqbltjj mjmijy{? { 88;
Hs bjh{s lgj? { 883' Gl zqqjybdmds'
Mdgdmzm gzmijy l`cdyjksly{? {jj KH { 918H
Lgj Vmz{s lycdghydbtyj{dcj dg Hz{syhbdh]
Snyjj Vhs bjh{s 9 mz{slycdghydbt yj{dcj dg Hz{syhbdh]
Mz{s nhpj h klmqhgt{jkyjshyt