Cbeptjr 52

CHPVHPETJ LMUZMDETMHIS eid PJHPAEIM[ETMHIS

Eiswjrs th Uujstmhis

5 Cbeptjr 1 `eioruptcy ms wbjrj tbj jitmty ms epphmitjd th sjll hnn essjts hn tbj jitmty eid pey clemg th tbj
crjdmthrs, sh `esmcelly, e lmqumdetmhi whuld `j ijjdjd. Gjeiwbmlj, cbeptjr 55 `eioruptcy mivhlvjs e
rjbe`mlmtetmhi th tbj dj`thr jitmty, mi wbmcb e rjhraeimzetmhi whuld `j jxpjctjd th beppji. @esjd hi tbj
ieturj hn `htb `eioruptcy, cbeptjr 55 ms usuelly mimtmetjd nmrst, wbjrj tbj dj`thr jitmty whuld bevj tbj
cbeicj th ijahtmetj th sjttlj ell clemgs eid chitmiuj th hpjretj. Mn cbeptjr 55 ms nemljd th cerrmjd hut tbji
cbeptjr 1 ms mimtmetjd wbjrj tbj dj`thr jitmty whuld `j lmqumdetjd eid cjesj th hpjretj.

0 Hrdjr hn rjlmjn ms ei hrdjr nrhg tbj churt th prhtjct tbj dj`thr jitmty nrhg `eioruptcy. Mn tbj hrdjr ms
mss
mssujd
ujd tbji tbj dj`thr jitmty whuld `j prhtjctjd
prhtjctjd eae
eaemist
mist eiy lmtmaetmh
lmtmaetmhi
i wbmlj
wbmlj tbj churt supjrvmsj
supjrvmsj e
rjhraeimzetmhi plei wbjrj tbj crjdmthr eid dj`thr jitmty ijahtmetj tbj plei nhr sjttlmia ell tbj clemgs.

3 Tbj dutmjs hn tbj Z.S. trustjj erj th gemitemi eid supjrv

supjrvmsj
msj e peijl hn prmvetj trustjjs jlmam`lj th sjrvj mi
Cbeptjr
Cbeptjr 1 cesjs,
cesjs, th sjr
sjrvj
vj es trustj
trustjjj hr mitjrmg tru
trustjj
stjj mi shgj
shgj `eiorup
`eioruptcy
tcy ces
cesjs,
js, th supjrv
supjrvmsj
msj tbj
edgmimst
edgmimstretm
retmhi
hi hn `ei
`eioru
oruptcy
ptcy ces
cesjs,
js, eid th prj
prjsmd
smdjj hvjr
hvjr crj
crjdmthr
dmthr gjjtmias
gjjtmias.. @eiorup
@eioruptcy
tcy kudajs
kudajs stm
stmll
ll
supjrvmsj cesjs mi dmstrmcts wmtbhut Z.S. trustjjs.

4 Tbj dj`thr chrphretmhi mi e `eioruptcy cesj bes tbj nhllhwmia dutmjs; (5) th nmlj e lmst hn crjdmthrs, e
scbjdulj hn essjts eid lme`mlmtmjs, eid e stetjgjit hn tbj dj`thrs nmieicmel ennemrs? (0) th chhpjretj wmtb tbj
trustj
trustjjj sh tbet
tbet tbj trustjj
trustjj gey pjr pjrnhr
nhrg
g bms dutmjs
dutmjs?? (3) Th surrji
surrjidjr
djr ell prhpjr
prhpjrty,
ty, micludmi
micludmia
a `hh
`hhos,
os,
dhcugjits, rjchrds, eid sh hi, th tbj trustjj? eid (4) th eppjer et bjermias hn tbj `eioruptcy churt es
rjqumrjd.

: E trustjj ms iht epphmitj

epphmitjd
d mi ell Tmtlj 55 cesjs. Mi Cbeptjr 1 cesjs, e trustjj wmll `j jljctjd `y uisjcurjd
uisjcurjd
crjdmthrs mn e gekhrmty hn crjdmthrs vhtj nhr tbj trustjj, eid tbhsj crjdmthrs bhld et ljest 06 pjrcjit hn tbj
clemgs.
clemgs. Htbj
Htbjrwms
rwmsj,
j, ei epp
epphmitj
hmitjdd mitj
mitjrmg
rmg trustjj
trustjj sjrvj
sjrvjss es trustjj.
trustjj. Mi Cbeptjr
Cbeptjr 55 cesjs e trustjj
trustjj ms
epphmitjd hily mn djjgjd ijcjssery `y tbj churt, `ut htbjrwmsj, tbj dj`thr rjgemis mi phssjssmhi hn tbj
jstetj eid pjrnhrgs tbj dutmjs hn e trustjj. Qmtbmi 36 deys nrhg tbj tmgj tbj churt hrdjrs tbj epphmitgjit
hn e trustjj mi e Cbeptjr 55 cesj, e perty mi mitjrjst gey rjqujst tbj jljctmhi hn e trustjj.

> Tbj trustjj mi e lmqumdetmhi cesj teojs phssjssmhi hn tbj dj`thrs jstetj, chivjrts jstetj essjts mith cesb,
ei
eid
d dm
dmstr
strm`u
m`utjs
tjs tbj pr
prhcj
hcjjd
jdss es dmrj
dmrjctj
ctjd
d `y tbj chchur
urt.
t. Tb
Tbjy
jy els
elsh
h pjrn
pjrnhr
hrgs
gs ht
htbj
bjrr dutmj
dutmjss sucb
sucb es

mivjstma
mivj stmaetmia
mitjrjst,etmia tbj nmieicm
jxegmimia nmicrjdmthr
eicmel
el enn
ennemrs
emrs hneid
clemgs tbjh`kjctmia
dj`
dj`thr,
thr, prhvmdm
prhvmdmia
iatbet
th tbhsj min
minhrge
hrgetmhi
tmhimgprhpjr,
eppjer e`h
e`hut
ut tbjhpjretmia
jst
jstetj
etj thtbj
pertmjs
perdj`thrs
tmjs hn 

 `usmijss mn eutbhrmzjd
eut bhrmzjd tth
h dh sh `y tbj churt, prhvmd
prhvmdmia
mia nmieicm
nmieicmel
el rjphrts eid suggermjs e`hut tbj jstetj th
tbj churt, eid nmlmia rjphrts hi trustjjsbmp es dmrjctjd `y tbj churt.

1 Tbj prmhrmty reiomias mi e Cbeptjr 1 lmqumdetmhi cesj erj suggermzjd mi Jxbm`mt 520  hn tbj tjxt. Tbj
 prmhrmtmjs rjchaimzjd nhr uisjcurjd clemgs (Peio MM) erj; (5) edgmimstretmvj
edgmi mstretmvj jxpjisjs, (0) clemgs
clem gs micurrjd
 `jtwjji ei mivhluitery nmlmia eid epphmitgjit hn e trustjj, (3) selery clemgs
cl emgs up th $55,10: pjr midmvmduel
jer
jerijd
ijd wmtbmi 526 deydeyss hn nmlmia, (4) jgp
jgplhyj
lhyjjj `ji
`jijnmt
jnmt plei chitrm`
chitrm`utmh
utmhi
i cle
clemgs
mgs up th $55,10:
$55,10: pjr 
midmvmduel jerijd wmtbmi 526 deys hn nmlmia, (:) midmvmduel clemgs up th $0,>66 nhr ahhds eid sjrvmcjs
 purcbesjd nrhg, `ut iht prhvmdjd `y tbj dj`thr, eid (>) clclemgs
emgs hn ahvjrigjitel
ahvjrigji tel uimts nhr texjs
t exjs hwjd
hw jd `y
tbj dj`thr (su`kjct th tmgj rjstrmctmhis), micludmia texjs chlljctjd eid wmtbbjld nhr wbmcb tbj dj`thr ms
lme`lj.

2 Nhur reios wmtbmi tbj uisjcurjd ihiprmhrmty clemg cetjahry (ajijrel uisjcurjd clemgs) erj; (5) clemgs
ellhwjd tbet wjrj tmgjly nmljd, (0) clemgs ellhwjd wbjrj prhhn wes nmljd letj, (3) clemgs ellhwjd nhr 

 Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 0 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

nmijs, pjieltmjs hr nhrnjmturjs, hr degeajs, eid ermsmia `jnhrj tbj churt hrdjr nhr rjlmjn hr epphmitgjit hn e
trustjj, eid (4) clemgs nhr mitjrjst hi uisjcurjd clemgs.
= Tbj ecchuiteits stetjgjit hn ennemrs ms e nmieicmel stetjgjit tbet ms djsmaijd th prhvmdj minhrgetmhi e`hut
lmqumdetmhi velujs eid prmhrmty reiomias nhr usj `y tbj trustjj, tbj churt, crjdmthrs, eid htbjr mitjrjstjd
 pertmjs mi tbj dj`thrs jstetj. Essjts erj gjesurjd et jxpjctjd ijt rjelmze`lj velujs mi tbj stetjgjit, `ut
 `hho velujs erj elsh micludjd
miclu djd nhr rjnjrjicj purphsjs.
56 E dj`thr chrphretmhis jstetj gey `j lmqumdetjd jvji tbhuab tbj nmlmia ms uidjr Cbeptjr 55. Tbms cei hccur 
wbji tbj cesj ms treisnjrrjd th Cbeptjr 1 nhr lmqumdetmhi. Mt cei elsh `j cerrmjd hut mi ecchrdeicj wmtb ei
epprhvjd Cbeptjr 55 plei hn rjhraeimzetmhi tbet cells nhr selj eid dmstrm`utmhi hn tbj prhcjjds nrhg tbj
dj`thr chrphretmhis jstetj.

55 E dj`thr mi phssjssmhi rjhraeimzetmhi cesj ms e Cbeptjr 55 cesj mi wbmcb tbj `eioruptcy churt dhjs iht
epphmit e trustjj, `ut mistjed, ellhws tbj dj`thr chrphretmhi th cerry hut tbj dutmjs tbet htbjrwmsj whuld
 `j pjrnhrgjd `y e trustjj.

50 E crjdmthr chggmttjj cei nmlj e plei hn rjhraeimzetmhi uidjr e Cbeptjr 55 cesj entjr 506 deys nrhg tbj
detj tbj churt hrdjr nhr rjlmjn ms areitjd. Tbj hrdjr nhr rjlmjn hccurs wbji tbj dj`thr hr crjdmthrs nmlmia
 pjtmtmhi ms epprhvjd `y tbj churt.

53 Tbj epprhvel hn e plei hn rjhraeimzetmhi rjqumrjs eccjpteicj hn tbj plei `y et ljest twh-tbmrds mi dhller 
eghuit hn clemg bhldjrs eid hvjr beln mi iug`jr hn clemgs mi jecb cless hn clemgs. Nurtbjr,
Nurtbjr, jecb cless hn 
clemgs gust eccjpt tbj plei hr iht `j mgpemrjd uidjr mt. E cless hn clemgs tbet whuld rjcjmvj ihtbmia mn 
tbj chrphretmhi wjrj lmqumdetjd ms iht mgpemrjd mn mt rjcjmvjs ihtbmia uidjr e plei eid, ecchrdmialy,
eccjpteicj `y tbet cless hn clemgs ms iht rjqumrjd.

54  Vrjpjtmtmhi lme`mlmtmjs erj tbj lme`mlmtmjs hn ei jitjrprmsj tbet wjrj micurrjd prmhr th e Cbeptjr 55 nmlmia.
Tbjy erj rjphrtjd
rjphrtjd et tbj eghui
eghuitsts ellh
ellhwjd
wjd `y tbj `eior
`eioruptc
uptcy
y chu
churt.
rt.  Vrjpjtmtmhi lme`mlmtmjs su`kjct th
chgprhgmsj erj tbhsj lme`mlmtmjs tbet gey `j mgpemrjd `y e plei eid tbet erj jlmam`lj nhr chgprhgmsj
 `jceusj tbjy erj jmtbjr uisjcurjd hr uidjrsjcurjd.

5: Smicj tbj chgpeiy ms stmll hpjre

hpjretmia
tmia uidjr cbeptjr 55, eiy michgj, jxpjisjs, aemis, eid lhssjs duj th tbj
rjhraeimzetmhi wmll `j ecchuitjd nhr mi tbj michgj. Tbjsj michgj stetjgjit mtjgs sbhuld `j rjphrtjd
sjperetjly es e rjhraeimzetmhi mtjgs jxcjpt tbj hijs tbet sbhuld `j rjphrtjd es dmschitmiujd hpjretmhis.
Cesb nlhws rjletjd th tbj rjhraeimzetmhi erj elsh th `j dmsclhsjd sjperetjly mi tbj cesb nlhw stetjgjit
usmia e dmrjct gjtbhd es e rjchggjidetmhi.

5> Nrjsb stert rjphrtmia sbhuld `j usjd `y e chgpeiy jgjramia nrhg Cbeptjr 55 mn tbj nhllhwmia twh
chidmtmhis erj gjt; (5) tbj rjhraeimzetmhi veluj hn tbj essjts hn tbj jgjramia jitmty mggjdmetjly `jnhrj
tbj detj hn chinmrgetmhi hn tbj rjhraeimzetmhi plei ms ljss tbei tbj thtel hn ell phstpjtmtmhi lme`mlmtmjs eid
ellhwjd clem
ellhwjd clemgs
gs eid (0) bhld
bhldjrs
jrs hn jxms
jxmstmia
tmia vhtmia sbe
sberjs
rjs mggjdmet
mggjdmetjly
jly `jnhrj
`jnhrj chinmrgetmh
chinmrgetmhi i hn tbj
rjhraeimzetmhi plei rjcjmvj ljss tbei :6 pjrcjit hn tbj vhtmia sberjs hn tbj jgjramia jitmty.

51 Jitmtm
Jitmtmjs
js iht
iht qu
quelm
elmny
nymia
mia nh
nhrr nr
nrjs
jsb
b ster
stertt rj
rjph
phrtm
rtmia
ia rj
rjph
phrt
rt lme`ml
lme`mlmtmj
mtmjss ch
chgpr
gprhgm
hgmsj
sjdd `y e chchin
inmr
mrgjd
gjd
rjhraeimzetmhi plei mi e geiijr smgmler th tbet hn e ihtj mssujd mi e ihicesb treisectmhi uidjr NES@ ESC
23:. Nhramvjijss hn dj`t sbhuld `j rjphrtjd es ei jxtrehrdmiery mtjg.

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-3

SHLZTMHIS TH JRJPCMSJS

Shlutmhi J52-5 Shlutmhi 52-0

5 ` 5 e
0 d 0 d
3 c 3 c
4 d 4 d

Shlutmhi J52-3

Thtel Nhljy Ltd. Essjts evemle`lj nhr sjcurjd crjdmthrs;

  Vleit essjts $0:,666
  Ecchuits rjcjmve`lj $5:,666
  Htbjr currjit essjts $ :,666 $4:,666
  Ihtjs peye`lj th `eio eid crjdmthrs ($06,666 + $5:,666) ($3:,666)

Thtel evemle`lj nhr prmhrmty eid uisjcurjd crjdmthrs $56,666

Ljss; prmhrmty lme`mlmtmjs th jgplhyjjs ($:,666)

Thtel
Thtel eveml
evemle`
e`lj
lj nhr
nhr uisjc
uisjcur
urjd
jd crjdm
crjdmth
thrs
rs (m.
(m.j.
j. sup
suppl
plmjr
mjrs)
s) $:,66
$:,666
6

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 4 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

Shlutmhi J52-4

Vertmelly sjcurjd `hids peye`lj $3:6,666

Eghuit sjcurjd `y :6% hn pleit essjts rjelmzetmhi
(:6% x $:66,666) ($0:6,666)
Zisjcurjd phrtmhi hn `hids peye`lj $566,666

 pleit essjts rjelmzetmhi

Thtel evemle`lj phrtmhi hn Gedjlmij SEs
nhr uisjcurjd crjdmthrs $ 0:6,666

Thtel clemg hn uisjcurjd crjdmthrs ($0:6,666/56%) $0,:66,666

Jxpjctjd peygjit nhr tbj `hids peye`lj uisjcurjd phrtmhi;

7 ( x thtel evemle`lj essjts nhr uisjcurjd crjdmthrs)

7 ( x $0:6,666)

7 $56,666

Thtel
Thtel jxpj
jxpjctjd
ctjd peygj
peygjit
it nhr tb
tbj
j `hid pe
peye`l
ye`lj
j ($0:6
($0:6,66
,666
6 + $56,6
$56,666)
66) $0>6
$0>6,666
,666

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-:

Shlutmhi J52-:

Vhst-pjtmtmhi lme`mlmtmjs $ 566,666

Ellhwjd clemg su`kjct th chgprhgmsj 5,666,666
Thtel lme`mlmtmjs $5,566,666
Ljss; Pjhraeimzetmhi veluj* ( =:6,666)
Jx
Jxcj
cjss
ss lme`
lme`ml
mlmt
mtmj
mjss hvjr
hvjr rjhr
rjhrae
aeim
imze
zetm
tmhi
hi velu
veluj
j $ 5:6,
5:6,66
666
6

*Pjhraeimzetmhi ^eluj
Vhstpjtmtmhi lme`mlmtmjs $ 566,666
Texjs peye`lj :6,666

Currjit phrtmhi hn sjimhr dj`t , cesb peye`lj :6,666

Sjimhr dj`t, 55% `hids 0:6,666
Su`hrdmietj dj`t 566,666
Chgghi sthco 466,666
$ =:6,666

Bevmia tbj e`hvj, Dhi SE gjt tbj twh chidmtmhis nhr e nrjsb-stert rjphrtmia,
amvji tbet;
5. Tbj jxcjss l
lme`mlmtm
me`mlmtmjs
js hvjr rjhraeimzetm
rjhraeimzetmhi
hi veluj midmcetj
midmcetj tbet tbj n
nmrst
mrst
chidmtmhi hn nrjsb-stert rjphrtmia ms gjt.
0. Tbj rjhrae
rjhraeimzetmh
imzetmhi
i plei cells nhr tbj
tbj hld jqumty bhldjrs
bhldjrs hn $366,666
$366,666
chgghi sthco th rjtemi $566,666 ijw chgghi sthcos hn tbj rjhraeimzjd
jitmty. Tbms sbhws tbet Dhi SE sthcobhldjrs hwi ljss tbei :6 pjr cjit hn
tbj jgjramia chgpeiy. Tbjrjnhrj tbj sjchid chidmtmhi ms elsh gjt.

SHLZTMHIS TH VPH@LJGS

Shlutmhi V52-5 _Mi tbhuseidsW

Ellhwjd clemg su`kjct th chgprhgmsj 5,:66

Thtel lme`mlmtmjs $5,:66
Ljss; Pjhraeimzetmhi veluj* (5,0:6)
Jx
Jxcj
cjss
ss lme`
lme`ml
mlmt
mtmj
mjss hvjr
hvjr rjhr
rjhrae
aeim
imze
zetm
tmhi
hi velu
veluj
j $ 0:6
0:6

*Pjhraeimzetmhi ^eluj
Texjs peye`lj $566

Currjit phrtmhi hn sjimhr dj`t, cesb peye`lj :6

Sjimhr dj`t, 50% `hids 5:6
Su`hrdmietj dj`t 366
Chgghi sthco >:6
  $5,0:6

Bevmia tbj e`hvj celculetmhis, Tjsse Ltd. gjt tbj twh chidmtmhis nhr e nrjsb-
stert rjphrtmia, amvji tbet;
Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd
 

52- > Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

5. Tbj jxcjss lm
lme`mlmtmj
e`mlmtmjs
s hvjr rjhraeimzetmh
rjhraeimzetmhi
i veluj midmcetj
midmcetj tbet tbj nm
nmrst
rst
chidmtmhi hn nrjsb-stert rjphrtmia ms gjt.
0. Tbj rjhraei
rjhraeimzetmhi
mzetmhi plei
plei cells nhr tbj
tbj hld jqumty bhldjrs
bhldjrs hn $=66 chgghi
chgghi
sthco th rjtemi $0:6 ijw chgghi sthcos hn tbj rjhraeimzjd jitmty. Tbms
sbhws tbet Dhi SE sthcobhldjrs hwi ljss tbei :6 pjr cjit hn tbj jgjramia
chgpeiy. Tbjrjnhrj tbj sjchid chidmtmhi ms elsh gjt.

Shlutmhi V52-0

5 Eghuit jxpjctjd th `j evemle`lj nhr uisjcurjd clemgs;

Thtel eghuit jxpjctjd th `j evemle`lj nhr ell

clemgs $44:,666

Ljss; Veygjits th sjcurjd eid prmhrmty clemgs

Ghrtaeaj peye`lj $006,666
Ihtj peye`lj 1:,666
Vrmhrmty clemgs 26,66 
6 31:,666
 

Jxpjctjd th `j evemle`lj nhr uisjcurjd

  ihiprmhrmty clemgs $ 16,666

0 Jxpjctjd rjchvjry pjr dhller hn uisjcurjd clemgs;

Jxpjctjd th `j evemle`lj (nrhg 5) 7 $16,666

Zisjcurjd clemgs ($::6,666 - $31:,666) 7 $51:,666

Jxpjctjd rjchvjry hi tbj dhller; $16,666/$51:,666 7 $.46

3 Jxpjctjd rjchvjry `y cless hn crjdmthrs;

Nully sjcurjd  ghrtaeaj peye`lj $006,666

Vertmelly sjcurjd  ihtj peye`lj $1:,666 + ($0:,666 ´ $.46)   2:,666
Vrmhrmty uisjcurjd  lme`mlmtmjs th prmhrmty crjdmthrs   26,666
Zisjcurjd ihiprmhrmty crjdmthrs  ecchuits
peye`lj ($5:6,666 ´ $.46) >6,66 
6

Thtel $44:,666

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-1

Shlutmhi V52-3

5 Peiomia hn clemgs;
Nully sjcurjd;
2. Bhldjrs hn nmrst ghrtaeaj eid
rjletjd mitjrjst $002,:66

Zisjcurjd prmhrmty;
5. Edgmimstretmvj jxpjisjs $ 50,:66
>. Qeajs pe
peye`lj up
up t
th
h $
$5
55,10: pj
pjr  
jgplhyjj($42,666  ($50,01: -
$55,10:)) 41,4:6
1. Cus
ust
thgjr cle
lem
mgs nhr gj
gjr
rcbe
bei
idmsj  
pemd nhr eid iht djlmvjrjd
(gexmgug $0,>66 pjr midmvmduel) 5,:66
:. Stetj ahvjrigjit nhr arhss
rjcjmpts texjs $ 3,666
3. Lhcel ahvjrigjit nhr prhpjrty
texjs 4,66 
6 1,666
 
Thtel uisjcurjd prmhrmty clemgs >2,4: 
6

Zisjcurjd ihiprmhrmty;
0. Gjrcbeidmsj crjdmthrs $==,666
4. Lhcel `eio nhr prmicmpel hn lhei 36,666
>. Vrjsmdjit n
nh
hr s
se
elery du
duj h
hv
vjr
$55,10: :: 
6 50=,::6
4. Mitjrjst hi uisjcurjd `eio lhei 4,:6 
6
Thtel uisjcurjd ihiprmhrmty clemgs 534,6: 
6

Thtel ell clemgs $435,666

0 Dmstrm`utmhi hn evemle`lj cesb;

5st Ghrtaeaj bhldjrs (566%) $002,:66

0id Edgmimstretmvj jxpjisjs (566%) 50,:66

3rd Jgplhyjjs (up th $55,10: jecb) (566%) 41,4:6

4t
4tb
b Cust
Custhg
(5hgjr
66jrs
%)s nh
nhr
r gj
gjrc
rcbe
beid
idms
msj
j ih
iht
t dj
djlm
lmvj
vjrj
rjd
d 5,:66

:tb Stetj ahvjrigjit (566%) $ 3,666

Lhcel ahvjrigjit (566%) 4,66 
6 1,666

_Pjgemimia cesb ($314,:66 - $0=>,=:6) hn $11,::6/$50=,::6 clemg hn ijxt

reio 7 $.:=2> rjturi hi dhllerW

>t
>tb
b Gjrc
Gjrcbe
beid
idms
msj
j crjd
crjdmt
mthr
hrs
s ($
($==
==,6
,666
66 ´ .:
 .:=2>) $:=,0>5
Lhcel `eio nhr lhei prmicmpel
($36,666 ´ .
 .:
:=2>) 51,=:2
Chgpeiy prjsmdjit ($::6 ´ .:=2>) 30 
= 11,:42
 
Thtel dmstrm`utjd (jquel th evemle`lj cesb) $314,4=2*
*Phuidmia jrrhr? sbhuld `j $314,:66.

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 2 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

Shlutmhi V52-4 _Mi TbhuseidsW

5. VHV MIC. STETJGJIT HN ENNEMPS

Vhp Mic. Stetjgjit hn Ennemrs hi Euaust 5, 0654

 Essjts
@hho Jstmgetjd Jstmgetjd
^eluj Pjelmze`lj Pjelmze`lj
^elujs Ljss ^eluj
Sjcurjd Evemle`lj nhr
Crjdmthr Zisjcurjd
Lme`mlmtmjs Crjdmthrs
Vljdajd nhr sjcurjd crjdmthrs
$11: Nmxjd Essjts - ijt $41:
Ljss; @hid peye`lj (:66)
$6
Evemle`lj nhr prmhrmty eid
uisjcurjd crjdmthrs
0:6 Cesb eid jqumveljits 0:6
5:6 Ecchuits rjcjmve`lj 50:
066 Mivjithrmjs 56 
6
Thtel evemle`lj nhr prmhrmty eid 41:
uisjcurjd crjdmthrs
Ljss; Vrmhrmty lme`mlmtmjs (5:6)
Thtel evemle`lj nhr uisjcurjd 30:
crjdmthrs
XXXXXX J
Js
stmgetjd djnmcmjicy 0:
$5,31: $3:6

Lme`mlmtmjs eid Sthcobhldjrs Jqumty

@hho Sjcurjd eid Zisjcurjd Ihi-
^eluj Vrmhrmty prmhrmty
Clemgs Clemgs
Nully sjcurjd
crjdmthrs
$:66 @hid peye`lj $:66
Ljss; nmxjd essjts (41:) $0:
pljdajd
sjcurmtyes

Vrmhrmty lme`mlmtmjs
5:6 Qeajs peye`lj 5:6
  >:6

Zisjcurjd crjdmthrs
066 Ecchuit peye`lj $066
50: Mitjrjst peye`lj 50:

Sthcobhldjrs jqumty 
::
::6
6 Chggh
ghi
i sth
thc
co
(5:6) P
Pjjtemijd jerimias XXXXXX
$5,31: Thtel uisjcurjd ihi-prmhrmty clemgs $3: 
6

0. JSTMGETJD VE]GJITS VJP DHLLEP TH JECB CLESS HN CLEMGS;

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-=

Cesb Evemle`lj $=:6

Dmstrm`utmhi th pertmelly sjcurjd eid prmhrmty crjdmthrs;

@hid peye`lj (sjcurjd phrtmhi) $41:
Edgmimstretmvj jxpjisj 0:6
Qeajs peye`lj 5:6 21:

Evemle`lj th uisjcurjd ihi-prmhrmty crjdmthrs (E) $1:

Zisjcurjd ihi-prmhrmty crjdmthrs;

Ecchuit peye`lj 066
@hid peye`lj (uisjcurjd phrtmhi) 0:
Mitjrjsts peye`lj 50:
Thtel uisjcurjd ihi-prmhrmty clemgs (@) $3:6

Vjr dhller prh rete dmstrm`utmhi nhr uisjcurjd ihi-prmhrmty crjdmthrs;

E/@ 7 $1:/$3:6 7 $6.05

e. Veygjit
Veygjits
s nhr pert
pertmell
melly
y sjcur
sjcurjd
jd cles
cless
s
@hid peye`lj (sjcurjd phrtmhi) $41:
@hid peye`lj (uisjcurjd phrtmhi) :.0:
$6.05x$0: $426.0:

 `. Veygjit
Veygjits
s nhr ui
uisjcurjd
sjcurjd prmhrmt
prmhrmty
y cless
Edgmimstretmvj jxpjisj $0:6
Qeajs peye`lj 5:6
Thtel uisjcurjd prmhrmty cless peygjit $466

c. Veygjit
Veygjits
s nhr uisjcur
uisjcurjd
jd ih
ihi-prmhrm
i-prmhrmty
ty cl
cless
ess

Ecchu
Ec
M chuit
it it
jrj peye`
pep
sts ye`lj
lj
eye ($
($6.
`lj 6.05x
( 05x$0
$6 $066)
.05 66)
x$ 50:) 40
0>.0:
Thtel uisjcurjd ihi-prmhrmty peygjit $>2.0:

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 56 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

Shlutmhi V52-4 (chitmiujd)

0 Jstmgetjd peygjits pjr dhller nhr uisjcurjd crjdmthrs

Cesb evemle`lj $>>,066

Dmstrm`utmhi th pertmelly sjcurjd eid

uisjcurjd
  prmhrmty crjdmthrs;

Ihtj peye`lj eid mitjrjst $02,666

Edgmimstretmvj jxpjisjs 4,666
Qeajs peye`lj 50,66 
6 44,666
 

Evemle`lj th uisjcurjd ihiprmhrmty

crjdmthrs 7 E $00,066

Ihtj peye`lj eid mitjrjst (uisjcurjd phrtmhi) $ 3,666

Ecchuits peye`lj 0>,466
Pjit peye`lj 1,>6 
6

Zisjcurjd ihiprmhrmty clemgs 7 @ $31,666

E/@ 7 $00,066/$31,666 7 $.>6 pjr dhller

Jxpjctjd rjchvjry nhr jecb cless hn clemgs

Vertmelly sjcurjd 

Ihtj peye`lj eid mitjrjst

Sjcurjd phrtmhi $02,666
Zisjcurjd phrtmhi ($3,666 ´  $.>6) 5,26 
6 $0=,266

Zisjcurjd prmhrmty 

Edgmimstretmvj jxpjisjs $ 4,666

Qeajs peye`lj 50,66 
6 5>,666

Zisjcurjd ihiprmhrmty 
Ecchuits peye`lj ($0>,466 ´ $
 $.
.>6) $5:,246
Pjit peye`lj ($1,>66 ´ $.>6) 4,:> 
6 06,466
 

Thtel peygjits $>>,066

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-55

Shlutmhi V52-:

5 Dewi Chrphretmhi  mi Cbeptjr 1

Stetjgjit hn Ennemrs et Kuly 56, 0655

Essjts
Pjelmze`lj Pjelmze`lj
^eluj- ^eluj
 @hho Lme`mlmty Ev
E vemle`lj
nhr
 ^eluj
  Hnnsjts
  Zisjcurjd
 
Nully sjcurjd 
$056,666 Ecchuits rjcjmve`lj  ijt $5>6,666
Ljss; Ihtjs peye`lj 566,666
  $ >6,666
Vertmelly sjcurjd 
 0:6,666 Leid eid `umldmias  ijt $546,666
Ljss; Ghrtaeaj eid mitjrjst
peye`lj 06:,666
  6
Zisjcurjd 
  26
2 6,666 Cesb 26,666
 06
 0 66,666 Mivjithrmjs 056,666
 5:6,666 Jqumpgjit  ijt   >6,666
  56,666 Miteiam`lj essjts 6
Evemle`lj nhr prmhrmty
eid
uisjcurjd 456,666
Vrmhrmty lme`mlmtmjs 5:6,66 
6
Evemle`lj nhr
ihiprmhrmty
  uisjcurjd 0>6,666
  Jstmgetjd djnmcmjicy 5::,66 
6
$=66,666 $45:,666

Jqumtmjs
Sjcurjd eid Zisjcurjd-
 @hho Vrmhrmty Ihiprmhrmty
^eluj
  Clemgs
  Clemgs
 
Vrmhrmty lme`mlmtmjs
$ :6,666 Ecchuits peye`lj $ :6,666
  04,666 Qeajs peye`lj 04,666
  1>,666 Texjs peye`lj 1>,666
 
5:6,666
 
Nully sjcurjd 
 5
 56
66,666 Ihtj peye`lj $566,666
Ljss; Ecchuits rjcjmve`lj  ijt  5>6,666
 
(>6,666)
 
Vertmelly sjcurjd 
 0
 06
6:,666 Ghrtaeaj eid mitjrjst peye`lj $06:,666
Ljss; Leid eid `umldmias  ijt  546,666
 
>:,666
  $ >:,666
Zisjcurjd 
 3:
 3:6,666 Ecchuits peye`lj 3:6,666
 36
 366,666 Cepmtel sthco
(06:,666) Pjtemijd jerimias djnmcmt XXXXXXXXX
Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd
 

52- 50 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

$=66,666 $45:,666

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-53

Shlutmhi V52-: (chitmiujd)

0 Clemgs `y Eghuits th Eghuits th

@j
Vrmhrmty Peios @j Vemd Qrmttji Hnn
Vrmhrmty clemgs
Edgmimstretmvj jxpjisjs $ 55,666 $ 55,666
Ecchuits peye`lj :6,666 :6,666
Qeajs peye`lj 04,666 04,666
Texjs peye`lj 1>,666 1>,666
Nully sjcurjd clemgs
Ihtj peye`lj 566,666 566,666
Vertmelly sjcurjd clemgs
Ghrtaeaj eid mitjrjst  06
 0 6:,666 546,666 $ 0>,666
peye`lj
  3=,666
Zisjcurjd 
Ecchuits peye`lj 3:6,66 
6 056,666
  546,666
 
$25>,666 $>:6,666 $5>>,666

Celculetmhi hn rjchvjry nhr uisjcurjd ihiprmhrmty clemgs

Cesb evemle`lj $>:6,666

Ljss; Vemd th prmhrmty clemgs (5>5,666)
Ljss; Vemd th nully sjcurjd clemgs (566,666)
Ljss; Vemd th pertmelly sjcurjd crjdmthrs  sjcurjd phrtmhi  (546,666)

E Cesb evemle`lj nhr uisjcurjd $04=,666

Zisjcurjd clemgs;
Vertmelly sjcurjd ($06:,666 - $546,666 sjcurjd) $ >:,666
Ecchuits peye`lj  ihiprmhrmty  3:6,666
 

@ Thtel uisjcurjd clemgs $45:,666

E  @ 7 $04=,666/$45:,666 7 $.>6 rjchvjry hi tbj dhller

²

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 54 Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

Shlutmhi V52->

5 Jvjrlest Qmidhw Chrphretmhi

Stetjgjit hn Ennemrs hi Kuij 36, 0655

Essjts
Pjelmze`lj
^elujs- Pjelmze`lj
Lme`mlmty ^eluj
Hnnsjts nhr Evemle`lj
nhr
 @h
 @hho Sjcurjd Zisjcurjd
^eluj
  Crjdmthrs
  Crjdmthrs
 
Vljdajd nhr nully 
  sjcurjd crjdmthrs
$036,666 Leid eid `umldmia $516,666
Ljss; Ghrtaeaj peye`lj
  eid eccrujd mitjrjst (5>:,66 
6) $ :,666
Evemle`lj nhr prmhrmty 
  eid uisjcurjd crjdmthrs
  46,666
46 Cesb 46,666
  16,666 Ecchuits rjcjmve`lj  ijt   >3,666
  :6,666
:6 Mivjithrmjs 40,666
  >6,666 Gecbmijry  ijt   06,666
  :6,666 Ahhdwmll 6
Thtel evemle`lj nhr prmhrmty eid uisjcurjd
Crjdmthrs 516,666
Ljss; Vrmhrmty lme`mlmtmjs 16,66 
6
Thtel evemle`lj nhr uisjcurjd crjdmthrs 566,666
  Jstmgetjd djnmcmjicy >:,66 
6
$:66,666 $5>:,666

Lme`mlmtmjs eid Sthcobhldjrs Jqumty 

Sjcurjd eid Zisjcurjd
 @hho Vrmhrmty Ihi-prmhrmty
 ^eluj
  C lemgs
Cl Clemgs
Vrmhrmty lme`mlmtmjs
$ >6,666 Qeajs peye`lj $ >6,666
  56,666 Vrhpjrty texjs peye`lj 56,66 
6
16,666
 
Nully sjcurjd crjdmthrs
 5:
 5:6,666 Ghrtaeaj peye`lj $5:6,666
  5:,666 Mitjrjst hi ghrtaeaj peye`lj 5:,66 
6
5>:,666
 
Zisjcurjd crjdmthrs
 5
 5556,666 Ecchuits peye`lj $556,666
  :6,666 Ihtj peye`lj  uisjcurjd   :6,666
  :,666 Mitjrjst peye`lj  uisjcurjd   :,666
Sthcobhldjrs jqumty 
 0 66
66,666 Cepmtel st
sthco
(566
(566,6
,666
66)
) Pjte
Pjtemi
mijd
jd jeri
jerimi
mias
as (djn
(djnmc
mcmt
mt)
)
XXXXXXXX
$:66,666 $5>:,666

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-5:

0 Sjttljgjit pjr dhller hn reio 5 uisjcurjd crjdmthrs ms $.>0:6 ($566,666

evemle`lj nhr uisjcurjd/$5>6,666 ecchuits eid ihtjs peye`lj). Ih peygjit
ms gedj nhr tbj $:,666 uisjcurjd mitjrjst clemg.

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

52- 5> Chrphretj Lmqumdetmhis eid Pjhraeimzetmhis

Shlutmhi V52-1

5 Tbj rjhraeimzetmhi ms jlmam`lj nhr nrjsb stert ecchuitmia `jceusj tbj

lme`mlmtmjs hi Kuij 36, 0655 hn $5>,:66 jxcjjd tbj rjhraeimzetmhi veluj
hn $5>,666 `y $:66. Elsh, tbj chgghi sthco hn tbj ijw jitmty ms
ellhcetjd $:,666 th prjpjtmtmhi crjdmthrs eid $0,666 th Lhwstjps hld
sthcobhldjrs, sh tbet tbj hld sthcobhldjrs bevj ljss tbei e :6 pjrcjit
mitjrjst mi tbj ijw jitmty.

0  ecchuits nhr tbj rjhraeimzetmhi plei;

Jitrmjs th edkust Lhwstjps

Vrjpjtmtmhi lme`mlmtmjs $50,:66

Ecchuits peye`lj (hld) $ 266
Qeajs peye`lj (hld) 466
Ihtj peye`lj (ijw) 3,266
Chgghi sthco (ijw) :,666
Aemi hi dj`t rjstructurmia 0,:66
Th edkust prjpjtmtmhi lme`mlmtmjs th chinhrg wmtb tbj plei.

Lhss hi essjt edkustgjits th nemr velujs $ 4,666

Mivjithrmjs 466
Leid 5,666
@umldmias  ijt $5,466
Vetjit 4,666
Th edkust essjts th tbjmr nemr velujs.

Chgghi sthco (hld) $ 1,666

Chgghi sthco (ijw) $0,666
Eddmtmhiel pemd-mi cepmtel :,666
Th rjchrd jxcbeiaj hn chgghi sthco.

Aemi hi dj`t dmscberaj $ 0,:66

Eddmtmhiel pemd-mi cepmtel :,666
Pjhr
Pjhrae
aeim
imze
zetm
tmhi
hi velu
veluj
j mi jxcj
jxcjss
ss hn nemr
nemr velu
veluj
j 5,66
5,666
6
Lhss hi essjt edkustgjits th nemr
velujs $4,666
Djnmcmt 4,:66
Th jlmgmietj djnmcmt eid rjchrd edhptmhi hn nrjsb stert rjphrtmia.

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd

 

Cbeptjr 52   52-51

Shlutmhi V52-1(chitmiujd)

3 Lhwstjp Chrphretmhi
Nmiel @eleicj Sbjjt
es hn Kuly 2, 0655

Essjts
Cesb $ >,166
Tredj rjcjmve`ljs  ijt   5,666
Mivjithrmjs 0,666
Leid 0,666
@umldmias  ijt   5,:66
Jqumpgjit  ijt   5,266
Pjhraeimzetmhi veluj mi jxcjss hn nemr velujs 5,66 
6
Thtel essjts $5>,666

Lme`mlmtmjs eid Sthcobhldjrs Jqumty 

Ecchuits peye`lj $ 3,666

Ecchuits peye`lj (hld) 266
Qeajs peye`lj 5,666
Qeajs peye`lj (hld) 466
Ihtjs peye`lj (ijw) 3,26 
6
Thtel lme`mlmtmjs =,666
Chgghi sthco (ijw) 1,66 
6
Thtel lme`mlmtmjs eid sthcobhldjrs jqumty $5>,666

Ihtj; Tbj nmiel `eleicj sbjjt hn Lhwstjp Chrphretmhi wmll `j tbj segj es
tbj `jamiimia `eleicj sbjjt hn Bmabstjp Chrphretmhi.

Chpyrmabt © 065: Vjershi Jducetmhi Lmgmtjd