| Show PUT MILLION MIWON BANK IN HANDS HAMS OF EMPLOYEES E M P L 0 Y EE S part of earning larnin ve will B be set ald to help them acquire stock ao cording to plan san ban franasco A plan whereby the 2200 employees of the bank of italy a lk institution are art to take over control of the bank ba bag been approved by the board of director directors it war weir announced by A P Gl anniaL president preal dent the no plan ill to 0 o into effect on january I 1 next As a preliminary move mr Glann tnt ful will retire as president preal dent and james A ta the present senior vice president dentt will succeed him as bead head of the institution the bank nf of italy baa bu clar depositors and 89 braur bes k will continue aa as chairman a of the banks executive committe t tad am ates committee 1 L sea oft sm will remain aa as chi of the bowd of direct directors om i f the plan rail calls for the obtaining of a controlling block of tock stock by the he active employee employees i a chance change in the 11 hit it of officer and the directorate at bew every fire years to allow for promo tlona to these from the employ eee list and full rull protection for ahe stockholders the bank will act set aside 40 per cent of its it bet net earning earnings at the end of each half year to be added to a roro rum con tributes tri itri buted from the salaries and wages of the tho employee employees the 40 per cent contribution of the bank dividend dividends will til be 1 to the emi gratis each to receive 1 in proportion to the amount be contributed contri no employee will III be permitted to subscribe more than 10 per cent of orble hi alry salary to the fraide antl aho abitua sm be may my baa has been act set at 8 per beai n ahm th tho oat C ag tb t tr I 1 darla so will be prevented pre vested 1 treba gabat chaw of sot ae wit of the stock through gift br bir by other means meana the bonus plan vt vf tho th bank which calli for a e yearly distribution of up sip I 1 proximately 2000 4 to t to be contin conlin tied thin rift of extra compunction compensation 11 he to the control COMM fund thus insuring the participation of every employee employ in the control mirol plot even if it only to he tile extent input at othla 1112 yearly |
