Show PUT MILLION BANK IN HANDS OF EMPLOYEES part of earnings earning will be set aside to help them acquire stock ac cording to plan san Francl francisco A plan n hereby tile the 2200 employees of tile the bunk bank of italy a institution fire are to it take ik 0 over control of tile the bank has been approved by tile the board of directors it was announced announce il by A P president the plan will go into effect on january I 1 next As a preliminary move inove sir mr um mill retire as president and james A the present senior benlor vice president will succeed him as head ottlie institution the bank of italy ii 1 i approximately a afla C branches sir Glo unini will continue as chairman of tile the banks banke executive committee and finance c committee L will remain as chairman of tile the board of directors the plan colts for the die of a controlling block of stock bv the a active tive employees a change in the list of 0 officers and the hie directorate nt at least every five bears to allow for promotions to these offices from the employees plo list rind and full protection tor for the stockholders the bank will set aside 40 per cent of its he net en mines earnings tit nt tile the end of ench each linof year to be added iid lel to a 1 mm aln contributed tri buted from froin the lie salaries and wal bases es of the lie employees the 40 per cent contribution of the bank including dividends will lie be jhen ghen to the he employees gratis each to receive in proportion to tile the amount he contributes so no employee will be permitted to subscribe more than 10 per cent of ills his salary to I 1 the he fund and tile the minimum lie he rilay may subscribe has been set get at 3 per cent thus those the larger salaries mill III be prevented from gaining control of at tte the bulk of the stock through gift or by other menns tile the bonus plan of the bonk bank which calls all for a yearly distribution of approximately 2 2 21 is to be continued this gift of extra compensation hill 1111 he be applied to the control fund thus thu insuring the lie participation of avry alry employee in the control plan even if only to the extent of ills yearly bonus |