Document 7R78owaGe0gk2p7apy05nDXpE

A REGULAR MEETING OF THE BOARD OF DIRECTORS OF JOHNSMANVILLE CORPORATION was held In the offices of the Corporation on the 11th floor at No..22 East AOth Street, New York Citv, on 7/ednesday, the 20th day of June, 1951, at 9:30 In the forenoon. The following Directors were present, constituting a Quorum Walter H. Aldridge I. C. Raymond Atkin Alvin Brown L. M. Cassidy A. R. Fisher H. E. Manville, Jr. L. M. Cassidy, Chairman of the Board, acted as Chairman of the meeting and presided thereat atfd Vandiver Brown, Secretary of the Corporation, acted as Secretarv of the meeting and kept the minutes thereof. A notice of the meeting and affidavit, of mailing the same to all the Directors of the Corporation were presented to the meeting and, on motion, duly made, seconded and unanimouslv car ried, were ordered filed with the minutes of the meeting. In his Monthly Report the Chairman advisd the meeting that the Management Conference held on June 3rd and Z.h had been so successful.that he intended to hold similar conferences annually in the future. He also referred to the action of the Executive Committee on June 13th in authorizing further negotiations and an increased expenditure in connection with the acquisition of an interest in asbestos fibre deposits in Southern Rhodesia. A copv of the report on this subject was distributed to each Director present at the meeting who had not previously received o^e. The meeting was lso advised by the Chairman that negotiations for a renewal of the Headquarters lease had been sub stantially completed on the basis of a ten-year term at `*.7*; ner foot, with an option to extend for an additional ten years at a rental to be adjusted pursuant to an escalator clause. This would be an annual rental of #3A5,OQO for the space presently occupied and, if the second and third floors were included, the total would be #A17,000. This rental was as good as could be obtained in anv new building in the midtown anea and, by remaining at the present location, there would be a saving, with respect to moving and decorating expenses, of #550,000. There ^emai^ed to be negotiated with the landlord the matter of an adequate air-conditioning system. To obtain this it might be necessary to nay slightly more than the proposed #3.75 per foot. 9>^a3>' M7 N1TC 00A587