Document zoJzoqOMk6LKyV6YqNGKrEVX7

MXBUTB3 or Missmo o? T103 EXECUTIVE COtSmTSS 0? TUS GLTbDEH CC*S>W Kimtas of meeting Of the Executive Cksoaittoo of Tfco Glt&lca Com pany held fit tbs offico of the CteBpony, $K>0 Union Coonarce Building, Cleveland, Ohio, on Thursday, April 3, 1956, fit 2:00 P.M* Tho follaring ettabars of tha Coaiittou were present: Dvlght F. Joyce Willard C. lighter D. W. l&coy Alexander D* Duncan Robert D. Horner Mr* Joyce, Chairman, presided and Mr. Homer, Secrotaiy, recorded tba minutes. Mr* Dunoon submitted and tto Cocnittca, on motion mode and seconded, unanimously approved PPS Uo. 30-17^2 in the amount of $**3,000 covering the cost of establishing a Plastics Research and Development laboratory at tbs Paint Division's Cleveland Paint Recoarch Center* Mr# Duncan explained that moat of the plastics testing equipment to he installed In Cleveland vould be transferred from his Division's Rublan plant in Chicago* Me said that the Coapaoy's over all plastics research program vould benefit from its being placed under the direction of the Paint Division's Cleveland Headquarters research staff# The purpose of this program, he said, vas to cot only develop Increased sales of Olldpol polyester resins and Gel-Kote polyester costings, but also to provide a basis for diversification vlthln tbs plastics field and for future grarth la the plastics Industry# On motion made and seconded the Cconittee unanimously authorised an CLD008140 V3/*8 cuaandn&nt to the Agreement covering cole to IXiSKHit-Alrpltuse & Marine Instruments, Inc. of the Company's lead pigjient business at Scranton, Pennsylvania approved by the Coamiiteo March 3, 195#. Thia authorisation viU permit Mr. 0. M* B&leey, Vice President In Charge of the Cheraicele~Pl0^oi*ts-}iitalfl Divicion, In hla discretion, to defer, for a period of not more than 90 days, not to exceed $30,000 of the $72,000 cosh payment to ho received from Dumont In Consideration of the fixed assets it viU acquire under the Agreement. It vac reported that the deferment proposed by Jtoont vould involve execution of three negotiable promissory notes of $10,000 each, bearing respective 30-, 60- and 90-day maturities* There being no further business to cma before the Committee, the nesting vno edjeurned at Si5* P.M ] j Gl0008141 V3/5B