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8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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=?=6;>-?? 424?4= T?
^GB[NK V[O[NV KBV[SBF[ F@^S[
V@^[ANSG KBV[SBF[ @D DL@SBKO
FOVN G@: PPPPPPPPPPPPPPPPP
FB[R @D HBOHB, o Dl`rbko hugbfbpolF`rp`rotb`g,
]lobgtbdd,
v.
J]H@SEOG FAOVN & F@.,J]H@SEOG FAOVN COGI, G.O.,
J]H@SEOG FAOVN ogk FAOVNHOGAO[[OG COGI ^VO, G.O., KNHOGK D@S J^SR [SBOL
Kndngkogts.
PPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPPP/
F@H]LOBG[
D@S TB@LO[B@GV @D [AN DNKNSOL DOBS A@^VBGE OF[
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ? `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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=?=6;>-?? 424?4= T?
- b -
[OCLN @D F@G[NG[V
]oen
B. GO[^SN @D [AN OF[B@G ............................................................................... ? O. J]H`reog Aos Ngeoenk bg o F`gtbgubge ]ottnrg `d Kbsfrbhbgot`ry
H`rteoen Lngkbge ]roftbfns bg Hbohb Snsultbge bg D`rnfl`surns ............. ? BB. ]OS[BNV ............................................................................................................ ?? BBB. J^SBVKBF[B@G OGK TNG^N ......................................................................... ?> BT. DOF[^OL COFIES@^GK............................................................................. ?>
O. Cofier`ugk Sneorkbge Kbsfrbhbgot`ry L`og ]roftbfns, SnvnrsnSnklbgbge, ogk Snklbgbge .......................................................................... ?>
T.
J]H@SEOG NGEOENK BG KBVFSBHBGO[@SR LNGKBGE]SOF[BFNV ....................................................................................................... ?2 O. J]H`reog‒s F`gkuft Aok o Kbsporotn Bhpoft `g Hbg`rbty C`rr`wnrs
bg Tb`lotb`g ̀ d tan Dobr A`usbge Oft ........................................................ ?2 ?. Kbsfrbhbgot`ry lngkbge rnsults bg o kbspr`p`rtb`gotn guhcnr ̀ d
d`rnfl`surns bg hbg`rbty ornos. ....................................................... ?2 3. Hbg`rbty gnbeac`ra``ks orn kbspr`p`rtb`gotn rnfbpbngts ̀ d
prnkot`ry l`ogs. .............................................................................. 3? C. J]H`reog Bgtngtb`golly Kbsfrbhbgotnk Oeobgst Hbg`rbty C`rr`wnrs bg
Tb`lotb`g `d tan Dobr A`usbge Oft, os Knh`gstrotnk cy D`rhnr CogiNhpl`ynns ................................................................................................ 36 ?. J]H`reog torents hbg`rbtbns d`r prnkot`ry l`og tnrhs (ogk poys
bts nhpl`ynns h`rn d`r k`bge s`). .................................................. 3; 3. J]H`reog aos ugknrwrbttng sa`rt-tnrh tnosnr rotn l`ogs, stotnk-
bgf`hn l`ogs, bgtnrnst `gly l`ogs, ogk ANL@Fs taot c`rr`wnrsf`ulk g`t odd`rk. ............................................................................. 34
6. J]H`reog bgkufnk d`rnfl`surns cy doblbge t` ̀ ddnr rndbgogfbge`r l`og h`kbdbfotb`gs t` hbg`rbty fust`hnrs `g dobr tnrhs, ogk`tanrwbsn lbhbtbge nquol offnss t` dobr frnkbt. ................................ 32
;. J]H`reog ngeoens bg ̀ tanr ocusbvn lngkbge proftbfns. ................. 6= F. Hbg`rbtbns bg Doft Snfnbvn ]rnkot`ry L`og [nrhs dr`h J]H`reog ........ 6= K. Hbg`rbtbns bg Hbohb Snfnbvn Vufa ]rnkot`ry L`og [nrhs dr`h
J]H`reog Sneorklnss `d Frnkbtw`rtabgnss .............................................. 66
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 3 `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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=?=6;>-?? 424?4= T?
- b b -
N. J]H`reog‒s [orentbge `d Hbg`rbtbns wa` bg Doft Snfnbvn ]rnkot`ryL`og [nrhs Sneorklnss ̀ d Frnkbtw`rtabgnss Fousns D`rnfl`surns ......... 64 ?. Koto sa`ws taot J]H`reog‒s d`rnfl`surns orn kbspr`p`rtb`gotnly
l`fotnk bg hbg`rbty gnbeac`ra``ks bg Hbohb. ............................... 64 3. Koto sa`ws taot J]H`reog‒s l`ogs t` hbg`rbtbns rnsult bgnspnfbolly qubfi d`rnfl`surns. ........................................................ 62 6. Koto sa`ws taot tan kbsfrbhbgot`ry l`og tnrhs fousn tan
d`rnfl`surns. ................................................................................... ;= TB. BGJ^SR [@ HBOHB FO^VNK CR J]H@SEOG‒V
KBVFSBHBGO[@SR L@OG ]SOF[BFNV ....................................................... ;3 O. Hbohb aos cnng Bgjurnk cy o Snkuftb`g bg ]r`pnrty [ox Snvnguns
dr`h D`rnfl`surns Fousnk cy Kbsfrbhbgot`ry L`ogs Bssunk cyJ]H`reog .................................................................................................. ;6 ?. [an knfrnosnk volun `d tan pr`pnrtbns d`rnfl`snk cy J]H`reog
rnsult bg rnkufnk pr`pnrty tox rnvnguns. ........................................ ;6 3. [an knfrnosnk volun `d pr`pnrtbns bg tan gnbeac`ra``ks
surr`ugkbge d`rnfl`snk pr`pnrtbns rnsults bg rnkufnk pr`pnrtytox rnvnguns. ................................................................................... ;6
C. Hbohb Bs Bgjurnk Cnfousn Bt Aos ]r`vbknk ogk Vtbll Hust ]r`vbknF`stly Hugbfbpol Vnrvbfns d`r D`rnfl`surn ]r`pnrtbns bg Hbg`rbty
Gnbeac`ra``ks os o Kbrnft Snsult `d Kbsfrbhbgot`ry L`ogs @rbebgotnk`r ]urfaosnk cy J]H`reog ....................................................................... ;4
TBB.
VOH]LN D@SNFL@V^SN ]S@]NS[BNV BG [AN FB[R @DHBOHB ................................................................................................................ ;1 TBBB. V[O[^[N @D LBHB[O[B@GV OGK F@G[BG^BGE
TB@LO[B@GV K@F[SBGN ............................................................................... ;1 BQ. FLOBHV D@S SNLBND ...................................................................................... ;2 DBSV[ FLOBH D@S SNLBND (Tb`lotb`g `d tan Dnknrol Dobr
A`usbge Oft, ;3 ^.V.F. §§ 64=?, nt snq.) .......................................................... ;2 KNHOGK D@S J^SR [SBOL ................................................................................... >6 ]SORNS D@S SNLBND .............................................................................................. >6
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 6 `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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B. GO[^SN @D [AN OF[B@G
?. Bt bs oxb`hotbf taot cogis sa`ulk g`t hoin kbsfrbhbgot`ry l`ogs.
Cogis hust nxtngk frnkbt t` hbg`rbtbns `g nquol tnrhs os tany k` t` `tanr sbhblorly
sbtuotnk c`rr`wnrs. Cogis sa`ulk g`t torent hbg`rbty gnbeac`ra``ks d`r l`ogs taot
kbsfrbhbgotn, g`r hoin l`ogs t` hbg`rbtbns `g tnrhs taot orn w`rsn taog ta`sn
`ddnrnk t` wabtns wbta sbhblor frnkbt faoroftnrbstbfs. Uang cogis ngeoen bg sufa
kbsfrbhbgot`ry f`gkuft, tan hbsf`gkuft aos pr`d`ugk dbgogfbol f`gsnqungfns d`r
tan fbtbns bg wabfa h`rteoenk pr`pnrtbns nxbst, ogk cogis sa`ulk cn rnsp`gsbcln d`r
ta`sn dbgogfbol f`gsnqungfns. Cogis sa`ulk rnbhcursn tan Fbty d`r l`st tox
rnvnguns kun t` kbsfrbhbgot`ry lngkbge. Ogk cogis sa`ulk poy tan f`sts `d
rnpobrbge ogk hobgtobgbge pr`pnrtbns taot e` bgt` d`rnfl`surn kun t` kbsfrbhbgot`ry
lngkbge. [abs lowsubt orbsns cnfousn J]H`reog crnofank tansn lneolly hogkotnk
`clbeotb`gs ogk d`rnsnnocly bgjurnk tan Fbty `d Hbohb.
O. J]H`reog Aos Ngeoenk bg o F`gtbgubge ]ottnrg `d Kbsfrbhbgot`ryH`rteoen Lngkbge ]roftbfns bg Hbohb Snsultbge bg D`rnfl`surns
3. [abs subt bs cr`ueat pursuogt t` tan Dobr A`usbge Oft `d ?241
(“DAO‘), os ohngknk, ;3 ^.V.F. §§ 64=?, nt snq., cy tan Fbty `d Hbohb (“Hbohb‘`r “Fbty‘) t` snni rnkrnss d`r bgjurbns fousnk cy J]H`reog‒s? (“J]H`reog‘ `r “tan
Cogi‘) pottnrg `r proftbfn `d bllneol ogk kbsfrbhbgot`ry h`rteoen lngkbge.
Vpnfbdbfolly, Hbohb snnis bgjugftbvn rnlbnd ogk kohoens d`r tan bgjurbns fousnk cy
d`rnfl`surns `g J]H`reog‒s l`ogs bg hbg`rbty gnbeac`ra``ks ogk t` hbg`rbty
? Kndngkogts f`llnftbvnly orn rndnrrnk t` os “J]H`reog,‘ bgflukbge: J]H`reog
Faosn & F`., J]H`reog Faosn Cogi, G.O., J]H`reog Faosn, ogk Faosn HogaottogCogi ^VO, G.O. J]H`reog Faosn & F`. bs tan rnsult `d tan f`hcbgotb`g `d snvnrolloren ^.V. cogibge f`hpogbns `vnr tan lost knfokn bgflukbge J]H`reog HogaottogCogi, J.]. H`reog & F`., Cogi @gn, Cnor Vtnorgs ogk Uosabget`g Hutuol.Off`rkbgely, ]lobgtbdd ollnens taot Kndngkogts orn ols` lbocln d`r rnsbkngtbol a`hnl`ogs ogk lngkbge `pnrotb`gs ofqubrnk dr`h, ogk/`r s`lk cy `r tar`uea, Uosabget`gHutuol Cogi, Uosabget`g Hutuol Cogi D.O., Cnor Vtnorgs Snsbkngtbol H`rteoen,Faosn Hogaottog H`rteoen F`rp`rotb`g, Ngf`rn Frnkbt F`rp`rotb`g, L`ge CnofaH`rteoen F`hpogy, ]nrd`rhogfn Frnkbt F`rp`rotb̀ g, J]N A`hn Dbgogfn LLF, ogkCrov` Frnkbt F`rp.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ; `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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c`rr`wnrs taot orn tan rnsult `d J]H`reog‒s uglowdul ogk kbsfrbhbgot̀ ry lngkbge
proftbfns. [an uglowdul f`gkuft ollnenk anrnbg f`gsbsts `d c`ta bgtngtb`gol
kbsfrbhbgotb`g ogk kbsporotn bhpoft kbsfrbhbgotb`g.
6. [an Vtotn `d Dl`rbko bg engnrol, ogk tan Fbty `d Hbohb bg portbfulor,
aovn cnng knvostotnk cy tan d`rnfl`surn frbsbs. Os `d @ft`cnr 3=?6, Dl`rbko aos
tan f`ugtry‒s abeanst d`rnfl`surn rotn, ogk Hbohb aos tan abeanst d`rnfl`surn rotn
oh`ge tan 3= lorenst hntr`p`lbtog stotbstbfol ornos bg tan f`ugtry.3 H`rn`vnr,
Dl`rbko bs cy dor tan lnokbge stotn bg tan f`ugtry wbta rneork t` `wgnr-vofotnk `r
“Z`hcbn‘ d`rnfl`surns.6
;. [an d`rnfl`surn frbsbs bg Dl`rbko rnsultnk bg sufa krostbf f`gsnqungfns
taot tan Dl`rbko Vuprnhn F`urt nstoclbsank o [osi D`rfn t` rnf`hhngk “p`lbfbns,
pr`fnkurns, strotnebns, ogk hnta`ks d r̀ nosbge tan cofil`e `d pngkbge rnsbkngtbol
h`rteoen d`rnfl`surn fosns wabln pr`tnftbge tan rbeats `d portbns.‘;
>. J]H`reog aos ngeoenk bg o f`gtbgu`us pottnrg ogk proftbfn `d
h`rteoen kbsfrbhbgotb`g bg Hbohb sbgfn ot lnost 3==; cy bhp`sbge kbddnrngt tnrhs
`r f`gkbtb`gs `g o kbsfrbhbgot`ry ogk lneolly pr`abcbtnk cosbs. Bg `rknr t`
hoxbhbzn pr`dbts ot tan nxpngsn `d tan Fbty `d Hbohb ogk hbg`rbty c`rr`wnrs,
J]H`reog okoptnk bts uglowdul kbsfrbhbgotb`g t` faogebge horint f`gkbtb`gs. [abs
uglowdul pottnrg ogk proftbfn bs f`gtbgubge tar`uea tan prnsngt ogk aos g`t
3 Snolty[rof, Vfankulnk Jukbfbol D`rnfl`surn Ouftb`gs Bgfrnosn Ogguolly d`r
?4ta Vtrobeat H`gta, D`rnfl`surn Vtorts ^p H`gtaly d`r Vnf`gk Vtrobeat H`gta,
Cbe Juhps bg DL, BL, F@, (G`v. ?;, 3=?6) ovoblocln otattp://www.rnoltytrof.f`h/f`gtngt/d`rnfl`surn-horint-rnp`rt/`ft̀ cnr-3=?6-us-d`rnfl`surn-horint-rnp`rt-526;.
6 Snolty[rof, _? 3=?6 D`rnfl`surn Bgvngt`ry ^pkotn, pe. > ovoblocln ot
attp://www.rnoltytrof.f`h/bhoens/rnp`rtbhoens/Snolty[rofPD`rnfl`surnPBgvngt`r yPOgolysbsP_?P3=?6.pkd.
; Dl`rbko Vuprnhn F`urt [osi D`rfn @g Snsbkngtbol H`rteoen D`rnfl`surnFosns, Dbgol Snp`rt Ogk Snf`hhngkotb`gs (Oueust ?5, 3==2) ovoblocln otwww.dl`rbkosuprnhnf`urt.`re/.../DblnkP=1-?5-3==2PD`rnfl`surnPDbgolP.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen > `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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tnrhbgotnk. [anrnd`rn, tan `pnrotbvn stotutn `d lbhbtotb`gs e`vnrgbge oftb`gs
cr`ueat pursuogt t` tan Dnknrol Dobr A`usbge Oft aos g`t f`hhngfnk t` rug.
4. [an pottnrg ogk proftbfn `d lngkbge kbsfrbhbgotb`g ngeoenk bg cy
J]H`reog f`gsbsts ̀ d trokbtb`gol rnklbgbge>
ogk rnvnrsn rnklbgbge,4
c`ta `d wabfa
aovn cnng knnhnk t` vb`lotn tan DAO cy dnknrol f`urts tar`uea`ut tan f`ugtry.
J]H`reog ngeoenk bg rnklbgbge, ogk f`gtbguns t` ngeoen bg sobk f`gkuft, cy
rndusbge t` nxtngk h`rteoen frnkbt t` hbg`rbty c`rr`wnrs bg Hbohb `g nquol tnrhs
os `ddnrnk t` g`g-hbg r̀bty c`rr`wnrs. J]H`reog ngeoenk bg rnvnrsn rnklbgbge, ogk
f`gtbguns t` ngeoen bg sobk f`gkuft, cy nxtngkbge h`rteoen frnkbt `g prnkot`ry
tnrhs t` hbg`rbty c`rr`wnrs bg hbg`rbty gnbeac`ra``ks bg Hbohb `g tan cosbs `d
tan rofn `r ntagbfbty `d bts rnsbkngts. Dnknrol Snsnrvn Faobrhog Cng Cnrgogin
rnfngtly ofig`wlnkenk tansn twbg nvbls `d h`rteoen kbsfrbhbgotb`g ogk nxplobgnk
taot c`ta typns `d h`rteoen kbsfrbhbgotb`g “f`gtbgun t` aovn portbfulor
sbegbdbfogfn t` h`rteoen horints.‘5
5. Hoj`r cogis sufa os J]H`reog aovn o l`ge abst`ry `d ngeoebge bg
rnklbgbge tar`uea`ut Hbohb. [aot proftbfn cneog t` faogen bg tan lotn ?22=s, wang
J]H`reog okoptnk t` faogebge horint f`gkbtb`gs ogk cneog t` dl``k abst`rbfolly
ugknrsnrvnk hbg`rbty f`hhugbtbns wbta h`rteoen l`ogs taot f`gsbstnk `d o vorbnty
`d abea f`st ogk ocusbvn h`rteoen l`og pr`kufts wbta prnkot`ry tnrhs os f`hpornk
t` tan h`rteoen l`ogs bssunk t` wabtn c`rr`wnrs (rnvnrsn rnklbgbge).
1. J]H`reog‒s kbsfrbhbgot`ry lngkbge proftbfns aovn tan purp`sn ogk
nddnft `d plofbge vulgnrocln, ugknrsnrvnk c`rr`wnrs bg l`ogs tany fogg`t odd`rk.
> Snklbgbge bs tan proftbfn `d kngybge frnkbt t` portbfulor gnbeac`ra``ks cosnk`g rofn.
4 Snvnrsn rnklbgbge bs tan proftbfn `d dl``kbge o hbg`rbty f`hhugbty wbtanxpl`btotbvn l`og pr`kufts.
5 Snhoris cy Dnknrol Snsnrvn Faobrhog Cng Cnrgogin ot tan @pnrotb`g A@]NEl`col Dbgogfbol Kbegbty Vuhhbt, Otlogto, En`rebo ot pe. ?= (G`vnhcnr ?>, 3=?3)ovoblocln ot www.dnknrolrnsnrvn.e`v/gnwsnvngts/spnnfa/cnrgogin3=?3???>o.ath.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 4 `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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- ; -
Snvnrsn rnklbgbge hoxbhbzns J]H`reog‒s pr`dbt wbta`ut rneork t` tan c`rr`wnr‒s
cnst bgtnrnst, tan c`rr`wnr‒s ocblbty t` rnpoy, `r tan dbgogfbol anolta ̀ d ugknrsnrvnk
hbg`rbty gnbeac`ra``ks. H`rn`vnr, J]H`reog aos ovnrtnk ogy sbegbdbfogt rbsi t`
btsnld cy snllbge tan vost hoj`rbty `d h`rteoen l`ogs bt `rbebgotns `r purfaosns `g
tan snf`gkory horint (f`llnftbvnly “J]H`reog L`ogs‘).
2. Cntwnng ?224-3==4, ̀ gn fotne`ry `d kbsfrbhbgot`ry l`og pr`kufts ‖
sucprbhn l`ogs ‖ ernw tar`uea`ut tan f`ugtry dr`h $25 cbllb`g t` $4;= cbllb`g.
[ansn l`ogs wnrn drnqungtly torentnk t` hbg`rbtbns. ^p`g bgd`rhotb`g ogk cnlbnd,
tan lofi `d offnssbcln frnkbt rnsultbge dr`h J]H`reog‒s prnvb`us pottnrg ogk proftbfn
`d rnklbgbge bg tan hbg`rbty f`hhugbtbns bg Hbohb frnotnk f`gkbtb`gs wanrncy tan
Cogi f`ulk nosbly torent ogk nxpl`bt tan ugknrsnrvnk hbg`rbty f`hhugbtbns wa` kun
t` trokbtb`gol rnklbgbge aok cnng kngbnk frnkbt.
?=. [anrnodtnr, d`ll`wbge snvnrol ynors `d bssubge ocusbvn, sucprbhn
h`rteoen l`ogs tar`uea`ut tan hbg`rbty f`hhugbtbns `d Hbohb, f`hhngfbge bg `r
or`ugk 3==5, J]H`reog `gfn oeobg okoptnk t` faogebge horint f`gkbtb`gs wabln
f`gtbgubge bts pottnrg ogk proftbfn `d bssubge o vorbnty `d kbsfrbhbgot`ry l`og
pr`kufts. Vbhultogn`usly, Hbohb ogk `tanr f`hhugbtbns tar`uea`ut tan f`ugtry
nxpnrbngfnk o furtoblhngt `d h`rteoen frnkbt bssunk t` hbg`rbty c`rr`wnrs.1
J]H`reog bs `gn `d tan lorenst h`rteoen lngknrs k`bge cusbgnss bg Hbohb ogk bts
p`lbfbns ogk proftbfns f`gtrbcutnk t` tabs pr`clnh. Bg `tanr w`rks, J]H`reog g`t
`gly rndusnk t` nxtngk frnkbt t` hbg`rbty c`rr`wnrs wang f`hpornk t` wabtn
c`rr`wnrs, cut wang tan Cogi kbk nxtngk frnkbt, bt kbk s` `g prnkot`ry tnrhs. [abs
f`hcbgotb`g `d rnvnrsn rnklbgbge ogk rnklbgbge rnprnsngts o f`gtbgubge ogk
1 Fngtnr d`r Snsp`gsbcln Lngkbge, [an Vtotn `d Lngkbge bg Ohnrbfo & bts Bhpoft`g ^.V. A`usna`lks (3=?3) (ovoblocln ot attp://www.rnsp`gsbclnlngkbge.`re/stotn-`d-lngkbge/Vtotn-`d-Lngkbge-rnp`rt-?.pkd)9 Aorvork Vfa``l `d ]uclbf Anolta, A`hn]urfaosn L`og Kngbol Sotn Cy Sofn/Ntagbfbty (3=?=) (ovoblocln ot attp://kbvnrsbtykoto.spa.aorvork.nku/Koto/Sogibges/Va`w.ospx0bgk82).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 5 `d >1
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ugcr`ing pottnrg ogk proftbfn `d h`rteoen lngkbge kbsfrbhbgotb`g bg Hbohb taot
stbll nxbsts t`koy.
??. J]H`reog‒s pottnrg ogk proftbfn `d rnvnrsn rnklbgbge aos fousnk og
nxfnssbvn ogk kbspr`p`rtb`gotnly abea guhcnr `d d`rnfl`surns `g tan J]H`reog
L`ogs bt aos hokn bg tan hbg`rbty gnbeac`ra``ks `d Hbohb. D`rnfl`surns `g l`ogs
`rbebgotnk cy J]H`reog orn f`gfngtrotnk bg tansn gnbeac`ra``ks. O l`og bg o
prnk`hbgogtly hbg`rbty gnbeac`ra``k bs ;.432 tbhns h`rn lbinly t` rnsult bg
d`rnfl`surn taog o l`og bg o gnbeac`ra``k wbta o hoj`rbty `d wabtn rnsbkngts.
?3. J]H`reog‒s pottnrg ogk proftbfn `d trokbtb`gol rnklbgbge aos ols`
fousnk og nxfnssbvn ogk kbspr`p`rtb`gotnly abea guhcnr `d d`rnfl`surns bg tan
hbg`rbty gnbeac`ra``ks `d Hbohb. [ansn d`rnfl`surns `dtng ̀ ffur wang o
hbg`rbty c`rr`wnr wa` prnvb`usly rnfnbvnk o prnkot`ry l`og s`ueat t` rndbgogfn
tan l`og, `gly t` kbsf`vnr taot J]H`reog rndusnk t` nxtngk frnkbt ot oll, `r `g nquol
tnrhs os wang rndbgogfbge sbhblor l`ogs bssunk t` wabtn c r̀r`wnrs. [an bgnvbtocln
rnsult `d tan f`hcbgotb`g `d bssubge o prnkot`ry l`og, ogk tang rndusbge t` rndbgogfn
tan l`og, wos d`rnfl`surn.
?6. J]H`reog w`ulk aovn aok f`hporocln d`rnfl`surn rotns bg hbg`rbty
ogk wabtn f`hhugbtbns bd bt aok pr`pnrly ogk ugbd`rhly opplbnk rnsp`gsbcln
ugknrwrbtbge proftbfns bg c`ta ornos. J]H`reog p`ssnssns s`pabstbfotnk
ugknrwrbtbge tnfag`l`ey ogk koto taot oll`ws bt t` prnkbft wbta prnfbsb`g tan
lbinlba``k `d knlbgqungfy, kndoult, ̀ r d`rnfl`surn. [an doft taot J]H`reog‒s
d`rnfl`surns orn s` kbspr`p`rtb`gotnly f`gfngtrotnk bg hbg`rbty gnbeac`ra``ks bs
g`t tan pr`kuft d̀ rogk`h nvngts. [` tan f`gtrory, bt rndlnfts ogk bs dully f`gsbstngtwbta J]H`reog‒s proftbfn `d torentbge hbg`rbty gnbeac`ra``ks ogk fust`hnrs d`r
kbsfrbhbgot`ry proftbfns ogk prnkot`ry prbfbge ogk pr`kufts. Bt ols` rndlnfts ogk bs
f`gsbstngt wbta J]H`reog‒s proftbfn ̀ d doblbge t` ugknrwrbtn hbg`rbty c`rr`wnrs‒
opplbfotb`gs pr`pnrly, ogk `d puttbge tansn c`rr`wnrs bgt` l`ogs wabfa (?) aovn
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 1 `d >1
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h`rn `gnr`us tnrhs taog l`ogs ebvng t` sbhblorly sbtuotnk wabtn c`rr`wnrs, ogk
(3) tan c`rr`wnrs fogg`t odd`rk, lnokbge t` d`rnfl`surns.
?;. [an Cogi‒s prnkot`ry ogk kbsfrbhbgot`ry lngkbge proftbfns orn
nvbkngfnk cy bgd`rhotb`g dr`h f`gdbkngtbol wbtgnss stotnhngts pr`vbknk cy d`rhnr
nhpl`ynns `d J]H`reog (kbsfussnk durtanr anrnbg). D`r nxohpln:
o) “Nvnryc`ky ignw taot tanrn wos o l`t `d drouk. . . .Nvnryc`ky wos e`bge `vnr tanbr anok. . . B tabgitan doult wos `rbebgolly wbta tan cogis cnfousneubknlbgns wnrn s` lngbngt.‘
c) “Un orn pobk `g f`hhbssb`g `gly. Un norgh`gny `gly wang wn fl`sn tan l`og. Bd tany (tan
c`rr`wnrs) f`hn bg, dbt bg tan l`og pr`eroh, wogttan pr`eroh, ogk orn `d s`ugk hbgk, wa` oh B t`stogk up ogk cl`w tan wabstln0‘
f) “YBhhberogt fust`hnrsX toin y`ur okvbfn cnfousny`u orn dr`h tan Cogi. R`u‒rn lbin o k`ft`r `rlowynr. [ansn orn clun-f`llor w`rinrs. [any orntoibge y`ur okvbfn. [any‒ll lbstng t` waot y`u soy.Bt wos nosy t` f`nrfn tanh. . . [any wnrn tolinkbgt` a`w e``k tan Ohnrbfog Krnoh bs, wn t`lktanh, ‑R`u fog k` tabs9 B ig`w y`u fog k` tabs. . .[abs bs y`ur `pp`rtugbty t` ebvn y`ursnld o slbfn `dtan Ohnrbfog Krnoh.‒‘
k)
Abspogbfs “ocs`lutnly‘ usnk tan “g` k`f‘ l`ogs otabeanr pnrfngtoens taog wabtns. “[aot wos pnrdnftd`r tanh.‘
n) “[an bgtnrnst `gly l`ogs -- taot e`t pn`pln bg tanrnt` cuy a`usns tany f`ulk g`t odd`rk.‘
d) “B ocs`lutnly anork hogoenrs Ytnllbge l`og `ddbfnrst` bgfrnosn tan c`rr`wnr‒s bgf`hn lnvnl, ossntsogk/`r nkufotb`g lnvnl t` quolbdy tan c`rr`wnrX. . .
G`t just `gfn. O cugfa `d tbhns. . .[any‒k soy,‑[wnoi taot dbln. Ebvn tanh o f`llnen nkufotb`g.‒‘
e) “[an prnssurn d`r nhpl`ynns t` pr`kufn frnotnk ogngvbr`ghngt wanrn pn`pln wnrn cuybge a`hnstany sa`ulkg‒t cn cuybge. . . [anrn wos s` hufa
prnssurn dr`h tan Cogi t` k` cbe guhcnrs. Nvngd`r hogoenhngt. [anbr j`cs wnrn tarnotngnk bd tanykbkg‒t aovn tan guhcnrs `g tan c`ork. . . Bt‒s taneuy wa` crbges bg tan $3= hbllb`g (wa`‒s probsnk),
cut gbgn tbhns ̀ ut `d ?=, ta`sn pn`pln ornf`hhbttbge drouk.‘
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 2 `d >1
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?>. [an rnp`rts `d tansn wbtgnssns orn f`gdbrhnk wang Hbohb koto `g
J]H`reog l`ogs bs nxohbgnk. Vufa og nxohbgotb`g rnvnols o wbknsprnok proftbfn
`d kbsfrbhbgotb̀ g. D`r nxohpln, o rnernssb`g ogolysbs taot f`gtr`ls d`r frnkbt
abst`ry ogk `tanr doft`rs knh`gstrotns taot og Odrbfog-Ohnrbfog J]H`reog
c`rr`wnr wos >.3>? tbhns h`rn lbinly t` rnfnbvn o prnkot`ry l`og taog o wabtn
c`rr`wnr, ogk o Abspogbf c`rr`wnr 3.=22 tbhns h`rn lbinly. [an rnernssb`g
ogolysbs f`gdbrhs taot Odrbfog-Ohnrbfogs wbta DBF@ sf`rns `vnr 44= orn ;.>?=
tbhns h`rn lbinly t` rnfnbvn o prnkot`ry J]H`reog l`og taog o wabtn c`rr`wnr, ogk
o Abspogbf c`rr`wnr ?.2>; tbhns h`rn lbinly.
?4. [an @ddbfn `d tan F`hptr`llnr ̀ d tan Furrngfy ogk tan C`ork `d
E`vnrg`rs `d tan Dnknrol Snsnrvn Vystnh cr`ueat og oftb`g ollnebge taot fnrtobg
loren cogis, bgflukbge J]H`reog, ngeoenk bg h`rteoen lngkbge rnlotnk hbsf`gkuft
taot bgkufnk o gotb̀ gol d`rnfl`surn frbsbs. Bg f`ggnftb`g wbta taot oftb`g,
J]H`reog ngtnrnk bgt` o snttlnhngt oernnhngt wbta tan e`vnrghngt pursuogt t`
wabfa J]H`reog wbll: (o) hoin o fosa poyhngt `d $5>6 hbllb`g bgt` o snttlnhngt
dugk d`r kbstrbcutb`g t` quolbdbnk c`rr`wnrs9 ogk (c) pr`vbkn og okkbtb`gol $?.3
cbllb`g t` d`rnfl`surn prnvngtb`g oftb`gs.
?5. Bg G`vnhcnr 3=?6, J]H`reog ngtnrnk bgt` o $?6 cbllb`g snttlnhngt
wbta tan ^.V. Knporthngt `d Justbfn ogk vorb`us dnknrol ogk stotn portgnrs rnlotbge
t` tan pofioebge, horintbge, soln ogk bssuogfn `d rnsbkngtbol h`rteoen cofink
snfurbtbns cy J]H`reog, Uosabget`g Hutuol, ogk Cnor Vtnorgs. J]H`reog
ofig`wlnkenk taot bt hokn snrb`us hbsrnprnsngtotb`gs t` tan puclbf bg f`ggnftb`g
wbta tansn snfurbtbns. ^gknr tan tnrhs `d tan snttlnhngt, $2 cbllb`g wbll cn pobk t`snttln dnknrol ogk stotn flobhs, ogk $; cbllb`g wbll cn pobk t` ossbst f`gsuhnrs
aorhnk cy tan uglowdul f`gkuft.
?1. Bg 3=?3, J]H`reog Faosn ogk d`ur `tanr loren h`rteoen snrvbfnrs
oernnk t` o el`col snttlnhngt wbta tan ^.V. Knporthngt `d Justbfn, tan ^.V.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?= `d >1
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Knporthngt `d A`usbge ogk ^rcog Knvnl`phngt, tan F`gsuhnr Dbgogfbol
]r`tnftb`g Curnou, ogk tan stotn ott`rgnys engnrol. [an snttlnhngt rnlotns t`
ugntabfol h`rteoen `rbebgotb`g ogk snrvbfbge oftbvbtbns sbhblor t` tan oftbvbtbns
ollnenk anrnbg. ^gknr tan snttlnhngt, J]H`reog wbll hoin fosa poyhngts `d
oppr`xbhotnly $?.? cbllb`g t` >= stotns (wbta o snt osbkn t` fnrtobg c`rr`wnrs)9 `ddnr
oppr`xbhotnly $>== hbllb`g ̀ d rndbgogfbge t` fnrtobg c`rr`wnrs9 ogk pr`vbkn
oppr`xbhotnly $6.5 cbllb`g ̀ d okkbtb`gol poyhngts d`r fnrtobg c`rr`wnrs.
?2. [an post snvnrol ynors aovn cnng abealy pr`dbtocln d`r J]H`reog.
Off`rkbge t` rnfngt prnss rnlnosns, tan Cogi engnrotnk o rnf`rk oh`ugt `d (b) gnt
bgf`hn ($?2.2 cbllb`g) ogk (bb) kblutnk norgbges pnr saorn ($>.33). [an d`ll`wbge
faorts bllustrotn tansn rnsults.
Gnt Bgf`hn (hbllb`gs)
$4,===
$1,===
$?=,===
$?3,===
$?;,===
$?4,===
$?1,===
$3=,===
3==2 3=?= 3=?? 3=?3
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?? `d >1
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Norgbges pnr saorn
3=. Ot tan sohn tbhn taot J]H`reog ofabnvnk rnf`rk dbgogfbol suffnss, tan
Cogi‒s kbsfrbhbgot`ry proftbfns ogk rnsultbge d`rnfl`surns bg tan Fbty‒s hbg`rbty
gnbeac`ra``ks aovn bgdlbftnk sbegbdbfogt, kbrnft, ogk f`gtbgubge dbgogfbol aorh t`
tan Fbty. Vbgfn 3==1, cogis aovn d`rnfl`snk `g oppr`xbhotnly ?.1 hbllb`g a`hns
bg Dl`rbko, ogk J]H`reog bs rnsp`gsbcln d`r o sbegbdbfogt guhcnr `d tansn
d`rnfl`surns.
3?. Bg okkbtb`g t` rnvnrsn rnklbgbge, J]H`reog aos bgkufnk d`rnfl`surns
sbgfn 3==2 cy doblbge t` nxtngk crogfa supp`rt t` hbg`rbty gnbeac`ra``ks, pullbge
nxbstbge Cogi supp`rt dr`h hbg`rbty gnbeac`ra``ks, knflbgbge t` ̀ ddnr rndbgogfbge
`r l`og h`kbdbfotb`gs t` hbg`rbty fust`hnrs `g dobr tnrhs, ogk `tanrwbsn kngybge
hbg`rbty c`rr`wnrs nquol offnss t` dobr frnkbt.
33. Bg tabs oftb`g tan Fbty snnis kohoens cosnk `g rnkufnk pr`pnrty tox
rnvnguns cosnk `g (o) tan knfrnosnk volun `d tan d`rnfl`snk pr`pnrtbns tanhsnlvns,
ogk (c) tan knfrnosnk volun `d pr`pnrtbns surr`ugkbge tan d̀ rnfl`snk pr`pnrtbns. Bg
$=.==
$?.==
$3.==
$6.==
$;.==
$>.==
$4.==
3==2 3=?= 3=?? 3=?3
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?3 `d >1
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okkbtb`g, tan Fbty snnis kohoens cosnk `g tan nxpngkbturn `d hugbfbpol snrvbfns
taot wnrn rnqubrnk ogk/`r wbll cn rnqubrnk t` rnhnky tan clbeat ogk ugsodn ogk
kogenr`us f`gkbtb`gs wabfa nxbst ot vofogt pr`pnrtbns taot wnrn d`rnfl`snk os o
rnsult `d J]H`reog‒s bllneol lngkbge proftbfns.
36. Cnfousn `d tan hultbtukn ̀ d ogolytbf t``ls ovoblocln t` J]H`reog t`
kntnrhbgn tan lbinlba``k taot o portbfulor h`rteoen l`og w`ulk rnsult bg kndoult cy
tan c`rr`wnr, os wnll os tan nxbstngfn `d vorb`us stukbns, rnp`rts, ogk `tanr
pnrtbgngt lbtnroturn spnfbdbfolly okkrnssbge tan f`ggnftb̀ g cntwnng h`rteoen l`ogs
ogk d`rnfl`surns, bt wos d`rnsnnocln taot J]H`reog ignw, `r sa`ulk aovn ig`wg,
taot o prnkot`ry `r abea rbsi l`og bssunk t` og Odrbfog-Ohnrbfog `r Abspogbf bg
fnrtobg gnbeac`ra``ks bg Hbohb w`ulk rnsult bg kndoult ogk sucsnqungt
d`rnfl`surn. H`rn`vnr, cnfousn J]H`reog hobgtobgs guhnr`us crogfa d̀dbfns
tar`uea`ut Hbohb, ogk aos ig`wlnken `d tan spnfbdbf okkrnss d`r nofa l`og bt
bssunk, bt wos d`rnsnnocln taot J]H`reog ignw, `r sa`ulk aovn ig`wg, `d tan
f`gkbtb`g `d d`rnfl`snk pr`pnrtbns f`rrnsp`gkbge t` l`ogs taot bt bssunk bg Hbohb
rneorklnss `d wantanr bt snrvbfnk tan l`og `r sucsnqungtly s`lk tan snrvbfbge rbeats
t` o tabrk porty.
3;. Off`rkbge t` Dnknrol Snsnrvn Faobrhog Cnrgogin, “d`rnfl`surns fog
bgdlbft nf`g`hbf kohoen cny`gk tan pnrs`gol suddnrbge ogk kbsl`fotb`g taot
off`hpogy tanh. D`rnfl`snk pr`pnrtbns taot sbt vofogt d`r h`gtas (`r ynors) `dtng
kntnrb`rotn dr`h gnelnft, okvnrsnly oddnftbge g`t `gly tan volun `d tan bgkbvbkuol
pr`pnrty cut tan voluns `d gnorcy a`hns os wnll. F`gfngtrotb`gs `d d`rnfl`surns
aovn cnng sa`wg t` k` snrb`us kohoen t` gnbeac`ra``ks ogk f`hhugbtbns,rnkufbge tox cosns ogk lnokbge t` bgfrnosnk vogkolbsh ogk frbhn. [aus, tan `vnroll
nddnft `d tan d`rnfl`surn wovn, nspnfbolly wang f`gfngtrotnk bg l`wnr-bgf`hn ogk
hbg`rbty ornos, bs cr`oknr taog bts nddnfts `g bgkbvbkuol a`hn`wgnrs.‘2
2 Cnrgogin, supro g.5 ot pe. ;.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?6 `d >1
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3>. [an kbsfrbhbgot`ry lngkbge proftbfns ot bssun anrnbg aovn rnsultnk bg
waot hogy lnokbge f`hhngtot`rs knsfrbcn os tan “ernotnst l`ss `d wnolta d`r
pn`pln `d f`l`r bg h`knrg ^V abst`ry.‘ Bt bs wnll-nstoclbsank taot p`vnrty ogk
ugnhpl`yhngt rotns d`r hbg`rbtbns nxfnnk ta`sn `d wabtns, ogk tanrnd`rn, a`hn
nqubty rnprnsngts o kbspr`p`rtb`gotnly abea pnrfngtoen `d tan `vnroll wnolta d`r
hbg`rbtbns.?= Os Dnknrol Snsnrvn Faobrhog Cnrgogin rnfngtly nxplobgnk, os o
rnsult `d tan a`usbge frbsbs, “h`st `r oll `d tan aork-w`g eobgs bg a`hn`wgnrsabp
hokn cy l`w-bgf`hn ogk hbg`rbty f`hhugbtbns bg tan post ?> ynors `r s` aovn
cnng rnvnrsnk.‘??
[an rnsultbge bhpoft `d tansn proftbfns rnprnsngts “g`tabge sa r̀t
`d tan prnnhbgngt fbvbl rbeats bssun `d `ur tbhn, nrosbge, os bt aos, o engnrotb`g `d
aork d`ueat wnolta offuhulotb`g oh`ge Odrbfog Ohnrbfogs.‘?3
BB. ]OS[BNV
34. ]lobgtbdd Fbty `d Hbohb bs o Dl`rbko hugbfbpol f`rp`rotb`g. [an Fbty
bs outa`rbznk cy tan Fbty F`hhbssb`g t` bgstbtutn subt t` rnf`vnr kohoens suddnrnk
cy tan Fbty os knsfrbcnk anrnbg.
35. Kndngkogt J]H`reog Faosn & F`. (“J]H`reog & F`.‘),
anokquortnrnk bg Gnw R`ri, Gnw R`ri, `pnrotns ugknr tw` crogk gohns:
J]H`reog ogk J.].H`reog. [an ^.V. f`gsuhnr ogk f`hhnrfbol cogibge
cusbgnssns `pnrotn ugknr tan J]H`reog crogk, ogk bgflukn bts a`hn dbgogfn ogk
a`hn nqubty l`og cusbgnss. J]H`reog & F`., bg bts furrngt strufturn, bs tan rnsult
`d tan f`hcbgotb`g `d snvnrol loren ^.V. cogibge f`hpogbns `vnr tan lost knfokn
bgflukbge J]H`reog Hogaottog Cogi, J.]. H`reog & F`., Cogi @gn, Cnor Vtnorgs
?= S`cnrt Vfawnhh ogk Jnddrny [orng, Kbsfrntb`gory ]rbfbge, H`rteoen Kbsfrbhbgotb`g, ogk tan Dobr A`usbge Oft ;> AOSTOSK FBTBL S BEA[V-FBTBLLBCNS[BNV LOU S NT. 65>, 613 (3=?=).
?? Cnrgogin, supro g.5 ot pe. 6.
?3 Faorlns Gbnr BBB ogk Hournng Vt. Fyr, O Sofbol Dbgogfbol Frbsbs: Sntabgibgetan [an`ry `d Snvnrsn Snklbgbge t` F`hcot ]rnkot`ry Lngkbge ^gknr tan Dobr
A`usbge Oft , 16 [NH]LN LOU S NT. 2;?, 2;3 (3=??).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?; `d >1
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ogk Uosabget`g Hutuol. ^p`g bgd`rhotb`g ogk cnlbnd, ]lobgtbdd ollnens taot
J]H`reog & F`. `wgs ogk/`r `pnrotns J]H`reog Faosn Cogi, G.O. ogk
J]H`reog Hogaottog Cogi ^VO, G.O. J]H`reog & F`. `pnrotns o F`gsuhnr &
F`hhugbty Cogibge snehngt, wabfa bgflukns o h`rteoen cogibge cusbgnss (b.n.,
h`rteoen pr`kuftb`g, snrvbfbge, ogk rnol nstotn p`rtd`lb`s).
31. @g Vnptnhcnr 3>, 3==1 tan @ddbfn `d [arbdt Vupnrvbsb`g snbznk
Uosabget`g Hutuol‒s (“UoHu‘) ossnts ogk `pnrotb`gs ogk plofnk tanh bgt`
rnfnbvnrsabp wbta tan Dnknrol Knp`sbt Bgsurogfn F`rp r̀otb`g (“DKBF‘). ]ursuogt
t` o ]urfaosn ogk Ossuhptb`g Oernnhngt (“Oernnhngt‘), tan DKBF lotnr s`lk
sucstogtbolly oll `d UoHu‒s ossnts ogk o sbegbdbfogt oh`ugt `d bts lbocblbtbns t`
J]H`reog & F`. d`r $?.2 cbllb`g. [an lbocblbtbns ossuhnk cy J]H`reog & F`.
bgflukn tan flobhs ollnenk cy Hbohb anrnbg.
32. Vnftb`g 3.? `d tan Oernnhngt tbtlnk “Lbocblbtbns Ossuhnk cy
Ossuhbge Cogi‘ pr`vbkns os d`ll`ws:
Vucjnft t` Vnftb`gs 3.> ogk ;.1 tan Ossuhbge Cogi YJ]H`reog & F`.XFaosnX nxprnssly ossuhns ot C``i Tolun (sucjnft t` okjusthngt
pursuogt t` Ortbfln TBBB) ogk oernns t` poy, pnrd̀ rh, ogk kbsfaoren, oll`d tan lbocblbtbns `d tan Doblnk Cogi YUoHuX wabfa orn rndlnftnk `g tanC``is ogk Snf`rks `d YUoHuX os Cogi Fl`sbge YVnptnhcnr 3>,3==1X, bgflukbge tan Ossuhnk Knp`sbts ogk oll lbocblbtbns oss`fbotnkwbta ogy og oll nhpl`ynn cngndbt plogs, nxfnpt os lbstnk `g tanottofank Vfankuln 3.?, ogk os `tanrwbsn pr`vbknk bg tabs Oernnhngt(sufa lbocblbtbns rndnrrnk t` os “Lbocblbtbns Ossuhnk‘).
G`twbtastogkbge Vnftb`g ;.1, YJ]H`reog & F`.X spnfbdbfolly ossuhnsoll h`rteoen snrvbfbge rbeats ogk `clbeotb`gs `d YUoHuX.
6=. Vnftb`g 3.> `d tan Oernnhngt tbtlnk “C`rr`wnr Flobhs‘ pr`vbkns osd`ll`ws:
G`twbtastogkbge ogytabge t` tan f`gtrory bg tabs Oernnhngt, ogylbocblbty oss`fbotnk wbta c`rr`wnr flobhs d`r poyhngt `d `r lbocblbty t`ogy c`rr`wnr d`r h`gntory rnlbnd, `r taot pr`vbkn d`r ogy `tanr d`rh`d rnlbnd t` ogy c`rr`wnr , wantanr `r g`t sufa lbocblbty bs rnkufnk t`
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?> `d >1
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jukehngt, lbqubkotnk `r uglbqubkotnk, dbxnk `r f`gtbgengt, hoturnk `rughoturnk, kbsputnk `r ugkbsputnk, lneol `r nqubtocln, jukbfbol `rnxtro-jukbfbol, snfurnk ̀ r ugsnfurnk, wantanr ossnrtnk oddbrhotbvnly ̀ rkndngsbvnly, rnlotnk bg ogy woy t` ogy l`og `r f`hhbthngt t` lngkhokn cy tan Doblnk Cogi YUoHuX prb`r t` doblurn, `r t` ogy l`og hokn
cy o tabrk porty bg f`ggnftb`g wbta o l`og wabfa bs r̀ wos anlk cyYUoHuX, `r `tanrwbsn orbsbge bg f`ggnftb`g wbta YUoHu‒sX lngkbge`r l`og purfaosn oftbvbtbns orn spnfbdbfolly g`t ossuhnk cy tanOssuhbge Cogi YJ]H`reog & F`.X. (nhpaosbs okknk).
6?. Hbohb bs g`t o c`rr`wnr, bt bs g`t pursbge o knrbvotbvn flobh `g cnaold
`d ogy c`rr`wnr, ogk bs g`t snnibge kohoens `g cnaold `d ogy c`rr`wnr.
[anrnd`rn, tan nxflusb`g d`r c`rr`wnr flobhs snt d`rta bg Vnftb`g 3.> `d tan
Oernnhngt k`ns g`t ngocln J]H`reog & F`. t` ov`bk lbocblbty f`rrnsp`gkbge t`
flobhs pnrtobgbge t` UoHu‒s h`rteoen `rbebgotb`gs ot bssun anrnbg. Sotanr, bg
off`rkogfn wbta Vnftb`g 3.?, J]H`reog & F`. bs lbocln d`r tansn h`rteoen
`rbebgotb`gs.
63. Off`rkbge t` J]H`reog‒s 3=?3 ?=-I, “H`rteoen Cogibge bgflukns
h`rteoen `rbebgotb`g ogk snrvbfbge oftbvbtbns, os wnll os p`rtd`lb`s f`hprbsnk `d
rnsbkngtbol h`rteoens ogk a`hn nqubty l`ogs, bgflukbge tan purfaosnk frnkbtbhpobrnk (“]FB‘) p`rtd`lb` ofqubrnk bg tan Uosabget`g Hutuol trogsoftb`g.‘
66. Kndngkogt J]H`reog Faosn Cogi, G.O. (“J]H`reog Cogi‘) bs
`reogbznk os o gotb`gol cogibge oss`fbotb`g ugknr tan lows `d tan ^gbtnk Vtotns.
^p`g bgd`rhotb`g ogk cnlbnd, bts f`rp`rotn anokquortnrs orn l`fotnk bg Gnw R`ri,
Gnw R`ri. Bt hobgtobgs hultbpln `ddbfns bg tan Vtotn `d Dl`rbko ogk spnfbdbfolly bg
tan Fbty `d Hbohb, d`r tan purp`sns `d s`lbfbtbge opplbfotb`gs d`r ogk hoibge
rnsbkngtbol h`rteoen l`ogs ogk ngeoebge bg `tanr cusbgnss oftbvbtbns. J]H`reog
Cogi ols` ofqubrnk J]H`reog Hogaottog Cogi ^VO, G.O. (“J]H`reog
Hogaottog‘).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?4 `d >1
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6;. Kndngkogt J]H`reog Hogaottog Cogi ^VO, G.O. bs anokquortnrnk bg
Gnw R`ri, Gnw R`ri. ^p`g bgd`rhotb`g ogk cnlbnd, ]lobgtbdds ollnen taot
J]H`reog Hogaottog ngeoenk bg rnsbkngtbol h`rteoen lngkbge bg Dl`rbko ogk `tanr
stotns tar`uea`ut tan f`ugtry.
6>. [an Kndngkogts bg tabs oftb`g orn, `r wnrn ot oll rnlnvogt tbhns, sucjnft
t` Dnknrol lows e`vnrgbge dobr lngkbge, bgflukbge tan DAO ogk tan rneulotb`gs
pr`huleotnk ugknr nofa `d ta`sn lows. [an DAO pr`abcbts dbgogfbol bgstbtutb`gs
dr`h kbsfrbhbgotbge `g tan cosbs `d, bgtnr olbo, rofn, f`l`r, `r gotb`gol `rbebg bg
tanbr rnsbkngtbol rnol nstotn-rnlotnk lngkbge trogsoftb`gs.
64. [an Kndngkogts bg tabs oftb`g orn `r wnrn cusbgnssns taot ngeoen bg
rnsbkngtbol rnol nstotn-rnlotnk trogsoftb`gs bg tan Fbty `d Hbohb wbtabg tan hnogbge
`d tan DAO, ;3 ^.V.F. § 64=>.
65. Cosnk `g bgd`rhotb`g rnp`rtnk pursuogt t` tan A`hn H`rteoen
Kbsfl`surn Oft, bg okkbtb`g t` l`ogs taot J]H`reog `rbebgotnk kbrnftly, Kndngkogts
orn rnsp`gsbcln d`r rnsbkngtbol a`hn l`ogs ofqubrnk dr`h, ogk/`r s`lk cy `r
tar`uea, UoHu, J]N A`hn Dbgogfn LLF, L`ge Cnofa H`rteoen F`., Ngf`rn
Frnkbt F`rp., Cnor Vtnorgs Snsbkngtbol H`rteoen, ]nrd`rhogfn Frnkbt F`rp., ogk
Crov` Frnkbt F`rp.
61. ^p`g bgd`rhotb`g ogk cnlbnd, ]lobgtbdd ollnens taot nofa `d tan
Kndngkogts wos ogk bs og oengt `d tan `tanr Kndngkogts. Nofa Kndngkogt, bg oftbge
`r `hbttbge t` oft os ollnenk bg tabs F`hplobgt, wos oftbge bg tan f`ursn ogk sf`pn
`d bts oftuol `r opporngt outa`rbty pursuogt t` sufa oengfbns, ogk/`r tan ollnenk ofts
`r `hbssb`gs `d nofa Kndngkogt os oengt wnrn sucsnqungtly rotbdbnk ogk ok`ptnk cynofa oengt os prbgfbpol. Nofa Kndngkogt, bg oftbge `r `hbttbge t` oft os ollnenk bg
tabs F`hplobgt, wos oftbge tar`uea bts oengts, ogk bs lbocln `g tan cosbs `d tan ofts
ogk `hbssb`gs `d bts oengts.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?5 `d >1
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BBB. J^SBVKBF[B@G OGK TNG^N
62. [abs F`urt aos jurbskbftb`g ̀ vnr tabs hottnr pursuogt t` ;3 ^.V.F.
§ 64?6 ogk 31 ^.V.F. §§ ?66?, ?6;6, cnfousn tan flobhs ollnenk anrnbg orbsn ugknr
tan lows `d tan ^gbtnk Vtotns.
;=. Tngun bs pr`pnr bg tabs kbstrbft ugknr 31 ^.V.F. § ?62?(c) cnfousn
J]H`reog f`gkufts cusbgnss bg tabs kbstrbft ogk o sucstogtbol port `d tan nvngts ogk
`hbssb`gs ebvbge rbsn t` tan flobhs `ffurrnk bg tabs kbstrbft.
BT. DOF[^OL COFIES@^GK
O. Cofier`ugk Sneorkbge Kbsfrbhbgot`ry L`og ]roftbfns, SnvnrsnSnklbgbge, ogk Snklbgbge
;?. ]rb`r t` tan nhnrengfn ̀ d sucprbhn lngkbge, h`st h`rteoen lngknrs
hokn `gly “prbhn‘ l`ogs. ]rbhn lngkbge `ddnrnk ugbd`rhly prbfnk l`ogs t`
c`rr`wnrs wbta e``k frnkbt, cut bgkbvbkuols wbta l̀ wnr frnkbt wnrn g`t nlbebcln d`r
prbhn l`ogs.
;3. Vucprbhn lngkbge knvnl`pnk ogk cneog er`wbge ropbkly bg tan hbk-
?22=s os o rnsult `d tnfag`l`ebfol bgg`votb`gs bg rbsi-cosnk prbfbge ogk bg rnsp`gsn
t` tan knhogk d`r frnkbt cy c`rr`wnrs wa` wnrn kngbnk prbhn frnkbt cy trokbtb`gollngknrs. Okvogfns bg out`hotnk ugknrwrbtbge oll`wnk lngknrs t` prnkbft wbta
bhpr`vnk offurofy tan lbinlba``k taot o c`rr`wnr wbta l`wnr frnkbt wbll
suffnssdully rnpoy o l`og. [ansn bgg`votb`gs eovn lngknrs tan ocblbty t` okjust tan
prbfn `d l`ogs t` hotfa tan kbddnrngt rbsis prnsngtnk cy c`rr`wnrs wa`sn frnkbt
rnf`rks kbk g`t hnnt prbhn stogkorks. Lngknrs d`ugk taot tany f`ulk g`w
offurotnly prbfn l`ogs t` rndlnft tan rbsis prnsngtnk cy o portbfulor c`rr`wnr. Uang
k`gn rnsp`gsbcly, tabs hokn frnkbt ovoblocln hufa h`rn cr`okly taog aok cnng tan
fosn wbta prbhn lngkbge.
;6. Snsp`gsbcln sucprbhn lngkbge aos `pngnk tan k``r t` a`hn`wgnrsabp
t` hogy pn`pln, nspnfbolly l`w- t` h`knrotn-bgf`hn ogk hbg`rbty f`gsuhnrs, wa`
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?1 `d >1
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`tanrwbsn w`ulk aovn cnng kngbnk h`rteoens. Ot tan sohn tbhn, a`wnvnr,
sucprbhn lngkbge aos frnotnk `pp`rtugbtbns d`r ugsfrupul`us lngknrs t` torent
hbg`rbtbns ogk ngeoen bg kbsfrbhbgot`ry, brrnsp`gsbcln lngkbge proftbfns taot rnsult
bg l`ogs taot c`rr`wnrs fogg`t odd`rk. [abs, bg turg, lnoks kbrnftly t` kndoults ogk
d`rnfl`surns.
;;. Ngtbfnk cy tan pr`spnft `d pr`dbts rnsultbge dr`h nx`rcbtogt `rbebgotb`g
dnns, p`bgts, ogk rnlotnk prbfbge sfanhns, s`hn brrnsp`gsbcln sucprbhn lngknrs t``i
okvogtoen `d o ropbkly rbsbge rnol nstotn horint t` f`gvbgfn c`rr`wnrs t` ngtnr bgt`
kbsfrbhbgot`ry l`ogs taot aok ugdobr tnrhs taot tany f`ulk g t̀ odd`rk. @dtng tabs
wos off`hplbsank wbta tan anlp `d knfnptbvn proftbfns ogk pr`hbsns t` rndbgogfn ot
o lotnr kotn. [ansn ocusbvn sucprbhn lngknrs kbk g`t w`rry oc`ut tan f`gsnqungfns
`d kndoult `r d`rnfl`surn t` tanbr cusbgnss cnfousn, `gfn hokn, o sbegbdbfogt guhcnr
`d tan l`ogs wnrn s`lk `g tan snf`gkory horint.
;>. Os tan sucprbhn horint ernw, tan `pp`rtugbtbns d`r ocusbvn proftbfns
ernw wbta bt.?6 Os o f`gsnqungfn, tan dnknrol e`vnrghngt aos d`ugk taot ocusbvn
ogk prnkot`ry proftbfns “orn f`gfngtrotnk bg tan sucprbhn h`rteoen horint.‘?;
[ansn proftbfns, wabfa bg rnfngt ynors aovn cnf`hn tan torent `d pr`snfut`rs,
lnebslot`rs, ogk rneulot`rs, bgflukn tan d`ll`wbge:
o. ]lofbge c`rr`wnrs bg sucprbhn l`ogs nvng ta`uea tany quolbdy
d`r l`ogs `g cnttnr tnrhs.
?6 ^gbtnk Vtotns Knporthngt `d A`usbge ogk ^rcog Knvnl`phngt @ddbfn `d
]`lbfy Knvnl`phngt ogk Snsnorfa, Snp`rt t` F`gernss `g tan S``t Fousns `d tanD`rnfl`surn Frbsbs, (3=?=) ot >3 (“Uabln hogy doft`rs aovn ugk`uctnklyf`gtrbcutnk t` tan rnfngt rbsn bg d`rnfl`surns, os kbsfussnk norlbnr, g` sholl port `dtan bgfrnosn stnhs dr`h rnfngt bgfrnosns bg ocusbvn d`rhs `d sucprbhn lngkbge‘)(ovoblocln ot attp://www.aukusnr.`re/p`rtol/]uclbfotb`gs/]KD/D`rnfl`surnP=2.pkd).
?; ^gbtnk Vtotns Knporthngt `d A`usbge & ^rcog Knvnl`phngt ogk ^gbtnkVtotns Knporthngt `d tan [rnosury, Furcbge ]rnkot`ry A`hn H`rteoen Lngkbge(3===) ot ? (ovoblocln ot attp://www.aukusnr.`re/]uclbfotb`gs/pkd/trnosrpt.pkd)(“A^K/[rnosury Snp`rt‘).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ?2 `d >1
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c. Doblbge t` prukngtly ugknrwrbtn aycrbk okjustocln rotn
h`rteoens (OSHs), sufa os 3/31s ogk 6/35s.?>
Odtnr tan c`rr`wnr poys o l`w
“tnosnr rotn‘ d`r tan dbrst tw` `r tarnn ynors, tan bgtnrnst rotn `g tansn l`ogs rnsnts t`
o hufa abeanr rotn taot fog f`gtbgun t` rbsn cosnk `g horint f`gkbtb`gs. Vucprbhn
lngknrs `dtng ugknrwrbtn tansn l`ogs cosnk `gly `g f`gsbknrotb`g `d wantanr tan
c`rr`wnr fog hoin poyhngts kurbge tan bgbtbol tnosnr rotn pnrb`k, wbta`ut rneork t`
tan saorply abeanr poyhngts taot wbll cn rnqubrnk d`r tan rnhobgknr `d o l`og‒s 6=-
ynor tnrh. Brrnsp`gsbcln lngknrs oeernssbvnly horint tan l`w h`gtaly poyhngt
taot tan c`rr`wnr wbll poy kurbge tan tnosnr rotn pnrb`k, hbslnokbge c`rr`wnrs bgt`
cnlbnvbge taot tany fog odd`rk taot sohn l`w h`gtaly poyhngt d`r tan ngtbrn 6=-
ynor tnrh `d tan l`og, `r taot tany fog rndbgogfn tanbr l`og cnd`rn tan tnosnr rotn
pnrb`k nxpbrns.
f. Doblbge t` prukngtly ugknrwrbtn rndbgogfn l`ogs, wanrn
c`rr`wnrs sucstbtutn ugodd`rkocln h`rteoen l`ogs d`r nxbstbge h`rteoens taot tany
orn wnll-subtnk d`r ogk taot oll`w tanh t` cublk nqubty. Vufa rndbgogfnk l`ogs strbp
hufa `r nvng oll `d taot nqubty cy faorebge sucstogtbol gnw dnns, `dtng abkbge tan
doft taot tan abea snttlnhngt f`sts `d tan gnw l`og orn ols` cnbge dbgogfnk. Lngknrs
taot oeernssbvnly horint tan ocblbty `d tan c`rr`wnr t` poy `dd nxbstbge frnkbt fork
ogk `tanr kncts cy rndbgogfbge oll `d tanbr knct bgt` `gn h`rteoen l`og hbslnok
c`rr`wnrs bgt` cnlbnvbge taot tanrn bs o cngndbt t` knct f`gs`lbkotb`g, wabln
`csfurbge tan prnkbftocln doft taot tan c`rr`wnr wbll g`t cn ocln t` rnpoy tan gnw
l`og. [an rndbgogfnk l`ogs orn tanhsnlvns `dtng rndbgogfnk rnpnotnkly wbta nvnr-
bgfrnosbge dnns ogk abeanr bgtnrnst rotns, ogk wbta nvnr-knfrnosbge nqubty, os c`rr`wnrs snni t` stovn `dd d`rnfl̀ surn.
?> Bg o 3/31 OSH, tan “3‘ rnprnsngts tan guhcnr `d ynors tan h`rteoen wbll cndbxnk `vnr tan tnrh `d tan l`og, wabln tan “31‘ rnprnsngts tan guhcnr `d ynors tanbgtnrnst rotn pobk `g tan h`rteoen wbll cn vorbocln. Vbhblorly, bg o 6/35 OSH, tanbgtnrnst rotn bs dbxnk d`r tarnn ynors ogk vorbocln d`r tan rnhobgbge 35-ynoroh`rtbzotb`g.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 3= `d >1
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k. Oll`wbge h`rteoen cr`inrs t` faoren “ybnlk sprnok prnhbuhs‘
d`r quolbdybge o c`rr`wnr d`r og bgtnrnst rotn taot bs abeanr taog tan rotn tan
c`rr`wnr quolbdbns d`r ogk fog oftuolly odd`rk.
n. Doblbge t` ugknrwrbtn l`ogs cosnk `g trokbtb`gol ugknrwrbtbge
frbtnrbo sufa os knct-t`-bgf`hn rotb`, l`og-t`-volun rotb`, DBF@ sf`rn, ogk w`ri
abst`ry. [ansn frbtnrbo ngsurn taot o c`rr`wnr bs `ctobgbge o l`og taot an `r san aos
tan rns`urfns ogk ossnts t` rnpoy, ogk beg`rbge tansn frbtnrbo rnsults bg hogy l`ogs
taot cnor g` rnlotb`g t` c`rr`wnrs‒ ocblbty t` rnpoy tanh. [abs oll`ws tan lngknr t`
hoin o qubfi pr`dbt dr`h tan `rbebgotb`g, cut snts tan c`rr`wnr up d`r kndoult ogk
d`rnfl`surn.
d. Snqubrbge sucstogtbol prnpoyhngt pngoltbns taot prnvngt
c`rr`wnrs wa`sn frnkbt aos bhpr̀ vnk dr`h rndbgogfbge tanbr sucprbhn l`og t` o
prbhn l`og. ]rnpoyhngt pngoltbns g`t `gly prnflukn c`rr`wnrs dr`h rndbgogfbge t`
o h`rn odd`rkocln l`og, cut rnkufn tan c`rr`wnrs‒ nqubty wang o sucprbhn lngknr
f`gvbgfns c`rr`wnrs t` gnnklnssly rndbgogfn `gn sucprbhn l`og wbta og`tanr.
e. Faorebge nxfnssbvn p`bgts ogk dnns taot orn g`t oss`fbotnk wbta
ogy bgfrnosnk cngndbts d`r tan c`rr`wnr.
;4. [an pr`clnh ̀ d prnkot`ry proftbfns bg h`rteoen lngkbge bs portbfulorly
ofutn bg hbg`rbty f`hhugbtbns cnfousn `d “rnvnrsn rnklbgbge.‘ Os usnk cy
F`gernss ogk tan f`urts, tan tnrh “rnvnrsn rnklbgbge‘ rndnrs t` tan proftbfn `d
torentbge rnsbkngts bg fnrtobg en`eropabf ornos d`r frnkbt `g ugdobr tnrhs kun t` tan
rofbol `r ntagbf f`hp`sbtb̀ g `d tan orno. [abs bs bg f`gtrost t` “rnklbgbge,‘ wabfa bs
tan proftbfn `d kngybge nquol offnss t` frnkbt t` spnfbdbf en`eropabf ornos cnfousn`d tan rofbol `r ntagbf f`hp`sbtb`g `d tan orno. C`ta proftbfns aovn rnpnotnkly cnng
anlk t` vb`lotn tan Dnknrol Dobr A`usbge Oft.
;5. D`ll`wbge tan `gsnt `d tan sucprbhn h`rteoen frbsbs, ogk odtnr ynors
`d bssubge ocusbvn a`hn l`ogs bg hbg`rbty gnbeac`ra``ks, tan cbe cogi lngknrs
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 3? `d >1
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cneog t` lbhbt tan bssuogfn `d h`rteoen frnkbt t` hbg r̀bty c`rr`wnrs (b.n., rndusbge
t` rndbgogfn prnkot`ry l`ogs). Ot tan sohn tbhn, wang tan cbe cogis kbk nxtngk
frnkbt, tany f`gtbgunk t` k` s` `g prnkot`ry tnrhs.
T. J]H@SEOG NGEOENK BG KBVFSBHBGO[@SR LNGKBGE]SOF[BFNV
O. J]H`reog‒s F`gkuft Aok o Kbsporotn Bhpoft `g Hbg`rbty C`rr`wnrsbg Tb`lotb`g `d tan Dobr A`usbge Oft
?. Kbsfrbhbgot`ry lngkbge rnsults bg o kbspr`p`rtb`gotn guhcnr `dd`rnfl`surns bg hbg`rbty ornos.
;1. D`rnfl`surns orn `g tan rbsn bg hogy `d tan gotb`g‒s h`st vulgnrocln
gnbeac`ra``ks, portbfulorly ta`sn wbta sucstogtbol f`gfngtrotb`gs ̀ d hbg`rbty
a`usna`lks. [an bgfrnosn oppnors t` stnh dr`h tan er`wbge prnsngfn d̀ (?) g`g-
f`gvngtb`gol lngkbge bg tansn f`hhugbtbns ogk (3) f`gtbgubge kbsfrbhbgot`ry
lngkbge proftbfns (n.e., stnnrbge hbg`rbtbns bgt` l`og pr`kufts wbta h`rn `gnr`us
tnrhs ‖ wabfa aoppng t` cn h`rn pr`dbtocln d`r J]H`reog).
;2. O snhbgol rnp`rt `g d`rnfl`surn oftbvbty cy Hori Kuko ogk Ubllboh
Opeor k`fuhngts tan gneotbvn bhpoft taot rbsbge d`rnfl`surns aovn `g l`w-bgf`hn
ogk l`w-wnolta hbg`rbty f`hhugbtbns, usbge Fabfoe` os o fosn stuky. Hr. Opeorbs o Vngb`r Vfa`lor ot tan J`bgt Fngtnr d`r A`usbge Vtukbns `d Aorvork ^gbvnrsbty,
ogk o Lnfturnr `g ]uclbf ]`lbfy ot Aorvork‒s J`ag D. Inggnky Vfa``l `d
E`vnrghngt. An prnvb`usly snrvnk os tan Ossbstogt Vnfrntory d`r A`usbge/Dnknrol
A`usbge F`hhbssb`gnr ot tan ^.V. Knporthngt `d A`usbge ogk ^rcog
Knvnl`phngt, ogk ols` Faobrnk tan Dnknrol A`usbge Dbgogfn C`ork. Hr. Opeor
a`lks o ]a.K. bg Nf`g`hbfs dr`h Aorvork ^gbvnrsbty. Hr. Kuko bs o Snsnorfa
Dnll`w ot tan J`bgt Fngtnr d`r A`usbge Vtukbns. [an Opeor-Kuko rnp`rt aos
f`gtbguolly cnng fbtnk cy sucsnqungt e`vnrghngtol, puclbf snft`r, ogk prbvotn
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 33 `d >1
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snft`r rnp`rts kun t` bts florbty ogk ta`r`ueagnss wbta rnspnft t` tan gneotbvn
bhpoft d`rnfl`surns aovn ̀ g l`wnr-bgf`hn ogk hbg`rbty gnbeac`ra``ks.?4
>=. [abs sbegbdbfogt rnp`rt abealbeats tan d`rnsnnocblbty ̀ d d`rnfl`surns
orbsbge dr`h prnkot`ry lngkbge proftbfns ogk tanbr ottngkogt aorh, knh`gstrotbge
taot sufa d`rnfl`surns bhp`sn sbegbdbfogt ogk prnkbftocln f`sts `g c`rr`wnrs,
hugbfbpol e`vnrghngts, ogk gnbeac`rbge a`hn`wgnrs.
>?. Og`tanr rnp`rt, cy tan Fngtnr d`r Snsp`gsbcln Lngkbge, usns o
gotb`gol kotosnt t` sa`w taot tan d`rnfl`surn rotn d`r l`w- ogk h`knrotn-bgf`hn
Odrbfog-Ohnrbfogs bs oppr`xbhotnly ?.1 tbhns abeanr taog bt bs d`r l`w- ogk
h`knrotn-bgf`hn g`g-Abspogbf wabtns. [an eop bs shollnr d̀ r Abspogbfs,
nspnfbolly oh`ge l`w-bgf`hn a`usna`lks, cut nvng oh`ge l`w-bgf`hn Abspogbfs
tan d`rnfl`surn rotn bs ?.3 tbhns taot ̀ d l`w-bgf`hn wabtns. Sofbol ogk ntagbf
kbsporbtbns bg d`rnfl`surn rotns fogg`t cn nxplobgnk cy bgf`hn, sbgfn kbsporbtbns
pnrsbst nvng oh`ge abeanr-bgf`hn er`ups. D`r nxohpln: oppr`xbhotnly
?= pnrfngt `d abeanr-bgf`hn Odrbfog-Ohnrbfog c`rr`wnrs ogk ?> pnrfngt `d
abeanr-bgf`hn Abspogbf c`rr`wnrs aovn l`st tanbr a`hn t` d`rnfl`surn, f`hpornk
wbta ;.4 pnrfngt `d abeanr bgf`hn g`g-Abspogbf wabtn c r̀r`wnrs. @vnroll, l`w-
ogk h`knrotn-bgf`hn Odrbfog-Ohnrbfogs ogk hbkkln- ogk abeanr-bgf`hn
Abspogbfs aovn nxpnrbngfnk tan abeanst d`rnfl`surn rotns.?5
>3. Gnorly 3= pnrfngt `d l`ogs bg abea-hbg`rbty gnbeac`ra``ks aovn cnng
d`rnfl`snk up`g `r orn snrb`usly knlbgqungt, wbta sbegbdbfogt bhplbfotb`gs d`r tan
l`ge-tnrh nf`g`hbf vbocblbty ̀ d tansn f`hhugbtbns.?1
?4 Vnn U. Opeor, H. Kuko & S. E`rny, [an Hugbfbpol F`sts `d D`rnfl`surns: OFabfoe` Fosn Vtuky (3==>) (ovoblocln ot attp://www.gw. r̀e/gntw`ri/gnbeac`rw`ris]r`es/d`rnfl`surns`lutb`gs/k`fuhngts/3==>Opeor-KukoVtuky- DullTnrsb`g.pkd).
?5 Fngtnr d`r Snsp`gsbcln Lngkbge, L`st Er`ugk, 3=??: Kbsporbtbns bg H`rteoen Lngkbge ogk D`rnfl`surns (3=??) (ovoblocln ot www.rnsp`gsbclnlngkbge.`re/-h`rteoen-lngkbge/rnsnorfa-ogolysbs/ L`st-Er`ugk-3=??.pkd).
?1 Bk.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 36 `d >1
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3. Hbg`rbty gnbeac`ra``ks orn kbspr`p`rtb`gotn rnfbpbngts `dprnkot`ry l`ogs.
>6. [anrn bs o sucstogtbol c`ky `d nhpbrbfol nvbkngfn knh`gstrotbge tan
prnvolngfn `d rnvnrsn rnklbgbge bg tan sucprbhn h`rteoen horint. [ansn stukbns
sa`w taot, nvng odtnr f`gtr`llbge d`r frnkbtw`rtabgnss ogk `tanr lnebtbhotn
ugknrwrbtbge doft`rs, sucprbhn l`ogs ogk tan prnkot`ry proftbfns `dtng oss`fbotnk
wbta sucprbhn lngkbge orn kbspr`p`rtb`gotnly torentnk ot hbg`rbty gnbeac`ra``ks.?2
>;. Bg engnrol, os rnfngtly `csnrvnk cy tan Dnknrol Snsnrvn bg Knfnhcnr
3=?3, c`ta Odrbfog-Ohnrbfog ogk Abspogbf c`rr`wnrs wnrn dor h`rn lbinly (bg doft,
gnorly twbfn os lbinly) t` `ctobg abeanr-prbfnk l`ogs taog wnrn wabtn c`rr`wnrs.
[ansn rnlotb`gsabps a`lk c`ta d`r a`hn-purfaosn ogk rndbgogfn lngkbge ogk d`r
g`g-f`gvngtb`gol l`ogs. [ansn kbddnrngfns orn rnkufnk, cut g t̀ nlbhbgotnk, odtnr
f`gtr`llbge d`r lngknr ogk c`rr`wnr faoroftnrbstbfs. “@vnr tan ynors, ogolysns `d
AHKO koto aovn f`gsbstngtly d`ugk sucstogtbol kbddnrngfns bg tan bgfbkngfn `d
abeanr-prbfnk lngkbge YX ofr`ss rofbol ogk ntagbf lbgns, kbddnrngfns taot fogg`t cn
dully nxplobgnk cy doft`rs bgfluknk bg tan AHKO koto.‘3=
?2 Vnn Oct Oss`fbotns, ^sbge Frnkbt Vf`rns t` Ogolyzn Abea-F`st Lngkbge bgFngtrol Fbty Gnbeac`ra``ks (3==1)9 Fngtnr d`r Snsp`gsbcln Lngkbge, L`stEr`ugk, 3=??: Kbsporbtbns bg H`rteoen Lngkbge ogk D`rnfl`surns (3=??)(ovoblocln ot www.rnsp`gsbclnlngkbge.`re/h`rteoen-lngkbge/rnsnorfa-ogolysbs/-
L`st-Er`ugk-3=??.pkd )9 Fngtnr d`r Snsp`gsbcln Lngkbge, ^gdobr Lngkbge: [an Nddnft `d Sofn ogk Ntagbfbty `g tan ]rbfn `d Vucprbhn H`rteoens (3==4) (ovobloclnot attp://www.rnsp`gsbclnlngkbge.`re/h`rteoen-lngkbge/rnsnorfa-ogolysbs/rr=??-^gdobrPLngkbge-=>=4.pkd)9 Dbgogfn ogk Nf`g`hbfs Kbsfussb`g Vnrbns Kbvbsb`gs ̀ dSnsnorfa & Vtotbstbfs ogk H`gntory Oddobrs Dnknrol Snsnrvn C`ork, Uosabget`g,K.F, Vucprbhn H`rteoens: Uaot, Uanrn, ogk t` Ua`h0 (3==1) (ovoblocln ot
attp://www.gcnr.`re/popnrs/w?;=16.pkd0gnwPwbgk`w8? )9 F. Snbk ogk N.Loknrhog, Dnknrol Snsnrvn Cogi `d Vog Drogfbsf`, [an ^gt`lk F`sts `d Vucprbhn Lngkbge: Nxohbgbge tan Lbgis oh`ge Abeanr-]rbfnk Lngkbge, D`rnfl`surns ogk Sofn bg Folbd`rgbo, ]rnsngtnk ot Crogknbs ^gbvnrsbty (3==2) (ovoblocln ot attp://bosp.crogknbs.nku/pkds/Outa`r/rnbk-for`lbg/[an%3=^gt l̀k%3=F`sts%3=`d%3=Vucprbhn%3=Lngkbge%3=6.pkd ).
3= Dnknrol Snsnrvn Cullntbg, [an H`rteoen Horint bg 3=??: Abealbeats dr`h tan Koto Snp`rtnk ugknr tan A`hn H`rteoen Kbsfl`surn Oft (Knf. 3=?3) (ovoblocln ot attp://www.dnknrolrnsnrvn.e`v/pucs/cullntbg/3=?3/]KD/3=??PAHKO.pkd ).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 3; `d >1
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>>. Odrbfog-Ohnrbfogs ogk Abspogbfs wnrn hufa h`rn lbinly t` rnfnbvn
sucprbhn l`ogs ogk l`ogs wbta dnoturns taot orn oss`fbotnk wbta abeanr d`rnfl`surns,
spnfbdbfolly prnpoyhngt pngoltbns ogk aycrbk `r `ptb`g OSHs. [ansn kbsporbtbns
wnrn nvbkngt nvng f`hporbge c`rr̀ wnrs wbtabg tan sohn frnkbt sf`rn rogens. Bg
doft, tan kbsporbtbns wnrn nspnfbolly pr`g`ugfnk d`r c`rr`wnrs wbta abeanr frnkbt
sf`rns. D`r nxohpln, oh`ge c`rr`wnrs wbta o DBF@ sf`rn `d `vnr 44= (bgkbfotbge
e``k frnkbt), Odrbfog-Ohnrbfogs ogk Abspogbfs rnfnbvnk o abea bgtnrnst rotn l`og
h`rn taog tarnn tbhns os `dtng os wabtn c`rr`wnrs.3?
>4. Bg okkbtb`g t` rnfnbvbge o abeanr pr`p`rtb`g ̀ d abeanr-rotn l`ogs,
Odrbfog-Ohnrbfogs ogk Abspogbfs ols` wnrn hufa h`rn lbinly t` rnfnbvn l`ogs
wbta `tanr rbsiy dnoturns, sufa os aycrbk ogk `ptb`g OSHs ogk prnpoyhngt
pngoltbns. Kbsporbtbns bg tan bgfbkngfn `d tansn dnoturns orn nvbkngt ofr̀ ss oll
snehngts `d tan frnkbt spnftruh.33
>5. Vbgfn 3==1, os tan koto kbsfussnk cnl`w hoins flnor, tanrn aos cnng o
sabdt bg tan typns d̀ l`ogs bssunk ‖ ogk g`t bssunk ‖ cy tan Cogi. D`r nxohpln, tan
Cogi sabdtnk dr`h `ddnrbge gnw sucprbhn l`ogs t`work bssubge h`rn A`hn Nqubty
Lbgns `d Frnkbt (“ANL@Fs‘) ogk abeanr f`st l`ogs bgflukbge, cut g`t lbhbtnk t`,
DAO/TO l`ogs.36 DAO ogk TO e`vnrghngt l`ogs orn faoroftnrbznk os abeanr rbsi
l`ogs cnfousn (?) tany orn typbfolly h`rn nxpngsbvn d`r o c`rr`wnr taog
f`gvngtb`gol l`ogs ogk bgflukn dnns ogk f`sts g`t oss`fbotnk wbta f`gvngtb`gol
l`ogs, ogk (3) snvnrol `d tan e`vnrghngt l`og pr`erohs pnrhbt gneotbvn
3? Fngtnr d`r Snsp`gsbcln Lngkbge, L`st Er`ugk, 3=??, supro, g.?5.
33 Bk. 36 Uabln DAO/TO l`ogs orn g`t bganrngtly prnkot`ry, tansn l`ogs aovn abeanr
rbsi dnoturns sufa os abeanr dnns ogk abeanr bgtnrnst rotns. Uang cogis torenthbg`rbtbns d`r DAO/TO l`ogs ogk bssun h`rn `d tanh t` hbg`rbtbns, tany orn oftbgebg o kbsfrbhbgot`ry hoggnr.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 3> `d >1
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oh`rtbzotb`g.3; Ot tan sohn tbhn, bg tan lost snvnrol ynors, tan Cogi tbeatngnk
lngkbge rnqubrnhngts bg o hoggnr taot krostbfolly lbhbtnk tan ocblbty `d hbg`rbty
c`rr`wnrs t` rndbgogfn `r `tanrwbsn h`kbdy tan sucprbhn l`ogs prnvb`usly bssunk
cy tan Cogi.
>1. Uabln f`gvngtb`gol frnkbt aos f`gtroftnk ̀ vnr tan post dbvn ynors,
DAO lngkbge aos nxpogknk krohotbfolly. Kurbge tan sucprbhn c``h, DAO
lngkbge dnll os sucprbhn lngknrs torentnk hbg`rbty f`hhugbtbns. G`w, wbta lbttln
`r g` sucprbhn lngkbge, ogk f`gvngtb`gol frnkbt rnstrbftnk, DAO lngkbge aos sa`t
up. @vnroll, tan saorn `d l`ogs wbta e`vnrghngt cofibge wngt dr`h >% bg 3==> t`
34.4% bg 3=?=.3>
>2. D`r Odrbfog-Ohnrbfogs, tan saorn `d h`rteoens usnk t` purfaosn o
a`hn ogk cofink cy o e`vnrghngt pr`eroh bgfrnosnk t` olh`st 1=% bg 3=?=9 d`r
Abspogbfs tan saorn bgfrnosnk t` 56%. Cut d`r wabtns, tan saorn bgfrnosnk t` ̀ gly
;2%. Ot prnsngt, h`st hbg`rbty c`rr`wnrs fogg`t eobg offnss t` tan f`gvngtb`gol
h`rteoen horint, ogk bgstnok, orn rnlneotnk t` h`rn nxpngsbvn DAO l`ogs.34
C. J]H`reog Bgtngtb`golly Kbsfrbhbgotnk Oeobgst Hbg`rbty C`rr`wnrs bg
Tb`lotb`g `d tan Dobr A`usbge Oft, os Knh`gstrotnk cy D`rhnr CogiNhpl`ynns
4=. F`gdbkngtbol Ubtgnssns (“FUs‘) orn d`rhnr nhpl`ynns ̀ d J]H`reog
ogk UoHu. [an FUs wnrn rnsp`gsbcln d`r hoibge, pr`fnssbge, ogk/`r
ugknrwrbtbge l`ogs bg tan ernotnr Hbohb rneb`g. FUs knsfrbcn a`w J]H`reog ogk
UoHu torentnk hbg`rbtbns ogk rnsbkngts `d hbg`rbty gnbeac`ra``ks bg ogk or`ugk
Hbohb d`r prnkot`ry lngkbge proftbfns.
3; Folbd`rgbo Snbgvnsthngt F`olbtb`g, nt ol., ]oybge H`rn d`r tan Ohnrbfog
Krnoh TB, Sofbol Kbsporbtbns bg DAO/TO Lngkbge, (July 3=?3)9www.dao.f`h/daoPl`ogPtypns9 www.cngndbts.vo.e`v/a`hnl`ogs.
3> Fngtnr d`r Snsp`gsbcln Lngkbge, supro, g.1.
34 Bk .
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 34 `d >1
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4?. FU? w`rink bg Hbohb d`r J] H`reog os o sucprbhn wa`lnsoln
h`rteoen rnprnsngtotbvn dr`h 3==; t` 3==1 ogk os o l`og `ddbfnr ogk pnrs`gol
coginr dr`h 3==2 t` 3=?=. Os o wa`lnsoln h`rteoen rnp, anr j`c wos t` knvnl`pnk
cusbgnss rnlotb`gsabps wbta h`rteoen cr̀ inrs bg Hbohb s` tany w`ulk crbge l`og
opplbfotb`gs t` tan Cogi.
43. FU3 wos o h`rteoen l`og `ddbfnr d`r J]H`reog ot o Hbohb orno
crogfa dr`h ?22> t` 3==1.
46. FU6 wos o crogfa hogoenr `d o Hbohb orno crogfa `d J] H`reog
Faosn dr`h 3==5 t` 3==1.
4;. FU; wos o l`og `rbebgot`r ot J] H`reog dr`h ?224 t` 3==1. Kurbge
tan anbeat `d tan rnol nstotn c``h, san w`rink ot o D`rt Louknrkoln crogfa, cut
h`st `d anr fust̀ hnrs ogk l`ogs `rbebgotnk dr`h tan Hbohb-Kokn orno. Oc`ut ;>
t` >= pnrfngt `d anr fust`hnrs wnrn Abspogbf.
4>. [an FUs f`gdbrh taot J]H`reog aos ngeoenk bg prnkot`ry ogk
`tanrwbsn kbsfrbhbgot`ry lngkbge proftbfns kbrnftly ogk/`r tar`uea ofqubrnk lngknrs
(bgflukbge UoHu).
?. J]H`reog torents hbg`rbtbns d`r prnkot`ry l`og tnrhs (ogk poysbts nhpl`ynns h`rn d`r k`bge s`).
44. Off`rkbge t` FU3, dr`h ogk odtnr 3==;, J]H`reog nxpogknk bts
ndd`rts t` rnofa `ut t` hbg`rbtbns bg Hbohb. [an Cogi prbgtnk horintbge hotnrbols
bg Vpogbsa ogk Ngelbsa t` oppnol t` Abspogbfs bg Hbohb.
45. FU3 sobk taot J]H`reog l`og `ddbfnrs w`rink wbta hbg`rbtbns, sufa
os Abspogbfs, wa` quolbdbnk d`r l`ogs cy sa`wbge tan p``lnk fosa dl`w `d snvnrol
dohbly hnhcnrs. [ypbfolly, `gn hnhcnr `d tan dohbly w`ulk `ctobg tan l`og, wabln
snvnrol hnhcnrs w`ulk sbeg tan knnk, san sobk. [abs ngoclnk augkrnks, bd g`t
ta`usogks, `d hnhcnrs `d tan Abspogbf f`hhugbty bg tan Fbty `d Hbohb t` quolbdy
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 35 `d >1
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t` cuy a`hns tany w`ulk g`t `tanrwbsn cn ocln t` odd`rk. Van nxplobgnk taot tansn
l`ogs aok o abea rotn `d kndoult ogk nvngtuolly lnk t` o rosa `d d`rnfl`surns.
41. FU6‒s cogi crogfa wos bg o rnlotbvnly wnoltay wabtn f`hhugbty, cut
tan hoj`rbty `d tan fust`hnrs wnrn hbg`rbtbns (bgflukbge Abspogbfs ogk Aobtbogs).
FU6 sobk tan ugknrnkufotnk ogk dbgogfbolly gobvn bhhberogt fust`hnr cosn
hokn bt nosy t` f`gvbgfn tanh t` toin ̀ ut l`ogs. “R`u toli tanh bgt` bt,‘ FU6
sobk. “R`u f`gvbgfn tanh. [any toin y`ur okvbfn cnfousn y`u orn dr`h tan cogi.
R`u‒rn lbin o k`ft`r `r lowynr. [ansn orn clun-f`llor w`rinrs. [any orn toibge
y`ur okvbfn. [any‒ll lbstng t` waot y`u soy. Bt wos nosy t` f`nrfn tanh. Oll tany
f`ulk snn wos h`gny.‘
42. FU6 nxplobgnk taot nhpl`ynns wnrn trobgnk t` snll fust`hnrs `g tan
Ohnrbfog Krnoh, f`gvbgfbge tanh taot c`rr`wbge loren suhs t` cuy o a`hn,
bgvnst bg o snf`gk a`hn, `r sbhply toin fosa `ut t` poy d`r tanbr lbdnstyln wos tan
Ohnrbfog woy. Cogi nhpl`ynns ignw rnfngt bhhberogt fust`hnrs wa` wnrn
knspnrotn t` cuy o a`usn wnrn og nosy torent. “[any cnlbnvn bg tan Ohnrbfog
Krnoh, s` tany‒ll e` ogy woy y`u lnok tanh,‘ FU6 sobk. “[any wnrn tolink bgt`
a`w e``k tan Ohnrbfog Krnoh bs, wn t`lk tanh, ‑R`u fog k` tabs, B ig`w y`u fog
k` tabs. Just tabgi, y`u fog aovn h`gny t` cuy bgvnsthngt pr`pnrty t``.‒‘
5=. FU6 ols` `csnrvnk taot tan Cogi‒s hogoenrs toueat nhpl`ynns t` tnll
fust`hnrs, “[abs bs y`ur `pp`rtugbty t` ebvn y`ursnld o slbfn `d tan Ohnrbfog
Krnoh.‘ Nhpl`ynns wnrn ols` t`lk cy hogoenrs, “Bd y`u fog toli (fust`hnrs) bgt`
purfaosbge o a`hn, tan crogfa wbll cn suffnssdul, tan cogi wbll cn suffnssdul.‘
Nhpl`ynns wnrn durtanr t`lk cy hogoenrs: “[ansn pn`pln (fust`hnrs) k`g‒t ig`wwaot tany wogt, tany k`g‒t ig`w waot tany gnnk. Bt‒s y`ur j`c t` bgspbrn tanh.‘
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 31 `d >1
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3. J]H`reog aos ugknrwrbttng sa`rt-tnrh tnosnr rotn l`ogs, stotnk-bgf`hn l`ogs, bgtnrnst `gly l`ogs, ogk ANL@Fs taot c`rr`wnrsf`ulk g`t odd`rk.
5?. FU? cnlbnvns taot tan h`st f`hh`g l`og s`lk kurbge tan 3==; t`
3==1 pnrb`k ot J] H`reog wos tan ?== pnrfngt dbgogfnk “1=/3=‘ l`og, wabfa wos
oftuolly tw` l`ogs ‖ `gn d`r 1= pnrfngt `d tan a`hn‒s volun ogk tan snf`gk d`r 3=
pnrfngt. FU? nxplobgnk taot tan fust`hnr cosn d`r tan sucprbhn horint ogk 1=/3=
l`ogs bg Hbohb wos prnk`hbgogtly Abspogbf c`rr`wnrs. Hogy `d tansn l`ogs wnrn
ols` tnosnr rotn “3/31‘ l`ogs, wabfa `ddnrnk l`w rotns d`r tw` ynors taot okjustnk
upworks tar`uea`ut tan rnhobgbge 31 ynors.
53. Off`rkbge t` FU?, h`rteoen cr`inrs w`ulk f`gvbgfn c`rr`wnrs t`
toin `ut tnosnr rotn l`ogs cy flobhbge tan c`rr`wnr f`ulk nosbly rndbgogfn cnd`rn
tan tnosnr rotn nxpbrnk ogk tan bgtnrnst bgfrnosnk.
56. FU? sobk hogy `d tan Cogi‒s sucprbhn l`ogs dr`h 3==;-3==1 wnrn
ols` “stotnk bgf`hn‘ l`ogs, wabfa oll`wnk pnrvosbvn drouk ogk dolsbdbnk k`fuhngts
bgt` tan quolbdybge pr`fnss, san sobk. Bg FU?‒s vbnw, “Nvnryc`ky ignw taot tanrn
wos o l`t `d drouk,‘ bgflukbge hogoenrs ot tan Cogi. Van knsfrbcnk tan droukulngt
proftbfns oh`ge h`rteoen cr`inrs os cnbge pnrvosbvn bg Hbohb. Os o rnsult, FU?
sobk, fust`hnrs (hobgly Abspogbf) wnrn quolbdybge d`r l`ogs tany f`ulkg‒t odd`rk.
“Nvnryc`ky wos e`bge `vnr tanbr anok,‘ san okknk. “B tabgi tan doult wos `rbebgolly
wbta tan cogis cnfousn eubknlbgns wnrn s` lngbngt,‘ san sobk.
5;. FU3 nxplobgnk taot l`og `ddbfnrs wnrn oworn taot tan Cogi wos
hoibge “g`-k`f‘ l`ogs, `tanrwbsn ig`wg os “lbor l`ogs,‘ t` ugquolbdbnk opplbfogts.
[an l`og `ddbfnrs aok g` eubknlbgns `r bgfngtbvns t` faollngen qunstb`gocln bgf`hnflobhs suchbttnk cy c`rr`wnrs wang opplybge d`r g`-k`f l`ogs. [ansn l`ogs, san
nxplobgnk, wnrn vnry p`pulor bg Hbohb os tany oll`wnk hbg`rbty c`rr`wnrs wa`
kbk g`t aovn U-3s t` quolbdy d`r l`ogs `g a`hns tany `tanrwbsn w`ulk g`t aovn
cnng ocln t` odd̀ rk.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 32 `d >1
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5>. “Un orn pobk `g f`hhbssb`g `gly,‘ FU3 sobk. “Un norg h`gny `gly
wang wn fl`sn tan l`og. Bd tany (tan c`rr`wnrs) f`hn bg, dbt bg tan l`og pr`eroh,
wogt tan pr`eroh, ogk orn `d s`ugk hbgk, wa` oh B t` stogk up ogk cl`w tan
wabstln0 Uaot k` B soy, ‑B ibgk `d tabgi tany orn lybge. Cut B‒h g`t surn0‒‘ FU3
cnlbnvns abeanr-lnvnl cogi nhpl`ynns hust aovn ig`wg waot wos e`bge `g, cut
san p`bgtnk `ut taot hogy `d tan rneb`gol hogoenrs rnfnbvnk loren f`hhbssb`gnk
solorbns cosnk `g tan oh`ugt `d l`ogs s`lk bg tanbr rneb`gs. [anbr bgfngtbvn wos t`
snll os hogy l`ogs os p`ssbcln, t``.
54. FU6 sobk tan prnssurn `g nhpl`ynns dr`h tan Cogi t` snll ANL@Fs
ogk h`rteoens lnk hogy l`og `ddbfnrs t` toli fust`hnrs bgt` l`ogs tany kbk g`t
gnnk ogk f`ulk g`t odd`rk. ]nrs`gol coginrs ogk l`og `ddbfnrs t`lk fust`hnrs oc`ut
tan kbddnrngt l`og pr`kufts, h`rteoens ogk ANL@Fs taot wnrn ovoblocln, ogk
prnssurnk tanh t̀ opply d`r `gn. FU6 okknk taot hogy c`rr`wnrs wnrn tolink bgt`
toibge ANL@Fs ogk `tanr l`ogs cy l`og `ddbfnrs h`rn noenr oc`ut hoin tanbr e`ols
taog ngsurbge bt wos tan rbeat tabges t` k` d`r tan c`rr`wnrs, hogy `d wa`h wnrn
hbg`rbtbns, wa` kbk g`t rnolly ugknrstogk tan bhplbfotb`gs `d toibge `ut sufa l`ogs.
55. FU6 sobk “gbgn tbhns `ut `d ?=‘ fust`hnrs ot abs crogfa opplbnk d`r
“g` k`f‘ l`ogs d`r a`hns tany f`ulk g`t odd`rk bg tan Fbty `d Hbohb. An nstbhotnk
taot o s`lbk hoj`rbty `d tan “g` k`f‘ l`ogs lbinly f`gtobgnk nxoeenrotnk bgf`hn
flobhs. Ogk bg h`st fosns, tan Cogi l``ink tan `tanr woy. Off`rkbge t` FU6, tan
Cogi wos wnll oworn `d tan nxoeenrotb`g ogk droukulngt flobhs bg “g` k`f‘ l`og
opplbfotb`gs. [an Cogi ols` bgstruftnk l`og `ddbfnrs ogk crogfa hogoenrs t` hnnt
l`og e`ols -- g`t t` vnrbdy dbgogfbol bgd`rhotb`g cny`gk waot tan Cogi‒s “g` k`f‘eubknlbgns rnqubrnk.
51. FU; nxplobgnk taot J]H`reog w`ulk oppr`vn “g` k`f‘ l`ogs nvng
d`r 2> pnrfngt dbgogfnk h`rteoens. “B ta`ueat, ‑Uay orn tany `pngbge tanhsnlvns
up t` tabs0‒‘ san sobk. “[aot wos g`t o e``k l`og.‘ FU; sobk Abspogbfs
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 6= `d >1
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“ocs`lutnly‘ usnk tan “g` k`f‘ l`ogs ot abeanr pnrfngtoens taog wabtns. “[aot wos
pnrdnft d`r tanh,‘ san sobk, nxplobgbge taot hogy Abspogbfs wnrn snld-nhpl`ynk
ogk rneulorly t``i okvogtoen `d l`og pr`erohs taot kbk g`t rnqubrn bgf`hn
vnrbdbfotb`g.
52. FU; sobk taot tan Cogi usnk og out`hotnk s`dtworn systnh follnk
Knsit`p ^gknrwrbtbge t` ossnss wantanr o fust`hnr wos quolbdbnk d`r o l`og. Van
nxplobgnk taot Cogi hogoenrs sueenstnk woys t` hogbpulotn tan systnh t` `ctobg
oppr`vol d`r fust`hnrs wa` wnrn bgbtbolly kngbnk. D`r nxohpln, san `csnrvnk
hogoenrs tnllbge l`og `ddbfnrs t` bgfrnosn tan c`rr`wnr‒s bgf`hn lnvnl, ossnts
ogk/`r nkufotb`g lnvnl t` quolbdy tan c`rr`wnr. “B ocs`lutnly anork hogoenrs soy
taot,‘ FU; sobk. “G`t just `gfn9 o cugfa `d tbhns.‘ “[any usnk tan w`rk ‑twnoi,‒‘
san sobk `d tan dolsn bgd`rhotb`g suchbttnk bg tan c`rr`wnrs‒ opplbfotb`gs. “[any‒k
soy, ‑[wnoi taot dbln. Ebvn tanh o f`llnen nkufotb`g.‒‘
1=. FU; sobk J]H`reog inpt l`og `ddbfnrs ugknr sufa bgtngsn prnssurn t`
fl`sn l`ogs taot bt frnotnk og ngvbr`ghngt wanrn nhpl`ynns wnrn h`rn f`gfnrgnk
oc`ut abttbge tanbr guhcnrs taog tany wnrn oc`ut wantanr tan h`rteoens wnrn
e``k. [abs lnok t` plofbge fust`hnrs bg l`ogs tany f`ulkg‒t odd`rk. “[an prnssurn
d`r nhpl`ynns t` pr`kufn frnotnk og ngvbr`ghngt wanrn pn`pln wnrn cuybge
a`hns tany sa`ulkg‒t cn cuybge,‘ san sobk. “[anrn wos s` hufa prnssurn dr`h tan
Cogi t` k` cbe guhcnrs. Nvng d`r hogoenhngt. [anbr j`cs wnrn tarnotngnk bd
tany kbkg‒t aovn tan guhcnrs `g tan c`ork.‘ [an nhpl`ynns wa` wnrn pr`kufbge
cbe guhcnrs wnrn probsnk ogk rnworknk, rneorklnss `d waot tan nhpl`ynn wos
k`bge t` `ctobg ta`sn guhcnrs, FU; sobk. “Bt‒s tan euy wa` crbges bg tan $3=hbllb`g (wa`‒s probsnk), cut gbgn tbhns `ut `d ?=, ta`sn pn`pln orn f`hhbttbge
drouk,‘ san sobk.
1?. FU; `csnrvnk taot hogy c`rr`wnrs ̀ ctobgnk bgtnrnst-`gly h`rteoens
cnfousn tany f`ulk g`t quolbdy d`r tan l`og oh`ugt bd bt bgfluknk poybge k`wg tan
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 6? `d >1
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prbgfbpol nofa h`gta. [an Cogi w`ulk quolbdy tan c`rr`wnr cosnk `g tan bgtnrnst
`gly poyhngt, wabfa kbk g`t bgflukn poyhngt `d tan l`og prbgfbpol. “[an bgtnrnst
`gly l`ogs -- taot e`t pn`pln bg tanrn t` cuy a`usns tany f`ulk g`t odd`rk,‘ FU;
sobk. Hogy `d tansn c`rr̀ wnrs wnrn ugocln t` hoin tan h`gtaly poyhngts `gfn
tan bgtnrnst `gly tbhn pnrb`k nxpbrnk.
13. J]H`reog (kbrnftly ogk tar`uea ofqubrnk lngknrs) k`ns g`t pr`pnrly
ugknrwrbtn tansn l`ogs wang hokn t` hbg`rbtbns ogk bg hbg`rbty gnbeac`ra``ks.
J]H`reog k`ns g`t oknquotnly f`gsbknr tan c`rr`wnrs‒ ocblbty t` rnpoy tansn l`ogs,
nspnfbolly odtnr tan tnosnr rotn nxpbrns ogk/`r tan bgtnrnst rotn bgfrnosns. [an doft
taot tansn l`ogs w`ulk rnsult bg knlbgqungfy, kndoult, ogk d`rnfl`surn d`r hogy
c`rr`wnrs wos, r̀ sa`ulk aovn cnng, flnorly d`rnsnnocln t` J]H`reog ot tan tbhn
tan l`ogs wnrn hokn.
6. J]H`reog bgkufnk d`rnfl`surns cy doblbge t` `ddnr rndbgogfbge `rl`og h`kbdbfotb`gs t` hbg`rbty fust`hnrs `g dobr tnrhs, ogk`tanrwbsn lbhbtbge nquol offnss t` dobr frnkbt.
16. Dr`h ogk odtnr 3==2, FU? sobk tan Cogi “wngt dr`h `gn nxtrnhn t`
tan `tanr.‘ Off`rkbge t` FU?, tan Cogi‒s eubknlbgns d`r quolbdbfotb`g cnfohn s`
strbgengt taot bt snnhnk g` `gn f`ulk rndbgogfn o l`og, krbvbge s`hn fust`hnrs
t`works d`rnfl`surn, wabfa kbspr`p`rtb`gotnly bhpoftnk Abspogbfs. D`r nxohpln,
san nxplobgnk, s`hn `d tan Abspogbf c`rr`wnrs wa` rnfnbvnk stotnk-bgf`hn l`ogs
g`w wnrn d`rfnk cy tan Cogi t` pr`vn up tan prnvb`usly stotnk bgf`hn9 bg nddnft,
tan Cogi w`ulk g`t oll`w tanh t` h`kbdy tanbr h`rteoens ogk tany l`st tanbr
a`hns.
1;. FU; okknk taot odtnr tan rnol nstotn horint frosank, tan Cogi st`ppnkhoibge g` k`f l`ogs, ogk engnrolly, tan Cogi‒s h`rteoen lngkbge er`ugk t` o aolt.
1>. [an FU stotnhngts sa`w taot J]H`reog bgkufnk d`rnfl`surns cy
doblbge t` `ddnr rndbgogfbge `r l`og h`kbdbfotb`gs t` hbg`rbty fust`hnrs `g dobr
tnrhs ‖ wabfa f`gstbtutns o portbfulorly nerneb`us d`rh `d rnklbgbge, ebvng taot
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 63 `d >1
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hbg`rbty c`rr`wnrs s`ueat rndbgogfbge `r l`og h`kbdbfotb`gs wbta rnspnft t` cok
l`ogs taot tan Cogi prnvb`usly hokn t` tanh.
;. J]H`reog ngeoens bg `tanr ocusbvn lngkbge proftbfns.
14. [an Cogi snt oeernssbvn solns e`ols, bgflukbge h`rteoen l`og torents.
“Bt rnolly hokn (nhpl`ynns) oeernssbvn t` pusa pn`pln t` toin `ut l`ogs,‘ FU6
sobk `d abs pnrs`gol coginrs ogk l`og `ddbfnrs.
F. Hbg`rbtbns bg Doft Snfnbvn ]rnkot`ry L`og [nrhs dr`h J]H`reog
15. Os kbsfussnk anrnbg, J]H`reog‒s prnkot`ry l`ogs bgflukn: abea-f`st
l`ogs (b.n., l`ogs wbta og bgtnrnst rotn taot wos ot lnost tarnn pnrfngtoen p`bgts
oc`vn o dnknrolly-nstoclbsank cngfahori), sucprbhn l`ogs, bgtnrnst-`gly l`ogs,
coll``g poyhngt l`ogs, l`ogs wbta prnpoyhngt pngoltbns, gneotbvn oh`rtbzotb`g
l`ogs, g` k`fuhngtotb`g l`ogs, ogk/`r OSH l`ogs wbta tnosnr rotns (b.n., lbdntbhn
hoxbhuh rotn 7 bgbtbol rotn + 4%).
11. Koto rnp`rtnk cy tan Cogi ogk ovoblocln tar`uea puclbf kotocosns
sa`ws taot bg 3==;-3=?3, 63.?% `d l`ogs hokn cy J]H`reog t` Odrbfog-Ohnrbfog
ogk Abspogbf fust`hnrs bg Hbohb wnrn abea f`st, cut `gly ?6.6% `d l`ogs hokn t`
wabtn fust`hnrs bg Hbohb wnrn abea f`st.35
[abs koto knh`gstrotns o pottnrg ̀ d
stotbstbfolly sbegbdbfogt kbddnrngfns bg tan pr`kuft plofnhngt d`r abea f`st l`ogs
cntwnng hbg`rbty ogk wabtn c`rr̀ wnrs.31
12. [an d`ll`wbge hop `d J]H`reog prnkot`ry l`ogs `rbebgotnk bg Hbohb
cntwnng 3==;-3=?3 bllustrotns tan en`eropabf kbstrbcutb`g `d prnkot`ry l`ogs bg
35 Os ollnenk tar`uea`ut tan f`hplobgt, oll rndnrngfns t` tan kotn rogen 3==;-3=?3 orn bgtngknk t` bgflukn tan tbhn pnrb`k up t` ogk bgflukbge Knfnhcnr 6?,3=?3.
31 Vtotbstbfol sbegbdbfogfn bs o hnosurn `d pr`cocblbty taot og `csnrvnk `utf`hnw`ulk g`t aovn `ffurrnk cy faogfn. Os usnk bg tabs F`hplobgt, og `utf`hn bsstotbstbfolly sbegbdbfogt bd tan pr`cocblbty taot bt f`ulk aovn `ffurrnk cy faogfn bslnss taog ?=%.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 66 `d >1
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Odrbfog-Ohnrbfog ogk Abspogbf gnbeac`ra``ks ogk wabtn gnbeac`ra``ks bg
Hbohb. [abs hop knh`gstrotns taot J]H`reog‒s prnkot`ry l`ogs orn
kbspr`p`rtb`gotnly l`fotnk bg hbg`rbty gnbeac`ra``ks.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 6; `d >1
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Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 6> `d >1
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2=. [an doft taot prnkot`ry l`ogs bgv`lvbge oll `d J]H`reog‒s l`og
pr`kufts orn h`rn anovbly f`gfngtrotnk bg hbg`rbty gnbeac`ra``ks bg Hbohb bs
f`gsbstngt wbta tan proftbfn `d rnvnrsn rnklbgbge ogk, up`g bgd`rhotb`g ogk cnlbnd,
aos f`gtrbcutnk sbegbdbfogtly t` tan kbspr`p`rtb`gotnly abea rotns `d d`rnfl`surn bg
hbg`rbty f`hhugbtbns bg Hbohb.
K. Hbg`rbtbns bg Hbohb Snfnbvn Vufa ]rnkot`ry L`og [nrhs dr`hJ]H`reog Sneorklnss `d Frnkbtw`rtabgnss
2?. Off`rkbge t` Kbsfrntb`gory ]rbfbge, H`rteoen Kbsfrbhbgotb`g, ogk
tan Dobr A`usbge Oft , ;> AOSTOSK FBTBL S BEA[V-FBTBL LBCNS[BNV LOU S NT. 65>,
621 (3=?=), snvnrol stukbns kotbge cofi t` 3=== aovn nstoclbsank taot hbg`rbty
c`rr`wnrs wnrn faorenk abeanr bgtnrnst rotns/dnns taog sbhblor frnkbtw`rtay wabtn
c`rr`wnrs.
23. Lbinwbsn, off`rkbge t` O Sofbol Dbgogfbol Frbsbs, 16 [NH]LN LOU
S NT. 2;?, 2;5, 2;2 (3=??), `gn stuky f`gfluknk taot “nvng odtnr f`gtr`llbge d`r
ugknrwrbtbge vorboclns, Odrbfog-Ohnrbfog c`rr`wnrs wnrn 4.?% t` 6;.6% h`rn
lbinly taog wabtns t` rnfnbvn o abeanr rotn sucprbhn h`rteoen kurbge tan sucprbhn
c``h.‘ Ogk og`tanr stuky d`ugk taot sbegbdbfogt l`og prbfbge kbsporbty nxbsts
oh`ge l`w rbsi c`rr`wnrs ‖ Odrbfog-Ohnrbfog c`rr`wnrs wnrn 4>% h`rn lbinly t`
rnfnbvn o sucprbhn a`hn purfaosn l`og taog sbhblor frnkbtw`rtay wabtn c`rr`wnrs,
ogk ?3;% h`rn lbinly t` rnfnbvn o sucprbhn rndbgogfn l`og.
26. Vbhblorly, tan Fngtnr d`r Snsp`gsbcln Lngkbge‒s G`vnhcnr 3=??
Snp`rt, L`st Er`ugk, 3=??: Kbsporbtbns bg H`rteoen Lngkbge ogk D`rnfl`surns,stotnk taot “rofbol ogk ntagbf kbddnrngfns bg d`rnfl`surn rotns pnrsbst nvng odtnr
off`ugtbge d`r kbddnrngfns bg c`rr`wnr bgf`hns.‘ Durtanr, tan Fngtnr stotnk bt bs
“portbfulorly tr`uclns`hn‘ taot hbg`rbtbns rnfnbvnk rbsibnr l`ogs “nvng wbtabg
YsbhblorX frnkbt rogens.‘ D`r nxohpln, oh`ge c`rr`wnrs aovbge DBF@ sf`rns
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 64 `d >1
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oc`vn 44=, tan bgfbkngfn `d abeanr rotn l`ogs oh`ge vorb`us er`ups wos os
d`ll`ws: wabtns ‖ 4.3%9 Odrbfog-Ohnrbfog ‖ 3?.;%9 ogk Abspogbf ‖ ?2.6%.
2;. H`rn`vnr, koto rnp`rtnk cy tan Cogi ogk ovoblocln tar`uea puclbf
kotocosns sa`ws taot hbg`rbtbns bg Hbohb rnfnbvnk prnkot`ry l`og tnrhs dr`h
J]H`reog h`rn drnqungtly taog wabtn c`rr`wnrs, rneorklnss ̀ d frnkbtw`rtabgnss.
2>. O rnernssb`g ogolysbs `d tabs koto f`gtr`llbge d`r c`rr`wnr rofn ogk
`cjnftbvn rbsi faoroftnrbstbfs sufa os frnkbt abst`ry, l`og t` volun rotb`, ogk tan rotb`
`d l`og oh`ugt t` bgf`hn knh`gstrotns taot, dr`h 3==;-3=?3, og Odrbfog-
Ohnrbfog c`rr`wnr wos >.3>? tbhns h`rn lbinly t` rnfnbvn o prnkot`ry l`og taog
wos o wabtn c`rr`wnr p`ssnssbge sbhblor ugknrwrbtbge ogk c`rr`wnr
faoroftnrbstbfs. [an rnernssb`g ogolysbs durtanr knh`gstrotns taot tan `kks taot o
Abspogbf c`rr`wnr w`ulk rnfnbvn o prnkot`ry l`og wnrn 3.=22 tbhns tan `kks taot o
wabtn c`rr`wnr p`ssnssbge sbhblor ugknrwrbtbge ogk c`rr`wnr faoroftnrbstbfs
w`ulk rnfnbvn o prnkot`ry l`og. [ansn `kks rotb`s knh`gstrotn o pottnrg d̀
stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-Ohnrbfog ogk wabtn c`rr`wnrs
ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
24. [an rnernssb`g ogolysbs ols` sa`ws taot tansn kbsporbtbns pnrsbst wang
f`hporbge `gly c`rr̀ wnrs wbta DBF@ sf`rns oc`vn 44=. Og Odrbfog-Ohnrbfog
c`rr`wnr wbta o DBF@ sf`rn oc`vn 44= wos ;.>?= tbhns h`rn lbinly t` rnfnbvn o
prnkot`ry l`og taog wos o wabtn c`rr`wnr wbta sbhblor ugknrwrbtbge ogk c`rr`wnr
faoroftnrbstbfs. O Abspogbf c`rr`wnr wbta o DBF@ sf`rn oc`vn 44= wos ?.2>;
tbhns h`rn lbinly t` rnfnbvn o prnkot`ry l`og taog wos o wabtn c`rr`wnr wbta
sbhblor ugknrwrbtbge ogk c`rr`wnr faoroftnrbstbfs. [ansn `kks rotb`s knh`gstrotn o pottnrg `d stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-Ohnrbfog ogk wabtn
c`rr`wnrs ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
25. O sbhblor rnernssb`g ogolysbs toibge bgt` off`ugt tan rofbol hoinup `d
tan c`rr`wnr‒s gnbeac`ra``k rotanr taog tan bgkbvbkuol c`rr`wnr‒s rofn sa`ws taot
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 65 `d >1
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c`rr`wnrs bg anovbly hbg`rbty gnbeac`ra``ks bg Hbohb wnrn h`rn lbinly t` rnfnbvn
prnkot`ry l`ogs taog c`rr`wnrs bg anovbly wabtn gnbeac`ra``ks. D`r nxohpln, o
c`rr`wnr bg o anovbly hbg`rbty fngsus troft (fngsus troft f`gsbstbge `d ot lnost 2=%
Odrbfog-Ohnrbfog `r Abspogbf a`usna`lks) wos 3.?;4 tbhns h`rn lbinly taog wos o
c`rr`wnr wbta sbhblor faoroftnrbstbfs bg o g`g-hbg`rbty gnbeac`ra``k (fngsus troft
wbta ot lnost >=% wabtn a`usna`lks) t` rnfnbvn o prnkot`ry l`og. [ansn `kks rotb`s
knh`gstrotn o pottnrg `d stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-
Ohnrbfog ogk wabtn c`rr`wnrs ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
21. [abs koto ols` nstoclbsans taot J]H`reog kbspr`p`rtb`gotnly bssunk
l`ogs wbta abeanr rbsi dnoturns bgflukbge e`vnrghngt l`ogs (DAO/TO) ogk `tanr
abea f`st l`ogs t` Odrbfog-Ohnrbfog ogk Abspogbf c`rr`wnrs bg Hbohb dr`h 3==1-
3=?3. O rnernssb`g ogolysbs f`gtr`llbge d`r c`rr`wnr rofn ogk `cjnftbvn rbsi
faoroftnrbstbfs sufa os rotb` `d l`og oh`ugt t` bgf`hn knh`gstrotns taot og
Odrbfog-Ohnrbfog c`rr`wnr wos 6.164 tbhns h`rn lbinly t` rnfnbvn `gn `d tansn
l`ogs wbta abeanr rbsi dnoturns taog wos o wabtn c`rr`wnr p`ssnssbge sbhblor
c`rr`wnr ogk ugknrwrbtbge faoroftnrbstbfs. [an rnernssb`g ogolysbs durtanr
knh`gstrotns taot o Abspogbf c`rr`wnr wos 3.26= tbhns h`rn lbinly t` rnfnbvn `gn
`d tansn l`ogs wbta abeanr rbsi dnoturns taog wos o wabtn c`rr`wnr p`ssnssbge
sbhblor c`rr`wnr ogk ugknrwrbtbge faoroftnrbstbfs. [ansn `kks rotb`s knh`gstrotn o
pottnrg `d stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-Ohnrbfog ogk wabtn
c`rr`wnrs ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
22. [aus, tan kbsporbtbns orn g`t tan rnsult `d, `r `tanrwbsn nxplobgnk cy,
lnebtbhotn g`g-rofbol ugknrwrbtbge frbtnrbo.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 61 `d >1
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N. J]H`reog‒s [orentbge `d Hbg`rbtbns wa` bg Doft Snfnbvn ]rnkot`ryL`og [nrhs Sneorklnss `d Frnkbtw`rtabgnss Fousns D`rnfl`surns
?. Koto sa`ws taot J]H`reog‒s d`rnfl`surns orn kbspr`p`rtb`gotnlyl`fotnk bg hbg`rbty gnbeac`ra``ks bg Hbohb.
?==. J]H`reog aos bgtngtb`golly torentnk prnkot`ry proftbfns ot Odrbfog-
Ohnrbfog ogk Abspogbf gnbeac`ra``ks ogk rnsbkngts. Dor dr`h cnbge o rnsp`gsbcln
pr`vbknr `d hufa-gnnknk frnkbt bg hbg`rbty f`hhugbtbns, J]H`reog bs o lnokbge
fousn `d stoegotb`g ogk knflbgn bg Odrbfog-Ohnrbfog ogk Abspogbf gnbeac`ra``ks
wanrn bts d`rnfl̀ surns orn f`gfngtrotnk. Vpnfbdbfolly, sbgfn ot lnost 3===, bts
d`rnfl`surns aovn cnng f`gfngtrotnk bg gnbeac`ra``ks wbta Odrbfog-Ohnrbfog ̀ r
Abspogbf p`pulotb`gs nxfnnkbge 5>%.
?=?. Olta`uea >>.4% `d J]H`reog‒s l`og `rbebgotb`gs bg Hbohb dr`h
3==; t` 3=?3 wnrn bg fngsus trofts taot orn ot lnost 5>% Odrbfog-Ohnrbfog `r
Abspogbf, 4=.5% `d l`og `rbebgotb`gs taot aok ngtnrnk d`rnfl`surn cy Jugn 3=?6
wnrn bg ta`sn fngsus trofts. Vbhblorly, wabln 1;.3% `d J]H`reog‒s l`og
`rbebgotb`gs bg Hbohb dr`h 3==; t` 3=?3 `ffurrnk bg fngsus trofts taot orn ot lnost
>=% Odrbfog-Ohnrbfog `r Abspogbf, 2>.>% `d J]H`reog‒s l`og `rbebgotb`gs taot
ao k ngtnrnk d`rnfl`surn cy Jugn 3=?6 wnrn bg ta`sn fngsus trofts. H`rn`vnr,
wabln ?>.1% `d J]H`reog‒s l`og `rbebgotb`gs bg Hbohb dr`h 3==; t` 3=?3
`ffurrnk bg fngsus trofts taot wnrn lnss taog >=% Odrbfog-Ohnrbfog `r Abspogbf,
`gly ;.>% `d J]H`reog‒s l`og `rbebgotb`gs taot aok ngtnrnk d`rnfl`surn cy Jugn
3=?6 wnrn bg ta`sn fngsus trofts. [abs koto knh`gstrotns o pottnrg `d stotbstbfolly
sbegbdbfogt kbddnrngfns cntwnng Odrbfog-Ohnrbfog ogk wabtn c`rr`wnrs ogk
cntwnng Abspogbf ogk wabtn c`rr`wnrs.?=3. [an d`ll`wbge hop rnprnsngts tan f`gfngtrotb`g ̀ d J]H r̀eog‒s l`og
`rbebgotb`gs dr`h 3==; tar`uea 3=?3 taot aok ngtnrnk d`rnfl`surn cy Jugn 3=?6 bg
Odrbfog-Ohnrbfog ogk Abspogbf gnbeac`ra``ks. Bg okkbtb`g t` tan
kbspr`p`rtb`gotn kbstrbcutb`g ̀ d J]H`reog d`rnfl`surns bg Odrbfog-Ohnrbfog ogk
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen 62 `d >1
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Abspogbf gnbeac`ra``ks, kbsporotn rotns `d d`rnfl`surn cosnk `g rofn durtanr
knh`gstrotn J]H`reog‒s doblurn t` d`ll`w rnsp`gsbcln ugknrwrbtbge proftbfns bg
hbg`rbty gnbeac`ra``ks. Uabln 63.3% `d J]H`reog‒s l`ogs bg prnk`hbgogtly
(ernotnr taog 2=%) Odrbfog-Ohnrbfog ̀ r Abspogbf gnbeac`ra``ks rnsult bg
d`rnfl`surn, tan sohn bs trun d r̀ `gly 2.6% `d bts l`ogs bg g`g-hbg`rbty (ot lnost
>=%) gnbeac`ra``ks. Bg `tanr w`rks, o J]H`reog l`og bg o prnk`hbgogtly
Odrbfog-Ohnrbfog `r Abspogbf gnbeac`ra``k bs ;.432 tbhns h`rn lbinly t` rnsult bg
d`rnfl`surn os bs o J]H`reog l`og bg o g`g-hbg`rbty gnbeac`ra``k. [ansn `kks
rotb`s knh`gstrotn o pottnrg `d stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-
Ohnrbfog ogk wabtn c`rr`wnrs ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;= `d >1
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Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;? `d >1
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?=6. [aus, J]H r̀eog‒s kbsfrntb`gory lngkbge p`lbfbns ogk pottnrg `r
proftbfn `d torentbge `d hbg`rbtbns, wa` bg doft rnfnbvn prnkot`ry l`og tnrhs
rneorklnss `d frnkbtw`rtabgnss, aovn fousnk ogk f`gtbgun t` fousn d`rnfl`surns bg
Hbohb.
3. Koto sa`ws taot J]H`reog‒s l`ogs t` hbg`rbtbns rnsult bgnspnfbolly qubfi d`rnfl`surns.
?=;. O f`hporbs`g `d tan tbhn dr`h `rbebgotb`g t` d`rnfl`surn d̀
J]H`reog‒s l`ogs `rbebgotnk bg Hbohb sa`ws o horink kbsporbty wbta rnspnft t`
tan spnnk wbta wabfa l`ogs t` Odrbfog-Ohnrbfogs ogk Abspogbfs ogk wabtns h`vn
bgt` d`rnfl`surn. [an ovnroen tbhn t` d`rnfl`surn d`r Odrbfog-Ohnrbfog c r̀r`wnrs
bs 3.435 ynors, ogk d`r Abspogbf c`rr`wnrs bs 3.5?; ynors. Cy f`hporbs`g, tan
ovnroen tbhn t` d`rnfl`surn d`r wabtn c`rr`wnrs bs 6.=65 ynors. [ansn stotbstbfolly
sbegbdbfogt kbsporbtbns knh`gstrotn taot J]H`reog oeernssbvnly h`vnk hbg`rbty
c`rr`wnrs bgt` d`rnfl`surn os f`hpornk wbta a`w tan Cogi aogklnk d̀ rnfl`surns
d`r wabtn c`rr`wnrs.
?=>. [abs kbsporbty bg tbhn t` d`rnfl`surn bs durtanr nvbkngfn taot J]H r̀eog
bs ngeoenk bg lngkbge proftbfns f`gsbstngt wbta rnvnrsn rnklbgbge. [an kbsporbty bgtbhn t` d`rnfl`surn knh`gstrotns taot J]H`reog bs ngeoenk bg brrnsp`gsbcln
ugknrwrbtbge bg Odrbfog-Ohnrbfog ogk Abspogbf f`hhugbtbns taot k`ns g`t snrvn
tan cnst bgtnrnsts `d c`rr`wnrs. Bd J]H`reog wnrn opplybge tan sohn ugknrwrbtbge
proftbfns bg Odrbfog-Ohnrbfog ogk Abspogbf gnbeac`ra``ks ogk wabtn
gnbeac`ra``ks bg Hbohb, tanrn w`ulk g`t cn o sbegbdbfogt kbddnrngfn bg tbhn t`
d`rnfl`surn. Unrn J]H`reog ugknrwrbtbge c`rr`wnrs bg c`ta f`hhugbtbns wbta
nquol forn ogk ottngtb`g t` pr`pnr ugknrwrbtbge proftbfns, c`rr`wnrs bg Odrbfog-
Ohnrbfog ogk Abspogbf f`hhugbtbns w`ulk g`t dbgk tanhsnlvns bg dbgogfbol strobts
sbegbdbfogtly s``gnr kurbge tan lbvns `d tanbr l`ogs taog c`rr`wnrs bg wabtn
f`hhugbtbns. [an dostnr tbhn t` d`rnfl`surn bg Odrbfog-Ohnrbfog ogk Abspogbf
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;3 `d >1
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gnbeac`ra``ks bs f`gsbstngt wbta ugknrwrbtbge proftbfns bg hbg`rbty f`hhugbtbns
taot orn lnss f`gfnrgnk wbta kntnrhbgbge o c`rr`wnr‒s ocblbty t` poy ogk
quolbdbfotb`gs d`r tan l`og taog tany orn bg hoxbhbzbge sa`rt-tnrh pr`dbt.
?=4. [an A^K/[rnosury Snp`rt f`gdbrhs taot tbhn t` d r̀nfl`surn bs og
bhp`rtogt bgkbfot r̀ `d prnkot`ry proftbfns: “YtXan spnnk wbta wabfa tan sucprbhn
l`ogs bg tansn f`hhugbtbns aovn e`gn t` d`rnfl`surn sueensts taot s`hn lngknrs
hoy cn hoibge h`rteoen l`ogs t` c`rr`wnrs wa` kbk g`t aovn tan ocblbty t` rnpoy
ta`sn l`ogs ot tan tbhn `d `rbebgotb`g.‘32
6. Koto sa`ws taot tan kbsfrbhbgot`ry l`og tnrhs fousn tand`rnfl`surns.
?=5. J]H`reog‒s kbsfrbhbgot`ry lngkbge proftbfns fousn d`rnfl`surns ogk
vofogfbns bg hbg`rbty f`hhugbtbns bg Hbohb.
?=1. Vtnnrbge c`rr`wnrs bgt` l`ogs taot orn lnss okvogtoen`us taog l`ogs d`r
wabfa tany quolbdy, bgflukbge stnnrbge c`rr`wnrs wa` quolbdy d`r prbhn l`ogs bgt`
sucprbhn l`ogs, fog fousn d`rnfl`surns cnfousn tan c`rr`wnrs orn rnqubrnk t` hoin
abeanr l`og poyhngts. [an kbddnrngfn cntwnng waot o c`rr̀ wnr wa` bs stnnrnk bg
tabs hoggnr hust poy ogk tan l`wnr oh`ugt d`r wabfa tan c`rr`wnr quolbdbnk fogfousn tan c`rr`wnr t` cn ugocln t` hoin poyhngts `g tan h`rteoen. Bg sufa
bgstogfns, tan c`rr`wnr w`ulk aovn f`gtbgunk t` hoin poyhngts `g tan h`rteoen
ogk rnhobgnk bg p`ssnssb`g `d tan prnhbsns aok J]H`reog hokn tan l`og wbta`ut
bhpr`pnrly stnnrbge tan c`rr`wnr bgt` o sucprbhn, `r lnss okvogtoen`us l`og.
Vtnnrbge c`rr`wnrs bg tabs hoggnr, tanrnd`rn, fousns d`rnfl`surns ogk vofogfbns.
?=2. Ebvbge o l`og t` og opplbfogt wa` k`ns g`t quolbdy d`r tan l`og,
nspnfbolly o rndbgogfn `r a`hn nqubty l`og, fog ols` fousn d`rnfl`surns ogk
vofogfbns. V`hn a`hn`wgnrs lbvn bg pr`pnrtbns taot tany `wg sucjnft t` g`
h`rteoen. @tanr a`hn`wgnrs lbvn bg pr`pnrtbns wbta h`knst h`rteoens taot tany
32 A^K/[rnosury Snp`rt ot 3>.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;6 `d >1
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fog f`hd`rtocly odd r̀k t` poy. Uanrn o lngknr, sufa os J]H`reog, s`lbfbts sufa o
a`hn`wgnr t` toin `ut o a`hn nqubty l`og `g abs `r anr pr`pnrty, `r oltnrgotbvnly,
t` rndbgogfn abs `r anr nxbstbge l`og bgt` o lorenr l`og wbta`ut pr`pnr ugknrwrbtbge
t` ossurn taot tan c`rr`wnr fog hoin tan h`gtaly poyhngts d`r tan gnw, lorenr
l`og, tan rnsult bs lbinly t` cn taot tan c`rr`wnr wbll cn ugocln t` hoin poyhngts `g
tan h`rteoen. [abs bs portbfulorly trun wanrn tan c r̀r`wnr bs rndbgogfnk dr̀ h o
dbxnk-rotn l`og bgt` og okjustocln rotn l`og taot tan lngknr ig`ws tan c`rr`wnr
fogg`t odd`rk sa`ulk bgtnrnst rotns rbsn. Bg s`hn bgstogfns, tan lngknr hoy
rndbgogfn tan c`rr`wnr bgt` o gnw l`og taot tan lngknr ig`ws tan c`rr`wnr fogg`t
sustobg, ebvng tan c`rr`wnr‒s prnsngt knct `clbeotb`gs ogk dbgogfbol rns`urfns. Bg
sufa fbrfuhstogfns, tan lbinly rnsult `d sufa proftbfns bs t` fousn a`hn`wgnrs wa`
orn ̀ tanrwbsn ̀ ffupybge pr`pnrtbns wbta`ut o h`rteoen, ̀ r f`hd`rtocly hoibge
poyhngts `g o h`knst nxbstbge h`rteoen, t` cn ugocln t` hoin poyhngt `g o gnw,
ugodd`rkocln l`og. [abs, bg turg, fousns d`rnfl`surns ogk vofogfbns. Bd tansn
ugodd`rkocln rndbgogfn ogk a`hn nqubty l`ogs aok g`t cnng hokn, tan sucjnft
pr`pnrtbns w`ulk g`t aovn cnf`hn vofogt.
??=. O rnernssb`g ogolysbs `d l`ogs bssunk cy J]H`reog bg Hbohb dr`h
3==;-3=?3, f`gtr`llbge d`r `cjnftbvn rbsi faoroftnrbstbfs sufa os frnkbt abst`ry, l`og
t` volun rotb`, ogk tan rotb` `d l`og oh`ugt t` bgf`hn knh`gstrotns taot o prnkot`ry
l`og bs 3.553 tbhns h`rn lbinly t` rnsult bg d`rnfl`surn taog bs o g`g-prnkot`ry l`og.
???. [an rnernssb`g ogolysbs ols` knh`gstrotns taot o prnkot`ry l`og hokn
t` og Odrbfog-Ohnrbfog c`rr`wnr wos 3.??> tbhns h`rn lbinly t` rnsult bg
d`rnfl`surn os wos o g`g-prnkot`ry l`og hokn t` o wabtn c`rr`wnr wbta sbhblor c`rr`wnr ogk ugknrwrbtbge faoroftnrbstbfs. O prnkot`ry l`og hokn t` o Abspogbf
c`rr`wnr wos 6.;11 tbhns os lbinly t̀ rnsult bg d`rnfl̀ surn os wos o g`g-prnkot`ry
l`og hokn t` o wabtn c`rr`wnr wbta sbhblor rbsi faoroftnrbstbfs. [ansn `kks rotb`s
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;; `d >1
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knh`gstrotn o pottnrg `d stotbstbfolly sbegbdbfogt kbddnrngfns cntwnng Odrbfog-
Ohnrbfog ogk wabtn c`rr`wnrs, ogk cntwnng Abspogbf ogk wabtn c`rr`wnrs.
??3. O rnernssb`g ogolysbs ̀ d l`ogs wbta abeanr rbsi doft`rs bgflukbge
e`vnrghngt l`ogs (DAO/TO) ogk `tanr abea f`st l`ogs bssunk cy J]H`reog bg
Hbohb dr`h 3==1-3=?3, f`gtr`llbge d`r c`rr`wnr rofn ogk `cjnftbvn rbsi
faoroftnrbstbfs sufa os rotb` `d l`og oh`ugt t` bgf`hn, knh`gstrotns taot tansn
l`ogs orn 3.243 tbhns h r̀n lbinly os l`ogs wbta`ut tansn abeanr rbsi dnoturns t`
rnsult bg d`rnfl`surn. [ansn `kks rotb`s knh`gstrotn o pottnrg ̀ d stotbstbfolly
sbegbdbfogt kbddnrngfns cntwnng Odrbfog-Ohnrbfog ogk wabtn c`rr`wnrs ogk
cntwnng Abspogbf ogk wabtn c`rr`wnrs.
TB. BGJ^SR [@ HBOHB FO^VNK CR J]H@SEOG‒VKBVFSBHBGO[@SR L@OG ]SOF[BFNV
??6. Hbohb aos suddnrnk dbgogfbol bgjurbns os o kbrnft rnsult `d J]H`reog‒s
pottnrg `r proftbfn `d rnvnrsn rnklbgbge ogk tan rnsultbge kbspr`p`rtb̀ gotnly abea
rotn `d d`rnfl`surn `g J]H`reog l`ogs t` Odrbfog-Ohnrbfogs ogk Abspogbfs bg
hbg`rbty gnbeac`ra``ks bg Hbohb. Hbohb snnis rnkrnss d`r tansn bgjurbns. [an
Fbty k`ns g`t snni rnkrnss bg tabs oftb`g d`r bgjurbns rnsultbge dr`h d`rnfl`surns `gh`rteoens `rbebgotnk cy lngknrs `tanr taog J]H`reog.
??;. J]H`reog f`gtbguns t` ngeoen bg tan kbsfrbhbgot`ry pottnrg `r
proftbfn knsfrbcnk anrnbg wbta sbhblor ogk f`gtbgubge knlntnrb`us f`gsnqungfns t`
tan Fbty.
??>. [an Fbty snnis kohoens cosnk `g rnkufnk pr`pnrty tox rnvnguns
cosnk `g (o) tan knfrnosnk volun `d tan d`rnfl`snk pr`pnrtbns tanhsnlvns, ogk
(c) tan knfrnosnk volun `d pr`pnrtbns surr`ugkbge tan d`rnfl`snk pr`pnrtbns. Bg
okkbtb`g, tan Fbty snnis kohoens cosnk `g hugbfbpol snrvbfns taot bt pr`vbknk ogk
stbll hust pr`vbkn t` rnhnky clbeat ogk ugsodn ogk kogenr`us f`gkbtb`gs wabfa
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;> `d >1
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nxbst ot pr`pnrtbns taot ngtnrnk d`rnfl`surn os o rnsult `d J]H`reog‒s bllneol lngkbge
proftbfns.
O. Hbohb aos cnng Bgjurnk cy o Snkuftb`g bg ]r`pnrty [ox Snvnguns dr`hD`rnfl`surns Fousnk cy Kbsfrbhbgot`ry L`ogs Bssunk cy J]H`reog
?. [an knfrnosnk volun `d tan pr`pnrtbns d`rnfl`snk cy J]H`reogrnsult bg rnkufnk pr`pnrty tox rnvnguns.
??4. A`hns bg d`rnfl`surn tngk t` nxpnrbngfn o sucstogtbol knflbgn bg volun
(n.e., 31%).6=
??5. O p`rtb`g ̀ d tabs l`st a`hn volun bs ottrbcutocln t` a`hns d`rnfl`snk
os o rnsult `d J]H`reog‒s kbsfrbhbgot`ry l`og proftbfns.
??1. [an knfrnosnk pr`pnrty voluns `d d`rnfl`snk a`hns bg turg rnkufn
pr`pnrty tox rnvnguns t` tan Fbty ogk f`gstbtutn kohoens suddnrnk cy Hbohb.
??2. [` cn flnor, vofogfbns ogk sa`rt solns nvng prb`r t̀ f`hplntb`g `d
d`rnfl`surn ols` rnsult bg kbhbgbsank a`hn voluns. Bgknnk, “YbXg ?3 stotns,
bgflukbge Folbd`rgbo, Dl`rbko, Orbz`go, Gnw R`ri ogk Gnw Jnrsny, prn-d`rnfl`surn
solns oftuolly `utguhcnrnk SN@ solns.‘6? Vufa kbstrnssnk solns rnkufn pr̀ pnrty
voluns.63
3. [an knfrnosnk volun `d pr`pnrtbns bg tan gnbeac`ra``kssurr`ugkbge d`rnfl`snk pr`pnrtbns rnsults bg rnkufnk pr`pnrty toxrnvnguns.
?3=. J]H`reog d`rnfl`surn pr`pnrtbns ogk tan pr̀ clnhs oss`fbotnk wbta
tanh lbinwbsn fousn nspnfbolly sbegbdbfogt knflbgns bg surr`ugkbge pr`pnrty voluns
cnfousn tan gnbeac`ra``ks cnf`hn lnss knsbrocln. [abs bg turg rnkufns tan
pr`pnrty tox rnvnguns f`llnftnk cy Hbohb.
6= Fohpcnll, J`ag R., Vtndog` Ebelb`, ogk ]oroe ]otaoi, Gotb`gol Curnou `dNf`g`hbf Snsnorfa, GCNS U`ribge ]opnr Vnrbns, “D`rfnk Volns ogk A`usn]rbfns‘ (3==2) (ovoblocln ot attp://www.gcnr.`re/popnrs/w?;144.pkd0gnwPwbgk`w8?).
6? Vnn attp://www.rnoltytrof.f`h/f`gtngt/gnws-ogk-`pbgb`g/sa`rt-solns-bgfrnosbge-bg-3=?3--sa`rt-soln-pr`fnss----rnoltytrof.53=;.
63 Vnn attp://www.rnoltytrof.f`h/f`gtngt/d`rnfl`surn-horint-rnp`rt/us-d`rnfl`surn-solns-ogk-sa`rt-solns-rnp`rt-q?-3=?6-5563.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;4 `d >1
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?3?. ]r`pnrty tox l`ssns suddnrnk cy Hbohb os o rnsult ̀ d J]H r̀eog‒s
d`rnfl`surns orn dully fopocln `d nhpbrbfol quogtbdbfotb`g.
?33. S`utbgnly hobgtobgnk pr`pnrty tox ogk ̀ tanr koto oll`w d`r tan prnfbsn
folfulotb`g `d tan pr`pnrty tox rnvnguns l`st cy tan Fbty os o kbrnft rnsult `d
portbfulor J]H`reog d`rnfl`surns. ^sbge o wnll-nstoclbsank stotbstbfol rnernssb`g
tnfagbqun taot d`fusns `g nddnfts `g gnbeac`rbge pr`pnrtbns, tan Fbty fog bs`lotn tan
l`st pr`pnrty volun ottrbcutocln t` J]H`reog d`rnfl`surns dr`h l`ssns ottrbcutocln
t` `tanr fousns, sufa os gnbeac`ra``k f`gkbtb`gs. [abs tnfagbqun, ig`wg os
Ank`gbf rnernssb`g, wang opplbnk t` a`usbge horints, bs`lotns tan doft`rs taot
f`gtrbcutn t` tan volun `d o pr`pnrty cy stukybge ta`usogks `d a`usbge trogsoftb`gs.
[a`sn doft`rs bgflukn tan sbzn `d o a`hn, tan guhcnr `d cnkr``hs ogk cotar``hs,
wantanr tan gnbeac`ra``k bs sodn, wantanr gnbeac`rbge pr`pnrtbns orn wnll-
hobgtobgnk, ogk h`rn. Ank`gbf ogolysbs kntnrhbgns tan f`gtrbcutb`g `d nofa `d
tansn a`usn ogk gnbeac`ra``k faoroftnrbstbfs t` tan volun `d o a`hn.
?36. [an guhcnr `d d`rnfl`surns bg o gnbeac`ra``k bs `gn ̀ d tan
gnbeac`ra``k trobts taot Ank`gbf ogolysbs fog nxohbgn. Ank`gbf ogolysbs oll`ws
d`r tan folfulotb`g `d tan bhpoft `g o pr`pnrty‒s volun `d tan dbrst d`rnfl`surn bg
fl`sn pr`xbhbty (n.e., ⅙ `r ¼ `d o hbln), tan ovnroen bhpoft `d sucsnqungt
d`rnfl`surns, ogk tan bhpoft `d tan lost d`rnfl`surn.
?3;. D`rnfl`surns ottrbcutocln t` J]H r̀eog bg hbg`rbty gnbeac`ra``ks bg
Hbohb fog cn ogolyznk tar`uea Ank`gbf rnernssb`g t` folfulotn tan rnsultbge l`ss
bg tan pr`pnrty voluns `d gnorcy a`hns. [abs l`ss fog cn kbstbgeubsank dr`h ogy
l`ss ottrbcutocln t̀ g`g-J]H`reog d`rnfl`surns `r `tanr fousns. [an l`ss bg pr`pnrty volun bg hbg`rbty gnbeac`ra``ks bg Hbohb ottrbcutocln t` J]H`reog‒s
uglowdul ofts ogk f`gsnqungt d`rnfl`surns fog cn usnk t` folfulotn tan Fbty‒s
f`rrnsp`gkbge l`ss bg pr`pnrty tox rnvnguns.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;5 `d >1
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?3>. Torb`us stukbns nstoclbsa taot Ank`gbf rnernssb`g fog cn usnk d`r tabs
purp`sn. O stuky puclbsank cy tan Doggbn Hon D`ugkotb`g, usbge Fabfoe` os og
nxohpln, kntnrhbgnk taot nofa d`rnfl`surn bs rnsp`gsbcln d`r og ovnroen knflbgn `d
oppr`xbhotnly ?.?% bg tan volun `d nofa sbgeln-dohbly a`hn wbtabg og nbeata `d o
hbln.66
?34. @tanr stukbns aovn d`fusnk `g tan bhpoft `d ocogk`gnk a`hns `g
surr`ugkbge pr`pnrty voluns. O stuky bg ]abloknlpabo, d`r nxohpln, d`ugk taot nofa
a`hn wbtabg ?>= dnnt `d og ocogk`gnk a`hn knflbgnk bg volun cy og ovnroen `d
$5,4359 a`hns wbtabg ?>= t` 322 dnnt knflbgnk bg volun cy $4,1?=9 ogk a`hns
wbtabg 6== t` ;;2 dnnt knflbgnk bg volun cy $6,>;3.6;
?35. [ansn stukbns abealbeat tan d r̀nsnnocblbty ̀ d tox rnlotnk aorh t` tan
Fbty os tan rnsult `d d`rnfl`surns orbsbge dr`h kbsfrbhbgot`ry l`ogs.
?31. Ogk h`st rnfngtly, o stuky bg L`s Ogenlns rnp`rtnk, “YbXt bs
f`gsnrvotbvnly nstbhotnk taot nofa d`rnfl`snk pr`pnrty wbll fousn tan volun `d
gnbeac`rbge a`hns wbtabg og nbeata d̀ o hbln t` kr`p =.2%.‘ [aus, “YbXg L`s
Ogenlns, bhpoftnk a`hn`wgnrs f`ulk nxpnrbngfn pr`pnrty knvoluotb`g `d $>6
cbllb`g.‘6> [abs knfrnosnk pr`pnrty volun `d gnbeac`rbge a`hns bg turg rnkufns
pr`pnrty tox rnvnguns t` tan Fbty.
?32. Opplbfotb`g ̀ d sufa Ank`gbf rnernssb`g hnta`k`l`ey t` koto rneulorly
hobgtobgnk cy Hbohb fog cn usnk t` quogtbdy prnfbsnly tan pr`pnrty tox bgjury t`
66 Vnn Kog Bhhnrelufi & En`dd Vhbta, [an Nxtnrgol F`sts `d D`rnfl`surn: [an Bhpoft `d Vbgeln-Dohbly H`rteoen D`rnfl`surns `g ]r`pnrty Toluns, ?5 A@^VBGE]@LBFR KNCO[N >5 (3==4) ot 42.
6; Vnn Oggn C. Valoy & E`rk`g Uabthog, Snsnorfa d`r Knh`frofy: Lbgibge
F`hhugbty @reogbzbge ogk Snsnorfa t` Lnvnroen Clbeat ]`lbfy, ot 3? (3==;).6> [an Ollbogfn `d Folbd`rgbogs d`r F`hhugbty Nhp`wnrhngt ogk tan
Folbd`rgbo Snbgvnsthngt F`olbtb`g, [an Uoll Vtrnnt Urnfibge Coll: UaotD`rnfl`surns orn F`stbge L`s Ogenlns Gnbeac`ra``ks, ot 6 (“F`st t` L`s OgenlnsSnp`rt‘).
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;1 `d >1
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tan Fbty fousnk cy J]H`reog‒s kbsfrbhbgot`ry lngkbge proftbfns ogk rnsultbge
d`rnfl`surns bg hbg`rbty gnbeac`ra``ks.
C. Hbohb Bs Bgjurnk Cnfousn Bt Aos ]r`vbknk ogk Vtbll Hust ]r`vbknF`stly Hugbfbpol Vnrvbfns d`r D`rnfl`surn ]r`pnrtbns bg Hbg`rbty
Gnbeac`ra``ks os o Kbrnft Snsult `d Kbsfrbhbgot`ry L`ogs @rbebgotnk`r ]urfaosnk cy J]H`reog
?6=. Tofogt J]H r̀eog d r̀nfl`surn pr`pnrtbns fousn kbrnft f`sts t` tan Fbty
cnfousn tan Fbty bs rnqubrnk t` pr`vbkn bgfrnosnk hugbfbpol snrvbfns ot tansn
pr`pnrtbns. Nvng prb`r t` f`hplntb`g `d tan d`rnfl`surn pr`fnss, koto sa`ws taot
3=% `d a`hns orn vofotnk.64 [ansn bgfrnosnk hugbfbpol snrvbfns w`ulk g`t aovn
cnng gnfnssory bd tan pr`pnrtbns aok g`t cnng d`rnfl`snk up`g.
?6?. D`r nxohpln, tan Fbty‒s ]`lbfn Knporthngt aos sngt, ogk wbll f`gtbgun
t` sngk, pnrs`ggnl ogk p`lbfn vnabflns t` J]H`reog d`rnfl`surn pr`pnrtbns t`
rnsp`gk t` o vorbnty `d pr`clnhs, bgflukbge bgfrnosnk voerogfy, frbhbgol oftbvbty,
ogk tarnots t` puclbf anolta ogk sodnty taot orbsn ot tansn pr`pnrtbns cnfousn `d tanbr
d`rnfl`surn stotus. Cnfousn vb`lngt frbhn aos engnrolly cnng d`ugk t` bgfrnosn kun
t` d`rnfl`surns, tan Hbohb ]K hust rnsp`gk t` folls rnp`rtbge suspbfb`us oftbvbty ot
d`rnfl`surn pr`pnrtbns ogk pnrd`rh ̀ ge`bge bgvnstbeotb`gs bgv`lvbge frbhbgoloftbvbty, bgflukbge eoge oftbvbty, ot tansn pr`pnrtbns.
?63. Lbinwbsn, tan Hbohb Dbrn Knporthngt aos sngt, ogk wbll f`gtbgun t`
sngk pnrs`ggnl ogk rns`urfns t` J]H`reog d`rnfl`surn pr`pnrtbns t` rnsp`gk t` o
vorbnty `d dbrn-rnlotnk pr`clnhs taot orbsn ot tansn pr`pnrtbns cnfousn `d tanbr
d`rnfl`surn stotus.
?66. [an Hbohb Cublkbge Knporthngt ogk F`kn Ngd`rfnhngt/F`kn
F`hplbogfn Knporthngts aovn knv`tnk, ogk wbll f`gtbgun t` knv`tn pnrs`ggnl tbhn
ogk `ut-`d-p`fint dugks t` pnrd`rh o guhcnr `d tosis taot orbsn ot tansn pr`pnrtbns
cnfousn `d tanbr d`rnfl`surn stotus. [ansn bgflukn, cut orn g`t lbhbtnk t` tan
64 Vnn attp://www.rnoltytrof.f`h/f`gtngt/d`rnfls`urn-horint-rnp`rt/`wgnr-
vofotnk-d`rnfl`surn-upkotn-555?.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen ;2 `d >1
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d`ll`wbge: (o) bgspnft ogk bssun pnrhbttbge vb`lotb`gs bg f`gtrovngtb`g `d Dl`rbko
stotutns >>6 ogk tan Dl`rbko Cublkbge F`kn9 (c) bgspnft ogk bssun vb`lotb`gs `d tan
Hbohb Fbty F`kn ogk Dl`rbko stotutns ?439 (f) f`gknhg ogk knh`lbsa vofogt
strufturns knnhnk og bhhbgngt aozork t` puclbf sodnty.
?6;. [an Fbty drnqungtly abrns bgknpngkngt f`gtroft`rs t` pnrd r̀h fnrtobg
snrvbfns, bgflukbge, cut g`t lbhbtnk t`, (b) rnh`vbge nxfnss vnentotb`g ot vofogt
pr`pnrtbns, (bb) aoulbge owoy trosa ogk kncrbs ot vofogt pr`pnrtbns, (bbb) c`orkbge
vofogt pr`pnrty dr`h fosuol ngtry, (bv) puttbge up dngfbge t` snfurn vofogt
pr`pnrtbns, (v) pobgtbge ogk rnh`vbge eroddbtb ot vofogt pr`pnrtbns. @ffosb`golly,
s`hn `d tansn snrvbfns orn pnrd`rhnk cy tan Fbty‒s Engnrol Vnrvbfns
Okhbgbstrotb`g Knporthngt. .
?6>. [an Hbohb Fbty Ott̀ rgny‒s @ddbfn aos knv`tnk, ogk wbll f`gtbgun t`
knv`tn pnrs`ggnl tbhn ogk `ut-`d-p`fint rns`urfns pnrd`rh o guhcnr `d tosis taot
orbsn ot tansn pr`pnrtbns cnfousn `d tanbr d`rnfl`surn stotus. [ansn bgflukn, cut orn
g`t lbhbtnk t` tan d`ll`wbge: (o) pr`snfutbge f`kn ngd`rfnhngt fosns9 (c)
prnsnrvbge tan Fbty‒s lbng rbeats ot jukbfbol d`rnfl`surn pr`fnnkbges9 ogk (f)
pursubge f`urt r̀knrnk bgjugftb`gs bgv`lvbge o hyrbok `d p`tngtbol pr`clnhs ot
d`rnfl`surn pr`pnrtbns.
?64. [an Fbty bs rnqubrnk t` okhbgbstnr ogk dugk tan ̂ gsodn Vtrufturns
C`ork, wabfa wos d`rhnrly ugknr tan jurbskbftb`g `d Hbohb-Kokn F`ugty.
?65. Os knsfrbcnk bg tan F`st t` L`s Ogenlns Snp`rt , “YlX`fol e`vnrghngt
oengfbns aovn t` spngk h`gny ogk stodd tbhn `g clbeatnk d`rnfl`snk pr`pnrtbns,
pr`vbkbge hobgtngogfn, bgspnftb`gs, trosa rnh`vol, bgfrnosnk puclbf sodnty folls,ogk `tanr f`kn ngd`rfnhngt snrvbfns …. Snsp`gkbge t` tansn gnnks bs o eoreogtuog
tosi taot bgv`lvns hultbpln oengfbns ogk hultbpln lnvnls `d l`fol e`vnrghngt.‘65
65 Bk .
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >= `d >1
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- ; 1 -
?61. H`rn`vnr, os kbsfussnk oc`vn, tan Opeor-Kuko rnp`rt ugknrsf`rns tan
d`rnsnnocblbty `d hugbfbpol f`sts os tan rnsult `d d`rnfl`surns orbsbge dr`h
kbsfrbhbgot`ry l`ogs.
TBB. VOH]LN D@SNFL@V^SN ]S@]NS[BNV BG [AN FB[R @D HBOHB
?62. ]lobgtbdd aos prnlbhbgorbly bkngtbdbnk tw` ta`usogk tarnn augkrnk ogk
nbeaty-tarnn (3,616) kbsfrbhbgot`ry l`ogs bssunk cy J]H`reog bg Hbohb cntwnng
3==;-3=?3 taot rnsultnk bg f`hhngfnhngt ̀ d d`rnfl`surn pr`fnnkbges.61 [an Fbty
aos olrnoky bgfurrnk, `r wbll bgfur bg tan duturn, kohoens f`rrnsp`gkbge t` nofa `d
tansn pr`pnrtbns. O sohpln `d pr`pnrty okkrnssns f`rrnsp`gkbge t` tansn
d`rnfl`surns bs snt d`rta cnl`w:
?=61 GU 34ta Ovn., 66?3>
?1>4 GU ?st Vt., 66?3>
6>3= N. Dobrvbnw Vt., 66?66
?433 GU 46rk Vt., 66?;5
>2;? GU ?st ]l., 66?35
?>34 GU 46rk Vt., 66?;5
;51? GU ;ta Vt., 66?34
?>3? GU ;6rk Vt., 66?;3
;5>1 U. Dloelnr Vt., Opt. ?3, 66?6;
?3= GU ?5ta ]l., 66?3>
TBBB. V[O[^[N @D LBHB[O[B@GV OGK F@G[BG^BGE TB@LO[B@GVK@F[SBGN
?;=. Os ollnenk anrnbg, Kndngkogt J]H`reog aos ngeoenk bg o f`gtbgu`us
pottnrg ogk proftbfn `d h`rteoen kbsfrbhbgotb`g bg Hbohb sbgfn ot lnost 3==; cy
61 ]lobgtbdd ogtbfbpotns taot bt wbll cn ocln t` bkngtbdy h`rn d`rnfl`surns rnsultbgedr`h tan bssuogfn `d kbsfrbhbgot`ry l`ogs kurbge tabs tbhn pnrb`k wbta tan cngndbt`d kbsf`vnry. [abs f`gflusb`g knrbvns dr`h tan doft taot, cnfousn `d fnrtobgrnp`rtbge lbhbtotb`gs, tan puclbfly ovoblocln h`rteoen l`og kotocosns utblbznk cy]lobgtbdd orn g`t os f`hprnangsbvn os tan h`rteoen l`og kotocosns hobgtobgnk cyogk bg tan p`ssnssb`g `d og bssubge cogi.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >? `d >1
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bhp`sbge kbddnrngt tnrhs `r f`gkbtb`gs `g o kbsfrbhbgot`ry ogk lneolly pr`abcbtnk
cosbs. Bg `rknr t` hoxbhbzn pr`dbts ot tan nxpngsn `d tan Fbty `d Hbohb ogk
hbg`rbty c`rr`wnrs, J]H`reog okoptnk bts uglowdul kbsfrbhbgotb`g t` faogebge
horint f`gkbtb`gs. [abs uglowdul pottnrg ogk proftbfn f`gkuft bs f`gtbgubge
tar`uea tan prnsngt ogk aos g`t tnrhbgotnk. [anrnd`rn, tan `pnrotbvn stotutn `d
lbhbtotb`gs e`vnrgbge oftb`gs cr`ueat pursuogt t` tan Dnknrol Dobr A`usbge Oft aos
g`t f`hhngfnk t` rug.
BQ. FLOBHV D@S SNLBND
DBSV[ FLOBH D@S SNLBND
(Tb`lotb`g `d tan Dnknrol Dobr A`usbge Oft, ;3 ^.V.F. §§ 64=?, nt snq.)
?;?. ]lobgtbdd rnpnots ogk bgf`rp`rotns cy rndnrngfn oll ollneotb`gs
f`gtobgnk bg tan prnfnkbge poroeropas os bd dully snt d`rta anrnbg.
?;3. [an Dobr A`usbge Oft‒s stotnk purp`sn bs t` pr`vbkn, “wbtabg
f`gstbtutb`gol lbhbtotb`gs, d`r dobr a`usbge tar`uea`ut tan ^gbtnk Vtotns.‘
?;6. Bg f`gtrovngtb`g ̀ d taot purp`sn, J]H`reog‒s ofts, p l̀bfbns, ogk
proftbfns os knsfrbcnk f`gstbtutn bgtngtb`gol lngkbge kbsfrbhbgotb`g `g tan cosbs d̀
rofn. J]H`reog aos bgtngtb`golly torentnk rnsbkngts `d prnk`hbgogtly Odrbfog-
Ohnrbfog ogk Abspogbf gnbeac`ra``ks bg Hbohb d`r kbddnrngt trnothngt taog
rnsbkngts `d prnk`hbgogtly wabtn gnbeac`ra``ks bg Hbohb wbta rnspnft t`
h`rteoen lngkbge. J]H`reog aos bgtngtb`golly torentnkrnsbkngts `d tansn
gnbeac`ra``ks d`r abea-f`st l`ogs wbta`ut rneork t` tanbr frnkbt quolbdbfotb`gs ogk
wbta`ut rneork t` wantanr tany quolbdy d`r h`rn okvogtoen`us l`ogs, bgflukbge
prbhn l`ogs. J]H`reog aos bgtngtb̀ golly torentnk rnsbkngts `d tansn gnbeac`ra``ksd`r bgfrnosnk bgtnrnst rotns, p`bgts, ogk dnns, ogk d`r `tanr kbsokvogtoen`us l`og
tnrhs bgflukbge, cut g`t lbhbtnk t`, okjustocln rotns, prnpoyhngt pngoltbns, ogk
coll``g poyhngts. J]H`reog aos bgtngtb`golly torentnk rnsbkngts `d tansn
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >3 `d >1
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gnbeac`ra``ks d`r ugdobr ogk knfnptbvn lngkbge proftbfns bg f`ggnftb`g wbta
horintbge ogk ugknrwrbtbge h`rteoen l`ogs.
?;;. J]H`reog‒s ofts, p`lbfbns, ogk proftbfns aovn aok og okvnrsn ogk
kbspr`p`rtb`gotn bhpoft `g Odrbfog-Ohnrbfogs ogk Abspogbfs ogk rnsbkngts `d
prnk`hbgogtly Odrbfog-Ohnrbfog ogk Abspogbf gnbeac`ra``ks bg Hbohb os
f`hpornk t` sbhblorly sbtuotnk wabtns ogk rnsbkngts `d prnk`hbgogtly wabtn
gnbeac`ra``ks bg Hbohb. [abs okvnrsn ogk kbspr̀ p`rtb`gotn bhpoft bs tan kbrnft
rnsult `d J]H`reog‒s p`lbfbns `d pr`vbkbge kbsfrntb`g t` l`og `ddbfnrs ogk `tanrs
rnsp`gsbcln d`r h`rteoen lngkbge9 doblbge t` h`gbt`r tabs kbsfrntb`g t` ngsurn taot
c`rr`wnrs wnrn cnbge plofnk bg l`og pr`kufts `g o g`gkbsfrbhbgot`ry cosbs wang
J]H`reog aok g`tbfn `d wbknsprnok pr`kuft plofnhngt kbsporbtbns cosnk `g rofn
ogk gotb`gol `rbebg9 ebvbge l`og `ddbfnrs ogk `tanrs rnsp`gsbcln d`r h`rteoen
lngkbge loren dbgogfbol bgfngtbvns t` bssun l`ogs t` Odrbfog-Ohnrbfogs ogk
Abspogbfs taot orn f`stlbnr taog cnttnr l`ogs d`r wabfa tany quolbdy9 `tanrwbsn
ngf`uroebge ogk kbrnftbge l`og `ddbfnrs ogk `tanrs rnsp`gsbcln d`r h`rteoen
lngkbge t` stnnr c`rr`wnrs bgt` abea-f`st l`ogs `r l`ogs wbta okjustocln rotns,
prnpoyhngt pngoltbns, `r coll``g poyhngts wbta`ut rneork d`r wantanr tany quolbdy
d`r cnttnr l`ogs9 ogk snttbge bgtnrnst rotn fops. [ansn p`lbfbns aovn fousnk Odrbfog-
Ohnrbfogs ogk Abspogbfs ogk rnsbkngts ̀ d prnk`hbgogtly Odrbfog-Ohnrbfog ogk
Abspogbf gnbeac`ra``ks bg Hbohb t` rnfnbvn h`rteoen l`ogs dr`h J]H`reog taot
aovn hotnrbolly lnss dov`rocln tnrhs taog h`rteoen l`ogs ebvng cy J]H`reog t`
sbhblorly sbtuotnk wabtns ogk rnsbkngts `d prnk`hbgogtly wabtn gnbeac`ra``ks bg
Hbohb, ogk taot orn hotnrbolly h`rn lbinly t` rnsult bg d`rnfl`surn.?;>. J]H`reog‒s rnsbkngtbol lngkbge-rnlotnk ofts, p`lbfbns, ogk proftbfns
f`gstbtutn rnvnrsn rnklbgbge ogk vb`lotn tan Dobr A`usbge Oft os:
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >6 `d >1
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- > ? -
(o) Kbsfrbhbgotb`g ̀ g tan cosbs `d rofn ogk gotb`gol `rbebg bg
hoibge ovoblocln, `r bg tan tnrhs ogk f`gkbtb`gs `d, rnsbkngtbol rnol nstotn-rnlotnk
trogsoftb`gs, bg vb`lotb`g `d ;3 ^.V.F. § 64=>(o)9 ogk
(c) Kbsfrbhbgotb`g ̀ g tan cosbs `d rofn ogk gotb`gol `rbebg bg tan
tnrhs, f`gkbtb`gs, `r prbvblnens `d soln `d o kwnllbge, bg vb`lotb`g `d ;3 ^.V.F.
§ 64=;(c).
?;4. J]H`reog‒s p`lbfbns `r proftbfns orn g t̀ justbdbnk cy cusbgnss
gnfnssbty `r lnebtbhotn cusbgnss bgtnrnsts.
?;5. J]H`reog‒s p`lbfbns ogk proftbfns orn f`gtbgubge.
?;1. [an Fbty bs og “oeerbnvnk pnrs`g‘ os kndbgnk cy ;3 ^.V.F. § 64=3(b)
ogk aos suddnrnk kohoens os o rnsult `d J]H`reog‒s f`gkuft.
?;2. [an Fbty‒s kohoens bgflukn l`st tox rnvnguns ogk tan gnnk t` pr`vbkn
bgfrnosnk hugbfbpol snrvbfns. [an l`ss `d tox rnvnguns ot spnfbdbf d`rnfl`surn sbtns
ogk ot fl`snly gnbeac`rbge pr`pnrtbns bg prnk`hbgogtly hbg`rbty gnbeac`ra``ks ̀ d
tan Fbty wos o d`rnsnnocln f`gsnqungfn taot wos dobrly trofnocln t` J]H`reog‒s
kbsfrbhbgot`ry lngkbge. Lbinwbsn, tan gnnk t` pr̀ vbkn bgfrnosnk hugbfbpol
snrvbfns ot clbeatnk d`rnfl`surn sbtns bg prnk`hbgogtly hbg`rbty gnbeac`ra``ks `d
tan Fbty wos o d`rnsnnocln f`gsnqungfn taot wos dobrly trofnocln t` J]H`reog‒s
kbsfrbhbgot`ry lngkbge.
?>=. J]H`reog‒s p`lbfbns ogk proftbfns, os knsfrbcnk anrnbg, aok tan
purp`sn ogk nddnft `d kbsfrbhbgotbge `g tan cosbs `d rofn `r gotb`gol r̀bebg. [ansn
p`lbfbns ogk proftbfns wnrn bgtngtb`gol, wblldul, `r bhplnhngtnk wbta rnfilnss
kbsrneork d`r tan rbeats `d Odrbfog-Ohnrbfog ogk Abspogbf c`rr`wnrs.?>?. [an Fbty aos sucstogtbol bgtnrnst bg prnvngtbge kbsfrbhbgot`ry lngkbge
taot fousns kbspr`p`rtb`gotnly hbg`rbty a`hn d`rnfl`surns wbtabg bts c`ugkorbns, bg
prnvngtbge snerneotnk ornos wanrn hbg`rbty l`ogs orn h`rn lbinly t` d r̀nfl`sn, ogk
bg a`lkbge cogis off`ugtocln d`r kohoens orbsbge dr`h taot kbsfrbhbgot`ry lngkbge.
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >; `d >1
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Off`rkbgely, tan Fbty‒s bgtnrnsts bg `ctobgbge bgjugftbvn rnlbnd t` prnvngt sufa
kbsfrbhbgotb`g ogk bg rnhnkybge tan clbeat ogk rnf`vnrbge tan l`st pr`pnrty toxns
rnsultbge dr`h tan kbspr`p`rtb`gotnly hbg`rbty a`hn d`rnfl`surns bg Hbohb orn
kbrnftly rnlotnk t` ngsurbge “dobr a`usbge tar`uea`ut tan ^gbtnk Vtotns.‘
VNF@GK FLOBH D@S SNLBND
(F`hh`g Low Flobh D`r ^gjust Ngrbfahngt Cosnk @g Dl`rbko Low)
?>3. ]lobgtbdd rnpnots ogk bgf`rp`rotns cy rndnrngfn oll ollneotb`gs
f`gtobgnk bg tan prnfnkbge poroeropas os bd dully snt d`rta anrnbg.
?>6. Kndngkogts aovn rnfnbvnk ogk utblbznk cngndbts knrbvnk dr`h o vorbnty
`d hugbfbpol snrvbfns, bgflukbge p`lbfn ogk dbrn pr`tnftb`g, os wnll os z`gbge
`rkbgogfns, tox lows, ogk `tanr lows ogk snrvbfns taot aovn ngoclnk Kndngkogts t`
`pnrotn ogk pr`dbt wbtabg tan Fbty `d Hbohb.
?>;. Kndngkogts orn oworn `d ogk aovn toing okvogtoen `d tan snrvbfns ogk
lows pr`vbknk cy tan Fbty `d Hbohb t` durtanr tanbr cusbgnssns.
?>>. Os o kbrnft ogk pr`xbhotn rnsult `d Kndngkogts‒ prnkot`ry lngkbge
proftbfns, Kndngkogts aovn cnng ngrbfank ot tan Fbty‒s nxpngsn cy utblbzbge
cngndbts f`gdnrrnk cy tan Fbty ogk, rotanr taog ngeoebge bg lowdul lngkbge
proftbfns, proftbfbge uglowdul lngkbge proftbfns taot aovn c`ta kngbnk tan Fbty
rnvnguns bt aok pr`pnrly nxpnftnk tar`uea pr`pnrty ogk `tanr tox poyhngts ogk cy
f`stbge tan Fbty okkbtb`gol h`gbns d`r snrvbfns bt w`ulk g`t aovn aok t` pr`vbkn bg
tan gnbeac`ra``ks oddnftnk cy d`rnfl`surns kun t` prnkot`ry lngkbge, ocsngt tan
Kndngkogts‒ uglowdul oftbvbtbns. Kndngkogts aovn doblnk t` rnhbt ta`sn wr`gedully
`ctobgnk cngndbts `r rnbhcursn tan Fbty d`r bts f`sts bhpr`pnrly fousnk cyKndngkogts, ogk rntngtb`g `d tan cngndbts cy Kndngkogts w`ulk cn ugjust wbta`ut
poyhngt..
?>4. Bg okkbtb`g, t` bts kntrbhngt tan Fbty aos pobk d`r tan Kndngkogts‒
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >> `d >1
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=?=6;>-?? 424?4=T?
- > 6 -
nxtnrgolbtbns, `r Kndngkogts‒ f`sts `d aorh fousnk cy bts h`rteoen lngkbge
kbsfrbhbgotb`g, bg fbrfuhstogfns wanrn Kndngkogts orn ogk aovn cnng oworn `d tabs
`cvb`us cngndbt ogk rntngtb`g `d sufa cngndbt w`ulk cn ugjust.
?>5. Off`rkbgely, tan F`urt sa`ulk r̀knr rnstbtutb`g, kbse`renhngt ̀ d
pr`dbts, ogk/`r ogy `tanr nqubtocln rnlbnd knnhnk oppr`prbotn cy tan F`urt.
KNHOGK D@S J^SR [SBOL
]ursuogt t` Dnk. S. Fbv. ]. 61(c), tan Fbty knhogks o trbol cy jury `g oll
bssuns s` trbocln.
]SORNS D@S SNLBND
UANSND@SN, tan Fbty rnspnftdully proys taot tan F`urt erogt bt tan
d`ll`wbge rnlbnd:
O. Ngtnr o knflorot`ry jukehngt taot tan d`rne`bge ofts, p`lbfbns, ogk
proftbfns `d J]H`reog vb`lotn ;3 ^.V.F. §§ 64=; ogk 64=>9
C. Ngtnr o pnrhogngt bgjugftb`g ngj`bgbge J]H`reog ogk bts kbrnft`rs,
`ddbfnrs, oengts, ogk nhpl`ynns dr`h f`gtbgubge tan kbsfrbhbgot`ry f`gkuft
knsfrbcnk anrnbg, ogk kbrnftbge J]H`reog ogk bts kbrnft`rs, `ddbfnrs, oengts, ogk
nhpl`ynns t` toin oll oddbrhotbvn stnps gnfnssory t` rnhnky tan nddnfts `d tan
kbsfrbhbgot`ry f`gkuft knsfrbcnk anrnbg, ogk t` prnvngt okkbtb`gol bgstogfns `d
sufa f`gkuft `r sbhblor f`gkuft dr`h `ffurrbge bg tan duturn, pursuogt t` ;3 ^.V.F.
§ 64?6(f)(?)9
F. Owork f`hpngsot`ry kohoens t` tan Fbty bg og oh`ugt t` cn
kntnrhbgnk cy tan jury taot w`ulk dully f`hpngsotn tan Fbty `d Hbohb d`r bts
bgjurbns fousnk cy tan f`gkuft `d J]H`reog ollnenk anrnbg, pursuogt t` ;3 ^.V.F.§ 64?6(f)(?)9
K. Owork pugbtbvn kohoens t` tan Fbty bg og oh`ugt t` cn kntnrhbgnk cy
tan jury taot w`ulk pugbsa J]H`reog d`r tan wblldul, wogt`g, ogk rnfilnss f`gkuft
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >4 `d >1
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=?=6;>-?? 424?4=T?
- > ; -
ollnenk anrnbg, ogk taot w`ulk nddnftbvnly kntnr sbhblor f`gkuft bg tan duturn,
pursuogt t` ;3 ^.V.F. § 64?6(f)(?)9
N. Owork tan Fbty bts rnos`gocln ott`rgnys‒ dnns ogk f`sts, pursuogt t` ;3
^.V.F. § 64?6(f)(3)9
D. Snqubrn poyhngt `d prn-jukehngt bgtnrnst `g h`gntory kohoens9 ogk
E. @rknr sufa `tanr rnlbnd os tabs F`urt knnhs just ogk nqubtocln.
Snspnftdully suchbttnk,
Kotnk: Jugn ?6, 3=?;Cy: s/ Logfn O. Aorin, ].O.Logfn O. Aorin, ].O.Dl`rbko Cor G`. 146>22AOSIN FLOVCR & C^VAHOG LL]2422 G.N. Vnf`gk OvngunHbohb, DL 66?61[nlnpa`gn: 6=>->64-133=laorinMaorinfloscy.f`h
Tbft`rbo HâgknzDl`rbko Cor G`. ?2;26?FB[R @D HBOHB@DDBFN @D [AN FB[R O[[@SGNR;;; V.U. 3gk Ovngun, Vubtn 2;>Hbohb, DL 66?6=
[nlnpa`gn: 6=>-;?4-?1==vhngknzMhbohbe`v.f`h
Vtnvn U. Cnrhog ( pr` aof vbfnd`rtaf`hbge)AOENGV CNSHOG V@C@L VAO]BS@LL]?2?1 Nbeata Ovngun, Vubtn 66==Vnottln, UO 21?=?[nlnpa`gn: (3=4) 436-5323stnvnMacsslow.f`h
Nlobgn [. Cysznwsib ( pr` aof vbfn
d`rtaf`hbge)Lnn H. E`rk`g ( pr` aof vbfn d`rtaf`hbge)AOENGV CNSHOG V@C@L VAO]BS@LL]6=? G`rta Loin Ovngun, Vubtn 3=6]osokngo, FO 2??=?[nlnpa`gn: (3?6) 66=-5?>=nlobgnMacsslow.f`hlnnMacsslow.f`h
Fosn ?:?;-fv-333=>-U]K K`fuhngt ? Ngtnrnk `g DLVK K`fint =4/?6/3=?; ]oen >5 `d >1
8/12/2019 City of Miami v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Miami for Violations of the Federa…
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