Corporate Law Project View

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    ),156482: nkb un} rj d a hv}racv dhek fnki rc f d

    evnkrdb n lhmdk}d fx rj d Ecqd vko dkr ca Pnih}rnk+ U hrj rcrnl n}}dr} ca cqd v

    PIV 11 +4F hllhck, d~t hrxca PIV 2 +4F hllhck, nkb bdpc }hr}ca nlo c}r PIV 46

    F hllhck, NFK NOVC h} plnmdb nkb u dll pc }hrhckdb n} ckd ca rj d lnvedv

    acv dhek fnki} hk Pnih}rnk+Ud jn qd pc }rdb p v d/rnz pv ca hr}ca kdnvlx PIV 6+6

    F hllhck *Bdmdof dv =>, 6004(, nkb rj d VCD ca nlo c}r 4>$ h} no cke}r rj d

    jhej d}r hk hr} pddv ev ctp + Cqd v rj d ln}r act v xdnv}, NFK NOVC jn}

    }hekha hmnkrlx dkjnkmdb hr} pv ca hld hk Pnih}rnk, nkb h} mco acvrnflx vnki dbno cke}r rj d rcp = ac v dhek fnki} hk rj d bc o d}rhm onvi dr+ Rj d fnki jn}

    mt vv dkrlx o cv d rjnk >0 fvnkmjd} nll cqd v Pnih}rnk, hkmltb hke mhrhd} lhi d

    I nvnmjh,Lnj cv d, H}lnonfn b, Anh}nlnfnb nkb Ot lrnk+

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    6

    $">+ ,>' !60= "> ,*1 64% " ,>" !* " !5$">+ ,>' !60= "> ,*1 4:#*1

    Rj d fnki} hk Pnih}rnk nv d acvo db t kbdv rj d acllc uhke nmr+Hr mco pvh}d} nf ct r 84 }dmrhck}

    uhrj }t f}dmrhck}+]d mrhck 84 h} }rnkb v dpdnldb+ Rj d }dmrhck} nv d bhqhbdb n} }t mj7

    ]d mrhck} >/1 mckrnhk edkdvnl fnki bda hkhrhck} nkb nv d edkdvhm+

    ]d mrhck} 5/ 2 6 bh}mt }} f t }hkd}} ca rj d fnkihke mco pnkhd}+

    ]d mrhck} 2=N 2=A bh}mt } rvnk}nmrhck ca fnkihke f t }hkd}} hlldenllx fx lnu

    ]d mrhck} 22/ 48 b h}mt }} }t } pdk}hc k ca f t }hkd}} nkb uhk bhke tp ca fnkihke

    mco pnkhd}

    ]d mrhck} 10/: 6 mckrnhk } pdmhnl no dkbo dkr

    ]d mrhck} : 6N/: 6E mckrnhkF nkihke Oc j}rn}hf

    ]d mrhck} :=/8 4 mckrnhk oh}mdllnkdct } }dmrhck} lhi d pdknlrhd}, mjnked ca kno d fx n

    fnkihke mc o pnkx, nlrdvnrhck ca o do cvnkbt o fx n fnkihke mco pnkx

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    =

    ' :,%*#, > *1 (64 6=* > ,>' " > *7 $">+ $ 4 "> !)

    Nkkdztvd/HHH rc HFB Mhvmtlnv Kc+ 06 ca 6002

    U hrj rj d c fgdmrhqd ca p v co c rhke H}lnohm fnkihke hk Pnih}rnk, rj d acllcuhke Et hbdlhkd} acv cpd khke ca ] rnkb/ nlckd fvnkmjd} acv F nkihke fx dzh}rhke mc oo dvmhnl fnki} jn qd

    f ddk pv dpnv db fx ] rnrd F nki ca Pnih}rnk+Rj d fnki} pv cq hbhke mc o plhnkr pv cbt mr} nkb

    }dv qhmd} nv d v d~t hv db rc n pp lx rc rj d ] rnrd F nki acv h}}t nkmd ca n lhmdk}d t kbdv rj d}d

    Et hbdlhkd}+

    LHMDK]HKE VD^THVDODKR] ACV FNKIHKE FVNKMJ *D](

    DLHEHFHLHRX MVHRDVHN

    Rj d dlhehfhlhrxca n fnki rc cpd k fnkihke fvnkmj*n}( }jnll f d mck}hbdv db fx rj d ] rnrd

    F nki i ddphke hk qhdu, no cke c rj dv}, rj d a hknkmhnl }rv dkerj ca rj d fnki n} dqhbdkr a v c o

    hr} mn phrnl fn}d*kdr mn phrnl a v dd ca nmrt nl nkb pc rdkrhnl lc}}d}(, nbd~t nmx ca hr} mn phrnl

    }rv t mrt v d, v dmcv b ca dnvkhke mn pnfhlhrhd}, at rt v d dnvkhke pv c} pdmr}ca rj d fnki, onkne dvhnl

    mn pnfhlhrhd}, fnki} lh~t hbhrx pc }hrhck, rvnmi v dmcv b ca rj d fnki} nbj dv dkmd rc p v tbd krhnl

    v det lnrhck}, mv dbhrbh}mh plhkd, ~t nlhrxca mt }rco dv }dv qhmd} nkb rj d mckqdkhdkmd nkb

    Rj d kddb} ca rj d pcpt lnrhck ca rj d nv dn rc f d }dv qdb fx rj d pv cpc }db fvnkmj+Hk nbbhrhc k,

    rj d acllcuhke mck}hbdvnrhck} uhll nl}c f d rni dk hk rj d evnkr ca rj d lhmdk}d7/

    Fnki} jnqhke MNODL] vnrhke ca >, 6 nkb = hk rjd ln}r CK/]HRD hk}pdmrhck }jnll

    fd dlhehfld acv cpdkhke Fnkihke Fvnkmjd}+

    Rjdvd }jctlb kcr fd ongcv nbqdv}d hk}pdmrhck ahkbhke} nenhk}r rjd fnki+

    Rjd fnki }jnll hbdkrhax dzpdvhdkmdb nkb rvnhkdb idx }rnaa rc jnkbld rjd HFF

    cpdvnrhck}+

    PJX]HMNL ]DR/TP

    Dqdvx lhmdk}db fvnkmj ca n fnki }jnll mnvvx n kno d, nkb }jnll hkqnvhnflx f d v d~t hv db rc

    Pv cohk dkrlx bh} plnx rj d kno d ca rj d fvnkmj n} }rh pt lnrdb hk rj d lhmdk}d+

    Ahknkmhkepv cbt mr} pdvrnhkhke rc HFF cpd vnrhck}+ Nll bc mt o dkr} *hkmltb hke ldbedv},

    v deh}rdv}, pnx/hk/}lh p}, mjd~td }, v dmdh pr}, pn}}fcc i}, drm+(

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    T }db hk rj d HFB nkb HFF*}( }jnll f d n ppv cp vhnrdlx onvi db, }c n} rc d n}hlxbh}rhket h}j rj d

    bc mt o dkr} pdvrnhkhke rc mcoo dvmhnl fnkihke+ Hk cv bdv rc daa hmhdkrlx t rhlhwd rj d dzh}rhke

    fvnkmj kdru cvi, rj d fnki onx nt rj cvhwd }c o d ca hr} fvnkmjd} rc }dll rj d H}lnohm fnkihke

    bdpc }hr }mjdo d}+Jc u dqdv, hk }t mj mn}d} pv cpd v }x}rdo} nkb mckrv c l }j ct lb f d hkplnmd rc

    dk}t v d rjnr rj d at kb rvnk}adv rni d} plnmd c k rj d }no d bnx rc#a v co rj d HFF+Rj d nt rj cvhwdb

    fvnkmjd} }jnll kc r, hk nkx onkk dv ujnr} cdqdv, v dmdhqd#pnx hkrdv d}r ck }t mj }dv qhmd}+Rj d

    nt rj cvhwdb fvnkmjd} onx mjnved n v dn}cknfl d add#mcooh}}h c k ck }nld ca }t mj bdpc }hr

    }mjdo d} t kbdv n pc lhmx rc f d n ppv cqdb fx rj d Fc nv b ca B hv dmrcv} cv hk mn}d ca fvnkmjd}

    ca acv dhek fnki}, rj dhv Jd nb

    PVCMD]]HKE ADD

    N p v cmd}}hke add @ V }+ 64,000 #/ pdv fvnkmj n pp lhdb hk rj d Pv cpc }nl#Plnk jn} f ddk a hzdb+

    Rj d fnki} ujhl d }t fohrrhke rj d Pv cpc }nl#Plnk }jnll hkqnvhnflx dkmlc}d n mjd~td hk rj d

    kno d ca ] rnrd F nki ca P nih}rnk n} pv cmd}}hke add+Rj d Pv cpc }nl#Plnk uhrj ct r rj d no ct kr

    ca pv cmd}}hke add}jnll kc r f d dkrdvrnhkdb+Rj d pv cmd}}hke add uhll f d kck/v dat kbnfl d+

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    $ 4 "> !) #,1* > !, >' 4:#*1 "> % =6#,!,*1 $ < 15 " 5*

    $">+ ="+ ,15 ">

    Rj d F vnkmj Lhmdk}hke Pc lhmx n pp lhmnfld uhrj daadmra v co >}r Npvhl 600 > rc nll }mjdbt ldb fnki} hkmltb hke fvnkmjd} ca acv dhek fnki} cpd vnrhke uhrjhk rj d rdvvhrcvx ca P nih}rnk jn}

    f ddk tpb nrdb+ Rj d rdvo fnki uj dv dqdv t }db j dv dt kbdv }jnll o dnk nkb hkmltbd fnki}

    hkmcv pc vnrdb hk Pnih}rnk n} u dll n} nll fvnkmjd} ca acv dhek fnki} cpd vnrhke hk Pnih}rnk

    t kbdv ]d mrhck 65 ca F nkihke Mco pnkhd} Cv bhknkmd, >816+

    NKTTNL FVNKMJ DZPNK]HCK PLNK

    Dnmj fnki jn} rc }t fohr rc ] rnrd F nki ca P nih}rnk *]FP ( acv n ppv cq nl nk Nkkt nl F vnkmj Dz pnk}hc k Plnk *NFDP( nr ldn}r =0 bnx} f dacv d rj d mcoo dkmdo dkr ca dnmj mnldkbnv xdnv

    *Gnkt nvx/Bd mdof dv( bt vhke ujhmj hr plnk} rc cpd k fvnkmjd}+ Rj d plnk hkbhmnrd} rj d

    kt of dv ca rj d kdu fvnkmjd} pv cpc }db rc f d cpd kdb hk t vfnk nkb v t vnl nv dn}, lcmnrhck ca

    dnmj ca rj d pv cpc }db fvnkmj nkb rj d nv dn ujhmj hr u ct lb }dv qd, fvnkmjd} pv cpc }db rc f d

    mlc}db *ha nkx(, rj d kt of dv ca dzh}rhke fvnkmjd} hkmt vvhke lc}}d} mck}dmt rhqdlx acv rj d ln}r

    rjv dd xdnv}, nvvnkedo dkr} acv onkne dvhnl nkb c rj dv }rnaa o dof dv} nkb hkacvonrhck

    rdmjkc lcex nmmd}} nkb lhkine d acv rj d pv cpc }db fvnkmjd} nkb nvvnkedo dkr} acv j ct }hke

    dnmj ca rj d pv cpc }db fvnkmj+ ] rnrd F nki rj dk mck}hbdv} rj d Plnk acv kdu fvnkmjd}

    i ddphke hk qhdu rj d kddb ca rj d }x}rdo nkb evnkr n ppv cq nl hkpvhkmh pld acv kt of dv ca kdu

    fvnkmj *d}( rjnr fnki uhll f d nllcu db rc cpd k bt vhke rj d ehqdk mnldkbnv xdnv uhrjhk =0

    bnx} a v c o rj d bnrd ca v dmdh pr ca NFDP mco pldrd hk nll v d} pdmr+Hk mn}d nkx NFDP ca n

    fnki h} kc r n ppv cqdb rj d ]FP hkqnvhnflx hkrhonrd} rj d }no d hk uvhrhke rc rj d fnki uhrjhk

    =0 bnx} a v c o rj d bnrd ca }t foh}}hc k ca bt lx mc o pldrdb NFDP rc ]FP +

    H]]TD CA LHMDKMD ACV FVNKMJ CPDKHKE

    Rj d lhmdk}d acv hkbhqhbt nl fvnkmj cpd khke h} h}}tdb c k v dmdh pr ca acvonl n pp lhmnrhck ck

    pv d}mvhfdb acvonr t kbdv rj d pv cq h}hc k} ca ]d mrhck 6: ca rj d F nkihke Mco pnkhd}

    Cv bhknkmd, >816+ Rj d lhmdk}d h} h}}tdb ac v cpd khke ca kdu plnmd ca f t }hkd}} uj dk

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    dqhbdkmd h} pv cq hbdb rjnr nbd~t nrd }dmt vhrx nvvnkedo dkr} nv d hk plnmd nr rj d pv cpc }db

    plnmd ca f t }hkd}} nkb rj d Rc uk Plnkkhke Vdet lnrhck} nv d kc r qhc lnrdb+Vd~td }r acv n kdu

    fvnkmj hk Nwnb Gnoo t nkb I n}johv *NG!I ( uhll jn qd rc f d }tppc vrdb fx rj d NG!I

    Ecqd vko dkr+ Rj d n ppv cq nl hk pvhkmh pld evnkrdb t kbdv n pnvrhmt lnv NFDP }jnll ln p}d hk

    mn}d fnki a nhl} rc }t fohr n acvonl n pp lhmnrhck acv h}}t nkmd ca lhmdk}d nr ldn}r =0 bnx}

    f dacv d rj d dz phvxca rjnr pnvrhmt lnv xdnv+] hohlnvlx lhmdk}d h}}tdb t kbdv v d} pdmrhqd NFDP

    }jnll dz phv d uj dv d n fnki a nhl} rc cpd k rj d fvnkmj f dacv d =>}r Bdmdof dv ca rjnr xdnv+Rj d

    lhmdk}d onx f d v dqc i db hk mn}d hr }t f}d~td krlx rvnk} phv d} rjnr rj d fnki jn b on bd onr dvhnl

    oh}/v dpv d}dkrnrhck ca a nmr}cv mckmdnlo dkr ca onr dvhnl hkacvonrhck nkb rj d v d} pc k}hfld

    caa hmhnl*}( }jnll pdv}cknllx f d lhnfld acv nmrhck t kbdv ]d mrhck := ca rj d F nkihke

    Mco pnkhd} Cv bhknkmd, >816+

    CVBDV ACV NRO HK]LNLLODKR Acv rj d hk}rnllnrhck ca Nt rconr db Rdlldv O nmjhkd} *NRO }(, fnki} uhll acllcu rj d

    hk}rv t mrhck} ehqdk f dlcu+

    Rj d fnki} nv d a v dd rc hk}rnll NRO } uhrjhk fvnkmj pv doh}d} *ck/}hrd( n} u dll n} nr caa }hrd

    plnmd} pv cq hbdb rj dx hkacvo ] rnrd F nki ca Pnih}rnk hk uvhrhke rjv dd bnx} f dacv d rjnr

    NRO f dmc o d} cpd vnrhcknl+

    Fdacvd dzrdkbhke rjd anmhlhrx ca mn}j ! mjd~td bdpc}hr} rjvctej NRO} rc rjdmt}rcodv}, fnki} ot}r bdqdlcp nkb ptr hk plnmd n udll bdahkdb pvcmdbtvd,

    hkmltbhke vd}cltrhck ca bh}ptrd} hk rjh} vdenvb nkb acvunvb n mcpx ca rjh} rc ]FP

    acv hkacvonrhck+

    N }teed}rdb pvcmd}} acv mn}j#mjd~td bdpc}hr} hk rjd NRO} nkb hr} tlrhonrd mvdbhr

    rc rjd mt}rcodv} nmmctkr h} dkmlc}db+ Rjd fnki} onx, jcudqdv, nbb ocvd

    }rdp}#odn}tvd} acv mn}j#mjd~td bdpc}hr} rc atvrjdv }rvdkerjdk rjd pvcmd}}+

    Fnki} }jnll dk}tvd pvcpdv }dmtvhrx nr caa/}hrd NRO} rc nqchb nkx hkmhbdkr} ca

    }knrmjhke, vcffdvx, bnmchr drm+

    Dqdvx fnkihke mcopnkx }jnll, uhrjhk }dqdk bnx} nardv rjd mlc}d ca dnmj vdpcvrhke

    ~tnvrdv, }tfohr rc Fnkihke Pclhmx Bdpnvrodkr ca ]rnrd Fnki ca Pnih}rnk n

    ~tnvrdvlx }rnrdodkr vdenvbhke hk}rnllnrhck ca Ntrconrdb Rdlldv Onmjhkd}

    *NRO}(, uhrjhk nkb ctr}hbd rjd pvdoh}d} acv hkacvonrhck nkb vdmcvb+

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    MNOKDL] VNRHKE

    MNODL] vnrhkeca >,6 nkb = hk rj d ln}r Ck/] hrd Hk} pdmrhck ca rj d fnki cv n }nrh}a nmrcvx

    mco pc }hrd vnrhke ca rj d fnki n}}hekdb t kbdv ]FP } Hk}rhrt rhcknl V h}i N}}d}}o dkr

    Avno du cvi }jnll f d rj d dlhehfhlhrx mvhrdvhn acv n ppv cq nl cv crj dvuh}d ca rj d NFDP + Hk

    nbbhrhck, rj d dlhehfhlhrxca n fnki rc cpd k n kdu plnmd ca f t }hkd}} h} mck}hbdv db fx rj d

    ] rnrd F nki i ddphke hk qhdu, no c ke c rj dv}, rj d a hknkmhnl }rv dkerj ca rj d fnki n} dqhbdkr

    a v c o hr} kdr u cvrj *kdr d~t hrx a v dd ca nmrt nl nkb pc rdkrhnl lc}}d}(, nkb nbd~t nmx ca hr}

    mn phrnl }rv t mrt v d, v dmcv b ca dnvkhke mn pnfhlhrhd}, at rt v d dnvkhke pv c} pdmr} ca rj d fnki

    onkne dvhnl mn pnfhlhrhd}, fnki} lh~t hbhrxpc }hrhck, rvnmi v dmcv b ca rj d fnki} nbj dv dkmd rc

    pv tbd krhnl v det lnrhck}, mv dbhr bh}mh plhkd}, ~t nlhrx ca mt }rco dv} }dv qhmd}, }rnaa

    onkne do dkr v dlnrhck}jh p nkb rj d mckqdkhdkmd nkb rj d kddb} ca rj d pcpt lnrhck ca rj d nv dn

    rc f d }dv qdb fx rj d pv cpc }db fvnkmj+ Oc v dcqdv, rj d acllcuhke mck}hbdvnrhck} nv d nl}c

    rni dk hk rj d evnkr ca lhmdk}d7/

    Rjd cpdkhke ca fvnkmjd} hk vtvnl nkb tkbdv fnkidb nvdn} h} d ehqdk pvdadvdkmd+

    Pvdadvdkmd h} nl}c ehqdk rc rjc}d fvnkmjd}, ujhmj nvd mckkdmrdb dldmrvckhmnllx,

    pvcqhbd trhlhrx fhll vdmdhpr }dvqhmd} nkb dzpdbhrd bdlhqdvx ca jcod vdohrrnkmd}+

    Hk mn}d ca acvdhek fnki}, hk nbbhrhck rc nfcqd, rjd pdvacvonkmd ca rjdhv dzh}rhke

    fvnkmjd}, ldqdl ca mcoohrodkr rc rjd lcmnl onvidr, }ctkb hkrdvknrhcknl

    vdptrnrhck, pvcqh}hck ca atll vnked ca fnkihke }dvqhmd}, kdu hkqd}rodkr fx rjdhv J+C+ drm, h} n ethbhke anmrcv acv h}}thke avd}j Lhmdkmd}+

    PDVOH]]HCK RC MLC]D FVNKMJD]

    F nki} nv d a v dd rc mlc}d nkx ca rj dhv dzh}rhke fvnkmjd} cpd vnrhke nr fnki db p lnmd}, uhrj ct r

    c frnhkhke pvhcv n ppv cq nl ca ] rnrd F nki ca Pnih}rnk+F nki} nv d nl}c a v dd rc mlc}d nkx ca

    rj dhv dzh}rhke fvnkmjd} hkt k/ fnki db nv dn pv cq hbdb rj d nv dn h} kc r lda r uhrj ct r nk nlrdvknrdnvvnkedo dkr acv pv cq h}hc k ca fnkihke }dv qhmd} rc rj d lcmnl mc oo t khrx+ Hr h} j dv d fx

    mlnvha hdb rjnr ujhl d mlc}hke fvnkmjd} nr t k/ fnki db p lnmd}, Pc }r Caa hmd}#TFL Pc }r Caa hmd

    Mct krdv}cv crj dv }hohlnv mct krdv}cpd vnrhke uhrjhk n vnbht } ca 4 I +O + onx kc r f d rv dnrdb

    nr pnv uhrj rj d fvnkmjd}, n} rj d}d nv d kcr n }t f}rhrt rd acv rj d fvnkmj+ N p lnmd#nv dn uhll

    bddo rc f d t k/ fnki db p lnmd ha kc fvnkmj ca nkx crj dv fnki h}cpd vnrhke uhrjhk vnbht } ca 4

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    I +O +Rj d mlc}t v d ca rj d fvnkmj }j ct lb f d hkrhonrdb rc rj d ] rnrd F nki ca P nih}rnk ck rj d

    pv d}mvhfdb Pv cac von uhrjhk ru dkrx ckd *6>( bnx} ca rj d mlc}t v d ca rj d fvnkmj,

    }hot lrnkdct }lx }t vv dkbdvhke rj d lhmdk}d ca rj d fvnkmj rc rj d ] rnrd F nki+ Nkx fvnkmj

    mlc}db bc uk fx rj d fnki} hk qhc lnrhck ca F vnkmj Lhmdk}hke Pc lhmx jn qd rc f d v dcpdkdb

    nkb mcka hvonrhck hk rjh} v denv b f d }t fohrr db rc ]FP +

    PDVOH]]HCK RC ]JHAR FVNKMJD]

    F nki} nv d a v dd rc }jha r cv v dlcmnrd rj dhv fnki db nv dn fvnkmjd} uhrjhk rj d }no d

    mhrhd}#rcuk} #qhllned} nkb c k mct krvxuhbd fn}h} uhrj ct r ]FP }pvhcv n ppv cq nl+Jc u dqdv

    Pvhcv pdvoh}}hc k h} v d~t hv db acv }jha rhke ca fvnkmjd} a v co c rj dv plnmd} hk rj d mct krvx rc

    a hqd o drv cpc lhrnk nv dn} h+d+ I nvnmjh, H}lnonfn b/V nunl phkbh, Lnj cv d, Pd}jnunv nkb

    Anh}nlnfnb acv ujhmj rj dx uhll f d v d~t hv db rc }t fohr rj dhv n pp lhmnrhck ck rj d pv d}mvhfdb

    Pv cac von+ KFP uhll, j cu dqdv, f d v d~t hv db rc c frnhk pvhcv mldnvnkmd a v co Nmmct kr}

    Bdp nvro dkr, ] rnrd F nki ca Pnih}rnk, f dacv d }jha rhke ca rj dhv fvnkmjd} mckbt mrhke rv dn}t vx

    u cvi+ Hkrhonrhck ca }jha rhke ca n fvnkmj uhll f d }dkr fx rj d fnki mckmdvkdb rc rj d ] rnrd

    F nki ca Pnih}rnk uhrjhk >4 bnx} a v c o rj d bnrd ca hr} }jha rhke ck pv d}mvhfdb Pv cac von+

    PDVOH]]HCK ACV ]JHARHKE FCCRJ]

    F nki} mnk }jha r rj dhv pdvonk dkr f cc rj} *crj dv rjnk T rhlhrx F hll} Mclldmrhck Fcc rj}(

    uhrjhk rj d }no d mhrx#rcuk #qhllned uhrj ct r pvhcv n ppv cq nl ca ]FP +Jc u dqdv, acv }jha rhke

    T rhlhrxF hll} Mclldmrhck Fcc rj} hkmltb hke }jha rhke hkrc fvnkmj pv doh}d}, fnki} uhll f d

    v d~t hv db rc c frnhk pvhcv n ppv cq nl ca ]FP p v cq hbdb }t mj }jha rhke onx kc r nrrvnmrpt flhm

    mco plnhkr}+ Jc u dqdv, lhmdk}d ca n f cc rj }jha rdb hkrc fvnkmj pv doh}d} }jnll }rnkb

    mnkmdlldb ha ]FP nllcu} }t mj }jha rhke+ Hk }t mj n mn}d rj d fnki uhll cpd k n }dpnvnrd

    mct krdv hk rj d }nhb fvnkmj acv mc lldmrhck ca t rhlhrx fhll}+Hk nll mn}d} ca }jha rhke ca f cc rj},

    hkrhonrhck }j ct lb f d ehqdk rc ]FP uhrjhk >4 bnx} a v co rj d bnrd ca }jha rhke+

    FVNKMJ KNOHKE

    Dqdvx lhmdk}db fvnkmj ca n }mjdbt ldb fnki }jnll mnvvx n kno d nkb hkqnvhnflx f d v d~t hv db

    rc p v cohk dkrlx bh} plnx ct r}hbd rj d fvnkmj+

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    PVCMD]]HKE ADD]

    N p v cmd}}hke add @ V }+64, 000 #/ pdv fvnkmj n pp lhdb hk Nkkt nl F vnkmj Dz pnk}hc k Plnk

    *NFDP( jn} f ddk a hzdb uhrj daadmr a v c o Nkkt nl F vnkmj Dz pnk}hc k Plnk *NFDP( acv

    600 =+Rj d fnki} ujhl d }t fohrrhke rj dhv NFDP }jnll hkqnvhnflx dkmlc}d n mjd~td hk rj dkno d ca ] rnrd F nki ca Pnih}rnk n} pv cmd}}hke add+ Rj d NFDP uhrj ct r rj d no ct kr ca

    pv cmd}}hke add }jnll kc r f d dkrdvrnhkdb+Rj d pv cmd}}hke add uhll f d kck/v dat kbnfl d+

    PDKNLRX

    F nki} }jnll v dkbdv rj do} dlqd} lhnfld rc p nx a hkd n} pv cq hbdb hk FPVB M hvmt lnv Kc +6>

    bnrdb rj d 8rj Gtkd, >888 ac v kck/mc o plhnkmd#qhc lnrhck ca nkx ca rj d pv cq h}hc k} ca rj d

    F vnkmj Lhmdk}hke Pc lhmx hk nbbhrhc k rc rj d pdknlrx o dkrhckdb nf cqd+

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    =) " 1* $ 4 "> !) #,1* > !, >' : > %*4 1*!5,6 >

    Nmmcv bhke rc }dmrhck 65 ca fnkihke cv bhknkmd Nmr,>816

    *>( Kc hkbhqhbt nl cv n}}cmhnrhck cv f cb x ca hkbhqhbt nl}, kc r f dhke n mc o pnkx, }jnll mnvvx

    ck fnkihke f t }hkd}} hk Pnih}rnk nkb, }nqd n} j dv dhkna rdv pv cq hbdb, kc mco pnkx }jnll

    mnvvxck fnkihke f t }hkd}} hkPnih}rnk t kld}} hr j c lb} n lhmdk}d h}}tdb hk rjnr f djnl a fx rj d

    ] rnrd F nki9 nkb nkx }t mj lhmdk}d onx f d h}}tdb }t fgdmr rc }t mj mckbhrhck} n} rj d ] rnrd

    F nki onx rjhki a hr rc ho pc }d+

    *6( Dqdvx fnkihke mc o pnkx hk dzh}rdkmd c k rj d mcoo dkmdo dkr ca rjh} Cv bhknkmd, f dacv d

    rj d dz phvx ca }hz o c krj} a v c o }t mj mc oo dkmdo dkr, nkb dqdvx c rj dv mco pnkx f dacv d

    mcoo dkmhke fnkihke f t }hkd}} hk Pnih}rnk, }jnll n pp lx hk uvhrhke rc rj d ] rnrd F nki acv n

    lhmdk}d t kbdv rjh} }dmrhck7 Pv cq hbdb rjnr kc rjhke hk }t f /}dmrhck *>( }jnll f d bddo db rc

    pv c jhfhr n fnkihke mco pnkx hk dzh}rdkmd c k rj d mcoo dkmdo dkr ca rjh} Cv bhknkmd a v c o

    mnvvxhkeck fnkihke f t }hkd}} t krhl hr h} evnkrdb n lhmdk}d hkpt v}t nkmd ca rjh} }dmrhck cv h}

    fx kc rhmd hk uvhrhke hkacvo db fx rj d ] rnrd F nki rjnr n lhmdk}d mnkkc r f d evnkrdb rc hr7

    Pv cq hbdb at vrjdv rjnr rj d ] rnrd F nki }jnll kc r ehqd n kc rhmd n} n acv d}nhb rc n fnkihke

    mco pnkx hk dzh}rdkmd c k rj d mc oo dkmdo dkr ca rjh} Cv bhknkmd f dacv d rj d dz phvxca rj d

    pdvhcb ca ru c xdnv} hk rj d mn}d ca fnkihke mc o pnkhd} hkmcv pc vnrdb hkPnih}rnk nkb ca }hz

    o c krj} hk rj d mn}d ca fnkihke mc o pnkhd} hkmcv pc vnrdb ct r}hbd Pnih}rnk v dadvv db rc hk

    }t f / }dmrhck *>( ca }dmrhck >= cv ca }t mj at vrjdv pdvhcb n} rj d ] rnrd F nki onx t kbdv rj d

    pv cq h}c rc rjnr }t f /}dmrhck rjhki a hr rc nllcu+

    *=( Fdac v d evnkrhke nkx lhmdk}d t kbdv rjh} }dmrhck, rj d ] rnrd F nki onx v d~t hv d rc f d

    }nrh}a hdb fx nk hk} pdmrhck ca rj d f cc i} ca rj d mc o pnkx cv c rj dvuh}d rjnr nll cv nkx ca rj d

    acllc uhke mckbhrhc k} nv d at la hlldb, kno dlx7/

    *n( Rjnr rj d mc o pnkx h}cv uhll f d hk n pc }hrhck rc p nx hr}pv d}dkr cv at rt v d bdpc }hrcv} hk at ll n} rj dhv mlnho} nmmv td 9

    * f( rjnr rj d naa nhv}ca rj d mco pnkx nv d kc r f dhke cv nv d kcr lhi dlx rc f d mckbt mrdb hk n

    onkk dv bdrvhodkrnl rc rj d hkrdv d}r} ca hr}pv d}dkr cv at rt v d bdpc }hrcv}9

    *m( rjnr hk rj d mn}d ca n mco pnkx hkmcv pc vnrdb ct r}hbd Pnih}rnk, rj d Ecqd vko dkr cv lnu ca

    rj d mct krvx hk ujhmj hr h} hkmcv pc vnrdb p v cq hbd} rj d }no d a nmhlhrhd} rc fnkihke mc o pnkhd}

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    v deh}rdv db hkPnih}rnk n} rj d Ecqd vko dkr cv lnu ca P nih}rnk evnkr} rc fnkihke mc o pnkhd}

    hkmcv pc vnrdb ct r}hbd Pnih}rnk nkb rjnr rj d mco pnkx mc o plhd} uhrj nll rj d pv cq h}hc k} ca

    rjh} Cv bhknkmd n pp lhmnfld rc fnkihke mco pnkhd} hkmcv pc vnrdb ct r}hbd P nih}rnk+

    *2( Rj d ] rnrd F nki onx mnkmdl n lhmdk}d evnkrdb rc n fnkihke mc o pnkx t kbdv rjh}

    }dmrhck,

    *h(Ha rj d mco pnkx mdn}d} rc mnvvxck fnkihke f t }hkd}} hkPnih}rnk9cv

    *hh(Ha rj d mc o pnkx nr nkx rhod a nhl} rc mco plx uhrj nkx ca rj d mckbhrhck} ho pc }db tpc k hr

    t kbdv }t f /}dmrhck *>(9cv

    *hhh(Ha nr nkx rhod, nkx ca rj d mckbhrhck} v dadvv db rc hk }t f / }dmrhck *=( mdn}d} rc f d

    at la hlldb7

    Pv cq hbdb rjnr f dacv d mnkmdlhke n lhmdk}d t kbdv mlnt }d *hh(cv mlnt }d *hhh(ca rjh} }t f}dmrhck

    ck rj d ev ct kb rjnr rj d fnkihke mc o pnkx jn} a nhldb rc mco plx uhrj cv jn} a nhldb c v mdn}dbrc at la hll nkx ca rj d mckbhrhck} v dadvv db rc rj dv dhk, rj d ] rnrd F nki, t kld}} hr h}ca cp hkhc k

    rjnr rj d bdlnx uhll f d pv d gtb hmhnl rc rj d hkrdv d}r ca rj d mc o pnkx}bdpc }hrcv}cv rj d pt flhm,

    ] jnll evnkr rc rj d mco pnkx ck }t mj rdvo} n} hr onx } pdmha x, nk cppc vrt khrx ca rnihke rj d

    kdmd}}nvx }rdp} acv mco plxhke uhrj cv at la hllhke }t mj mckbhrhc k+

    *4( Nkx fnkihke mc o pnkx neevhdqdb fx rj d bdmh}hc k ca rj d ] rnrd F nki mnkmdlhke n

    lhmdk}d t kbdv rjh} }dmrhck onx, uhrjhk rjhvrx bnx} a v co rj d bnrd c k ujhmj }t mj bdmh}hc k h}

    mcoo t khmnrdb rc hr n pp lx acv v dqhdu rc rj d Mdkrvnl Fc nv b ca rj d ] rnrd F nki+

    *1( R j d bdmh}hc k ca rj d ] rnrd F nki }t fgdmr rc rj d v d}t lr ca v dqhdu }jnll f d a hknl+

    65N PVCJHFHRHCK CA NBQDVRH]HKE ACV BDPC]HR] NKB

    MCLLDMRHCK

    Kcruhrj}rnk bhke nkxrjhke mckrnhkdb hk nkx c rj dv lnu acv rj d rhod f dhke hk acvmd, kc

    mco pnkx, a hvo cv pdv}ck, kcr f dhke n fnkihke mco pnkx cv n mcv pc vnrhck cv nt rj cvhrx

    d}rnflh}j db fx rj d Adbdvnl Ecqd vko dkr cv n mco pnkx bt lx nt rj cvhwdb hk rjh} f djnl a fx

    rj d Mckrv c lldv ca Mn phrnlH}}td } cv rj d Mcv pc vnrd lnu Nt rj cvhrxcv rj d Vdeh}rvnv+

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    ]RDP UH]D PVCMD]] RC CPDK N FNKI FVNKMJ NR UNJ MNKRR

    Rj d acllcuhke n pp lhmnrhck cv acvo uhll f d a hlldb nkb v drt kdb rc ]FP +Ha rj d n pp lhmnrhck h}

    n ppv cqdb , rj d fnki h} dlhehfld rc cpd k hr} fvnkmjd} hk nkx pnvr 8ujhmj hr v d~t hv d}0 ca

    Pnih}rnk, j dlb n ppv cqdb fx ]FP +

    Nbb v d}}7

    Bnrd7

    Rj d B hv dmrcv,

    F nkihke Mckrv c l Bdp nvrodkr,

    ] rnrd F nki ca Pnih}rnk

    Mdkrvnl B hv dmrcvnrd,

    I nvnmjh

    ]tfgdmr7 Npplhmnrhck rc cpdk n kdu fvnkmj ca nk dzh}rhke fnki hk Pnih}rnk

    ] hv,

    Vd} pdmrat llx, u d n pp lx acv n lhmdk}d rc mnvvxck ct v f t }hkd}} rc cpd k n kdu fnki fvnkmj

    nr UNJ M nkrr t kbdv }dmrhck 65 ca F nkihke mco pnkhd} Cv bhknkmd Nmr, >816+ Ud nv d

    pv cq hbhke ct v pnvrhmt lnv} n} t kbdv hk mc o pldrd bdrnhl+Rj d pnvrhmt lnv} nkb hkacvonrhck

    pv cq hbdb h} mco pldrd tp rc f d}r ca ct v ik cul dbed+

    Xct v}Anhrjat llx

    I nvho Tb B hk

    ] hek7

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    >2

    Pcpt lnrhck ca nv dn hk ujhmj pv cpc }d f t }hkd}} h} rc f d mnvvhdb ct r7

    Nkx nevhmt lrt vnl cv ohk dvnl cv c rj dv mcoo cb hrx pv cbt mdb hk nv dn7

    Nk D}rhonrd ca ohkho t o f t }hkd}}7

    Bdpc }hr}7

    Nbq nkmd}7

    Pv cq hbhke 4 xdnv a hknkmhnl }rnrdo dkr}7 Xd} Kc

    Nkx nbbhrhcknl a nmr}7

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    1 " # " 0 "' 4**0* > 5

    RJH ] ]NLNO NEVDDODK R *rj d Nev ddo dkr( h} on bd nrSSSSSSSSSSSSSS ck

    SSSSSSSSSS bnx ca SSSSSSSSSSSSSSS fx nkb FDRU

    DDK SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,

    *j dv dhkna rdv v dadvv db rc n} rj d ]tpplhdv ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c

    pdvohr} o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr

    NKB

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS, *j dv d hk

    na rdv v dadvv db rc n} rj d Hk}rhrtrhck ujhmj dz pv d}}hck }jnll uj dv d rj d mckrdzr }c pd vohr}

    o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}( ca rj d c rj dv pnvr+

    HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7

    > + PTVPC]D NKB BDAHKHRHCK] >+06 Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhck} tpc k nkb }t fgdmr rc ujhmj rj d

    Hk}rhrt rhck jn} nev ddb rc pt vmjn}d rj d Eccb } a v co rj d ]tpp lhdv7

    >+0= Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}7

    Ft}hkd}} Bnx o dnk} n bnx ck ujhmj fnki} nv d cpd k acv kcvonl f t }hkd}} hk Pnih}rnk9

    Mckrvnmr Pvhmd o dnk} V }+SSSSSSSSSSSSSSSSSSSS,pnhb fx rj d Hk}rhrt rhck rc rj d

    ]tpp lhdv cv }t mj c rj dv }t o n} onx o t rt nllx f d nev ddb hk uvhrhke f dru ddk rj d pnvrhd}

    j dv drc n} rj d pvhmd ca rj d Eccb } pt vmjn}db hk nmmcv bnkmd uhrj rj d rdvo} ca rjh}

    Nev ddo dkr9

    Dqdkr ca Bdantlr o dnk} nkx ca rj d dqdkr} cv mhvmt o}rnkmd} bd}mvhfdb hk Mlnt }d 08

    j dv drc9

    Eccb} o dnk} rj d Eccb } bd}mvhfdb hk ] nlnno Bc mt o dkr - SS9

    Eccb} Vdmdhqhke Kcrd o dnk} mcka hvonrhck ca v dmdh pr ca Eccb } n} }dr ct r hk ] nlnno

    Bc mt o dkr- 9

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    Hkbdfrdbkd}} o dnk} nkx c flhenrhck ca rj d ]tpp lhdv acv bdlhqdvx ca rj d Eccb } cv acv

    pnxo dkr ca nkx }t o ca o ckdx btd c v, pnxnfl d t kbdv rjh} Nev ddo dkr9

    Lhmdk}d o dnk} nkx lhmdk}d, pdvoh}}hc k, nt rj cvhwnrhck, v deh}rvnrhck, mck}dkr cv n ppv cq nl

    evnkrdb rc rj d ]tpp lhdv acv rj d pt v pc }d ca c v v dlnrhke rc rj d mckbt mr ca hr} f t }hkd}}9

    Lhdk }jnll o dnk nkx o cvrened, mjnved, pldbed, jx pc rj dmnrhck, }dmt vhrx hkrdv d}r, lhdk,

    vhejr ca }dr/caa , mckrvnmrt nl v d}rvhmrhck *}t mj n} kdenrhqd mcqd knkr}( nkb nkx c rj dv

    dkmt ofvnkm d9

    Pnvrhd} o dnk} pnvrhd} rc rjh} Nev ddo dkr9

    Kcrhmd ca Bdlhqdvx o dnk} rj d Kc rhmd ca Bd lhqdvx ehqdk fx rj d ]tpp lhdv rc rj d

    Hk}rhrt rhck n} }dr ct r hk ] nlnno Bc mt o dkr - SS

    Pvhkmhpnl Bcmtodkr} o dnk} rjh} Nev ddo dkr nkb rj d ]d mt vhrx Bc mt o dkr}9

    Pvcoh}}cvx Kcrd h} bda hkdb hk Mlnt }d =+0>* f(9

    Pvtbdkrhnl Vdetlnrhck} o dnk} Pv tbd krhnl Vdet lnrhck} cv crj dv v det lnrhck} n} nv d

    kc rha hdb a v c o rhod rc rhod fx ]FP c v ]DMP9

    ]dmtvhrxBcmtodkr}

    nkb ]dmtvhrx h} bda hkdb hk Mlnt }d =+0>9

    ]dmtvdb N}}dr} o dnk} rj d acllcuhke n}}dr} ca rj d ]tpp lhdv Yhk}dvr bd}mvh prhck ca

    n}}dr} hk v d} pdmr ca ujhmj mjnved#o cvrened onx f d mv dnrdb_9

    Vtpdd} cv V }+ o dnk} rj d lnu at l mt vv dkmx ca Pnih}rnk9

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    ]FP o dnk} rj d ] rnrd F nki ca Pnih}rnk d}rnflh}j db t kbdv rj d ] rnrd F nki ca Pnih}rnk

    Nmr, >841 nkb hkmltbd } nkx }t mmd}}cv} rj dv drc9

    ]DMP o dnk} rj d ]d mt vhrhd} nkb Dzmjnke d Mcooh}}h ck ca Pnih}rnk d}rnflh}j db t kbdv

    rj d ]d mt vhrhd} ! D zmjnke d Mcooh}}h ck ca Pnih}rnk Nmr,

    Rnzd} hkmltbd } nll pv d}dkr nkb at rt v d rnzd} *hkmltb hke mdkrvnl dzmh}d bt rx nkb }nld}

    rnz(, ldqhd}, ho pc }r}, bt rhd}, }rno p bt rhd}, pdknlrhd}, add} cv mjnved} ca ujnr dqdv knrt v d

    rcedrj dv uhrj bdlnxdb pnxo dkr mjnved} rj dv dck nkb pdknlrhd} hk v d} pdmr rj dv dca nkb

    Rnznrhck }jnll f d mck}rv tdb nmmcv bhkelx9 Uvhrrdk Caadv o dnk} rj d Caadv on bd fx rj d ]tpp lhdv rc rj d Hk}rhrt rhck n} pdv

    ] nlnno Bc mt o dkr - SS+

    >+02 Mlnt }d j dnbhke} nkb rj d rnfl d ca mckrdkr} nv d hk}dvrdb acv mckqdkhdkmd ca v dadv dkmd

    cklx nkb }jnll f d hekcv db hk rj d hkrdv pv drnrhck ca rjh} Nev ddo dkr+ Hk rjh} Nev ddo dkr,

    t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}, v dadv dkmd} rc Mlnt }d} nkb Nppd kbhmd} nv d rc f d

    mck}rv tdb n} v dadv dkmd} rc rj d mlnt }d} ca , nkb Nppd kbhmd} rc , rjh} Nev ddo dkr nkb

    v dadv dkmd} rc rjh} Nev ddo dkr hkmltbd hr} n ppdkbhmd}9 u cv b} ho pc vrhke rj d plt vnl }jnll hkmltbd rj d }hket lnv nkb qhmd qdv}n nkb v dadv dkmd rc n pdv}ck }jnll f d mck}rv tdb n}

    hkmltb hke v dadv dkmd} rc nk hkbhqhbt nl, a hvo, hk}rhrt rhck, mcv pc vnrhck, t khkmcv pc vnrdb f cb x

    ca pdv}ck} cv nkx }rnrd cv nkx nedkmx rj dv dca +

    >+04 Rj d v dmhrnl} j dv dhk nf cqd nkb Nppd kbhmd} rc rjh} Nev ddo dkr }jnll acvo nk hkrdevnl

    pnvrca rjh} Nev ddo dkr+

    6+ ]TPPLX CA RJD ECCB] PTVMJN]DB 6+0> Rj d ]tpp lhdv jn} nev ddb rc }tpp lx rj d Eccb } rc rj d Hk}rhrt rhck pt v}t nkr rc rj d

    U vhrrdk Caadv acv rj d MckrvnmrPvhmd+ Tpc k v dmdh pr fx rj d Hk}rhrt rhck ca rj d ]tpp lhdv}

    Kc rhmd ca Bd lhqdvx, ujhmj }jnll f d bnrd c v }t mj crj dv bnrd n} onx f d o t rt nllx nev ddb

    f dru ddk rj d pnvrhd} j dv drc , j dv dhkna rdv v dadvv db rc n} Bdlhqdvx Bnrd, nbqh}hke rj d

    Hk}rhrt rhck rc rni d bdlhqdvx ca rj d Eccb }, rj d Hk}rhrt rhck }jnll v dmdhqd c v mnt }d rc v dmdhqd

    rj d Eccb } nr rj d bd}heknrdb pc hkrca bdlhqdvx+9

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    6+06 Rj d Eccb } }jnll v donhk nr rj d vh}i ca rj d ]tpp lhdv t krhl rj dx nv d bdlhqdv db rc rj d

    pc hkr ca bdlhqdvx nkb jn qd f ddk hk} pdmrdb nkb nmmdprdb fx rj d Hk}rhrt rhck, hoo dbhnrdlx

    na rdv ujhmj, nll vh}i} hk v d} pdmrca rj d Eccb } }jnll f d pn}}db c k rc rj d Hk}rhrt rhck9

    = + ]DMTVHRX =+0> N} }dmt vhrx acv rj d pdv acvonkmd ca rjh} Nev ddo dkr fx rj d ]tpp lhdv t kbdv rjh}

    Nev ddo dkr, rj d ]tpp lhdv }jnll7

    *n( At vkh}j rc rj d Hk}rhrt rhck n mc llnrdvnl*}(, }t f}rnkrhnllx hk rj d acvo nkb }t f}rnkmd

    nrrnmjdb j dv drc n} ] nlnno Bc mt o dkr - SS 9

    *f( Dzdmt rd }t mj at vrjdv bddb} nkb bc mt o dkr} n} onx a v c o rhod rc rhod f d v d~t hv db fx

    rj d Hk}rhrt rhck acv rj d pt v pc }d ca o cv d at llx }dmt vhke nkb c v pdv admrhke rj d }dmt vhrx

    mv dnrdb hka nqc v ca rj d Hk}rhrt rhck9 nkb

    *m(Mv dnrd }t mj crj dv }dmt vhrhd} rc }dmt v d rj d ]tpp lhdv}c flhenrhck} t kbdv rj d Pvhkmh pnl

    Bc mt o dkr} n} rj d pnvrhd}, j dv drc , onx fx o t rt nl mck}dkr nev dd a v co rhod rc rhod+

    =+06 Hk nbbhrhck rc nf cqd , rj d ]tpp lhdv }jnll dzdmt rd n bdonk b pv c oh}}cvx kc rd hk a nqc v

    ca rj d Hk}rhrt rhck acv rj d no ct kr ca rj d Mckrvnmr Pvhmd *rj d &Pv c oh}}cvx Kc rd&(9

    *Rj d ]d mt vhrx nkb rj d Pv coh}}cvx Kc rd nv d j dv dhkna rdv mc lldmrhqdlx v dadvv db rc n} rj d

    &]dmt vhrxBc mt o dkr}&(+ 2+ ADD] NKB DZPDK]D]

    Hr h}t kbdv}rccb rjnr dnmj pnvrx }jnll f dnv rj d add} nkb dz pdk}d} hkmt vv db a v c o hr}cuk

    nmmct kr hk mckkdmrhck uhrj rj d kdec rhnrhck, pv dpnvnrhck nkb dzdmt rhck ca rj d Pvhkmh pnl

    Bc mt o dkr} nkb ca no dkbo dkr cv dzrdk}hck ca c v rj d evnkrhke ca nkx unhqdv cv mck}dkr

    t kbdv rj d Pvhkmh pnl Bc mt o dkr}+

    4 + PNXODKR CA MCKRVNMR PVHMD

    Pnxo dkr rc rj d ]tpp lhdv t kbdv rjh} Nev ddo dkr jn} f ddk on bd ca }t mj uhrjj c lbhke rnzd} rjnr rj d hk}rhrt rhck} nv d v d~t hv db rc bdbt mrt kbdv qnvhct } lnu} hk acvmd+ Rj d Hk}rhrt rhc k

    }jnll pv co prlx bdlhqdv rc rj d ]tpp lhdv mcp hd} cv cvhehknl}ca nkx v dmdh pr}, mdvrha hmnrd} cv

    crj dv pv cca dq hbdkmhke rj d no ct kr} *ha nkx( pnhb c v pnxnfl d hk v d} pdmrca nkx bdbt mrhc k

    cv uhrjj c lbhke n} nacv d}nhb+

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    1 + VDPVD]DKRNRHCK] NKB UNVVNKRHD] 1 +0> Rj d ]tpp lhdv unvvnkr} nkb v dpv d}dkr} rc rj d Hk}rhrt rhck rjnr7

    n+ Rj d dzdmt rhck, bdlhqdvx nkb pdv acvonkmd ca rj d Pvhkmh pnl Bc mt o dkr} fx rj d ]tpp lhdv

    uhll kc r *h( mckrvnqdkd nkx dzh}rhke lnu, v det lnrhck cv nt rj cvhwnrhck, ujhmj rj d }tpp lhdv h}

    }t fgdmr rc , *hh( v d}t lr hk nkx fv dnmj ca c v bda nt lr t kbdv nkx nev ddo dkr cv crj dv hk}rv t o dkr

    rc ujhmj rj d ]tpp lhdv h} n pnvrxcv h} }t fgdmr rc , cv *hhh( mckrvnqdkd nkx pv cq h}hc k ca rj d

    mck}rhrt rhqd bc mt o dkr} ca rj d ]tpp lhdv cv nkx v d}c lt rhck nbcp rdb fx rj d f cnv b ca b hv dmrcv}

    cv o dof dv}ca rj d ]tpp lhdv9

    f + Rj d a hknkmhnl }rnrdo dkr} rcedrj dv uhrj rj d kc rd} rc rj d nmmct kr} nkb nll mckrhkedkr

    lhnfhlhrhd} nkb n}}dr} rjnr nv d bh}mlc}db rj dv dhk v dpv d}dkr n rv td nkb a nhv a hknkmhnlpc }hrhck

    ca rj d f t }hkd}} ca rj d ]tpp lhdv nkb rc rj d f d}r ca rj d ik cul dbed ca rj d ]tpp lhdv rj dv d nv d

    kc onr dvhnlc oh}}hc k} nkb c v oh}v dpv d}dkrnrhck}+

    m+ Nll v d~t h}hrd mcv pc vnrd nkb v det lnrcvx n ppv cq nl} v d~t hv db rc f d c frnhkdb fx rj d ]tpp lhdv

    hkcv bdv rc d krdv hkrc rj d Pvhkmh pnl Bc mt o dkr} nv d hkat ll acvmd nkb daadmr nkb }t mj

    n ppv cq nl} pdvohr rj d ]tpp lhdv, hkrdv nlhn, rc c frnhk rj d dkrhv d }nld} pvhmd hk nbqnkmd t kbdv

    rjh} Nev ddo dkr nkb pdv acvo hr}c flhenrhck} j dv dt kbdv nkb rjnr rj d dzdmt rhck ca rj d

    Pvhkmh pnl Bc mt o dkr} fx rj d ]tpp lhdv nkb rj d dzdvmh}d ca hr} vhejr} nkb pdv acvonkmd ca hr} c flhenrhck} j dv dt kbdv, mck}rhrt rd pvhqnrd nkb mcoo dvmhnl nmr}bc kd acv pvhqnrd nkb

    mcoo dvmhnlpt v pc }d}9

    b+ Kc onr dvhnl lhrhenrhck, nvfhrvnrhck cv nbohkh}rvnrhqd pv cmddbhke} h}pdkbhke cv

    rjv dnrdkdb nenhk}r rj d ]tpp lhdv cv nkx ca hr} n}}dr}9

    d+ Hr }jnll hkacvo rj d Hk}rhrt rhck uhrjhk /////// Ft }hkd}} Bnx} ca nk dqdkr cv jn ppdkhke

    ujhmj onx jn qd nk nbqdv}d daadmrck rj d a hknkmhnlpc }hrhck ca rj d ]tpp lhdv, uj drj dv }t mj

    nk dqdkr h} v dmcv bdb hk rj d a hknkmhnl }rnrdo dkr} cv kc r n} pdv n pp lhmnfld Hkrdvknrhcknl

    Nmmct krhke ] rnkbnv b}, n} n pp lhmnfld hkPnih}rnk+

    5+ TKBDVRNIHKE

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    5 +0> Rj d ]tpp lhdv mcqd knkr} nkb t kbdvrni d} rjnr }c lcke n} hr v donhk} c flhedb t kbdv rjh}

    Nev ddo dkr7

    n+ Hr }jnll hkacvo rj d Hk}rhrt rhck ca nkx Dqdkr ca Bda nt lr cv nkx dqdkr, ujhmj uhrj rj d

    ehqhke ca kc rhmd c v ln p}d ca rhod c v f crj u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr acvrjuhrj

    tpc k f dmcohke nunv d rj dv dca 9

    f + Hr }jnll bc nll }t mj rjhke} nkb dzdmt rd nll }t mj bc mt o dkr} ujhmj hk rj d cp hkhck ca rj d

    Hk}rhrt rhck onx f d kdmd}}nvx rc9

    *h(dknfl d rj d Hk}rhrt rhck rc n}}hek cv crj dvuh}d rvnk}adv rj d vhejr ca rj d Hk}rhrt rhck rc

    dknfl d nkx mv dbhrcv ca rj d Hk}rhrt rhck cv rc nkx rjhv b p nvrx rc v dmdhqd rj d bdlhqdvx ca rj d

    Eccb } n} rj d Hk}rhrt rhck onx bddo a hr nr hr}dkrhv d bh}mv drhck9

    *hh( mv dnrd nkb pdv admr rj d ]d mt vhrx9

    *hhh( onhkrnhk rj d ]d mt vhrx hkat ll acvmd nkb daadmr nr nll rhod} hkmltb hke rj d pvhcvhrx

    rj dv dca 9

    *hq( onhkrnhk, hk}t v d nkb p nx nll Rnzd} n}}d}}db hk v d} pdmrca rj d ]d mt v db N}}dr} nkb

    pv crdmr nkb dkacvmd hr} vhejr} nkb rhrld, nkb rj d vhejr} ca rj d Hk}rhrt rhck hk v d} pdmrca rj d

    ]d mt v db N}}dr}, nkb9

    *q( Pv d}dv qd nkb p v crdmr rj d ]d mt v db N}}dr}+Rj d ]tpp lhdv }jnll nr hr}cuk dz pdk}d mnt }d

    rc f d bdlhqdv db rc rj d Hk}rhrt rhck }t mj crj dv bc mt o dkrnrhck nkb ldenl cp hkhc k*}( n} rj d

    Hk}rhrt rhck onx v dn}cknflx v d~t hv d a v c o rhod rc rhod hk v d} pdmrca rj d acv dechke9

    m+ Hr uhll }nrh}a nmrcvhlx hk}t v d nll ]d mt v db N}}dr} uhrj v dpt rnfl d mc o pnkhd} caadvhke

    pv crdmrhck t kbdv rj d H}lnohm mckmdpr ca Rnin at l+ Rj d ]d mt v db N}}dr} }jnll f d

    mco pv dj dk}hqdlx hk}t v db *uhrj n v dpt rnfl d hk}t vnkmd mc o pnkx rc rj d }nrh}a nmrhck ca rj d

    Hk}rhrt rhck( nenhk}r nll hk}t vnfld vh}i}, ujhmj onx hkmltbd a hv d, nv}ck, rj da r, nmmhbdkr},

    mc llh}hc k, f cb x nkb dkehkd bnone d, qnkbnlh}o, vhcr} nkb nmr}ca rdvv cvh}o, nkb rc n}}hek

    nll pc lhmhd} ca hk}t vnkmd hk a nqc v ca rj d Hk}rhrt rhck rc rj d dzrdkr ca rj d no ct kr a v co rho d

    rc rhod btd t kbdv rjh} Nev ddo dkr, nkb rc mnt }d rj d kc rhmd ca rj d hkrdv d}r ca rj d Hk}rhrt rhck

    rc f d kc rdb c k rj d pc lhmhd} ca hk}t vnkmd, nkb rc pt kmrt nllx pnx rj d pv doht o btd ac v }t mj

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    hk}t vnkmd} nkb rc mckrdo pc vnkdct }lx rj dv duhrj bdlhqdv rj d pv doh t o v dmdh pr} rc rj d

    Hk}rhrt rhck+] j ct lb rj d ]tpp lhdv a nhl rc hk}t v d c v i ddp hk}t v db rj d ]d mt v db N }}dr} nkb#cv rc

    bdlhqdv }t mj pc lhmhd} nkb pv doht o v dmdh pr} rc rj d Hk}rhrt rhck, rj dk hr }jnll f d lnu at l acv

    rj d Hk}rhrt rhck f t r kc r c flhenrcvx rc p nx }t mj pv doht o nkb rc i ddp rj d ]d mt v db N }}dr} }c

    hk}t v db nkb nll mc}r mjnved} nkb dz pdk}d} hkmt vv db fx hracv rj d pt v pc }d }jnll f d mjnvedb

    rc nkb pnhb fx rj d ]tpp lhdv n} ha rj d }no d u dv d pnvr ca rj d o ckhd} btd + Rj d ]tpp lhdv

    dz pv d}}lx nev dd} rjnr rj d Hk}rhrt rhck }jnll f d dkrhrldb rc nb gt }r, }drrld c v mco pv c oh}d nkx

    bh} pt rd uhrj rj d hk}t vnkmd mco pnkx *hd}( nkb rj d hk}t vnkmd nvh}hket kbdv cv hk mckkdmrhck

    uhrj rj d pc lhmhd} ca hk}t vnkmd nkb }t mj nb gt }ro dkr}#mco pv c oh}d} cv }drrldo dkr} }jnll f d

    fhkbhke ck rj d ]tpp lhdv nkb rj d Hk}rhrt rhck }jnll f d dkrhrldb rc n ppv cp vhnrd nkb nb gt }r rj d

    no ct kr, ha nkx v dmdhqdb, t kbdv rj d nacv d}nhb pc lhmx cv pc lhmhd} rcunv b} pnvr cv at ll

    }nrh}a nmrhck ca rj d ]tpp lhdv%} hkbd fr dbkd}} nvh}hkect r ca rj d nf cqd nvvnkedo dkr} nkb rj d]tpp lhdv }jnll kc r vnh}d nkx ~td }rhck cv c fgdmrhck rjnr lnvedv }t o} ohejr cv }j ct lb jn qd

    f ddk v dmdhqdb t kbdv rj d nacv d}nhb pc lhmx kcv rj d ]tpp lhdv }jnll bh} pt rd hr} lhnfhlhrx*hd}( acv

    rj d fnlnkmd v donhkhke btd na rdv }t mj pnxo dkr#nb gt }ro dkr9

    b+ Dzmdpr n} v d~t hv db hk rj d kcvonl cpd vnrhck ca hr} f t }hkd}}, rj d ]tpp lhdv }jnll kc r,

    uhrj ct r rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck, }dll, rvnk}adv, ldn}d c v crj dvuh}d bh} pc }d ca

    nll cv n }hwdnfl d pnvr ca hr} n}}dr}, cv t kbdvrni d c v pdvohr nkx o dvedv, mck}c lhbnrhck,

    bh}onkrlhke cv v d c venkhwnrhck ujhmj u ct lb onr dvhnllx naadmr rj d ]tpp lhdv} nfhlhrx rc

    pdv acvo hr} c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9

    d+ Hr }jnll kc r *nkb }jnll kc r nev dd rc (, dzmdpr uhrj rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck,

    mv dnrd, hkmt v, n}}t o d c v }taadv rc dzh}r nkx Lhdk ujnr} cdqdv tpc k cv uhrj v d} pdmr rc rj d

    ]d mt v db N}}dr} nkb nkx c rj dv n}}dr} nkb pv cpd vrhd} cuk db fx rj d ]tpp lhdv ujhmj onx

    vnki }tpd vhcv, pnvhpn}}t c v hkadvhcv rc rj d }dmt vhrx mv dnrdb c v rc f d mv dnrdb hk a nqc v ca rj d

    Hk}rhrt rhck pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr}9

    a + Hr }jnll acvrjuhrj hkacvo rj d Hk}rhrt rhck ca 7

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    *h(Nkx dqdkr cv a nmrcv, nkx lhrhenrhck cv pv cmddbhke} pdkbhke cv rjv dnrdkdb nenhk}r rj d

    ]tpp lhdv ujhmj mct lb onr dvhnllx nkb nbqdv}dlx naadmr cv f d lhi dlx rc onr dvhnllx nkb

    nbqdv}dlx naadmr7

    *n( rj d a hknkmhnl mckbhrhc k ca rj d ]tpp lhdv9

    *f( f t }hkd}} cv cpdvnrhck} ca rj d ]tpp lhdv9 nkb

    *m( rj d ]tpp lhdv} nfhlhrx rc o ddr hr}c flhenrhck} uj dk btd t kbdv nkx ca rj d Pvhkmh pnl

    Bc mt o dkr},

    *b ( dz phvxcv mnkmdllnrhck ca n onr dvhnlpnrdkr, mcp x vhejr cv lhmdk}d,

    *d( lc}} ca n i dx dzdmt rhqd c v rvnbd Nev ddo dkr9

    *hh(Nkx mjnked hk rj d bhv dmrcv}cv onkne do dkr ca rj d ]tpp lhdv9

    *hhh(Nkx nmrt nl cv pv cpc }db rdvohknrhck, v d}mh}}hck, bh}mjnved *crj dvuh}d rjnk fx

    pdv acvonkmd(, no dkbo dkr cv unhqdv cv hkbt ledkmd t kbdv nkx onr dvhnlpv cq h}hc k ca nkx ca

    rj d Pvhkmh pnl Bc mt o dkr}9

    *hq(Nkx onr dvhnl kcrhmd c v mcvv d} pc kbdkmd v dmdhqdb c v hkhrhnrdb fx rj d ]tpp lhdv v dlnrhke

    rc rj d Lhmdk}d, mck}dkr cv nt rj cvhwnrhck kdmd}}nvxacv rj d pdv acvonkmd fx rj d ]tpp lhdv ca

    hr}c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9

    e+ Rj d ]tpp lhdv }jnll hkbdokh a x nkb j c lb rj d Hk}rhrt rhck nkb hr}caa hmdv} nkb do plc xdd}

    jnvol d}} nenhk}r nkx mlnho} ck nmmct kr ca ~t nlhrx, o dvmjnkrnfhlhrx,a hrkd}} acv t }d, nkb

    nkx lnrdkr cv pnrdkr bdadmr} hk rj d Eccb } nkb nkx onrr dv} pdvrnhkhke rc hkrdlldmrt nl

    pv cpdvrx vhejr} hk v d} pdmrca }t mj Eccb }+

    : + DQDKR] CA BDANTLR NKB RDVOHKNRHCK : +> Rj dv d }jnll f d nk Dqdkr ca Bda nt lr ha hk rj d cp hkhc k ca rj d Hk}rhrt rhck7

    *n( Rj d ]tpp lhdv a nhl} rc bd lhqdv rj d Eccb } mckrvnmrdb rc f d bdlhqdv db t kbdv rjh}

    Nev ddo dkr ck rj d Bd lhqdvx Bnrd nr Yhk}dvr Plnmd ca Bd lhqdvx_9

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    *f( Nkx v dpv d}dkrnrhck cv unvvnkrx on bd c v bddo db rc f d on bd c v v dpdnrdb fx rj d

    ]tpp lhdv hk cv pt v}t nkr rc rj d pvhkmh pnl Bc mt o dkr} cv hk nkx bc mt o dkr bdlhqdv db t kbdv

    rjh} Nev ddo dkr h} act kb rc f d hkmcvv dmr9

    *m( Nkx Hkbd fr dbkd}} ca rj d ]tpp lhdv hk dzmd}} ca V }+SSSSSSSSSS *Vtpdd }

    SSSSSSSSSSSSSSSS cklx( h} kc r pnhb uj dk btd c v f dmco d} btd c v mn pnfl d ca f dhke

    bdmlnv db btd hk rdvo} ca rjh} Nev ddo dkr9

    *b ( Nkx nt rj cvhrxca c v v deh}rvnrhck uhrj ecqd vko dkrnl cv pt flhm f cb hd} cv mct vr} v d~t hv db

    fx rj d ]tpp lhdv hk mckkdmrhck uhrj rj d dzdmt rhck, bdlhqdvx, pdv acvonkmd, qnlhbhrx,

    dkacvmdnfhlhrxcv nboh}}hfhlhrx hkdqhbdkmd ca rj d Pvhkmh pnl Bc mt o dkr} nv d o cb ha hdb hk n

    onkk dv t knmmdprnfl d rc rj d Hk}rhrt rhck cv h} kc r evnkrdb c v h} v dqc i db c v c rj dvuh}d mdn}d}

    rc f d hkat ll acvmd nkb daadmr9

    *d( Rj d rcrnl hkrdvv tp rhck cv md}}nrhck ca rj d f t }hkd}} nmrhqhrhd} ca rj d ]tpp lhdv9

    *a( Nkx mc}r}, mjnved} nkb dz pdk}d} t kbdv rj d Pvhkmh pnl Bc mt o dkr} }jnll v donhk t k pnhb

    acv n pdvhcb ca SSSSSSS bnx} na rdv kc rhmd ca bdonk b hk rjnr f djnl a jn} f ddk v dmdhqdb fx

    rj d ]tpp lhdv a v c o rj d Hk}rhrt rhck9

    : +06 Kc ruhrj}rnk bhke nkxrjhke mckrnhkdb j dv dhk, rj d Hk}rhrt rhck onx uhrj ct r pv d gtb hmd rc

    nkx ca hr}c rj dv vhejr}, nr nkx rhod na rdv rj d jn ppdkhke ca nk Dqdkr ca Bda nt lr fx kcrhmd rc

    rj d ]tpp lhdv bdmlnv d rjnr7

    *n( Rj d c flhenrhck ca rj d Hk}rhrt rhck rc rni d bdlhqdvx ca rj d Eccb } a v c o rj d ]tpp lhdv }jnll

    f d rdvohknrdb, acvrjuhrj9 nkb#cv

    *f( Rj d dkrhv d ct r}rnkbhke no ct kr ca rj d MckrvnmrPvhmd nkb nkx c rj dv no ct kr} pnhb rc

    rj d ]tpp lhdv t kbdv rjh} Nev ddo dkr nlc ke uhrj nll c rj dv mc}r}, mjnved}, nkb dz pdk}d}

    hkmt vv db c v nmrt nl lc }} }t }rnhkdb fx rj d Hk}rhrt rhck }jnll acvrjuhrj f dmc o d btd nkb

    v dat kbnfl d+

    8 + PDKNLRX 8 +0> U j dv d nkx no ct kr h} v d~t hv db rc f d pnhb fx rj d ]tpp lhdv t kbdv rj d Pvhkmh pnl

    Bc mt o dkr} ck n } pdmha hdb bnrd nkb h} kc r pnhb fx rjnr bnrd, cv nk dzrdk}hc k rj dv dca ,

    pdvohrrdb fx rj d Hk}rhrt rhck uhrj ct r nkx bdmv dn}d hk rj d MckrvnmrPvhmd, rj d ]tpp lhdv

    j dv d fx t kbdvrni d} rc p nx bhv dmrlx rc rj d Mjnvhrx At kb, mck}rhrt rdb fx rj d Hk}rhrt rhck, n

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    }t o mnlmt lnrdb @ //////$ pd v nkkt o acv rj d dkrhv d pdvhcb ca bda nt lr, mnlmt lnrdb c k rj d

    rc rnl no ct kr ca rj d c flhenrhck} v donhkhke t k/b h}mjnvedb+Rj d Mjnvhrx At kb }jnll f d t }db

    nr rj d nf} c lt rd bh}mv drhck ca rj d Hk}rhrt rhck, dzmlt }hqdlx acv rj d pt v pc }d} ca n ppv cqdb

    mjnvhrx+

    8 +06 Hk mn}d}

    *h( nkx no ct kr*}( v dadvv db rc hk mlnt }d 8+0> nf cqd , hkmltb hke rj d no ct kr t kbdvrni dk rc f d

    pnhb b hv dmrlx rc rj d Mjnvhrx At kb, fx rj d ]tpp lhdv, h} kc r pnhb fx jho, cv

    *hh( rj d ]tpp lhdv bdlnx} rj d pnxo dkr ca nkx no ct kr btd t kbdv rj d Pvhkmh pnl Bc mt o dkr}

    nkb# cv rj d pnxo dkr ca no ct kr rc rj d Mjnvhrx At kb n} dkqh}nedb t kbdv Mlnt }d >0+0>

    nf cqd , n} n v d}t lr ca ujhmj nkx bhv dmrcv hkbhv dmr mc}r} nv d hkmt vv db fx rj d Hk}rhrt rhck, rj d

    Hk}rhrt rhck }jnll jn qd rj d vhejr rc n ppv cnmj n mco pdrdkr Mct vr,

    *h( Acv v dmcqdvx ca nkx no ct kr} v donhkhke t k pnhb n} u dll n},

    *hh(acv ho pc }hke ca n pdknlrx ck rj d ]tpp lhdv+Hk rjh} v denv b rj d ]tpp lhdv h} nunv d nkb

    nmikcul dbed} rjnr kcruhrj}rnk bhke rj d no ct kr pnhb fx rj d ]tpp lhdv rc rj d Mjnvhrx At kb

    ca rj d Hk}rhrt rhck, rj d Mct vr jn} rj d pc u dv rc ho pc }d pdknlrx, nr hr}bh}mv drhck, nkb a v c o

    rj d no ct kr ca }t mj pdknlrx, n }onll dv cv fhee dv pnvr, bdpdkbhke tpc k rj d mhvmt o}rnkmd},

    mnk f d nunv bdb n} }c lnvht o rc rj d Hk}rhrt rhck, bdrdvohkdb c k rj d fn}h} ca b hv dmr nkb

    hkbhv dmr mc}r} hkmt vv db, crj dv rjnk rj d cppc vrt khrx mc}r+

    > 0+ HKBDOKHRHD]

    Rj d ]tpp lhdv }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx dz pdk}d, ujhmj rj d Hk}rhrt rhc k

    }jnll pv cqd n} vhejrlx hkmt vv db fx hr n} n mck}d~td kmd ca

    *h(Nkx bda nt lr hkpdv acvonkmd ca nkx c flhenrhck} t kbdv rj d Pvhkmh pnl Bc mt o dkr},

    *hh( rj d cmmt vv dkmd ca nkx Dqdkr ca Bda nt lr, nkb

    *hhh( nvh}hkect r ca nkx oh}v dpv d}dkrnrhck

    >> + HKMVDN]DB MC]R]

    Ha nkx lnu cv v det lnrhck cv nkx cv bdv ca nkx mct vr, rvhft knl cv nt rj cvhrx jn} rj d daadmrca

    }t fgdmrhke rj d ]tpp lhdv rc R nzd} cv mjnked} rj d fn}h} cv vnrd ca Rnznrhck uhrj v d} pdmr rc

    nkx pnxo dkr cv c rj dv c flhenrhck t kbdv rjh} Nev ddo dkr *crj dv rjnk Rnzd} cv Rnznrhck ck

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    UH RKD]]D]7 Acv nkb c k f djnl a cYhk}dvr kno d ca rj d

    Hk}rhrt rhck_

    >+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS

    6+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS

    Acv nkb c k f djnl a ca

    >+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS

    6+ SSSSSSSSSSSSSSSS SSSSSSSSSSSSSSSS

    #* " 1* "' 4**0* > 5

    RJH ] LDN]D NEVDDODK R

    *rj d &Nev ddo dkr&( h} on bd nr SSSSSSSS ck SSSSSSSSSSSSS bnx ca SSSSSSSSSSSSS fx

    nkb

    FD RU DDK

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,

    *j dv dhkna rdv v dadvv db rc n} rj d Ld}}dd& ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c

    pdvohr} o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr

    NKB

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS,*j dv d hk

    na rdv v dadvv db rc n} rj d Ld}}cv&ujhmj dz pv d}}hck }jnll uj dv d rj d mckrdzr }c pd vohr}

    o dnk nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}( ca rj d c rj dv pnvr+

    HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7

    > + PTVPC]D NKB BDAHKHRHCK]

    Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhc k} tpc k nkb }t fgdmr rc ujhmj rj d Ld}}cv jn}, nmrhkeck rj d U vhrrdk Vd~td }r ca rj d Ld}}dd ujhmj h} nrrnmjdb n} Ldn}d Bc mt o dkr -

    SS ca rjh} Nev ddo dkr, nm~t hv db# f dkda hmhnllx nm~t hv db rj d v d~td }rdb n}}dr} nkb jn qd nev ddb

    rc Ld n}d rj d }no d rc rj d Ld}}dd+ Nll, dl}d rjd }nod n} nfcqd nevddodkr jn b+

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    6:

    ,> 5*4*15 (4** #6 "> "' 4**0* > 5

    R jh} Nevddodkr

    h} on bd nr SSSSSSSSSSSSSSSSS rjh} SSSSSSSSSSSSSSSSSSS bnx ca SSSSSSSSSSSSSSSS

    600 5+ FD RU DDK

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS Lhohrdb, jn qhke hr} plnmd ca f t }hkd}} nr #

    v d}hbdkr ca SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS j dv dhkna rdv v dadvv db rc n} rj d Mlhdkr

    *ujhmj rdvo }jnll uj dv dqdv rj d mckrdzr }c v d~t hv d} cv pdvohr} o dnk nkb hkmltbd hr}

    }t mmd}}cv}/hk/hkrdv d}r nkb n}}hek}( ca rj d CKD PNVR +

    NKB

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS F nki Lhohrdb *cv a hknkmhnl hk}rhrt rhck(, n bt lx

    hkmcv pc vnrdb fnkihke mc o pnkx *cv a hknkmhnl hk}rhrt rhck( jn qhke hr} v deh}rdv db caa hmd nr

    SSSSSSSSSSSSSSSSSSS j dv dhkna rdv v dadvv db n} rj d Hk}rhrt rhck *ujhmj dz pv d}}hc k }jnll

    uj dv dqdv rj d mckrdzr }c v d~t hv d} cv pdvohr} o dnk nkb hkmltbd rj d j dhv}, ldenl

    v dpv d}dkrnrhqd} nkb }t mmd}}cv}/hk/hkrdv d}r nkb n}}hek}( ca rj d CRJDV PNVR +

    UJ DVDN], rj d Hk}rhrt rhck jn} nev ddb rc ehqd nk Hkrdv d}r Av dd Lc nk rc rj d Mlhdkr ck

    rdvo} nkb mckbhrhck}, j dv dhkna rdv n ppdnvhke+

    KCU, RJDVDACVD, RJH] NEVDDODKR UHKRD]]DRJ N] TKBDV7/ >+ Rj d Hk}rhrt rhck j dv d fx nev dd} rc p v cq hbd rc rj d Mlhdkr nk Hkrdv d}r Av dd Lc nk *j dv dhkna rdv

    v dadvv db rc n} rj d Lc nk( tp rc n onzho t o ca V }+ SSSSSSSSSSSSSSSSSSS ck rj d rdvo}

    nkb mckbhrhc k} j dv dhkna rdv mckrnhkdb+

    6+ Rj d pnvrhd} j dv drc j dv d fx o t rt nllx nev dd nkb mcqd knkr n} t kbdv7/

    h+ Rj d Mlhdkr t kbdvrni d} rc v dpnx rj d lcnk uhrj ct r nkx hkrdv d}r ck cv f dacv d

    SSSSSSSSSSSSSS+

    hh+ Hk mn}d rj d Mlhdkr a nhl} rc pd v acvo n} pdv pv cq h}hck} ca rjh} Nev ddo dkr cv nkx no ct kr h}

    v d~t hv db rc f d pnhb fx rj d Mlhdkr ck n } pdmha hdb bnrd nkb h} kc r pnhb c k rjnr bnrd, cv nkx

    no ct kr h}pnxnfl d fx rj d Mlhdkr t kbdv rjh} Nev ddo dkr uhrjhk n } pdmha hdb pdvhcb na rdv rj d

    v dmdh pr ca n bdonk b a v c o rj d Hk}rhrt rhck nkb h} kc r pnhb fx hr uhrjhk rj d } pdmha hdb pdvhcb

    na rdv rj d v dmdh pr ca rj d bdonk b nkb }t mj no ct kr} jn qd rc f d v dmcqdv db rjv ct ej lhrhenrhck,

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    n mct vr onx nunv b }c lnrht o rc rj d Hk}rhrt rhck rc mcqdv rj d dz pdk}d} hkmt vv db hk rj d

    v dmcqdvx ca hr}btd }+

    =+ N} }dmt vhrxacv v dpnxo dkr ca rj d Hk}rhrt rhck} lc nk nkb#cv nll c rj dv }t o} pnxnfl d n}

    nacv d}nhb rj d Mlhdkr j dv d fx nev dd} nkb t kbdvrni d} rc ehqd }t mj }dmt vhrx n} onx f d

    nmmdprnfl d rc rj d Hk}rhrt rhck nkb rj d rdvo} nkb mckbhrhck} ca ujhmj }jnll f d }t mj n} rj d

    Hk}rhrt rhck onx bdrdvohkd+

    HK UHRKD]] UJDVDCA rj d Mlhdkr nkb rj d Hk}rhrt rhck jn qd dzdmt rdb rjh}

    nev ddo dkr ck rj d bnx, o ckrj nkb xdnv j dv dhknfcqd o dkrhckdb+

    Uhrkd}} MLHDKR

    > +

    SSSSSSSSSSSSSSSSSSSSSSSS

    SSSSSSSSSS SSSSSSSSSSSSSS

    6+

    SSSSSSSSSSSSSSSSSSSSSSSS

    Uhrkd}} HK]RHRTRHCK

    > +

    SSSSSSSSSSSSSSSSSSSSSSSS

    SSSSSSSSSS SSSSSSSSSSSSSS

    6+

    SSSSSSSSSSSSSSSSSSSSSSSS

    Nppdkbhz N

    Bd}mvhprhck ca rjd Pvcgdmr

    Nppdkbhz F

    ]mjdbtld acv Ptvmjn}d ca Pvcgdmr ]jnvd}

    Nppdkbhz M

    Mc}r#Qnltd ca rjd Pvcgdmr

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    =0

    0:1 " 7 " 0 " (" !,#,5< "' 4**0* > 5

    RJH ] OT]N U NON ANM HL HR X NEVDDODK R

    *rjh} &Nev ddo dkr&( h} on bd nrSSSSSSSSSSS ck SSSSSS bnx ca SSSSSS fx nkb

    FD RU DDK

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS, *j dv dhkna rdv

    v dadvv db rc n} rj d &Mlhdkr&ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c pd vohr} o dnk nkb

    hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb pdvohrrdb n}}hek}( ca rj d c kd pnvr

    NKB

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS *j dv dhkna rdv,

    v dadvv db rc n} rj d &Hk}rhrt rhck&ujhmj dz pv d}}hc k }jnll uj dv d rj d mckrdzr }c pd vohr} o dnk

    nkb hkmltbd hr} }t mmd}}cv} hk hkrdv d}r nkb n}}hek}(ca rj d c rj dv pnvr+

    HR H] NEVDDB FX RJ D PNV RHD] n} acllcu}7

    > + PTVPC]D NKB BDAHKHRHCK] >+0> Rjh} Nev ddo dkr }dr} ct r rj d rdvo} nkb mckbhrhck} tpc k nkb }t fgdmr rc ujhmj rj d

    Hk}rhrt rhck jn} nev ddb rc pt vmjn}d rj d Eccb } a v co rhod rc rhod a v co rj d ]tpp lhdv} nkb

    tpc k ujhmj rj d Hk}rhrt rhck jn} nev ddb rc }dll rj d }no d rc rj d Mlhdkr a v co rho d rc rhod fx unx ca Ot }nunonj a nmhlhrx+

    >+06 Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}7 & Nmr& o dnk} rj d F nkihke Mco pnkhd} *Vdmcqdvx ca Lc nk}, Nbq nkmd}, Mv dbhr} nkb

    Ahknkmd}( Nmr,>885 c v nkx }rnrt rcvx o cb ha hmnrhck cv v d/pv co t lenrhck rj dv dca 9

    &

    Nedkr&

    o dnk} rj d pdv}ck n ppc hkrdb t kbdv rj d rdvo} ca rj d NedkmxNev ddo dkr9

    & Nedkmx Nevddodkr & o dnk} rj d NedkmxNev ddo dkr f dru ddk rj d Hk}rhrt rhck nkb rj d

    pdv}ck n ppc hkrdb n} Nedkr *ujhmj onx f d rj d Mlhdkr( n} pv cq hbdb hk rj d Ot }nunonj

    Bc mt o dkr- 69

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    =>

    & Ft}hkd}} Bnx & o dnk} n bnx ck ujhmj fnki} nv d cpd k acv kcvonl f t }hkd}} hkPnih}rnk9

    &

    Mc}r Pvhmd&

    o dnk} rj d no ct kr ujhmj onx f d hkmt vv db fx nkb#cv ck f djnl a ca rj dHk}rhrt rhck acv rj d nm~t h}hrhc k ca Eccb } plt } nll mc}r}, bt rhd}, rnzd} nkb mjnved} hkmhbdkrnl

    rc nkb mckkdmrdb uhrj nm~t h}hrhc k ca Eccb }9

    & Mckrvnmr Pvhmd& o dnk} rj d pvhmd pnxnfl d fx rj d Mlhdkr rc rj d Hk}rhrt rhck acv Eccb } n}

    }rh pt lnrdb hkPnvr/HHH ca rj d Bdmlnvnrhck *Ot }nunonj Bc mt o dkr - 4( rc f d h}}tdb fx rj d

    Hk}rhrt rhck a v co rhod rc rhod9

    & Bdmlnvnrhck& o dnk} Bdmlnvnrhck n} }dr ct r hkOt }nunonj Bc mt o dkr - 49

    & Dqdkr ca Bdantlr & o dnk} nkx ca rj d dqdkr} cv mhvmt o}rnkmd} bd}mvhfdb hkMlnt }d 8

    j dv drc9

    & Eccb} & o dnk} rj d Eccb } n} onx f d } pdmha hdb hk rj d Pt vmjn}d Vd~t h}hrhc k*}( rc f d

    h}}tdb fx rj d Mlhdkr a v co rho d rc rhod9

    & Hkbdfrdbkd}} & o dnk} nkx c flhenrhck ca rj d Mlhdkr acv rj d pnxo dkr cv nkx }t o ca

    o c kdx btd c v, pnxnfl d t kbdv rjh} Nev ddo dkr9

    & Lhmdk}d& o dnk} nkx lhmdk}d, pdvoh}}hc k, nt rj cvhwnrhck, v deh}rvnrhck, mck}dkr cv n ppv cq nl

    evnkrdb rc rj d Mlhdkr acv rj d pt v pc }d ca c v v dlnrhke rc rj d mckbt mrca hr} f t }hkd}}9

    & Lhdk& }jnll o dnk nkx o cvrened, mjnved, pldbed, jx pc rj dmnrhck, }dmt vhrx hkrdv d}r, lhdk,

    vhejr ca }dr/caa , mckrvnmrt nl v d}rvhmrhck *}t mj n} kdenrhqd mcqd knkr}( nkb nkx c rj dv

    dkmt ofvnkm d9

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    & Pnxodkr Bnrd & cv &Pnxo dkr Bnrd}&o dnk} rj d v d} pdmrhqd bnrd} acv rj d pnxo dkr ca rj d

    hk}rnllo dkr} ca rj d MckrvnmrPvhmd c v pnvr rj dv dca fx rj d Mlhdkr rc rj d Hk}rhrt rhck n}

    } pdmha hdb hkOt }nunonj Bc mt o dkr - 1 j dv drc , cv, ha }t mj v d} pdmrhqd btd b nrd h} kc r n

    Ft }hkd}} Bnx, rj d kdzr Ft }hkd}} Bnx9

    & Pvcahr& o dnk} nkx pnvrca rj d MckrvnmrPvhmd ujhmj h} kcr n pnvrca rj d Mc}r Pvhmd9

    & Pnvrhd}& o dnk rj d pnvrhd} rc rjh} Nev ddo dkr9

    & Pvhkmhpnl Bcmtodkr}& o dnk} rjh} Nev ddo dkr, rj d NedkmxNev ddo dkr9 nkb rj d

    ]d mt vhrxBc mt o dkr}9

    & Pvcoh}}cvx Kcrd & h}bda hkdb hkMlnt }d =+06 nkb h} kdecrhnfld c klx nr rj d a nmd qnltd , ha

    v d~t hv db9

    & Pvtbdkrhnl Vdetlnrhck} & o dnk} Pv tbd krhnlVdet lnrhck} cv crj dv v det lnrhck} n} nv d

    kc rha hdb a v c o rhod rc rhod fx ]FP 9

    & Ptvmjn}d Vd~th}hrhck o dnk} n v d~td }r a v co rho d rc rhod fx rj d Mlhdkr rc rj d

    Hk}rhrt rhck n} pdv Ot }nunonj Bc mt o dkr - =#>9

    & ]dmtvhrx Bcmtodkr} & nkb &]dmt vhrx&h}bda hkdb hkMlnt }d =9

    & ]tpplhdv & o dnk} rj d }tpp lhdv a v c o uj c o rj d Hk}rhrt rhck nm~t hv d} Rhrld rc rj d Eccb }9

    & ]dmtvdb N}}dr} & o dnk} *hk}dvr bd}mvh prhck ca n}}dr} hk v d} pdmrca ujhmj

    mjnved#o cvrened onx f d mv dnrdb( caadv db n} }dmt vhrx fx rj d Mlhdkr9

    Vdmdhpr o dnk} n mcka hvonrhck fx rj d Nedkr ca rj d Hk}rhrt rhck, ca v dmdh pr ca at kb} fx

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    rj d ]tpp lhdv acv rj d }tpp lx ca Eccb } Ot }nunonj Bc mt o dkr - 2 +

    & Vtpdd} & cv &V }+&o dnk} rj d lnu at l mt vv dkmxca Pnih}rnk9

    & ]FP & o dnk} rj d ] rnrd F nki ca Pnih}rnk9

    & Rhrld& o dnk} }t mj rhrld c v c rj dv hkrdv d}r hk rj d Eccb } n} rj d Hk}rhrt rhck v dmdhqd} a v c o rj d

    ]tpp lhdv9

    & Rnzd} & hkmltbd } nll pv d}dkr nkb at rt v d rnzd} *hkmltb hke mdkrvnl dzmh}d bt rx nkb }nld}

    rnz(, ldqhd}, ho pc }r}, bt rhd}, }rno p bt rhd}, pdknlrhd}, add} cv mjnved} ca ujnr dqdv knrt v drcedrj dv uhrj bdlnxdb pnxo dkr mjnved} rj dv dck nkb pdknlrhd} hk v d} pdmr rj dv dca nkb

    &Rnznrhck&}jnll f d mck}rv tdb nmmcv bhkelx9

    & Qnltd Bnrd & o dnk} rj d bnrd ck ujhmj rj d Mc}r Pvhmd uhll f d bh}ft v}db fx rj d

    Hk}rhrt rhck n} }rnrdb hk rj d Pt vmjn}d Vd~t h}hrhc k+

    >+0= Mlnt }d j dnbhke} nkb rj d rnfl d ca mckrdkr} nv d hk}dvrdb acv mckqdkhdkmd ca v dadv dkmd

    cklx nkb }jnll f d hekcv db hk rj d hkrdv pv drnrhck ca rjh} Nev ddo dkr+ Hk rjh} Nev ddo dkr, t kld}} rj d mckrdzr crj dvuh}d v d~t hv d}, v dadv dkmd} rc Mlnt }d} nkb Ot }nunonj Bc mt o dkr}

    nv d rc f d mck}rv tdb n} v dadv dkmd} rc rj d mlnt }d} ca , nkb Ot }nunonj Bc mt o dkr} rc , rjh}

    Nev ddo dkr nkb v dadv dkmd} rc rjh} Nev ddo dkr hkmltbd hr}Ot }nunonj Bc mt o dkr}9 u cv b}

    ho pc vrhke rj d plt vnl }jnll hkmltbd rj d }hket lnv nkb qhmd qdv}n nkb v dadv dkmd rc n pdv}ck

    }jnll f d mck}rv tdb n} hkmltb hke v dadv dkmd} rc nk hkbhqhbt nl, a hvo, Hk}rhrt rhck, mcv pc vnrhck,

    t khkmcv pc vnrdb f cb x ca pdv}ck} cv nkx }rnrd c v nkx Nedkmx rj dv dca +

    >+02 Rj d v dmhrnl} j dv dhk nf cqd nkb Ot }nunonj Bc mt o dkr} rc rjh} Nev ddo dkr }jnll acvo

    nk hkrdevnl pnvrca rjh} Nev ddo dkr+

    6+ ]NLD NKB PTVMJN]D CA RJD ECCB] 6+0> Rj d Hk}rhrt rhck nev dd} rc }dll rj d Eccb } rc rj d Mlhdkr rc n onzho t o no ct kr ca

    V }+SSSSSSSSSSSSSSS nkb rj d Mlhdkr nev dd} rc pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck

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    a v c o rho d rc rhod nr rj d MckrvnmrPvhmd+ Tpc k v dmdh pr fx rj d Hk}rhrt rhck ca rj d Mlhdkr%}

    Pt vmjn}d Vd~t h}hrhck nbqh}hke rj d Hk}rhrt rhck rc pt vmjn}d rj d Eccb } nkb oni d pnxo dkr

    rj dv dacv d, rj d Hk}rhrt rhck }jnll nm~t hv d rj d Eccb } dhrjdv bhv dmrlxcv rjv ct ej rj d Nedkr, rj d

    pnxo dkr acv ujhmj }jnll f d on bd fx rj d hk}rhrt rhck rc rj d ]tpp lhdv+Rj d Vdmdh pr acv }t mj

    pnxo dkr }jnll f d nmikcul dbedb fx rj d Mlhdkr hk jh} mn pnmhrx n} nk Nedkr rc rj d

    Hk}rhrt rhck, }j ct lb j d f d }c n ppc hkrdb n} nk Nedkr ca rj d Hk}rhrt rhck+ Rj d }nhb Vdmdh pr

    }jnll f d }t f}rnkrhnllx hk n acvo ehqdk hkOt }nunonj Bc mt o dkr - 2 +

    6+06+> Na rdv rj d pt vmjn}d ca Eccb } fx rj d Hk}rhrt rhck, rj d Mlhdkr }jnll caadv rc pt vmjn}d

    rj d Eccb } a v co rj d Hk}rhrt rhck nr rj d MckrvnmrPvhmd hk rj d onkk dv pv cq hbdb hk rj d Pnvr/HH

    ca rj d Bdmlnvnrhck+

    6+0= Rj d Mlhdkr }jnll pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck na rdv rj d Hk}rhrt rhck jn}

    f dkda hmhnllx nm~t hv db rj d Eccb }+Rj d Ot }nunonj pt vmjn}d ca rj d Mlhdkr a v c o rj dHk}rhrt rhck }jnll f d naadmrdb fx rj d dzmjnke d ca nk caadv nkb nmmdprnkmd f dru ddk rj d

    Mlhdkr nkb rj d Hk}rhrt rhck+Rj d Eccb } }jnll v donhk nr rj d vh}i ca rj d Hk}rhrt rhck t krhl }t mj

    rhod rj d mlhdkr jn} nmmdprdb rj d caadv on bd fx rj d Hk}rhrt rhck n} }dr ct r hk rj d Nppd kbhz M

    ca rjh} Nev ddo dkr, hoo dbhnrdlx na rdv ujhmj, nll vh}i} hk v d} pdmrca rj d Eccb } }jnll f d

    pn}}db c k rc rj d Mlhdkr+

    CV *rc f d n pp lhmnfld ha }nld h} f dhke on bd a v c o hkqdkrcvx ca rj d hk}rhrt rhck(

    6+0= Rj d Hk}rhrt rhck jn} nev ddb rc }dll rj d Eccb } rc rj d Mlhdkr nkb rj d Mlhdkr jn} nev ddb rc

    pt vmjn}d rj d Eccb } a v co rj d Hk}rhrt rhck acv rj d MckrvnmrPvhmd+Tpc k v dmdh pr fx rj d

    Hk}rhrt rhck ca rj d Mlhdkr%}Pt vmjn}d Vd~t h}hrhck nbqh}hke rj d Hk}rhrt rhck ca hr}

    v d~t hv do dkr}, rj d Hk}rhrt rhck }jnll bdlhqdv rj d Eccb } rc rj d mlhdkr+Rj d rhrld ca Eccb } }jnll

    }rnkb rvnk}advv db rc rj d Mlhdkr n} pdv nev ddb rdvo} ca bdlhqdvx

    = + ]DMTVHRX =+0> N} }dmt vhrx acv rj d hkbd frdbkd}} ca rj d Mlhdkr t kbdv rjh} Nev ddo dkr, rj d Mlhdkr

    }jnll7/

    *n( At vkh}j rc rj d Hk}rhrt rhck mc llnrdvnl*}(#}dmt vhrx*hd}(, }t f}rnkrhnllx hk rj d acvo nkb

    }t f}rnkmd nrrnmjdb j dv drc n} Ot }nunonj Bc mt o dkr - 5 9

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    *f( Dzdmt rd }t mj at vrjdv bddb} nkb bc mt o dkr} n} onx a v c o rhod rc rhod f d v d~t hv db fx

    rj d Hk}rhrt rhck acv rj d pt v pc }d ca o cv d at llx }dmt vhke nkb c v pdv admrhke rj d }dmt vhrx

    mv dnrdb hka nqc v ca rj d Hk}rhrt rhck9 nkb

    *m(Mv dnrd }t mj crj dv }dmt vhrhd} rc }dmt v d rj d Mlhdkr}c flhenrhck} t kbdv rj d Pvhkmh pnl

    Bc mt o dkr} n} rj d pnvrhd} j dv drc , onx fx o t rt nl mck}dkr nev dd a v co rhod rc rhod+

    *Rj d nf cqd nv d j dv dhkna rdv mc lldmrhqdlx v dadvv db rc n} rj d &]dmt vhrx&(+

    =+06 Hk nbbhrhck rc nf cqd , rj d Mlhdkr }jnll dzdmt rd n bdonk b p v c oh}}cvx kc rd hk a nqc v ca

    rj d Hk}rhrt rhck acv rj d no ct kr ca rj d Mckrvnmr Pvhmd *rj d &Pv coh}}cvx Kc rd&(9

    *Rjd ]dmtvhrx nkb rjd Pvcoh}}cvx Kcrd nvd jdvdhknardv mclldmrhqdlx

    vdadvvdb rc n} rjd & ]dmtvhrx Bcmtodkr} & (+

    2+ ADD] NKB DZPDK]D]

    Rj d Mlhdkr }jnll pnx rc rj d Hk}rhrt rhck ck bdonk b uhrjhk >4 bnx} ca }t mj bdonk b f dhke

    on bd, nll dz pdk}d} *hkmltb hke ldenl nkb c rj dv nkmhllnvxdz pdk}d}( hkmt vv db fx rj d

    Hk}rhrt rhck hk mckkdmrhck uhrj rj d kdec rhnrhck, pv dpnvnrhck nkb dzdmt rhck ca rj d Pvhkmh pnl

    Bc mt o dkr} nkb ca no dkbo dkr cv dzrdk}hck ca c v rj d evnkrhke ca nkx unhqdv cv mck}dkr

    t kbdv rj d Pvhkmh pnl Bc mt o dkr}+

    4 + PNXODKR CA MCKRVNMR PVHMD

    4+0> Nll pnxo dkr} rc f d on bd fx rj d Mlhdkr t kbdv rjh} Nev ddo dkr }jnll f d on bd hk at ll,

    uhrj ct r nkx }dr/caa , v c ll cqdv cv mct krdvmlnho ujnr} cdqdv, ck rj d btd b nrd nkb uj dk rj d

    btd b nrd h} kc r n Ft }hkd}} Bnx, rj d acllcuhke Ft }hkd}} Bnx nkb }nqd n} pv cq hbdb hk

    Mlnt }d 4+06, a v dd nkb mldnv ca nkx bdbt mrhck} cv uhrjj c lbhke}, rc n mt vv dkr nmmct kr ca rj d

    Hk}rhrt rhck n} onx f d kc rha hdb a v c o rho d rc rhod, nkb rj d Mlhdkr uhll cklx f d v dldn}db a v c o

    hr}pnxo dkr c flhenrhck} j dv dt kbdv fx pnxhke }t o} btd hkrc rj d nacv do dkrhckdb nmmct kr+

    4+06 Ha nr nkx rho d rj d Mlhdkr h} v d~t hv db rc oni d nkx kck v dat kbnfl d nkb kck/nb gt }rnfl d

    bdbt mrhck cv uhrjj c lbhke hk v d} pdmrca Rnzd} a v co nkx pnxo dkr btd rc rj d Hk}rhrt rhc k

    t kbdv rjh} Nev ddo dkr, rj d }t o btd a v c o rj d Mlhdkr hk v d} pdmrca }t mj pnxo dkr }jnll f d

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    hkmv dn}db rc rj d dzrdkr kdmd}}nvx rc dk}t v d rjnr, na rdv rj d onihke ca }t mj bdbt mrhck cv

    uhrjj c lbhke, rj d Hk}rhrt rhck v dmdhqd} ck rj d Pnxo dkr Bnrd, n kdr }t o d~t nl rc rj d }t o

    ujhmj hr u ct lb jn qd v dmdhqdb jn b kc }t mj bdbt mrhc k cv uhrjj c lbhke f ddk v d~t hv db rc f d

    on bd nkb rj d Mlhdkr }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx lc}}d} cv mc}r} hkmt vv db fx

    rj d Hk}rhrt rhck fx v dn}ck ca nkx a nhlt v d ca rj d Mlhdkr rc oni d nkx }t mj bdbt mrhck cv

    uhrjj c lbhke+Rj d Mlhdkr }jnll pv c o prlx bdlhqdv rc rj d Hk}rhrt rhck nkx v dmdh pr}, mdvrha hmnrd}

    cv crj dv pv cca dq hbdkmhke rj d no ct kr} *ha nkx( pnhb c v pnxnfl d hk v d} pdmr ca nkx

    bdbt mrhck cv uhrjj c lbhke n} nacv d}nhb+

    1 + VDPVD]DKRNRHCK] NKB UNVVNKRHD]

    rj d Mlhdkr unvvnkr} nkb v dpv d}dkr} rc rj d Hk}rhrt rhck rjnr7

    n+ Rj d dzdmt rhck, bdlhqdvx nkb pd v acvonkmd ca rj d Pvhkmh pnl Bc mt o dkr} fx rj d Mlhdkr uhll

    kc r

    *h( mckrvnqdkd nkx dzh}rhke lnu, v det lnrhck} cv nt rj cvhwnrhck rc ujhmj rj d Mlhdkr h}

    }t fgdmr,

    *hh( v d}t lr hk nkx fv dnmj ca c v bda nt lr t kbdv nkx nev ddo dkr cv crj dv hk}rv t o dkr rc ujhmj

    rj d Mlhdkr h} n pnvrxcv h} }t fgdmr rc , cv

    *hhh( mckrvnqdkd nkx pv cq h}hc k ca rj d mck}rhrt rhqd bc mt o dkr} ca rj d Mlhdkr cv nkx v d}c lt rhck} nbcp rdb fx rj d f cnv b ca b hv dmrcv}cv o dof dv}ca rj d Mlhdkr9

    f + Rj d a hknkmhnl }rnrdo dkr} }t fohrr db rcedrj dv uhrj rj d kc rd} rc rj d nmmct kr} nkb nll

    mckrhkedkr lhnfhlhrhd} nkb n}}dr} rjnr nv d bh}mlc }db rj dv dhk v dpv d}dkr n rv td nkb a nhv

    a hknkmhnlpc }hrhck ca rj d f t }hkd}} nkb rc rj d f d}r ca rj d ik cul dbed ca rj d mlhdkr, hr}

    bhv dmrcv} nkb pvhkmh pnl caa hmdv}, rj dv d nv d kc onr dvhnlcoh}}hc k} nkb#cv oh}/

    v dpv d}dkrnrhck}9

    m+ Nll v d~t h}hrd mcv pc vnrd nkb v det lnrcvx n ppv cq nl} v d~t hv db rc f d c frnhkdb fx rj d Mlhdkr

    hkcv bdv rc d krdv hkrc rj d Pvhkmh pnl Bc mt o dkr} nv d hkat ll acvmd nkb daadmr nkb }t mj

    n ppv cq nl} pdvohr rj d Mlhdkr, hkrdv nlhn, rc c frnhk a hknkmhnla nmhlhrhd} t kbdv rjh} Nev ddo dkr

    nkb pdv acvo hr}c flhenrhck} j dv dt kbdv nkb rjnr rj d dzdmt rhck ca rj d Pvhkmh pnl Bc mt o dkr}

    fx rj d Mlhdkr nkb rj d dzdvmh}d ca hr} vhejr} nkb pdv acvonkmd ca hr}c flhenrhck} j dv dt kbdv,

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    mck}rhrt rd pvhqnrd nkb mcoo dvmhnl nmr}bc kd acv pvhqnrd nkb mc oo dvmhnlpt v pc }d}9

    b+ Kc onr dvhnl lhrhenrhck, nvfhrvnrhck cv nbohkh}rvnrhqd pv cmddbhke} h}pdkbhke cv

    rjv dnrdkdb nenhk}r rj d Mlhdkr cv nkx ca hr} n}}dr}9

    d+ Hr }jnll hkacvo rj d Hk}rhrt rhck uhrjhk SSSS f t }hkd}} bnx} ca nk dqdkr cv jn ppdkhke

    ujhmj onx jn qd nk nbqdv}d daadmrck rj d a hknkmhnlpc }hrhck ca rj d mco pnkx, uj drj dv }t mj

    nk dqdkr h} v dmcv bdb hk rj d a hknkmhnl }rnrdo dkr} cv kc r n} pdv n pp lhmnfld Hkrdvknrhcknl

    Nmmct krhke ] rnkbnv b}+

    5TKBDVRNIHKE

    Rj d Mlhdkr mcqd knkr} rc nkb t kbdvrni d} uhrj rj d Hk}rhrt rhck rjnr }c lcke n} rj d Mlhdkr h}

    hkbd fr db rc rj d Hk}rhrt rhck hk rdvo} ca rjh} Nev ddo dkr7

    n( Hr }jnll hkacvo rj d Hk}rhrt rhck ca nkx Dqdkr ca Bda nt lr cv nkx dqdkr, ujhmj uhrj rj d

    ehqhke ca kc rhmd c v ln p}d ca rhod c v f crj u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr acvrjuhrj

    tpc k f dmc ohke nunv d rj dv dca 9

    f( Hr }jnll pv cq hbd rc rj d Hk}rhrt rhck, tpc k uvhrrdk v d~td }r, mcp hd} ca nll mckrvnmr},

    nev ddo dkr} nkb bc mt o dkrnrhck v dlnrhke rc rj d pt vmjn}d ca rj d Eccb }9

    m(Rj d Mlhdkr }jnll bc nll }t mj rjhke} nkb dzdmt rd nll }t mj bc mt o dkr} ujhmj hk rj d

    gtb eo dkr ca rj d Hk}rhrt rhck onx f d kdmd}}nvx rc9

    *h(dknfl d rj d Hk}rhrt rhck rc n}}hek cv crj dvuh}d rvnk}adv rj d lhnfhlhrxca rj d Mlhdkr hk

    v d} pdmrca rj d MckrvnmrPvhmd rc nkx mv dbhrcv ca rj d Hk}rhrt rhck cv rc nkx rjhv b pnvrx n} rj d

    Hk}rhrt rhck onx bddo a hr nr hr} nf}c lt rd bh}mv drhck9

    *hh( mv dnrd nkb pdv admr rj d ]d mt vhrx9

    *hhh( onhkrnhk rj d ]d mt vhrx hkat ll acvmd nkb daadmr nr nll rhod} hkmltb hke rj d pvhcvhrx

    rj dv dca 9

    *hq( onhkrnhk, hk}t v d nkb p nx nll Rnzd} n}}d}}db hk v d} pdmrca rj d ]d mt v db N}}dr} nkb

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    pv crdmr nkb dkacvmd hr} vhejr} nkb rhrld, nkb rj d vhejr} ca rj d Hk}rhrt rhck hk v d} pdmrca rj d

    ]d mt v db N}}dr}, nkb9

    *q( pv d}dv qd nkb pv crdmr rj d ]d mt v db N}}dr}+Rj d Mlhdkr }jnll nr hr}cuk dz pdk}d mnt }d rc

    f d bdlhqdv db rc rj d Hk}rhrt rhck }t mj crj dv bc mt o dkrnrhck nkb ldenl cp hkhc k*}( n} rj d

    Hk}rhrt rhck onx v dn}cknflx v d~t hv d a v c o rhod rc rhod hk v d} pdmrca rj d acv dechke9

    b ( Hr uhll }nrh}a nmrcvhlx hk}t v d nll hr} hk}t vnfld n}}dr} uhrj v dpt rnfl d mc o pnkhd} caadvhke

    pv crdmrhck t kbdv rj d H}lnohm mckmdpr ca Rnin at l+Rj d ]d mt v db N }}dr} }jnll f d

    mco pv dj dk}hqdlx hk}t v db *uhrj n v dpt rnfl d hk}t vnkmd mco pnkx rc rj d }nrh}a nmrhck ca rj d

    Hk}rhrt rhck( nenhk}r nll hk}t vnfld vh}i}, ujhmj onx hkmltbd a hv d, nv}ck, rj da r, nmmhbdkr},

    mc llh}hc k, f cb x nkb dkehkd bnone d, qnkbnlh}o, vhcr} nkb nmr}ca rdvv cvh}o, nkb rc n}}hek

    nll pc lhmhd} ca hk}t vnkmd hka nqc v ca rj d Hk}rhrt rhck rc rj d dzrdkr ca rj d no ct kr a v co rhodrc rhod btd t kbdv rjh} Nev ddo dkr, nkb rc mnt }d rj d kcrhmd ca rj d hkrdv d}r ca rj d Hk}rhrt rhck

    rc f d kc rdb c k rj d pc lhmhd} ca hk}t vnkmd, nkb rc pt kmrt nllx pnx rj d pv doht o btd ac v }t mj

    hk}t vnkmd} nkb rc mckrdo pc vnkdct }lx rj dv duhrj bdlhqdv rj d pv doht o v dmdh pr} rc rj d

    Hk}rhrt rhck+] j ct lb rj d Mlhdkr a nhl rc hk}t v d c v i ddp hk}t v db rj d ]d mt v db N}}dr} nkb#cv rc

    bdlhqdv }t mj pc lhmhd} nkb pv doht o v dmdh pr} rc rj d Hk}rhrt rhck, rj dk hr }jnll f d lnu at l acv

    rj d Hk}rhrt rhck, f t r kcr c flhenrcvx, rc p nx }t mj pv doh t o nkb rc i ddp rj d ]d mt v db N}}dr} }c

    hk}t v db nkb nll mc}r mjnved} nkb dz pdk}d} hkmt vv db fx hracv rj d pt v pc }d }jnll f d mjnvedb

    rc nkb pnhb fx rj d Mlhdkr n} ha rj d }no d u dv d pnvrca rj d Hkbd fr dbkd}}+Rj d Mlhdkr

    dz pv d}}lx nev dd} rjnr rj d Hk}rhrt rhck }jnll f d dkrhrldb rc nb gt }r, }drrld c v mco pv coh}d nkx

    bh} pt rd uhrj rj d hk}t vnkmd mc o pnkx*hd}( nkb rj d hk}t vnkmd nvh}hket kbdv cv hk mckkdmrhck

    uhrj rj d pc lhmhd} ca hk}t vnkmd nkb }t mj nb gt }ro dkr}#mco pv c oh}d} cv }drrldo dkr} }jnll f d

    fhkbhke ck rj d Mlhdkr nkb rj d Hk}rhrt rhck }jnll f d dkrhrldb rc n ppv cp vhnrd nkb nb gt }r rj d

    no ct kr, ha nkx v dmdhqdb, t kbdv rj d nacv d}nhb pc lhmxcv pc lhmhd} rcunv b} pnvrcv at ll

    }nrh}a nmrhck ca rj d Mlhdkr%} hkbd fr dbkd}} nvh}hkect r ca rj d nf cqd nvvnkedo dkr} nkb rj d

    Mlhdkr }jnll kcr vnh}d nkx ~td }rhck cv c fgdmrhck rjnr lnvedv }t o} ohejr cv }j ct lb jn qd

    f ddk v dmdhqdb t kbdv rj d nacv d}nhb pc lhmx kcv rj d Mlhdkr }jnll bh} pt rd hr} lhnfhlhrx*hd}( acv

    rj d fnlnkmd v donhkhke btd na rdv }t mj pnxo dkr#nb gt }ro dkr9

    d( Dzmdpr n} v d~t hv db hk rj d kcvonl cpd vnrhck ca hr} f t }hkd}}, rj d Mlhdkr }jnll kc r, uhrj ct r

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    rj d uvhrrdk mck}dkr ca rj d Hk}rhrt rhck, }dll, rvnk}adv, ldn}d c v c rj dvuh}d bh} pc }d ca nll cv n

    }hwdnfl d pnvrca hr} n}}dr}, cv t kbdvrni d c v pdvohr nkx o dvedv, mck}c lhbnrhck, bh}onkrlhke

    cv v d cvenkhwnrhck ujhmj u ct lb onr dvhnllx naadmr rj d Mlhdkr} nfhlhrx rc pd v acvo hr}

    c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}9

    a( Rj d Mlhdkr }jnll kc r *nkb }jnll kc r nev dd rc (, dzmdpr uhrj rj d uvhrrdk mck}dkr ca rj d

    Hk}rhrt rhck, mv dnrd, hkmt v, n}}t o d c v }taadv rc d zh}r nkx Lhdk ujnr} cdqdv tpc k cv uhrj

    v d} pdmr rc rj d ]d mt v db N}}dr} nkb nkx c rj dv n}}dr} nkb pv cpd vrhd} cuk db fx rj d Mlhdkr

    ujhmj onx vnki }tpd vhcv, pnvhpn}}t c v hkadvhcv rc rj d }dmt vhrx mv dnrdb c v rc f d mv dnrdb hk

    a nqc v ca rj d Hk}rhrt rhck pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr}9

    e( Hr }jnll acvrjuhrj hkacvo rj d Hk}rhrt rhck ca 7 h( dqdkr cv a nmrcv, nkx lhrhenrhck cv pv cmddbhke} pdkbhke cv rjv dnrdkdb nenhk}r rj d Mlhdkr

    ujhmj mct lb onr dvhnllx nkb nbqdv}dlx naadmr cv f d lhi dlx rc onr dvhnllx nkb nbqdv}dlx

    naadmr7

    *n( rj d a hknkmhnl mckbhrhc k ca rj d Mlhdkr9

    *f( f t }hkd}} cv cpdvnrhck} ca rj d Mlhdkr9 nkb

    *m( rj d Mlhdkr} nfhlhrx rc o ddr hr}c flhenrhck} uj dk btd t kbdv nkx ca rj d Pvhkmh pnl

    Bc mt o dkr}9

    hh(Nkx mjnked hk rj d bhv dmrcv}ca rj d Mlhdkr9

    hhh(Nkx nmrt nl cv pv cpc }db rdvohknrhck, v d}mh}}hc k, bh}mjnved *crj dvuh}d rjnk fx

    pdv acvonkmd(, no dkbo dkr cv unhqdv cv hkbt ledkmd t kbdv nkx onr dvhnlpv cq h}hc k ca nkx ca

    rj d Pvhkmh pnl Bc mt o dkr}9

    hq( Nkx onr dvhnl kc rhmd c v mcvv d} pc kbdkmd v dmdhqdb c v hkhrhnrdb fx rj d Mlhdkr v dlnrhke rc

    rj d Lhmdk}d, mck}dkr cv nt rj cvhwnrhck kdmd}}nvxacv rj d pdv acvonkmd fx rj d Mlhdkr ca hr}

    c flhenrhck} t kbdv nkx ca rj d Pvhkmh pnl Bc mt o dkr}

    : + MCKBHRHCK] PVDMDBDKR : +0> Rj d c flhenrhck ca rj d Hk}rhrt rhck rc p nx rj d Mc}r Pvhmd }jnll f d }t fgdmr rc rj d v dmdh pr

    fx rj d Hk}rhrt rhck *hk acvo nkb }t f}rnkmd nmmdprnfl d rc rj d Hk}rhrt rhck( nr ldn}r SSS

    Ft }hkd}} Bnx} pvhcv rc rj d Qnltd B nrd ca 7

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    ca rhod c v f c rj, u ct lb mck}rhrt rd nk Dqdkr ca Bda nt lr }jnll jn qd c mmt vv db nkb f d

    mckrhkt hke cv h} lhi dlx rc c mmt v nkb rjnr rj d pnxo dkr ca rj d Mc}r Pvhmd }jnll kc r v d}t lr hk

    rj d c mmt vv dkmd ca nkx Dqdkr ca Bda nt lr9

    d( Bdlhqdvx fx rj d Mlhdkr rc rj d Hk}rhrt rhck ca n rv td nkb mco pldrd dzrvnmrca nll v dldqnkr

    pnvr}ca rj d ohk t rd} ca n bt lx mckqdkdb o ddrhke ca hr}Fc nv b ca B hv dmrcv} n ppv cq hke rj d

    Pvhkmh pnl Bc mt o dkr} nkb evnkrhke rj d kdmd}}nvx nt rj cvhwnrhck} acv dkrdvhke hkrc ,

    dzdmt rhck nkb bd lhqdvx ca rj d Pvhkmh pnl Bc mt o dkr} ujhmj }jnll f d bt lx }hekdb nkb

    mdvrha hdb fx rj d pdv}ck nt rj cvhwdb fx rj d Fc nv b acv rjh} pt v pc }d9

    a( Nll add}, mcooh}}h c k, dz pdk}d} v d~t hv db rc f d pnhb fx rj d Mlhdkr rc rj d Hk}rhrt rhck jn qd

    f ddk v dmdhqdb fx rj d Hk}rhrt rhck+ : +0= Nkx mckbhrhck pv dmdbdkr }dr acvrj hk rjh} Mlnt }d : onx f d unhqdb nkb c v o cb ha hdb

    fx rj d o t rt nl uvhrrdk mck}dkr ca rj d pnvrhd} j dv drc+

    8 + DQDKR] CA BDANTLR

    8 +0> Rj dv d }jnll f d nk Dqdkr ca Bda nt lr ha hk rj d cp hkhc k ca rj d Hk}rhrt rhck

    *n( Nkx v dpv d}dkrnrhck cv unvvnkrx on bd c v bddo db rc f d on bd c v v dpdnrdb fx rj d Mlhdkr

    hkcv pt v}t nkr rc rj d Pvhkmh pnl Bc mt o dkr} cv hk nkx bc mt o dkr bdlhqdv db t kbdv rjh} Nev ddo dkr h}act kb rc f d hkmcvv dmr9

    *f( Nkx Hkbd fr dbkd}} ca rj d Mlhdkr rc rj d Hk}rhrt rhck hkdzmd}} ca

    V }+SSSSSSSSSSSSSSSSSSSSSSSSSS *Vtpdd }

    SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS cklx( h} kc r pnhb uj dk btd c v f dmco d} btd c v

    mn pnfl d ca f dhke bdmlnv db btd p vhcv rc hr} }rnrdb onr t vhrx9

    8 +06 Kc ruhrj}rnk bhke nkxrjhke mckrnhkdb j dv dhk, rj d Hk}rhrt rhck onx uhrj ct r pv d gtb hmd rc

    nkx ca hr}c rj dv vhejr}, nr nkx rhod na rdv rj d jn ppdkhke ca nk Dqdkr ca Bda nt lr fx kcrhmd rc

    rj d Mlhdkr bdmlnv d rjnr dkrhv d no ct kr fx ujhmj rj d Mlhdkr h} hkbd fr db rc rj d Hk}rhrt rhck

    }jnll acvrjuhrj f dmc o d btd nkb pnxnfl d+

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    > 0+ PDKNLRX >0+> U j dv d nkx no ct kr h} v d~t hv db rc f d pnhb fx rj d Mlhdkr t kbdv rj d Pvhkmh pnl

    Bc mt o dkr} ck n } pdmha hdb bnrd nkb h} kc r pnhb fx rjnr bnrd, cv nk dzrdk}hc k rj dv dca ,

    pdvohrrdb fx rj d Hk}rhrt rhck uhrj ct r nkx hkmv dn}d hk rj d MckrvnmrPvhmd, rj d Mlhdkr j dv d fx

    t kbdvrni d} rc p nx bhv dmrlx rc rj d Mjnvhrx At kb, mck}rhrt rdb fx rj d Hk}rhrt rhck, n }t o

    mnlmt lnrdb @ //////$ pd v nkkt o acv rj d dkrhv d pdvhcb ca bda nt lr, mnlmt lnrdb c k rj d rcrnl

    no ct kr ca rj d c flhenrhck} v donhkhke t k/b h}mjnvedb+Rj d Mjnvhrx At kb }jnll f d t }db nr rj d

    nf}c lt rd bh}mv drhck ca rj d Hk}rhrt rhck, dzmlt }hqdlx acv rj d pt v pc }d} ca n ppv cqdb mjnvhrx+

    >0+6 Hk mn}d}

    *h( ( nkx no ct kr*}( v dadvv db rc hk mlnt }d >0+0> nf cqd , hkmltb hke rj d no ct kr t kbdvrni dk rc

    f d pnhb b hv dmrlx rc rj d Mjnvhrx At kb, fx rj d Mlhdkr, h} kc r pnhb fx jho, cv

    *hh( rj d Mlhdkr bdlnx} rj d pnxo dkr ca nkx no ct kr btd t kbdv rj d Pvhkmh pnl Bc mt o dkr} nkb#

    cv rj d pnxo dkr ca no ct kr rc rj d Mjnvhrx At kb n} dkqh}nedb t kbdv Mlnt }d >0+0> nf cqd , n}

    n v d}t lr ca ujhmj nkx bhv dmrcv hkbhv dmr mc}r} nv d hkmt vv db fx rj d Hk}rhrt rhck, rj d Hk}rhrt rhck

    }jnll jn qd rj d vhejr rc n ppv cnmj n mco pdrdkr Mct vr

    *h(Acv v dmcqdvx ca nkx no ct kr} v donhkhke t k pnhb n} u dll n},

    *hh(acv ho pc }hke ca n pdknlrx ck rj d Mlhdkr+Hk rjh} v denv b rj d Mlhdkr h} nunv d nkb

    nmikcul dbed} rjnr kcruhrj}rnk bhke rj d no ct kr pnhb fx rj d Mlhdkr rc rj d Mjnvhrx At kb ca

    rj d Hk}rhrt rhck, rj d Mct vr jn} rj d pc u dv rc ho pc }d pdknlrx, nr hr}bh}mv drhck, nkb a v co rj d

    no ct kr ca }t mj pdknlrx, n }onll dv cv fhee dv pnvr, bdpdkbhke tpc k rj d mhvmt o}rnkmd}, mnk

    f d nunv bdb n} }c lnrht o rc rj d Hk}rhrt rhck, bdrdvohkdb c k rj d fn}h} ca b hv dmr nkb hkbhv dmr

    mc}r} hkmt vv db, c rj dv rjnk rj d cppc vrt khrx mc}r+

    >> + HKBDOKHRHD]

    Rj d Mlhdkr }jnll hkbdokh a x rj d Hk}rhrt rhck nenhk}r nkx dz pdk}d ujhmj rj d Hk}rhrt rhck }jnll

    pv cqd n} vhejrlx hkmt vv db fx hr n} n mck}d~td kmd ca 7

    *h( rj d cmmt vv dkmd ca nkx Dqdkr ca Bda nt lr,

    *hh( rj d pt vmjn}d nkb }nld ca Eccb } cv nkx pnvr rj dv dca fx rj d Mlhdkr cv rj d c uk dv}jh p

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    rj dv d ca , nkb

    *hhh( nkx oh}/v dpv d}dkrnrhck+

    > 6+]DR/CAA

    Rj d Mlhdkr nt rj cvhwd} rj d Hk}rhrt rhck rc n pplx nkx mv dbhr fnlnkmd rc ujhmj rj d Mlhdkr h}

    dkrhrldb c v nkx no ct kr ujhmj h}pnxnfl d fx rj d Hk}rhrt rhck rc rj d Mlhdkr nr nkx rho d hkcv

    rcunv b} pnvrhnlcv rcrnl }nrh}a nmrhck ca nkx }t o ujhmj onx f d btd c v pnxnfl d a v c o rj d

    Mlhdkr rc rj d Hk}rhrt rhck t kbdv rjh} Nev ddo dkr+

    >= + N]]HEKODKR

    >=+0> Rjh} Nev ddo dkr }jnll f d fhkbhke tpc k nkb hkt v d rc rj d f dkda hrca nkb f d

    dkacvmdnfl d fx rj d Hk}rhrt rhck, rj d Mlhdkr, nkb v d} pdmrhqd }t mmd}}cv}pdvohrrdb n}}hek} nkb

    rvnk}adv dd} ca rj d pnvrhd} j dv drc , pv cq hbdb rjnr rj d Mlhdkr }jnll kcr n}}hekcv rvnk}adv nkx

    ca hr} vhejr} cv c flhenrhck} t kbdv rjh} Nev ddo dkr uhrj ct r rj d uvhrrdk mck}dkr ca rj d

    Hk}rhrt rhck+Rj d Hk}rhrt rhck onx n}}hek nll cv nkx pnvrca hr} vhejr} cv rvnk}adv nll cv nkx

    pnvrca hr}c flhenrhck} nkb#cv mcoohro dkr} t kbdv rjh} Nev ddo dkr rc nkx Hk}rhrt rhck, cv

    crj dv pdv}ck+Rj d Mlhdkr }jnll kc r f d lhnfld acv rj d mc}r}ca rj d n}}heko dkr nkb#cv rvnk}adv

    ca mcoohro dkr} j dv dt kbdv fx rj d Hk}rhrt rhck+Ha rj d Hk}rhrt rhck n}}hek} nll cv nkx pnvrca

    hr} vhejr} cv rvnk}adv} nll cv nkx pnvrca hr}c flhenrhck} nkb mc oohro dkr} n} pv cq hbdb hk

    rjh} Mlnt }d, nll v dldqnkr v dadv dkmd} hk rjh} Nev ddo dkr rc rj d Hk}rhrt rhck }jnll rj dv dna rdv f d

    mck}rv tdb n} n v dadv dkmd rc rj d Hk}rhrt rhck nkb#cv hr} n}}hekdd*}( cv rvnk}adv dd*}( *n} rj d

    mn}d onx f d( rc rj d dzrdkr ca rj dhv v d} pdmrhqd hkrdv d}r}+

    >=+06 Rj d Hk}rhrt rhck onx bh}mlc }d rc n pc rdkrhnl n}}hekdd cv rvnk}adv dd cv rc nkx c rj dv

    pdv}ck uj c onx pv cpc }d dkrdvhke hkrc mckrvnmrt nl v dlnrhck} uhrj rj d Hk}rhrt rhck hk v dlnrhck

    rc rjh} Nev ddo dkr }t mj hkacvonrhck nf ct r rj d Mlhdkr n} rj d Hk}rhrt rhck }jnll mck}hbdv

    n ppv cp vhnrd+ > 2+ ACVMD ONGDTVD

    Nkx bdlnx} hkcv a nhlt v d fx n Pnvrx j dv drc hk rj d pdv acvonkmd j dv dt kbdv ha nkb rc rj d

    dzrdkr hr h} mnt }db fx rj d c mmt vv dkmd} cv mhvmt o}rnkmd} f dxc kb }t mj Pnvrx} v dn}cknfl d

    mckrv c l, hkmltb hke f t r kcr lhohrdb rc , nmr}ca Ecb , a hv d, }rvhi d} cv crj dv lnf cv bh}rt vfnkmd},

    vhcr}, mhqhl mc oo c rhck, unv *bdmlnv db c v kcr( }nfc rned, nkx c rj dv mnt }d}, }hohlnv rc rj c}d

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    j dv dhk } pdmha hdb ujhmj mnkkc r f d mckrv c lldb fx }t mj Pnvrx+Rj d Pnvrx naadmrdb fx }t mj

    dqdkr} }jnll pv c o prlx hkacvo rj d c rj dv Pnvrxca rj d c mmt vv dkmd ca }t mj dqdkr} nkb }jnll

    at vkh}j pv cca ca bd rnhl}ca rj d c mmt vv dkmd nkb v dn}ck} acv hr} kck/pdv acvonkmd ca uj c ld c v

    pnvrca rjh} Nev ddo dkr+Rj d pnvrhd} }jnll mck}t lr dnmj c rj dv rc bd mhbd uj drj dv rc

    rdvohknrd rjh} Nev ddo dkr cv rc b h}mjnved pnvrca rj d c flhenrhck} ca rj d naadmrdb Pnvrxcv

    dzrdkb hr}c flhenrhck} ck n f d}r daacvr nkb c k nk nvo} ldkerj fn}h}+

    >4 + EDKDVNL>4+0> Kc a nhlt v d c v bdlnx ck rj d pnvrca rj d Hk}rhrt rhc k rc d zdvmh}d nkx pc u dv, vhejr cv

    v do dbx t kbdv rjh} Nev ddo dkr }jnll cpd vnrd n} n unhqdv rj dv dca kcv n pnvrhnldzdvmh}d fx

    rj d Hk}rhrt rhck ca nkx pc u dv, vhejr cv v do dbx pv dmltbd nkx c rj dv cv at vrjdv dzdvmh}d

    rj dv dca c v rj d dzdvmh}d ca nkx c rj dv pc u dv vhejr cv v do dbx+Rj d v do dbhd} pv cq hbdb hk rjh}

    Nev ddo dkr nv d mt o t lnrhqd nkb nv d kc r dzmlt }hqd ca nkx v do dbhd} pv cq hbdb fx lnu9

    >4+06 Rjh} Nev ddo dkr v dpv d}dkr} rj d dkrhv d nev ddo dkr nkb t kbdv}rnkbhke f dru ddk rj d

    Pnvrhd} hk v dlnrhck rc rj d }t fgdmr onrr dv nkb kc no dkbo dkr cv o cb ha hmnrhck rc rjh}

    Nev ddo dkr uhll f d daadmrhqd c v fhkbhke t kld}} hr h} hk uvhrhke, }hekdb fx f c rj Pnvrhd} nkb

    v dadv} rc rjh} Nev ddo dkr9

    >4+0= Rjh} Nev ddo dkr h} ecqdvkdb fx nkb }jnll f d mck}rv tdb hk nmmcv bnkmd uhrj Pnih}rnk lnu+ Nll mc o pdrdkr mct vr} nr SSSSSSSS }jnll jn qd rj d kck/dzmlt }hqd gt vh}bhmrhck rc j dnv

    nkb bdrdvohkd nkx nmrhck, mlnhocv pv cmddbhke} nvh}hkect r ca c v hk mckkdmrhck uhrj rjh}

    Nev ddo dkr+

    >4+02 Kc rjhke mckrnhkdb j dv dhk }jnll pv d gtb hmd c v crj dvuh}d naadmr rj d vhejr} nkb

    v do dbhd} rjnr onx c rj dvuh}d f d nqnhlnfld t kbdv lnu rc rj d pnvrhd}+

    >4+04 Nkx v dmck}rv t mrhck, bhqh}hc k, v d/c venkhwnrhck cv mjnked hk rj d mck}rhrt rhck ca rj d

    Hk}rhrt rhck cv hr} nf} cv prhck hkcv nonlenonrh ck uhrj nkx c rj dv pdv}ck cv rj d nm~t h}hrhck

    ca nll cv pnvrca hr}t kbdvrnihke fx nkx c rj dv pdv}ck }jnll kc r hk nkx unx pv d gtb hmd c v

    naadmr hr} vhejr} j dv dt kbdv+

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    0*064 "> %:0 6( " 116!, " 5,6 > 6(

    "$> " 046 $">+ #,0,5*%

    H+Rj d kno d ca rj d mco pnkx h}NFK NOVC FNKI LHOHRDB +

    HH+Rj d Vdeh}rdv db Caa hmd ca rj d mco pnkx uhll f d }hrt nrdb hk rj d Pv cq hkmd ca Lnj cv d+

    HHH+Rj d c fgdmr}acv ujhmj rj d mc o pnkx h}d}rnflh}j db nv d rc t kbdvrni d nkx cv nll ca rj d

    acllc uhke f t }hkd}}d} hkcv ct r}hbd Pnih}rnk7

    >+Rc mnvvxck rj d f t }hkd}} ca n & fnkihke mc o pnkx&hk lhkd uhrj rj d v dadv dkmd rc rj d }no d

    hkF nkihke Mco pnkhd} Cv bhknkmd, >8169

    6+Rc f cvv cu, vnh}d c v rni d tp o ckdx9

    =+Rc ldkb c v nbqnkmd o c kdx dhrjdv tpc k cv uhrj ct r }dmt vhrx9 2+ Rc b vnu, oni d, nmmdpr, bh}mct kr, f t x, }dll, mc lldmr nkb bdnl hk fhll} ca dzmjnke d,

    pv coh}}cvx kc rd}, mctpc k}, bvna r}, fhll} ca lnbhke, vnhlunx v dmdh pr}, unvvnkr}, bd f dkrt v d},

    mdvrha hmnrd}, }mvh p}, pnvrhmh pnrhck rdvo mdvrha hmnrd}, rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin

    mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb }t mj crj dv hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d

    ] rnrd F nki ca Pnih}rnk, nkb c rj dv hk}rv t o dkr} nkb }dmt vhrhd} uj drj dv rvnk}advnfld c v

    kdec rhnfld c v kcr9

    4+Rc evnkr nkb h}}td ldrrdv}ca mv dbhr, rvnqdldv}% mjd~td } nkb mhvmt lnv kc rd} drm9

    1+Rc f t x, }dll nkb bdnl hk f t llhc k } phmd} nkb acv dhek dzmjnke d hkmltb hke acv dhek fnki

    kc rd}9

    5+ Rc nm~t hv d, j c lb, h}}td c k mc ooh}}h c k, t kbdvuvhrd nkb bdnl hk }rcmi, at kb} }jnv d},

    bd f dkrt v d}, bd f dkrt v d }rcmi, f ckb}, c flhenrhck}, }dmt vhrhd}, pnvrhmh pnrhck rdvo mdvrha hmnrd},

    rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb }t mj c rj dv

    hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d ] rnrd F nki ca Pnih}rnk nkb hkqd}ro dkr} ca nll

    ihkb}9

    : + Rc pt vmjn}d nkb }dll f ckb}, }mvh p} cv crj dv acvo} ca }dmt vhrhd}, pnvrhmh pnrhck rdvo

    mdvrha hmnrd}, rdvo a hknkmd mdvrha hmnrd}, o t }jnvhin mdvrha hmnrd}, o cb nvnfn mdvrha hmnrd} nkb

    }t mj crj dv hk}rv t o dkr} n} onx f d n ppv cqdb fx rj d ] rnrd F nki ca Pnih}rnk9

    8+Rc kdecrhnrd lcnk} nkb nbqnkmd}9

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    >0+ Rc v dmdhqd nll ihkb} ca f ckb}, }mvh p} ca qnlt nfl d} ck bdpc }hrcv acv }nad mt }rcb x cv

    crj dvuh}d9

    >>+Rc p v cq hbd }nad bdpc}hrqnt lr}9

    >6+Rc mc lldmr nkb rvnk}ohr o c kdx nkb }dmt vhrhd}9

    >=+Rc p v cq hbd a hknkmd n} bda hkdb hk rj d AhknkmhnlHk}rhrt rhck} *Vdmcqdvx ca

    Ahknkmd}( Cv bhknkmd, 600 >9

    >2+ Rc nmr n} nedkr} acv nkx Ecqd vko dkr cv lcmnl nt rj cvhrx cv nkx c rj dv pdv}ck cv

    pdv}ck}9

    >4+Rc mnvvxck nedkmx f t }hkd}} ca nkx bd}mvh prhck hkmltb hke rj d mldnvhke nkb ac vunv bhke

    ca eccb }, ehqhke ca v dmdh pr} nkb b h}mjnved} nkb c rj dvuh}d nmrhke n} nk nrrcvkdx ck f djnl a

    ca mt }rco dv}, f t r dzmltb hke rj d f t }hkd}} ca n onknehke nedkr cv rv dn}t v dv ca n mco pnkx9

    >1+Rc mckrvnmracv pt flhm nkb pvhqnrd lcnk} nkb kdecrhnrd nkb h}}td rj d }no d9 >5+ Rc nonlenonr d c v o dved uhrj nkx c rj dv mco pnkx, f cb x mcv pc vnrd cv dkrhrx hk

    nmmcv bnkmd uhrj rj d lnu+

    >: +Rc daadmr, hk}t v d, e t nvnkrdd, t kbdvuvhrd, pnvrhmh pnrd hk onknehke nkb mnvvxhkect r ca

    nkx h}}td , pt flhmcv pvhqnrd, Ecqd vko dkr, o t khmh pnl cv crj dv lcnk} cv ca }jnv d}, }rcmi,

    bd f dkrt v d}, bd f dkrt v d }rcmi cv c rj dv }dmt vhrhd} ca nkx mc o pnkx, mcv pc vnrhck cv

    n}}cmhnrhck nkb rj d ldkbhke ca o ckdx acv rj d pt v pc }d ca nkx }t mj h}}td 9

    >8+Rc mnvvxhkeck nkb rvnk}nmrdqdvx ihkb ca et nvnkrdd nkb hkbdokhrx f t }hkd}}9

    60+ Rc pt vmjn}d c v nm~t hv d hk rj d kcvonl mct v}d ca hr} fnkihke f t }hkd}}, nkx pv cpd vrx,

    hkmltb hke pnrdkr}, bd}hek}, rvnbd/ onvi} nkb mcp xvhejr}, uhrj cv uhrj ct r f t x/ fnmi

    nvvnkedo dkr} fx rj d }dlldv, cv acv }nld hk rj d acvo ca jhv d/pt vmjn}d c v ck bdadvv db

    pnxo dkr fn}h} uhrj onvi tp c v acv ldn}hke cv lhmdk}hke cv acv v dkr/}jnvhke cv acv nkx c rj dv

    o cbd ca a hknkmhke9

    6>+Rc onkne d, }dll nkb v dnlhwd nkx pv cpd vrx, ujhmj onx mc o d hkrc rj d pc }}d}}hc k ca rj d

    mco pnkx hk }nrh}a nmrhck cv pnvr }nrh}a nmrhck ca nkx ca hr} mlnho}9

    66+Rc nm~t hv d nkb j c lb nkb edkdvnllx bdnl uhrj nkx pv cpd vrx cv nkx vhejr, rhrld c v hkrdv d}r

    hk nkx }t mj pv cpd vrx ujhmj onx acvo }dmt vhrxcv pnvr ca rj d }dmt vhrx acv nkx lcnk} cv

    nbqnkmd} cv ujhmj onx f d mckkdmrdb uhrj nkx }t mj }dmt vhrx9

    6=+Rc t kbdvrni d nkb dzdmt rd rv t }r}9

    62+Rc t kbdvrni d rj d nbohkh}rvnrhck ca d}rnrd} n} dzdmt rcv, rv t }rdd cv crj dvuh}d9

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    64+ Rc d}rnflh}j nkb }tppc vr cv nhb hk rj d d}rnflh}jo dkr nkb }tppc vr ca n}}cmhnrhck},

    hk}rhrt rhck}, at kb}, rv t }r} nkb mckqdkhdkmd} mnlmt lnrdb rc f dkda hr do plc xdd} cv dz/

    do plc xdd} ca rj d mco pnkx cv rj d bdpdkbdkr} cv mckkdmrhck} ca }t mj pdv}c