Section 203.60  Requirements as to Proxy and Information Statement

a)         The form of proxy:

1)         must indicate in bold-face type whether or not the proxy is solicited on behalf of the management;

2)         must provide a specifically designated blank space for dating the proxy; and

3)         must identify clearly and impartially each matter or group of related matters intended to be acted upon, whether proposed by the management, or security holders.

No reference need be made to proposals as to which discretionary authority is conferred under Subsection (c) of this Section.

b)        

1)         Means must be provided in the proxy for the person solicited to specify by ballot a choice between approval or disapproval of each matter or group of related matters referred to therein, other than elections to office. A proxy may confer discretionary authority with respect to matters as to which a choice is not specified if the form of proxy states in bold-face type how it is intended to vote the shares or authorization represented by the proxy in each case.

2)         A form of proxy which provides both for elections to office and for action on other specified matters must be prepared so as to clearly provide, by a box or otherwise, means by which the security holder may withhold authority to vote for elections to office.  Any form of proxy which is executed by the security holder in such manner as not to withhold authority to vote for elections to office grants that authority, if the form of proxy so states in bold-face type.

c)         A proxy may confer discretionary authority concerning other matters which may come before the meeting, if the persons on whose behalf the solicitation is made are not aware a reasonable time prior to the time the solicitation is made that any other matters are to be presented for action at the meeting and if a specific statement to that effect is made in the proxy statement or in the form of proxy.

d)         No proxy may confer authority:

1)         to vote for the election of any person to any office for which a bona fide nominee is not named in the proxy statement, or

2)         to vote at any annual meeting other than the next annual meeting (or any adjournment thereof) to be held after the date on which the proxy statement and form of proxy are first sent or given to security holders.

e)         The proxy statement or form of proxy must provide, subject to reasonable specified conditions, that the proxy will be voted and that where the person solicited specifies, by means of ballot provided under Subsection (b) of this Section, a choice with respect to any matter to be acted upon, the vote will be in accordance with the specifications so made.

f)         The information included in the proxy statement or information statement must be clearly presented and the statements made must be divided into groups according to subject matter, with appropriate headings.  All printed proxy statements or information statements must be clearly and legibly presented.