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High Court of Karnataka · body
2025 DAILYLAW 63074 (KAR)
SRI NANJUNDASWAMY v. THE DISTRICT REGISTRAR OF SOCIETIES AND DEPUTY REGISTRAR OF CO-OPERATIVE SOCIETIES
WA/200035/2025 · 2025-09-04
H P Sandesh, T M Nadaf
body2025
[ 2025 DAILYLAW 63074 (KAR) · dailylaw.ai ]
[ 2025 DAILYLAW 63074 (KAR) · dailylaw.ai ]
Judgment text
Extracted from the PDF above. The PDF is authoritative.
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- 3 -
(%# -, $ . /01 2304 566758 01 9087: 635;0<= 4/01 $>?34 4> 174 510:7 4/7 >3:73 :547: " "! " 65117: @; 4/7 8753<7: 0<=87?:=70< > "!#
"#
/7635;731>?=/4@;4/7674040><730<4/72304 674040><014>A?51/<<7B?37':547:") "& "C011?7:
@; 3716><:7<4 > ! 5<: 8014 >9 D5<5=0<= E>DD04477 D7D@7311?@D0447:@;3716><:7<4> F0:7<<7B?37'C 5<: 4> :037E4 3716><:7<4 > ! 4> E><10:73 4/7 3763717<4540>< :547:
"C ") "# 1?@D0447: @; 4/7 674040><73 51 2788 51 8014 >9 7B7E?40F7 D7D@731 >9 4/7 1>E074;9>34/7;753"#'"1?@D0447:@;4/7674040><73 0<4/72304674040><F0:7<<7B?37'! C /7 95E4?58 D5430B >9 4/7 E517 >9 4/7 2304 674040><73014/543716><:7<4> 4/7370<2513710:7<4>9 /0F5;>=0125D; 7D>3058 :?E540>< >E074; >:85 -9>3 1/>34 *>E074;+. 2/> 85473 3710=<7: 93>D 4/7 6>14 >< !& ") !&&5<:><4/715D7:5;30/5<45F7735125D;
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251 787E47: 51 3710:7<4 5<: 4/7 674040><73 4/7370< 251 566>0<47: 51 4/7 7<7358 7E37453; >9 4/7 >E074; 4 01 5887=7: 4/54 3716><:7<4 > 4/7370< 5<: >4/731 2737 0<4739730<=204/4/75995031>94/7>E074;5<:4/7379>375 1?04 0< > !C
!&& 251 9087: @79>37 4/7 $0F08 ?:=7 -?<0>3 0F010><. 7:5D 9>3 :7E853540>< 4/54 30 /5<45F7735125D; 251 4/7 3710:7<4 5<: 30 /0F580<=5 25D;2514/7 7<7358 7E37453; >9 4/7 >E074;51673 4/7 7<7358 >:; D7740<= :547: !& ") !&& 5<: 5887=7: 371>8?40>< :547: "# " !&& 65117: @; :797<:5<4 > 251 <?885<: F>0: 5<: <>4 @0<:0<=><4/7 6850<40991 /7;
581> 1>?=/4 4/7 378079 >9 673674?58 0<G?<E40>< 3714350<0<= 3716><:7<4> 4/7370<5<:5<>4/7393>D0<4739730<=204/ 4/75995031>94/7>E074; 401581>E><47<:7:4/544/7150:
1?04 251 :7E377: 5<: 4/7 15D7 251 A?7140><7: 0< > &#
"" 2/0E/ 251 :01D0117: F0:7 >3:73 :547:
"& "!" 401581> E><47<:7:4/543716><:7<4> 0< 4/7 2304 674040>< /5: E/5887<=7: 4/7 15D7 0< > !C#
!!2/0E/251204/:352<><& " "! - 5 -
# < 4/7 2304 674040>< 04 01 E><47<:7: 4/54 8014 >9 >990E7 @753731 251 <>4 37=014737: 5<: 5663>F7: @;
3716><:7<4> !0<F072>967<:7<E;>9:016?47@79>374/7 E0F08 $>?34 5<: 581> E><47<:7: 4/54 3716><:7<4 > 4/7370<1?@D0447:8014>9D7D@731>95<5=0<=$>DD04477 4>3716><:7<4> ! 54734/7674040><73581>1?@D0447:5 3763717<4540>< 4> E5<E78 4/7 37=0143540>< >9 8014 >9 D5<5=0<= E>DD04477 D7D@731 1?@D0447: @; 3716><:7<4 > 4/7307< EE>3:0<=8; 3716><:7<4 > !
59473 <>40E0<= 4/7:7E37765117:0< > !C
!&&E5<E7887:4/78014 >94/7E>DD04477D7D@7311?@D0447:@;3716><:7<4> 0< 473D1 >9 E>DD?<0E540>< :547: !C !" "" /7 15D7 251 E/5887<=7: 0< > #"
"" 5<: 4/7 2304 674040>< 251 :016>17: >9 < 4/7 D75<2/087 30 /5<45F7735125D;:07:><& "& "!"5<:30/0F580<=5 25D; 251 787E47: 51 3710:7<4 >9 4/7 >E074; /7 674040><73 9087:
> C!C
"!" @79>37 4/01 $>?34 177H0<= :037E40>< 4> 4/7 3716><:7<41 4/7370< 4> E><10:73 4/73763717<4540><9087:@;049>3=35<40<50:9>34/7;7531
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!&&'!&&) 5<: !&&)'!&& /7 150: 2304 674040>< 251 :016>17: >9 0< 473D1 >9 4/7 >3:73 :547: " "! "!! /7 674040><735=50<9087:
> !C#
"!9>35:037E40><4> 4/7 3716><:7<41 4/7370< 4> E><10:73 4/7 3763717<4540><1 :547:
"! "C "! ! "& "!! !# !" "!! 5<:
"& "!! /7150:2304674040><251:016>17:>9204/5 :037E40>< 4> 4/7 3716><:7<41 4/7370< 4> E><10:73 4/7 3763717<4540><19087:@;4/7674040><734/7370< /73759473 4/7 674040><73 1?@D0447: 5 3763717<4540>< :547:
! " "!& 37A?7140<= 3716><:7<4 > ! 4> 37G7E4 4/7 14547D7<4>95EE>?<419087:@;3716><:7<4> 0<4/72304 674040><
/7< 4/7 4/0<=1 14>>: 4/?1 5 1435<=73 6?36>347:8; E850D0<= 4> @7 4/7 7<7358 7E37453; >9 4/7 >E074; 1?@D0447: 5 3763717<4540>< :547: " "!& 4> 4/7 30<E0658 7E37453; >9 76534D7<4 >9 $>'>673540>< 37A?7140<=<>44>7<473450<4/737A?714>9674040><730<2304 674040>< 2/> 251 E850D0<= 4> @7 4/7 3710:7<4 >9 4/7 1>E074; <6?31?5<E7>94/715D758744732515::37117:
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@; 4/7 30<E0658 7E37453; >< "C "& "!& 4> 3716><:7<4 > ! 5<: >4/731 :037E40<= 4/7D <>4 4> 7<473450< 4/7 3763717<4540><1 >9 4/7 674040><73 /7 3710:7<4 >9 4/7 >E074; 2/> E5D7 4> H<>2 >9 4/7 150: 3763717<4540>< 1?@D0447: 5 37A?714 :547: !) "& "!& 4> 4/7 30<E0658 7E37453;58><=204/:>E?D7<41E850D0<=4/54/72514/7 3710:7<4 7<E7 4/7 30<E0658 7E37453; 5::37117: 5 874473:547:!& !" "!&4>3716><:7<4> !14540<=4/5451 4/737 251 5887=540>< 5<: E>?<473 5887=540>< @74277< 30 /0F580<=525D;5<:3716><:7<4> 0<4/72304674040>< 37=53:0<=4/703D7D@731/060<4/7>E074;/725151H7: 4>0<F7140=5475<:1?@D045376>345@>?44/71454?1>94/703 D7D@731/060<4/7>E074;
) 4 01 581> 4/7 E517 >9 4/7674040><73 0< 4/7 2304 674040><4/54/7D5:753763717<4540><4>3716><:7<4> ! >< ! " "!& 14540<= 4/54 3716><:7<4 > 0< 4/7 2304 674040>< /5: 3710=<7: 51 3710:7<4 >9 >E074; >< !& ") !&&E><17A?7<48;/7/5:<>30=/440487>30<473714 4> E850D 51 4/7 3710:7<4 >9 4/7 >E074; 0< F072 >9 4/7
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G?:=D7<4 5<: :7E377 65117: 0< > !C
!&& ?@17A?7<48; 3716><:7<4 > 0< 4/7 2304 674040>< 1?@D0447: 4/7 5EE>?<41 7<7358 >:; 7740<= 63>E77:0<=15<:4/78014>97B7E?40F7E>DD04477D7D@731 4> 3716><:7<4 > !
2/0E/ 251 5EE7647: 5<: 4/7 15D7 251E/5887<=7:@;4/7674040><730< > "C#C)
"!& /7 150: 2304 674040>< 251 :01D0117: 37173F0<= 80@734; 4> 4/7674040><73'>E074;4>5663>5E/4/75663>6305479>3?D 4 01 581> 4/7 E><47<40>< 4/54 3716><:7<4 > ! 9>3253:7: E>6;>98014>94/7D7D@7319>34/76730>:""'"C9087:
@;3716><:7<4> 4/7370<4/>?=//7/5:<>D5<<73>9 30=/4 40487 >3 0<473714 4> E850D 51 4/7 3710:7<4 >9 4/7 >E074;0<F072>94/7:7E37765117:0< > !C
!&& 7<E7 4/7 674040><73 1?@D0447: 3763717<4540>< 4> E5<E78 4/7 8014 >9 D5<5=0<= E>DD04477 D7D@731 < 4/7 D75<2/087 3716><:7<4 > 4/7370< 6?36>347:8;
1?@D0447: 5<>4/73 8014 >9 E>DD04477 D7D@731 5<: 4/7 15D72515EH<>287:=7:@;3716><:7<4> ! <E75=50< 4/7674040><73=5F73763717<4540><4>3716><:7<4> !><
- 9 -
"C ") "# @30<=0<= 4> 4/7 <>40E7 >9 3716><:7<4 > ! 5@>?4 4/7 7538073 63>E77:0<=1 5<: 0<780=0@0804; >9 3716><:7<4> 4>E850D514/73710:7<4>94/7>E074;
0<E7 4/7 15D7 251 <>4 E><10:737: 4/7 674040><73 5663>5E/7:4/01$>?34@;9080<=2304674040><
/78753<7:0<=87?:=7/5F0<=E><10:737:4/7 D5473058 5F5085@87 >< 37E>3: 65340E?8538; G?:=D7<4 5<: :7E377 65117: 0< > !C
!&& :01D01158 >9 > &#
"" 5<: 204/:35258 >9 > !C#
"!!
65117: 4/7 0D6?=<7: >3:73 @; 588>20<= 4/7 2304 674040>< A?51/0<= <<7B?371' 5<:C 5<: 581> :037E47: 4> 6511 5663>630547 >3:731 37=53:0<= 37=0143540>< 5<: 5663>F58 >9 4/78014>9E>DD04477D7D@731=0F7<@;4/7674040><73
70<=5==307F7:@;4/7150:>3:734/763717<4 2304566758019087:
& /7D50<E><47<40><>94/78753<7:E>?<1789>3 5667885<40 7 3716><:7<4> 0<4/72304674040><014/54 4/7 8753<7: 0<=87 ?:=7 >?=/4 4> /5F7 177< 4/54 4/7
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5667885<4 /51 1?@145<40588; 63>F7: /01 E517 0< 4/7 ;753 !&& 041789 5<: 0< > C!"
!&& 4/01 $>?34 /5:
011?7: :037E40>< 4> 4/7 01430E4 7=014353 >9 ?8@53=5 4> E><:?E4 4/7 787E40>< 4> 4/7 >E074; /7 8753<7: 0<=87 ?:=7 >?=/4 4> /5F7 177< 4/54 7<43071 0< 588 4/7 37E>3:1 2/0E/5375<<7B7:0<4/72304674040><10<E7!&&4088:547 4/7 7B0140<= @>:; 01 ?<:7345H0<= 4/7 D5<5=7D7<4 >9 4/7 1>E074;5<:4/75667885<4013710:7<4>94/7150:7B0140<= @>:; /7 >3:73 65117: @; 4/7 01430E4 7=014353 E87538;
37F7581 4/54 4/7 5667885<4 01 4/7 3710:7<4 >9 4/7 5@>F7 150:1>E074;5<:3716><:7<4> /7370<01958178;E850D0<= 51 3710:7<4 >9 4/7 150: 1>E074; $>?<178 F7/7D7<48;
E><47<:7: 4/54 4/7 8753<7: 0<=87 ?:=7 95087: 4> 45H7 <>47 >9 D5473058 >< 37E>3: 5<: ><8; 63>E77:7: 378;0<= ?6>< 4/7 G?:=D7<4 5<: :7E377 65117: 0< !C
!&& 5<: :01D01158 >9 37=?853 566758 5<:
204/:35258 >9 37=?853 17E><: 566758 753<7: E>?<178 9>3 5667885<4581>E><47<:7:4/540<6535=356/'>94/7>3:73 65117: @; 4/7 7B7E?40<= $>?34 0< > C
"") 04 01
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>@173F7:4/544/7:7E377/>8:73=>45<>66>34?<04;4>9087 1?045@87 56680E540>< 177H0<= <7E71153; 378079 @79>37 4/7 566788547$>?3410<E74/73701<>A?7140><>97B7E?40><>9 :7E377 753<7: E>?<178 581> E><47<:7: 4/54 4/7 8753<7: 0<=87?:=795087:4>45H7<>47>94/7D5473058><37E>3:
5<: 5EE7647: 4/7 5EE>?<4 1?@D0447: @; 4/7 674040><73 0< 4/72304674040><5<:65117:4/70D6?=<7:>3:73
!" 716><:7<4 >
6534;'0<'671>< 2/> 01 674040><73 0< 4/7 2304 674040>< 0< /01 53=?D7<41 F7/7D7<48;E><47<:7:4/542/7<4/71?04251:7E377:5<:
4/7 566758 9087: E/5887<=0<= 4/7 15D7 251 :01D0117: 5<: 7F7< 4/7 37=?853 17E><: 566758 2/0E/ 251 9087:
E/5887<=0<= 4/7 G?:=D7<4 65117: 0< 37=?853 566758 251 :01D0117:51204/:352<4/7A?7140><>917440<=510:74/7 0D6?=<7: >3:73 :>71 <>4 53017 10<E7 0< 4/7 >30=0<58 1?04 041789 5 :7E377 01 65117: :7E8530<= 4/7 6850<40991 51 3710:7<4 5<: 7E37453; >9 4/7 >E074; 4 01 581> <>4 0< :016?474/5475380733710:7<465117:525;5<:3716><:7<4 > /7370<251787E47:513710:7<4 7581>@3>?=/44>
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4/7<>40E7>94/7$>?344/714547D7<4>9>@G7E40><19087:@;
/0D 5<: 581> E>6; >9 4/7 >3:73 65117: @; 4/7 8753<7:
0<=87 ?:=7 :01D0110<= 4/7 56680E540>< 9087: @; 4/7 5667885<4 /7370< 1 4/7 150: >3:73 /51 54450<7: 90<5804;
4/7 A?7140>< >9 7<473450<0<= 4/01 2304 566758 :>71 <>4 53017 /75667885<4/7370<01<>4/5F0<=5<;8>E?10<F072 >94/7>3:7365117:@;4/78753<7:0<=87?:=737G7E40<= 4/756680E540>< 716><:7<4>
6534;'0<'6731><@3>?=/4 4>4/7<>40E7>94/01$>?34<<7B?37'!2/0E/014/7E>6;
>9 4/7 >3:73 :547: ") " " :01D0110<= 4/7 56680E540>< 9087: @; 4/7 5667885<4 /7370< 0< > "!#
"# 5<: 581>@3>?=/44>4/7<>40E7>94/01$>?34<<7B?37'2/0E/ 014/7E>6;>94/7G?:=D7<4:547:"& " "!65117:@;
4/7 0F010>< 7<E/ >9 4/01 $>?34 0< > "!"
"C 7581>63>:?E7:4/7E>6;>94/7:7E377:547: " "" 65117: @; 4/7 $0F08 ?:=7 -?<0>3 0F010><.
7:5D 0< > "
""!54<<7B?37'C
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!! 5F0<= /753: 4/7 8753<7: E>?<178 9>3 4/7 5667885<45<:3716><:7<4>
6534;'0<'6731><4/76>0<41 4/542>?8:530179>3>?3E><10:73540><537
i. Whether the impugned order passed by the learned Single Judge requires an interference at the hands of this Court? ii. What order? ! 5F0<= E><10:737: 4/7 D5473058 5F5085@87 >< 37E>3: 04 01 <>4 0< :016?47 4/54 4/7 >E074; 01 37=014737: ?<:734/753<545H5>E0740717=0143540><E48><=@5EH 4 01 4> @7 <>47: 4/54 3716><:7<4 > /7370< /5:
E/5887<=7: <<7B?371' 5<: C 0< > "!#
"# 5<:4/78753<7:0<=87?:=7588>27:4/72304674040><5<:
A?51/7:<<7B?371'5<:C 4014>@7<>47:4/544/7 =307F5<E7>93716><:7<4> /7370<2514/544/763717<4 5667885<4 2/> E850D1 4> @7 4/7 3710:7<4 01 <>4 4/7 3710:7<4 >9 4/7 >E074; /7 95E4 4/54 7538073 /7 251 3710:7<45<:/7/513710=<7:4>4/76>14>93710:7<4>< !& ") !&& 01 <>4 :016?47: 4 01 581> 167E090E E517 >9
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3716><:7<4> /7370<4/54><4/715D7:5;5371>8?40>< 251 65117: 787E40<= 30 /5<45F7735125D; 51 3710:7<4 5<: 3716><:7<4 > /7370< 251 566>0<47: 51 7<7358 7E37453;>94/7>E074; 401581><>40<:016?474/542/7< 4/7 0<4739737<E7 251 D5:7 5 1?04 251 9087: 0< > !C
!&& @79>374/7$0F08 ?:=7-?<0>3 0F010><. 7:5D 9>3 4/7 378079 >9 :7E853540>< 4/54 4/7; 537 4/7 3710:7<4 5<: 7E37453; >9 4/7 >E074; /7; /5F7 581> 167E090E588; E/5887<=7: 4/7 371>8?40>< :547: "# " !&& /7 $0F08 $>?34 :7E8537: 4/7 6850<40991 51 3710:7<4 5<: 7E37453;>94/7>E074;516734/77<7358>:;7740<= /78: >< !& ") !&& 5<: 04 251 581> :7E8537: 4/54 4/7 371>8?40>< :547: "# " !&& 251 <?88 5<: F>0: 5<: <>4 @0<:0<=><4/76850<40991 401581><>40<:016?474/544/7 150: G?:=D7<4 5<: :7E377 251 E/5887<=7: 0< > &#
"" 5<: 4/7 15D7 251 :01D0117: 4 01 581> <>4 0< :016?47 4/54 > !C#
"!! 251 9087: 5<: 4/7 15D7251204/:352<><& " "! 7<E70401E87534/54 4/7G?:=D7<45<::7E37765117:0< > !C
!&&/51
- 15 -
54450<7: 90<5804; 4 01 581> <>4 :016?47: 4/54 4/7 150: 3710:7<4 251 65117: 525; 5<: 4/73759473 3716><:7<4 > /7370< @7E5D7 4/7 3710:7<4 >9 4/7 >E074; /7 8753<7: 0<=87 ?:=7 /51 45H7< <>47 >9 4/7 D5473058 5F5085@87 >< 37E>3: 65340E?8538; 4/54 3716><:7<4 > 0< 2304 674040>< /51 <>4 0<040547: 5<; 5E40>< 4> 3714>37 /01 6>1040>< 51 3710:7<4 >9 4/7 >E074; 51 :037E47: @; 4/01 $>?340< > #"
""5<:/7<E75<>@173F540><01 D5:74/543716><:7<4> !E>?8:<>4/5F77<473450<7:4/7 8014>9E>DD04477D7D@7311?@D0447:@;3716><:7<4> 0<4/72304674040>< /78753<7:0<=87?:=7581>D5:75< >@173F540>< 4/54 2/7< 4/7 3763717<4540>< 251 =0F7< @; 3716><:7<4 > /7370< 3716><:7<4 > !
251 @>?<: 4> E><10:734/78014>9E>DD04477D7D@7311?@D0447:@;/0D >< "C ") "# 5<: 4/7 15D7 251 :01E?117: 0< :74508 0< 6535=356/' 716><:7<4 > 0< 2304 674040>< 581> <>4 :016?47: 4/54 4/7 G?:=D7<4 5<: :7E377 65117: 0< > !C
!&& /51 54450<7: 041 90<5804; 51 4/7 37=?853
- 16 -
566758 9087: E/5887<=0<= 4/7 15D7 251 :01D0117: 5<: 4/7 251:01D0117:51204/:352<
!C /7 8753<7: 0<=87 ?:=7 /51 >@173F7: 4/54 3716><:7<4 > 0< 4/7 2304 674040>< 251 E><47140<= 4/7 E517 >9 4/7 674040><73'>E074; 4/54 /7 /5: 3710=<7: 93>D 4/76>14>94/73710:7<4 7/5:581>E><47147:4/7E850D >930/0F580<=5125D;4/54/72514/73710:7<4>94/7 >E074; 401581>>@173F7:0<6535=356/'&4/543716><:7<4 > D?14 /5F7 45H7< 14761 4> 3714>37 /01 6>1040>< 51 3710:7<4>94/7>E074;0<F072>94/7G?:=D7<465117:0< > !C
!&& />?=/ 5< 5447D64 251 D5:7 @; 4/7 8753<7:E>?<1789>34/75667885<44/544/715D7/51@77< E8530907: 0< > C
"") 2/087 :01D0110<= 4/7 15D7 4/7 7B7E?40<=$>?34E5<<>4=>@7;><:4/7:7E3775<:><8;04 /51 4> 7B7E?47 4/7 G?:=D7<4 5<: :7E377 65117: 0< 4/7 G?:=D7<4 /77B7E?40<=$>?34E5<<>4E85309;4/715D751 4/7 1E>67 5<: 5D@04 >9 4/7 7B7E?40<= $>?34 01 80D047: 7<E74/7E><47<40><>94/78753<7:E>?<1789>35667885<4 4/540<1?@17A?7<463>E77:0<=104 /51@77<E8530907:4/54
- 17 -
4/747<?37>96>14>93710:7<45<:7E37453;01><8;9>35 65340E?8536730>:E5<<>4@75EE7647: /7F73;E><47<40>< >94/78753<7:E>?<1789>35667885<44/544/78753<7:0<=87 ?:=7 E>DD0447: 5< 733>3 0< A?51/0<= <<7B?371' 5<:
C E5<<>4 @7 5EE7647: 5<: 4/7 5667885<4 0<1475: >9 5:/730<= 4> 4/7 G?:=D7<4 5<: :7E377 D5:7 588 1>341 >9 5447D64 4> A?7140>< 4/7 G?:=D7<4 5<: :7E377 0< 5< 0<:037E4 25; 0< E><<0F5<E7 204/ 3716><:7<4 > ! 716><:7<4 > !
716><:7<4 > ! 581> 7<473450<7: 4/7 5667885<4+1 37A?714 5<:4/715D70145H7<<>47>9@;4/78753<7:0<=87?:=7 5<: A?51/7: 4/7 15D7 7<E7 27 :> <>4 90<: 5<; 733>3 E>DD0447: @; 4/7 8753<7: 0<=87 ?:=7 0< A?51/0<= <<7B?371'5<:C5<:581>=0F0<=:037E40><4>E><10:73 4/73763717<4540><:547:"C ") "#5<:65115663>630547 >3:731
!# 753<7: E>?<178 581> F7/7D7<48; E><47<:7:
4/54 56680E540>< 251 9087: @79>37 4/7 F73; 15D7 8753<7: 0<=87?:=75<:4/7150:56680E540><251:01D0117: /087 :01D0110<= 4/7 15D7 4/7 8753<7: 0<=87 ?:=7 /51
- 18 -
5110=<7: 3751><1 < F072 >9 4/7 150: >@173F540>< 4/7 5667885<4 /51 <> 8>E?1 4> 9087 4/7 63717<4 2304 566758 < 4/756680E540><5635;732511>?=/44/543716><:7<4> /5:7B6037:5<:4/72304674040><251:016>17:>9204/>?4 E><10:730<= 4/7 A?7140>< 2/74/73 2304 674040>< 5=50<14 3716><:7<4 > /51 5@547: >3 <>4 /7 8753<7: 0<=87 ?:=72/087E><10:730<=4/756680E540></51>@173F7:4/54 3716><:7<4 > 6?36>347:8; E850D7: 4> @7 4/7 3710:7<4 >9 /0F5;>=0125D; 7D>3058 :?E540>< >E074; >:85 /7 2304 674040>< 251 :016>17: >9 @517: >< 4/7 5F5085@87 37E>3:1 93716><:7<4> 7B6037:4/72304674040><:>71 <>4 5@547 5=50<14 /0D 51 4/7 6>14 >9 3710:7<4 5887=7:8;
/78: @; /0D 251 <>4 /73045@87 /7 8753<7: 0<=87 ?:=7 2/087 :01D0110<= 4/7 56680E540>< 167E090E588; D7<40><7: 0< 4/7 >3:73 4/54 4/7 56680E5<4 0< 4/7 56680E540>< -5667885<4 /7370<.E5<<>4@549>3:7E7517:3716><:7<4> 51/701 <704/73 5 87=58 /703 <>3 0<E?D@7<4 3710:7<4 >9 /0F5;>=0125D; 7D>3058 :?E540>< >E074; >:85 753<7:E>?<1789>34/75667885<4581><>4:016?474/795E4
- 19 -
4/54 /7 /51 <>4 E/5887<=7: 4/7 150: >3:73 /7< 1?E/ 5 3751><0<= 251 =0F7< 0< 4/7 >3:73 5<: E547=>30E588; /78:
4/54 04 01 <>4 /73045@87 6>14 5<: 5< >@173F540>< 01 D5:7 4/54 4/7 56680E5<4
5667885<4 01 <704/73 5 87=58 /703 <>3 0<E?D@7<4 3710:7<4 >9 4/7 >E074; 4/7 A?7140>< >9 7<473450<0<= 4/01 2304 566758 54 4/7 0<145<E7 >9 4/7 5667885<4 :>71 <>4 53017 > :>?@4 4/01 $>?34 =35<47:
875F75<:5:D0447:4/75667582/7<875F7011>?=/4 ?4 D737=35<4>9875F75<:5:D0110><>92304566758E5<<>4 E><F7;>3E375475<;30=/40<95F>?3>94/75667885<42/087 E><10:730<= 4/7 =3>?<:1 ?3=7: 0< 4/7 2304 566758 0< 4/7 4774/ >9 4/7 >3:73 65117: @; 4/7 8753<7: 0<=87 ?:=7 2/08737G7E40<=4/756680E540><5110=<0<=3751><1 7<E7 27:><>490<:5<;733>3><4/76534>94/78753<7:0<=87 ?:=7 0< 588>20<= 4/7 2304 674040>< 5<: =0F0<= 1?E/ 5 :037E40>< 7<E7 <> =3>?<:1 537 D5:7 >?4 4> 0<4739737 204/ 4/7 0D6?=<7: >3:73 65117: @; 4/7 8753<7: 0<=87 ?:=7 7<E7275<12736>0<4> !0<<7=540F7
- 20 -
! < F072 >9 4/7 :01E?110><1 D5:7 5@>F7 27 63>E77:4>65114/79>88>20<=
/7 3046675801:01D0117:
< F072 >9 :016>158 >9 4/7 D50< 566758 67<:0<= 56680E540><095<;:><>41?3F0F79>3E><10:73540><
,+ &" ' %
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014> !8> ) $