AMENDMENT TO CODE OF FAIR COMPETITION FOR
 INVESTMENT BANKERS

 Amend Article V, Section 4, of Amendment. No. 2 of the Code of
Fair Compettiton for Investment Bankers: Add the following new
Sub-section to be known as Sub-section (e):
 (e) No investment banker (other than a member of the selling
syndicate or selling group organized in connection with the distri-
bution of the issue of securities in question) shall be allowed a com-
mission or concession by such selling syndicate or selling group,
nor shall any investment banker, (other than as aforesaid), be
allowed a commission or concession by a participant in such selling
syndicate or by a member of such selling group as provided in para-
graph (b) of this section, unless the investment banker receiving
such commission or concession shall furnish to the manager of the
selling syndicate or selling group or to such participant in the sell-
ing syndicate or such member in the selling group at the time of
the confirmation of the purchase or the entering of a subscription
in connection with which such commission or concession is or is to
be received, or prior to the date of confirmation of sale or of allot-
ment, a certificate in a form to be approved by the Code Commit-
tee and signed by such investment banker stating he claims a com-
mission or concession upon the purchase of the security in question
and that such security is being acquired either (1) solely for the
account of clients, or (2) for such investment banker's own account
but with the intention of redistributing such security to clients in
the ordinary course of his business.
 Approved Code No. 141-Amendment No. 4.
 Registry No. 1707-04.
 (4)