Word: charterers
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Dates: during 1960-1969
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Almost any group of entrepreneurs with sound character and solid financing can get a bank charter. All they have to do is find a suitable location, convince state or federal examiners that the area could support a new bank, then raise the money for it. Businessmen often collect enough by passing the hat among themselves, and sometimes they can get started on a small stake by putting up their shares in the bank as collateral for low-interest loans from bigger banks. Less affluent organizers sell stock to the public. Often investors are let in only after they pledge...
James's eleemosynary obscurity was shared by the foundation he chartered to run for 25 years after his death. Although the directors eventually lifted James's ban on publicity, the grants they handed out, $42 million all told, usually came in such small amounts (average: $55,000) that James Foundation donations were hardly noticeable compared to the fat checks regularly issued by giants like Ford and Carnegie. Last week, with the expiration of the charter only two years off, the James Foundation voted to dissolve itself. The foundation's manner of leaving was untypically spectacular: it gave...
...ugly showdown at the U.N. next fall. Most of the debt is on assessments voted by the General Assembly to pay for U.N. peace-keeping forces in the Congo and the Gaza Strip. Russia claims the assessments were illegal, has refused to pay for two years. But the U.N. Charter says that any nation whose payments are more than two years in arrears may lose its right to vote, and the U.S. is determined to see that the charter is en forced. The Kremlin's answer: any such attempt will wreck the United Nations...
...UNITED NATIONS. "We will press for a change in the method of voting in the General Assembly and in the specialized agencies that will reflect population disparities among the member states and recognize differing abilities and willingness to meet the obligations of the Charter...
There, Mario Montessori, natural son of the Italian woman who worked out the method, has carried on since her death in 1952 at 81. But when Head mistress Rambusch insisted on relaxing the strict discipline of the original Montessori dogma, Mario called her a heretic and withdrew the charter. "My task has been to create a society for the maintenance of the 'pure' Montessori," he explains with a sigh...