Word: provisos
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...this point, George Hunt decided to exercise a proviso that he had made when he became managing editor: he would keep the job only until he was 50 years old. Last week, at 50, Hunt stepped down as LIFE'S managing editor. His place will be taken by Ralph Graves, 44, a 20-year veteran at LIFE who has spent the past two years as senior staff editor of all Time Inc. publications and assistant to Editor in Chief Hedley Donovan. Graves will share responsibility for running the magazine with LIFE'S editor, Thomas Griffith...
...merely divide their net profits by the number of shares outstanding to arrive at per-share earnings. Instead, companies must reduce the net to allow for future conversion of all warrants and some (but not all) convertible debentures and convertible preferred shares. Many businessmen and accountants object to the proviso. "The interests of average stockholders aren't served at all by reporting theoretical figures as though they were actual," argues Harry F. Reiss Jr., a partner in the accounting firm of Ernst & Ernst. "The whole theory is misleading...
...available to a consortium of church relief groups four giant C-97 Stratofreighter cargo planes, and another four to the International Red Cross. The relief groups will get the aircraft-each capable of hauling 18 tons of cargo-at the bargain price of about $4,000 apiece, with the proviso that the planes are to be used exclusively for shipment of food and medical supplies to noncombatants. The decision to make the planes available was the result of pleas by a number of private individuals and church organizations. Also crucial was Senator Edward Kennedy's active lobbying with...
Because hapless Truman Newberry spent the then shocking sum of $195,000 to win a U.S. Senate seat from Michigan in 1918, Congress-six years later -passed the Corrupt Practices Act. The law's principal proviso is that no single donor may give more than $5,000 to any one national campaign organization. As a result, candidates who are seriously interested in winning commonly set up dozens of such organizations; thus a big contributor can simply spread his largesse around in $5,000 wads...
Also out of Bretton Woods came the Washington-based International Monetary Fund, the arbiter of exchange rates. Written into the IMF articles of agreement, and binding upon its 111 member nations, is a proviso that no country may devalue its currency without IMF permission. In practice, the IMF allows devaluation only when economic misfortune (almost always inflation) strips a currency of its hitherto established value. Barring devaluation, every IMF nation must buy, sell or borrow foreign currencies-in practical terms, dollars-in sufficient quantity to keep its own money within 1% of its declared worth...