UA-R-GC-1914-01-01-1981-05-14_Page-006

-6- Administration and admonished it to move into the direction of the more desirable 60-40 ratio of women to men. 11. Report of the Adult Education Committee: (Mr. Reed) The Committee is pleased to report that the Division of Public Services (DPS) and, the Division of Commercial and Industrial Training (CIT) and the AUC Press are all operating satisfactorly. The Committee Chairman referred the Board members to Volume 2, No.2 of "AUC News" which covers the programs. 12. Report of the LE Committee: (Mr. Stone) a) Restructuring of the Fund - contrary to what was earlier believed and reported, Mr. Stone has not, in fact, been added yet as a partner of the Fund. Likewise Mr. Black's withdrawal has not been accomplished nor has his replacement by Mr. McCloy. The ususal Egyptian government red tape is to blame. We are continuing to work on these changes. b) Cairo Properties - Mr. Stone reviewed the difficult history of this project and noted that the company is now in liquidation and that the main property, Zl, is in the process of being sold. The other property, Z2 could be sold, but the Fund is not actively pursuing purchasers. This mot difficult of the Fund's projects will probably, in the end, turn out to have been the most profitable. c) New Projects - The only one being actively pursued at this time is the possible investment in a high-yeild seed project. The Board had earlier given Mr. Snaith the approval to invest up to a maximum of 20% of the total capitalization. d) The status of other current projects was summarized as follows: There are problems with each which are being worked on and, the Committee believes, overcome. 13. Report of the Executive Committee: The substance of Executive deliberations having been covered above, there was no separate report by this Committee. 14. Other Business