Note 8 — Chapter VIII · GREAT BRITAIN BLOCKS THE WAY

The participation of the three Great Powers was to be on the basis of 25–25–25%, 15% was to be reserved for minor groups, and 10% for the Anatolian Railway Company. The provisions of Article 12 of the concession of 1903 were to be amended to establish a board of directors of 30, upon which each of the principal participants should be represented by 8 members. The remaining 6 members of the board were to be designated by the Ottoman Government and the Anatolian Railway Company. The directors were to be appointed by the original subscribers so that sale or transfer of shares could not alter the proportionate representation thus agreed upon.