#932476
The “liability” of each Participating Company respectively shall for the purpose of the formula be (1) the liability of such Company on the transfer date to the policy-holders of such Company, which liability is hereinafter referred to as the “Insurance Liability,” together with (2) such sum as shall be required to provide cash compensation as hereinafter provided for the Directors, executives and staffs of such Company and deferred gratuities to staff as hereinafter provided, and (3) such sum as shall be required to acquire outstanding book interests as hereinafter provided, and (4) such sum as shall be required to defray such Company's proportionate part of the “costs of the Participating Companies” as hereinafter defined.
The "liability" of each Participating Company respectively shall for the purpose of the formula be (1) the liability of such Company on the transfer date to the policy-holders of such Company, which liability is hereinafter referred to as the "Insurance Liability," together with (2) such sum as shall be required to provide cash compensation as hereinafter provided for the Directors, executives and staffs of such Company and deferred gratuities to staff as hereinafter provided, and (3) such sum as shall be required to acquire outstanding book interests as hereinafter provided, and (4) such sum as shall be required to defray such Company's proportionate part of the "costs of the Participating Companies" as hereinafter defined.