NEW YORK (Jul. 27)
Plans for the immediate establishment of a Canadian and an Israeli subsidiary of the American Eretz Israel Corporation, a capital investment instrument of the Mizrachi Organization of America, in order to help ease the economic burden of the Jewish state through stimulation of foreign capital investments, were announced here today by Nathan Levine, vice-president of AMEIC.
At a meeting of AMEIC board of directors held at the Hotel Astor, Mr. Levine disclosed that the Israeli subsidiary of the corporation will be established during the coming month with a registered capital of $750,000. The Canadian subsidiary will be opened in Montreal, he said, with a registered capital of $1,000,000. Legal transactions for procurement of a charter are now under way and it is expected that the Canadian branch will be established within several weeks, he reported.
Leon Gellman, president of the Mizrachi Organization, will leave tomorrow for Israel where he will negotiate with the Israeli Government for registration of the AMEIC branch. He will head a delegation of twenty-eight American Mizrachi leaders who will participate in the World Mizrachi conference, scheduled to open in Jerusalem on August 14.
The AMEIC in the United States has a registered capital of $500,000. Capital investments made through purchase of AMEIC shares will be used for the purpose of aiding small business enterprises in Israel, small industries, and the expansion of agricultural and other projects.