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Israel Electric Corporation Reorganizes Its Board of Directors

The officers of the Israel Electric Corporation in which the Israel Government recently acquired a majority interest, today held their first meeting since the Israel Government took control.

The resignations of the old board of directors were accepted and a new board of 16 members was named. Lord Samuel, retiring chairman of the board, was granted an annual pension of 1,500 pounds sterling. A new chairman of the board of directors will be elected at the next meeting of the board.