My understanding is that only the 1 and 2 are obligated to fold in on the first round, the rest can wait one more set of ORs.
However, if they do so, they may lose out on the chance to convert to shares of the NYC (since they might well sell out in the intervening SR) and will get only cash value returned to the owner.
This might be a useful strategy, since if you're not exchanging for shares, the payment for the minors comes from the bank, rather than the NYC.
A similar question that came up during our last playtest: Pierre has clarified that he intended to allow stock sales by Presidents during Emergency Train Buying, but he has not specified that he intended (as most games do) to disallow sales that would change the presidency of the operating company. Explicit clarification on this point is welcomed.
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