4imprint Group PLC

Registration Form • Apr 27, 2020

ARTICLES OF ASSOCIATION

of

4imprint Group plc

(Artıcles adopted on 27 April 2010)

TUESDAY

Interpretation

Exclusion of Model Articles 1.

No articles set out in any statutory instrument or other subordinate legslation made under any statute, concerning companies shall apply as the articles of the company

Definitions 2.

In these articles unless the context otherwise requires -

"address" includes a number or address used for the purposes of sending or receiving documents or information by electronic means,

"these articles" means these articles of association as altered from time to time and the expression "this article" shall be construed accordingly,

"the auditors" means the auditors from time to time of the company or, in the case of pint auditors, any one of them,

"the Bank of England base rate" means the base lending rate most recently set by the Monetary Policy Committee of the Bank of England in connection with its responsibilities under Part 2 of the Bank of England Act 1998,

"the board" means the board of directors from time to time of the company or the directors present at a meeting of the directors at which a quorum is present,

"certificated share" means a share which is not an uncertificated share or a share in respect of which a share warrant has been Issued (and not cancelled) and references in these articles to a share being held in certificated form shall be construed accordingly,

"clear days" in relation to the penod of a notice means that period excluding the day when the notice is served or deemed to be served and the day for which it is given or on which it is to take effect,

"the Companies Acts" means every statute (including any orders, regulations or other subordinate legislation made under it) from time to time in force concerning companies in so far as it applies to the company,

220832/10084 CD100210109 ZZP 250510 0805

"the holder" in relation to any shares means the person whose name is entered in the register as the holder of those shares, or, in the case of a share in respect of which a share warrant has been Issued (and not cancelled), the person in possession of that warrant,

"the office" means the registered office from time of the company,

"paid up" means paid up or credited as paid up,

"participating class" means a class of shares title to which is permitted by an Operator to be transferred by means of a relevant system,

"person entitled by transmission" means a person whose entitlement to a share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law has been noted in the register,

"the register" means the register of members of the company,

"seal" means any common or official seal that the company may be permitted to have under the Companies Acts,

"the secretary" means the secretary, or (if there are joint secretaries) any one of the joint secretaries, of the company and includes an assistant or deputy secretary and any person appointed by the board to perform any of the duties of the secretary,

"the uncertificated securities rules" means any provision of the Companies Acts relating to the holding, evidencing of title to, or transfer of uncertificated shares and any legislation, rules or other arrangements made under or by virtue of such provision,

"uncertificated share" means a share of a class which is at the relevant time a participating class, title to which is recorded on the register as being held in uncertificated form (other than a share represented by a share warrant) and references ın these artıcles to a share being held in uncertificated form shall be construed accordingly,

"United Kingdom" means Great Britain and Northern Ireland,

references to a document being signed or to signature include references to its being executed under hand or under seal or by any other method and, in the case of a communication in electronic form, such references are to its being authenticated as specified by the Companies Acts,

references to writing include references to any method of representing or reproducing words in a legible and non-transitory form whether sent or supplied in electronic form or otherwise and written shall be construed accordingly,

words or expressions to which a particular meaning is given by the Companies Acts in force when these articles or any part of these articles are adopted bear (if not inconsistent with the subject matter or context) the same meaning in these articles or

that part (as the case may be) save that the word "company" shall include any body corporate, and

references to a meeting shall not be taken as requring more than one person to be present if any quorum requirement can be satisfied by one person

Headings are included only for convenience and shall not affect meaning

Limited liability 3.

The liability of members of the company is limited to the amount, if any, unpaid on the shares in the company held by them

Name

4. Change of Name

The Company may change its name by resolution of the board

Share Capital

Rights Attached to Shares 5.

Subject to any rights attached to existing shares, any share may be issued with or have attached to it such rights and restrictions as the company may by ordinary resolution decide or, if no such resolution has been passed or so far as the resolution does not make specific provision, as the board may decide Such rights and restrictions shall apply to the relevant shares as if the same were set out in these articles

Redeemable Shares 6.

Subject to any rights attached to existing shares, any share may be issued which is to be redeemed, or is liable to be redeemed at the option of the company or the holder The board may determine the terms, conditions and manner of redemption of any redeemable share so issued Such terms and conditions shall apply to the relevant shares as if the same were set out ın these articles

Variation of Rights 7.

Subject to the provisions of the Companies Acts, all or any of the rights attached to any existing class of shares may from time (whether or not the company is being wound up) be varied either with the consent in writing of the holders of not less than three-fourths in nominal value of the issued shares of that class (excluding any shares of that class held as treasury shares) or with the sanction of a special resolution passed at a separate general meeting of the holders of those shares All the provisions of these articles as to general meetings of the company shall, with any necessary modifications, apply to any such separate general meeting, but so that the necessary quorum shall be two persons entitled to vote and holding or representing by proxy not less than one-third in nominal value of the issued shares of the class (excluding any shares of that class held as treasury shares), (but so that at any adjourned meeting one holder entitled to vote and present in person or by proxy (whatever the number of

shares held by hım) shall be a quorum), and that any holder of shares of the class present in person or by proxy and entitled to vote may demand a poll The foregoing provisions of this article shall apply to the variation of the special rights attached to some only of the shares of any class as if each group of shares of the class differently treated formed a separate class and their special rights were to be varied

Pari Passu Issues 8.

The rights conferred upon the hoiders of any shares shall not, unless otherwise expressly provided in the rights attaching to those shares, be deemed to be vaned by the creation or issue of further shares rankıng parı passu with them

Unissued Shares 9.

Subject to the provisions of these articles and to any resolution passed by the company and without prejudice to any rights attached to existing shares, the board may offer, allot, grant options over or otherwise deal with or dispose of shares in the company to such persons, at such times and for such consideration and upon such terms as the board may decide

Share Warrants 10.

• (A) The board may issue a share warrant in respect of any fully paid share Share warrants shall be issued in such form and executed in such manner as the board decides
• (B) The bearer of a share warrant shall be entitled to the shares represented by it and a share represented by a share warrant may be transferred by delivery of the warrant representing it without any written transfer and without registration None of the provisions of these articles relating to the transfer or transmission of shares shall apply to any share represented by a share warrant
• (C) The board may make provision for the payment of dividends and other moneys ın respect of any share represented by a share warrant None of the provisions of these articles relating to the payment procedure for dividends, or uncashed dıvıdends, shall apply to any share represented by a share warrant
• (D) share warrant is issued and may vary the conditions of issue of any share warrant from time to time In particular it may decide the conditions on which new share warrants are to be issued in place of those which are damaged or defaced, or said to have been lost or destroyed, the conditions on which bearers of share warrants are entitled to attend and vote at general meetings or at separate general meetings of the holders of any class of shares, the conditions subject to which bearers of share warrants may surrender them so as to hold their shares in certificated or uncertificated form instead The bearer of a share warrant shall be subject to the conditions and procedures in force in relation to it, whether or not they were decided or specified before the share warrant was Issued
• (E) The company shall, within such period as the board may decide, complete and have ready for delivery the certificate of the shares specified in the warrant
• Subject to the conditions on which the share warrants are issued from time to (F) time, bearers of share warrants shall have the same rights and privileges as they would have if their names had been included in the register as holders of the shares represented by their warrants and shall be deemed to be members
• (G) The company shall not in any way be bound by or recognise any interest in a share represented by a share warrant other than the absolute right of the bearer of that warrant to that warrant The company shall not be responsible for any loss or damage suffered by any person by reason of the company entering in the register, upon the surrender of a share warrant, the name of any person who is not the true and lawful owner of that warrant

Payment of Commission 11.

The company may in connection with the issue of any shares or the sale for cash of treasury shares exercise all powers of paying commission and brokerage conferred or permitted by the Companies Acts Any such commission or brokerage may be satısfied by the payment of cash or by the allotment of fully or partly-paid shares or other securities or partly in one way and partly in the other

12. Trusts Not Recognised

Except as ordered by a court of competent junsdiction or as requred by law, no person shall be recognised by the company as holding any share upon any trust and the company shall not be bound by or required in any way to recognise (even when having notice of it) any interest in any share or (except only as by these articles or by law otherwise provided) any other right in respect of any share other than an absolute right to the whole of the share in the holder

Suspension of Rights Where Non-Disclosure of Interest 13 -

(A) Where the holder of any shares in the company, or any other person appearing to be interested in those shares, fails to comply within the relevant period with any statutory notice in respect of those shares or, in purported compliance with such a notice, has made a statement which is false or inadequate in a material particular, the company may give the holder of those shares a further notice (a "restriction notice") to the effect that from the service of the restriction notice those shares will be subject to some or all of the relevant restrictions, and from service of the restriction notice those shares shall, notwithstanding any other provision of these articles, be subject to those relevant restrictions accordingly For the purpose of enforcing the relevant restriction referred to in sub-paragraph (11) of the definition of "relevant restrictions", the board may give notice to the relevant member requiring the member to change the relevant shares held in uncertificated form to certificated form by the time stated in the notice and to keep them in certificated form for as long as the board requires The notice may also state that the member may not change any of the relevant shares held ın certificated form to uncertificated form If the member does not comply with

the notice, the board may authorise any person to instruct the Operator to change the relevant shares held in uncertificated form to certificated form

• (B) satisfied that all information required by any statutory notice relating to those shares or any of them from their holder or any other person appearing to be interested in the shares the subject of the restriction notice has been supplied, the company shall, within seven days, cancel the restriction notice The company may at any time at its discretion cancel any restriction notice or exclude any shares from it The company shall cancel a restriction notice within seven days after recept of a notice in writing that the relevant shares have been transferred pursuant to an arm's length sale
• (C) Where any restriction notice is cancelled or ceases to have effect in relation to any shares, any moneys relating to those shares which were withheld by reason of that notice shall be paid without interest to the person who would but for the notice have been entitled to them or as he may direct
• (D) restriction notice shall also be subject to the restriction notice, and the board may make any right to an allotment of the new shares subject to restrictions corresponding to those which will apply to those shares by reason of the restriction notice when such shares are issued
• (E) time request the company to give in writing the reason why the restriction notice has been served, or why it remains uncancelled, and within 14 days of receipt of such a notice the company shall give that information accordingly
• (F) nterested in any share, a copy shall at the same time be given to the holder, but the failure or omission to do so or the non-receipt of the copy by the holder shall not invalidate such notice
• (G) This article is in addition to, and shall not in any way prejudice or affect, the statutory rights of the company arising from any failure by any person to give any information required by a statutory notice within the time specified in it For the purpose of this article a statutory notice need not specify the relevant period, and may require any information to be given before the expiry of the relevant period
• (H) In this article -

a sale is an "arm's length sale" if the board is satisfied that it is a bona fide sale of the whole of the beneficial ownership of the shares to a party unconnected with the holder or with any person appearing to be ınterested in such shares and shall ınclude a sale made by way of or ın pursuance of acceptance of a takeover offer and a sale made through a recognised investment exchange or any other stock exchange outside the United Kıngdom For this purpose an associate (within the definition of that expression in any statute relating to insolvency in force at the date of adoption of this article) shall be included amongst the persons who are connected with the holder or any person appearing to be Interested in such shares,

"person appearing to be interested" in any shares shall mean any person named in a response to a statutory notice or otherwise notified to the company by a member as being so interested or shown in any requster or record kept by the company under the Companies Acts as so interested or, taking into account a response or failure to respond in the light of the response to any other statutory notice and any other relevant information in the possession of the company, any person whom the company knows or has reasonable cause to believe is or may be so interested,

"person with a 0.25 per cent. interest" means a person who holds, or is shown in any register or record kept by the company under the Companies Acts as having an interest in, shares in the company which comprise in total at least 0 25 per cent in number or nominal value of the shares of the company (calculated exclusive of any shares held as treasury shares), or of any class of such shares (calculated exclusive of any shares of that class held as treasury shares), in Issue at the date of service of the restriction notice,

"relevant period" means a period of 14 days following service of a statutory notice,

"relevant restrictions" mean in the case of a restriction notice served on a person with a 0 25 per cent interest that -

• (i) vote either personally or by proxy at any general meeting of the company or at any separate general meeting of the holders of any class of shares in the company or to exercise any other right conferred by membership in relation to general meetings,
• the board may withhold payment of all or any part of any (= dividends or other moneys payable in respect of the shares and the holder shall not be entitled to receive shares in lieu of dıvıdend,
• (แ) which are certificated shares, unless such a transfer is pursuant to an arm's length sale

and in any other case mean only the restriction specified in subparagraph (i) of this definition, and

"statutory notice" means a notice served by the company under the Companies Acts requiring particulars of interests in shares or of the identity of persons interested in shares

Uncertificated Shares 1 4

• (A) Pursuant and subject to the uncertificated securities rules, the board may permit title to shares of any class to be evidenced otherwise than by a certificate and title to shares of such a class to be transferred by means of a relevant system and may make arrangements for a class of shares (if all shares of that class are ın all respects identical) to become a participating class Title to shares of a particular class may only be evidenced otherwise than by a certificate where that class of shares is at the relevant time a participating class The board may also, subject to compliance with the uncertificated securities rules, determine at any time that title to any class of shares may from a date specified by the board no longer be evidenced otherwise than by a certificate or that title to such a class shall cease to be transferred by means of any particular relevant system
• (B) remains a participating class, no provision of these articles shall apply or have effect to the extent that it is inconsistent in any respect with
  • (i) the holding of shares of that class in uncertificated form,
  • (II) system, and
  • (III) any provision of the uncertificated securities rules,

and, without prejudice to the generality of this article, no provision of these articles shall apply or have effect to the extent that it is in any respect ınconsistent with the maintenance, keeping or entering up by the Operator, so long as that is permitted or required by the uncertificated securities rules, of an Operator register of securities in respect of that class of shares in uncertificated form

• (C) Shares of a class which is at the relevant time a participating class may be changed from uncertificated to certificated form, and from certificated to uncertificated form, in accordance with and subject as provided in the uncertificated securities rules
• (D) If, under these articles or the Companies Acts, the company is entitled to sell, transfer or otherwise dispose of, forfeit, re-allot, accept the surrender of or otherwise enforce a lien over an uncertificated share, then, subject to these articles and the Companies Acts, such entitlement shall include the right of the board to
  • (i) change that share from uncertificated to certificated form within such

period as may be specified in the notice and keep it as a certificated share for as long as the board requires,

• (11) appoint any person to take such other steps, by instruction given by means of a relevant system or otherwise, in the name of the holder of such share as may be required to effect the transfer of such share and such steps shall be as effective as if they had been taken by the registered holder of that share, and
• (11) take such other action that the board considers appropriate to achieve the sale, transfer, disposal, forfeiture, re-allotment or surrender of that share or otherwise to enforce a lien in respect of that share
• (E) uncertificated form shall be treated as separate holdings from any shares which that member holds in certificated form However shares held in uncertificated form shall not be treated as forming a ciass which is separate from certificated shares with the same rights
• (F) otherwise require, any shares issued or created out of or in respect of any uncertificated shares shall be uncertificated shares and any shares issued or created out of or in respect of any certificated shares shall be certificated shares
• (G) securities maintained by it in accordance with the uncertificated securities rules and regularly reconciled with the relevant Operator register of securities are a complete and accurate reproduction of the particulars entered in the Operator register of securities and shall accordingly not be liable in respect of any act or thing done or omitted to be done by or on behalf of the company in reliance on such assumption, in particular, any provision of these articles which requires on envisages that action will be taken in reliance on information contained in the register shall be construed to permit that action to be taken in reliance on information contained in any relevant record of securities (as so maintained and reconciled)

Right to Share Certificates 15.

Every person (except a person to whom the company is not by law requred to issue a certificate) whose name is entered in the register as a holder of any certificated shares shall be entitled, without payment, to receive within the time limits prescribed by the Companies Acts (or, if earlier, within any prescribed time limit or within a time specified when the shares were issued) one certificate for all those shares of any one class In the case of a certificated share held jointly by several persons, the company shall not be bound to issue more than one certficate and delivery of a certificate to one of several joint holders shall be sufficient delivery to all A member who transfers some but not all of the shares comprised in a certificate shall be entitled to a certificate for the balance without charge to the extent the balance is to be held in certificated form

Replacement of Share Certificates 16.

If a share certificate is defaced, worn out, lost or destroyed, it may be replaced on such terms (fi any) as to evidence and indemnity as the board may decide and, where it is defaced or worn out, after delivery of the old certificate to the company Any two or more certificates representing shares of any one class held by any member shall at his request be cancelled and a sıngle new certificate for such shares issued in lieu Any certificate representing shares of any one class held by any member may at his request be cancelled and two or more certificates for such shares may be issued instead The board may require the payment of any exceptional out-of-pocket expenses of the company incurred in connection with the issue of any certificates under this article Any one of two or more joint holders may request replacement certificates under this article

Execution of Share Certificates 17.

Every share certificate shall be executed under a seal or in such other manner as the board, having regard to the terms of issue and any listing requirements, may authorise and shall specify the number and class of the shares to which it relates and the amount or respective amounts paid up on the shares The board may by resolution decide, either generally or in any particular case or cases, that any signatures on any share certificates need not be autographic but may be applied to the certificates by some mechanical or other means or may be printed on them or that the certificates need not be signed by any person

Share Certificates Sent at Holder's Risk 48.

Every share certificate sent in accordance with these articles will be sent at the risk of the member or other person entitled to the certificate The company will not be responsible for any share certificate lost or delayed in the course of delivery

Lien

19

The company shall have a first and paramount lien on every share (not being a fully paid share) for all amounts payable to the company (whether presently or not) in respect of that share The company's lien on a share shall extend to every amount payable in respect of it The board may at any time either generally or in any particular case wawe any lien that has arısen or declare any share to be wholly or in part exempt from the provisions of this article

Enforcing Lien by Sale 20.

The company may sell, in such manner as the board may decide, any share on which the company has a lien if a sum in respect of which the lien exists is presently payable and is not paid within 14 clear days after a notice has been served on the holder of the share or the person who is entitled by transmission to the share, demanding payment and stating that if the notice is not compled with the share may be sold For giving effect to the sale the board may authorise some person to sign an instrument of transfer of the share sold to or in accordance with the drections of the purchaser The transferee shall not be bound to see to the application of the purchase money, nor shall his title to the share be affected by any irregularity or invalidity in relation to the sale

Application of Proceeds of Sale 21.

The net proceeds, after payment of the costs, of the sale by the company of any share on which it has a lien shall be applied in or towards payment or discharge of the debt or hability in respect of which the lien exists so far as it is presently payable, and any residue shall (subject to a like lien for debts or llabilities not presently payable as existed upon the share prior to the sale and upon surrender, if required by the company, for cancellation of the certificate for the share sold) be paid to the person who was entitled to the share at the time of the sale

Calls on Shares

22. Calls

Subject to the terms of issue, the board may from time to time make calls upon the members in respect of any moneys unpaid on their shares (whether on account of the nominal amount of the shares or by way of premium) and not payable on a date fixed by or in accordance with the terms of issue, and each member shall (subject to the company serving upon him at least 14 clear days' notice specifying when and where payment is to be made) pay to the company as required by the notice the amount called on his shares A call may be made payable by ınstalments A call may be revoked or postponed, in whole or in part, as the board may decide A person upon whom a call is made shall remain liable jointly and severally with the successors ın ttle to hıs shares for all calls made upon him notwithstandıng the subsequent transfer of the shares in respect of which the call was made

23. Timing of Calls

A call shall be deemed to have been made at the time when the resolution of the board authorising the call was passed

Liability of Joint Holders 24.

The joint holders of a share shall be jointly and severally liable to pay all calls in respect of the share

Interest Due on Non-Payment 25.

If a call remains unpaid after it has become due and payable, the person from whom it is due and payable shall pay interest on the amount unpard from the day it is due and payable to the time of actual payment at such rate (not exceeding the Bank of England base rate by more than five percentage points) as the board may decide, and all expenses that have been ıncurred by the company by reason of such non-payment, but the board shall be at liberty in any case or cases to warve payment of the interest or expenses wholly or in part

Sums Due on Allotment Treated as Calls 26.

Any amount which becomes payable in respect of a share on allotment or on any other date fixed by or in accordance with the terms of issue, whether in respect of the nominal amount of the share or by way of premium or as an instalment of a call, shall be deemed to be a call and, f it is not paid, all the provisions of these articles shall apply as if the sum had become due and payable by virtue of a call

Power to Differentiate 27.

The board may on or before the issue of shares differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment

28. Payment of Calls in Advance

The board may, f it thinks fit, receive from any member who is willing to advance them all or any part of the moneys uncalled and unpaid upon any shares held by hım and on all or any of the moneys so advanced may (until they would, but for the advance, become presently payable) pay interest at such rate (not exceeding the Bank of England base rate by more than five percentage points, unless the company by ordinary resolution shall otherwise direct) as the board may decide

Forfeiture of Shares

Notice if Call or Instalment Not Pard 29.

If any call or instalment of a call remains unpaid on any share after the day appointed for payment, the board may at any time serve a notice on the holder requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued and any expenses incurred by the company by reason of such non-payment

30. Form of Notice

The notice shall name a further day (not being less than 14 clear days from the date of the notice) on or before which, and the place where, the payment required by the notice is to be made and shall state that in the event of non-payment on or before the day and at the place appointed, the shares in respect of which the call has been made or instalment is payable will be liable to be forfeited

Forfeiture for Non-Compliance with Notice 31.

If the notice is not complied with, any share in respect of which it was given may, at any time before payment of all calls or instalments and interest and expenses due in respect of it have been made, be forfeited by a resolution of the board to that effect and the forfeiture shall include all dividends declared and other moneys payable in respect of the forfeited shares and not paid before the forfeiture The board may accept the surrender of any share liable to be forfeited and, in that event, references in these articles to forfeiture shall include surrender

Notice after Forfeiture 32.

When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share but no forfeiture shall be ınvalıdated by any omission or neglect to give notice

Sale of Forfeited Shares 33.

Until cancelled in accordance with the requrements of the Companies Acts, a forfeited share shall be deemed to be the property of the company and may be sold or otherwise disposed of either to the person who was, before forfeiture, the holder or to any other person upon such terms and in such manner as the board shall decide The board may for the purposes of the dısposal authorise some person to sıgn an ınstrument of transfer to the designated transferee The company may receive the consideration (if any) given for the share on its disposal At any time before a sale or disposition the forfeiture may be cancelled by the board on such terms as the board may decide

34.

A person whose shares have been forfeited shall cease to be a member in respect of them and shall surrender to the company for cancellation the certificate for the forfeited shares but shall remain hable to pay to the company all moneys which at the date of the forfeiture were payable by hım to the company in respect of those shares with interest thereon at such rate (not exceeding the Bank of England base rate by more than five percentage points) as the board may decide from the date of forfeiture until payment, and the company may enforce payment without being under any obligation to make any allowance for the shares forfeited or for any consideration received on their disposal

Statutory Declaration as to Forfeiture 35.

A statutory declaration that the declarant is a director of the secretary and that a share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the share The declaration shall (subject to the signing of an instrument of transfer if necessary) constitute a good title to the share and the person to whom the share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money (if any) nor shall his title to the share be affected by any ırregularıty or invalidity in the proceedings relating to the forfeiture, sale or disposal

Transfer of Shares

Transfer 36.

• (A)
  • any member may transfer all or any of his uncertificated shares by (i) means of a relevant system in such manner provided for, and subject as provided in, the uncertificated securities rules, and accordingly no provision of these articles shall apply in respect of an uncertificated share to the extent that it requires or contemplates the effecting of a transfer by an instrument in writing or the production of a certificate for the share to be transferred, and
  • (u) ınstrument of transfer in any usual form or in any other form which the board may approve
• (B) The transferor of a share shall be deemed to remain the holder of the share concerned until the name of the transferee is entered in the register in respect of it

13

Signing of Transfer 37.

The instrument of transfer of a certificated share shall be signed by or on behalf of the transferor and (in the case of a partly pard share) the transferee All instruments of transfer, when registered, may be retained by the company

38.

The board can decline to register any transfer of any share which is not a fully paid share

Other Rights to Decline Registration 39.

• (A) cırcumstances set out in the uncertificated securities ruies, and where, in the case of a transfer to joint holders, the number of joint holders to whom the uncertificated share is to be transferred exceeds four
• The board may decline to register any transfer of a certificated share unless -(B)
  • (i) shown to the satisfaction of the board to be exempt from stamp duty and is left at the office or such other place as the board may from time to time determine accompanied (save in the case of a transfer by a person to whom the company is not required by law to issue a certificate and to whom a certificate has not been issued) by the certificate for the share to which it relates and such other evidence as the board may reasonably require to show the right of the person signing the instrument of transfer to make the transfer and, if the ınstrument of transfer is signed by some other person on his behalf, the authority of that person so to do,
  • the instrument of transfer is in respect of only one class of share, and (=) =
  • (III) whom the share is to be transferred does not exceed four
• (C) shares, the renunciation of the allotment of any shares by the allottee in favour of some other person shall be deemed to be a transfer and the board shall have the same powers of refusing to give effect to such a renunciation as if it were a transfer

No Fee for Registration 40.

No fee shall be charged by the company for registering any transfer, document or instruction relating to or affecting the title to any share or for making any other entry in the register

Untraced Shareholders 41.

• (A) The company may sell any certificated shares in the company on behalf of the holder of, or person entitled by transmission to, the shares at the best price reasonably obtainable at the time of sale if
  • the shares have been in issue either in certificated or uncertificated = form throughout the qualifying period and at least three cash dividends have become payable on the shares during the qualifying period,
  • (11) presentation to the paying bank of the relevant cheque or warrant or been satisfied by the transfer of funds to a bank account designated by the holder of, or person entitled by transmission to, the shares or by the transfer of funds by means of a relevant system at any time during the relevant period,
  • (11) then aware, the company has not at any time during the relevant period received any communication from the holder of, or person entitled by transmission to, the shares, and
  • (Iv) newspaper with a national circulation and the other in a newspaper circulating in the area in which the last known postal address of the holder of, or person entitled by transmission to, the shares or the postal address at which service of notices may be effected under these articles is located, giving notice of its intention to sell the shares and a period of three months has elapsed from the date of publication of the advertisements or of the last of the two advertisements to be published if they are published on different dates
• (B) The company shall also be entitled to sell at the best price reasonably obtainable at the time of sale any additional certificated shares in the company issued either in certificated or uncertificated form during the qualifying period in right of any share to which paragraph (A) of this article applies (or in right of any share so issued), if the criteria in paragraph (A)(i) to (Iv) are satisfied in relation to the additional shares
• (C) authorise some person to transfer the shares in question and an instrument of transfer signed by that person shall be as effective as if it had been sıgned by the holder of, or person entitled by transmission to, the shares The purchaser shall not be bound to see to the application of the purchase moneys nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale The net proceeds of sale shall belong to the company and, upon their receipt, the company shall become indebted to the former holder of, or person entitled by transmission to, the shares for an amount equal to the net proceeds No trust shall be created in respect of the debt and no interest shall be payable in respect of it and the company shall not be

required to account for any moneys earned from the net proceeds which may be employed in the business of the company or as it thinks fit If no valıd claim for the money has been received by the company during a period of six years from the date on which the relevant shares were sold by the company under this article, the money will be forfeited and will belong to the company

For the purpose of this article -(D)

"the qualifying period" means the period of 12 years immediately preceding the date of publication of the advertisements referred to in paragraph (A)(Iv) above or of the first of the two advertisements to be published if they are published on different dates, and

"the relevant period" means the period beginning at the commencement of the qualifying period and ending on the date when all the requirements of paragraph (A)(i) to (ıv) above have been satısfied

Transmission of Shares

Transmission on Death 42.

If a member dies, the survivor or survivors, where he was a joint holder, and his personal representatives, where he was a sole holder or the only survivor of joint holders, shall be the only persons recognised by the company as having any title to his shares, but nothing contained in these articles shall release the estate of a deceased holder from any liablity in respect of any share held by him solely or jointly with other persons

Entry of Transmission in Register 43.

Where the entitlement of a person to a certificated share in consequence of the death or bankruptcy of a member or of any other event giving rise to its transmission by operation of law is proved to the satisfaction of the board, the board shall within two months after proof cause the entitlement of that person to be noted in the register

44. Election of Person Entitled by Transmission

Any person entitled by transmission to a share may, subject as provided elsewhere in these articies, elect either to become the hoider of the share or to have some person nominated by hım registered as the holder If he elects to be registered himself he shall give notice to the company to that effect If he elects to have another person registered and the share is a certificated share, he shall sign an instrument of transfer of the share to that person If he elects to have himself or another person registered and the share is an uncertificated share, he shall take any action the board may require (including, without limitation, the signing of any document and the giving of any instruction by means of a relevant system) to enable himself or that person to be registered as the holder of the share The board may at any time requre the person to elect either to be registered himself or to transfer the share and if the requirements are not complied with within 60 days of being issued the board may withhold payment of all dividends and other moneys payable in respect of the share until the requrements have been complied with All the provisions of these articles relating to the transfer of, and registration of transfers of, shares shall apply to the notice or transfer as if the death or bankruptcy of the member or

other event giving rise to the transmission had not occurred and the notice or transfer was gwen or signed by the member

Rights of Person Entitled by Transmission 45.

Where a person becomes entitied by transmission to a share, the rights of the holder in relation to that share shall cease, but the person entitled by transmission to the share may give a good dıscharge for any dıvidends or other moneys payable in respect of it and shail have the same rights in relation to the share as he would have had if he were the holder of it save that, until he becomes the holder, he shall not be entitled in respect of the share (except with the authority of the board) to receive notice of, or to attend or vote at, any general meeting of the company or at any separate general meeting of the holders of any class of shares in the company or to exercise any other right conferred by membership in relation to general meetings

Alteration of Share Capital

Sub-Division 46.

Any resolution authorising the company to sub-dıvıde its shares or any of them may determine that, as between the shares resulting from the sub-division, any of them may have any preference or advantage or be subject to any restriction as compared with the others

47. Fractions

Whenever as a result of a consolidation, consolidation and sub-division of shares any holders would become entiled to fractions of a share, the board may deal with the fractions as it thinks fit including by aggregating and selling them or by dealing with them in some other way For the purposes of effecting any such sale, the board may arrange for the shares representing the fractions to be entered in the register as certificated shares The board may sell shares representing fractions to any person, including the company and may authorise some person to transfer or deliver the shares to, or in accordance with the directions of, the purchaser The person to whom any shares are transferred or delivered shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity in, or invalidity of, the proceedings relating to the sale

Notice of General Meetings

Omission or Non-Receipt of Notice 48.

• (A) The accidental omission to give any notice of a meeting or the accidental omission to send or supply any document or other information relating to any meeting to, or the non-receipt (even if the company becomes aware of such non-receipt) of any such notice, document or other information by, any person entitled to receive the notice, document or other information shall not invalidate the proceedings at that meeting
• (B) received proper notice of that meeting and, where applicable, of the purpose of that meeting

Postponement of General Meetings 49.

If the board, in its absolute discretion, considers that it is impractical or undesirable for any reason to hold a general meeting on the date or at the time or place specified in the notice callıng the general meeting, it may postpone or move the general meeting to another date, time and/or place The board shall take reasonable steps to ensure that notice of the date, time and place of the rearranged meeting is given to any member trying to attend the meeting at the original time and place Notice of the date, time and place of the rearranged meeting shall, if practicable, also be placed in at least two national newspapers in the United Kingdom Notice of the business to be transacted at such rearranged meeting shall not be required If a meeting is rearranged in this way, the appointment of a proxy will be valid if it is received as required by these articles not less than 48 hours before the time appointed for holding the rearranged meeting The board may also postpone or move the rearranged meeting under this article

Proceedings at General Meetings

50. Quorum

No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the choice or appointment of a chairman of the meeting which shall not be treated as part of the business of the meeting Save as otherwise provided by these articles, two members present in person or by proxy and entitled to vote shall be a quorum for all purposes

Procedure if Quorum Not Present 51.

If within five minutes (or such longer time not exceeding one hour as the chairman of the meeting may decide to wait) after the time appointed for the commencement of the meeting a quorum is not present, or if during the meeting, a quorum ceases to be present, the meeting

if convened by or upon the requisition of members, shall be dissolved, and (i)

(u) days later, excluding the day on which the meeting is adjourned and the day for which it is reconvened) and at such other time or place as the chairman of the meeting may decide At any adjourned meeting one member present in person or by proxy and entitled to vote (whatever the number of shares held by him) shall be a quorum and any notice of an adjourned meeting shall state that one member present in person or by proxy and entitled to vote (whatever the number of shares held by him) shall be a quorum

52. Security Arrangements

The board may direct that persons wishing to attend any general meeting should submit to such searches or other security arrangements or restrictions as the board shall consider appropriate in the circumstances and shall be entitled in its absolute discretion to, or to authorise some one or more persons who shall include a director or the secretary or the chairman of the meeting to, refuse entry to, or to eject from, such general meeting any person who fails to such searches or otherwise to comply with such security arrangements or restrictions

53. Arrangements for Sımultaneous Attendance

In the case of any general meeting the board may, notwithstanding the specification in the notice of the place of the general meeting (the "Principal Place") at which the chairman of the meeting shall preside, making arrangements for sımultaneous attendance and participation at other places by members and proxies entitled to attend the general meeting but excluded from the Principal Place under the provisions of this and/or the following two articles

Arrangements Regarding Level of Attendance 54

Such arrangements for simultaneous attendance at the meeting may Include arrangements regarding the level of attendance as aforesaid at the other places provided that they shall operate so that any members and proxies excluded from attendance at the Principal Place are able to attend at one of the other places

Arrangements for Place of Attendance 55.

The board may, for the purpose of facilitating the organisation and administration of any general meeting to which such arrangements apply, from time to time make arrangements, whether ınvolving the issue of tickets (on a basis intended to afford to all members and proxies entitled to attend the meeting an equal opportunity of being admitted to the Principal Place) or the ımposition of some random means of selection or otherwise as it shall in its absolute discretion consider to be appropriate, and may from time to time vary any such arrangements or make new arrangements in their place and the entitlement of any member or proxy to attend a general meeting at the Principal Place shall be subject to such arrangements as may then be in force whether stated in the notice of the meeting to apply to that meeting or notified to the members concerned subsequent to the provision of the notice of the meeting

Chairman of General Meeting 56.

The chairman (if any) of the board or, in his absence, the deputy chairman (if any) shall preside as chairman at every general meeting If more than one deputy chairman is present they shall agree amongst themselves who is to take the chair or, if they cannot agree, the deputy chairman who has been in office as a dırector longest shall take the chair If there is no chairman or deputy chairman, or if at any meeting neither the chairman nor any deputy chairman is present within five minutes after the time appointed for the commencement of the meeting, or if neither the chairman nor any deputy chairman is willing to act as chairman, the directors present shall choose one of their number to act, or if one director only is present he shall preside as chairman of the meeting if willing to act If no director is present, or if each of the directors present declines to take the chair, the persons present and entitled to vote shall appoint one of their number to be chairman of the meeting Nothing in these articles shall restrict or exclude any of the powers or rights of a chairman of a meeting which are given by law

57. Orderly Conduct

The chairman of the meeting shall take such action or give directions for such action to be taken as he thinks fit to promote the orderly conduct of the business of the meeting as laid down in the notice of the meeting The chairman's decision on points of order, matters of procedure or

arısıng ıncıdentally from the business of the meeting shall be hıs determination as to whether any point or matter is of such a nature

Entitlement to Attend and Speak 58.

Each director shall be entitled to attend and speak at any general meeting of the company The chairman of the meeting may invite any person to attend and speak at any general meeting of the company where he considers that this will assist in the deliberations of the meeting

59. Adjournments

The chairman of the meeting may at any time without the consent of the meeting adjourn any meeting (whether or not it has commenced or a quorum is present) either sine dee or to another time or place where it appears to him that (a) the members entitled to vote and wishing to attend cannot be conveniently accommodated in the place appointed for the meeting (b) the conduct of persons present prevents or is likely to prevent the orderly continuation of business or (c) an adjournment is otherwise necessary so that the business of the meeting may be properly conducted In addition, the chairman of the meeting may at any time with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting) adjourn the meeting either sine die or to another time or place When a meeting is adjourned sine die the time and place for the adjourned meeting shall be fixed by the board No business shall be transacted at any adjourned meeting except business which might properly have been transacted at the meeting had the adjournment not taken place Any meeting may be adjourned more than once

Notice of Adjournment 60.

If the continuation of an adjourned meeting is to take place three months or more after it was adjourned or if business is to be transacted at an adjourned meeting the general nature of which was not stated in the notice of the original meeting, notice of the adjourned meeting shall be given as in the case of an original meeting Except as provided in this article, it shall not be necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting

Amendments

Amendments to Resolutions 61.

In the case of a resolution duly proposed as a special resolution no amendment thereto (other than an amendment to correct a patent error) may be considered or voted upon and in the case of a resolution duly proposed as an ordinary resolution no amendment thereto (other than an amendment to correct a patent error) may be considered or voted upon unless etther at least two working days prior to the date appointed for holding the meeting or adjourned meeting at which such ordinary resolution is to be proposed notice in writing of the amendment and intention to move the same has been received by the company or the chairman of the meeting in his absolute discretion decides that it may be considered or voted upon With the consent of the chairman of the meeting, an amendment may be withdrawn by its proposer before it is put to the vote

Amendments Ruled Out of Order 62.

If an amendment shall be proposed to any resolution under consideration but shall be ruled out of order by the chairman of the meeting the proceedings on the substantive resolution shall not be invalidated by any error in such rulıng

Voting

Votes of Members 63.

Subject to any special terms as to voting upon which any shares may be issued or may at the relevant time be held and to any other provisions of these articles, members shall be entitled to vote at a general meeting whether on a show of hands or on a poll as provided in the Companies Acts For this purpose, where a proxy is given discretion as to how to vote on a show of hands, this shall be treated as an instruction by the relevant member to vote in the way ın which the proxy elects to exercise that discretion

Method of Voting 64.

At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands unless (before or on the declaration of the result of the show of hands) a poil is demanded A poll may be demanded by -

• the chairman of the meeting, or (1)
• at least five persons present and entitled to vote on the resolution, or (ii)
• any member or members present in person or by proxy and representing in the (m) aggregate not less than one tenth of the total voting rights of all the members having the right to vote on the resolution, or
• (Iv) conferring a right to vote on the resolution on which there have been paid up sums in the aggregate equal to not less than one tenth of the total sum paid up on all the shares conferring that right

The chairman of the meeting can also demand a poll before a resolution is put to the vote on a show of hands Unless a poll is so demanded and the demand is not withdrawn, a declaration by the chairman of the meeting that a resolution on a show of hands has been carried or carried unanımously or by a particular majority or not carried by a particular majority or lost shall be conclusive evidence of the fact without proof of the number or proportion of the votes recorded for or against the resolution

Procedure if Poll Demanded 65.

If a poll is properly demanded it shall be taken in such manner as the chairman of the meeting shall dırect The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded

When Poll to be Taken 66.

A poll demanded on the election of a chairman of the meeting, or on a question of adjournment, shall be taken forthwth A poll demanded on any other question shall be taken either forthwith or on such date (being not later than 30 days after the date of the demand) and at such time and place as the chairman of the meeting shall direct It shall not be necessary (unless the chairman of the meeting otherwise directs) for notice to be given of a poll

Continuance of Other Business after Poll Demand 67.

The demand for a poll (other than on the election of a chairman of the meeting or on a question of adjournment) shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll was demanded, and it may be withdrawn with the consent of the charman of the meeting at any time before the close of the meeting or the takıng of the poll, whichever is the earlıer, and in that event shall not invalidate the result of a show of hands declared before the demand was made

Votes of Joint Holders 68.

In the case of joint holders of a share the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the other joint holders and, for this purpose, seniority shall be determined by the order in which the names stand in the realster in respect of the fount holding

Voting on Behalf of Incapable Member 69.

A member in respect of whom an order has been made by any competent court or official on the ground that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs may vote at any general meeting of the company and may exercise any other right conferred by membership in relation to general meetings by or through any person authorised in such crcumstances to do so on his behalf (and that person may vote by proxy), provided that evidence to the satsfaction of the authority of the person claiming to exercise the right to vote or such other right has been received by the company not later than the last time at which appointments of proxy should have been received in order to be valid for use at that meeting or on the hoiding of that poll

No Right to Vote where Sums Overdue on Shares 70.

No member shall, unless the board otherwise decides, be entitled in respect of any share held by hım to attend or vote (either personally or by proxy) at any general meeting of the company or upon a poll or to exercise any other right conferred by membership in relation to general meetings or polls unless all calls or other sums presently payable by him in respect of that share have been pard

71. Objections or Errors in Voting

If -

(i)

• any votes have been counted which ought not to have been counted or which (=) = might have been rejected, or
• any votes are not counted which ought to have been counted, (III)

the objection or error shall not vitiate the decision of the meeting or adjourned meeting or poll on any resolution unless it is raised or pointed out at the meeting or, as the case may be, the adjourned meeting or poll at which the vote objected to is given or tendered or at which the error occurs Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the chairman decides that the same may have affected the decision of the meeting The decision of the chairman on such matters shall be conclusive

Proxies

Appointment of Proxies 72.

The appointment of a proxy shall be in writing signed by the appointor or his duly authorised attorney or, if the appointor is a corporation, shall either be executed under its seal or signed by an officer, attorney or other person authorised to sign it If a member appoints more than one proxy and the proxy forms appointing those proxies would give those proxies the apparent right to exercise votes on behalf of the member in a general meeting over more shares than are held by the member, then each of those proxy forms will be invalid and none of the proxies so appointed will be entitled to attend, speak or vote at the relevant general meeting

73. Receipt of Proxies

• The appointment of a proxy must -(A)
  • (i) the office (or such other place in the United Kingdom as may be specified by the company for the receipt of appointments of proxy in hard copy form) not less than 48 hours (or such shorter time as the board may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote together with (if required by the board) any authority under which it is made or a copy of the authority, certified notarially or in accordance with the Powers of Attorney Act 1971 or in some other manner approved by the board,
  • in the case of an appointment made by electronic means, be received (n) at the address specified by the company for the receipt of appointments of proxy by electronic means not less than 48 hours (or such shorter time as the board may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote Any authority pursuant to which such an appointment is made or a copy of the authority, certified notarially or in accordance with the Powers of Attorney Act 1971 or in some other manner approved by the board, must, if required by the board, be received at such address or at the office (or such other place in the

United Kingdom as may be specified by the company for the receipt of such documents) not less than 48 hours (or such shorter time as the board may determine) before the time appointed for holding the meeting or adjourned meeting at which the person named in the appointment proposes to vote,

• (in) in the case of a poll taken more than 48 hours after it was demanded, be received as aforesaid not less than 24 hours (or such shorter time as the board may determine) before the time appointed for the takıng of the poll,
• (Iv) adjourned meeting but not more than 48 hours after it was demanded, be received as aforesaid before the end of the meeting at which it was demanded (or at such later time as the board may determine),

and an appointment of a proxy which is not, or in respect of which the authority or copy thereof is not, received in a manner so permitted shall be invalid When two or more valid but differing appointments of a proxy are received in respect of the same share for use at the same meeting or poll, the one which is last received (regardless of its date or of the date of its signature) shall be treated as replacing and revoking the others as regards that share, if the company is unable to determine which was last received, none of them shall be treated as valid in respect of that share The appointment of a proxy shall not preclude a member from attending and voting in person at the meeting or poll concerned The proceedings at a general meeting shall not be invalidated where an appointment of a proxy in respect of that meeting is sent in electronic form as provided in these articles, but because of a technical problem it cannot be read by the recipient

(B) The board may at its discretion determine that in calculating the periods mentioned in this article no account shall be taken of any part of a day that is not a working day

74. Maximum Validity of Proxy

No appointment of a proxy shall be valid after 12 months have elapsed from the date of its recept save that, unless the contrary is stated in it, an appointment of a proxy shall be valid for use at an adjourned meeting or a poll after a meeting or an adjourned meeting even after 12 months, if it was valid for the original meeting

75. Form of Proxy

The appointment of a proxy shall be in any usual form or in such other form as the board may approve The appointment of a proxy shail be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a resolution put to, or any other business which may properly come before, the meeting for which it is given as the proxy thinks fit The appointment of a proxy shall, unless the contrary is stated in it, be valid as well for any adjournment of the meeting as for the meeting to which it relates

Cancellation of Proxy's Authority 76.

A vote given or poll demanded by a proxy or by the duly authorised representative of a corporation shall be valid notwithstanding the previous determination of the authority of the person voting or demanding a poll, unless notice in writing of the determination was received by the company at the office (or such other place or address as was specified by the company for the receipt of appointments of proxy) not later than the last time at which an appointment of a proxy should have been received in order to be valid for use at the meeting or on the holding of the poll at which the vote was given or the poll taken

Class Meetings

Separate General Meetings 77.

The provisions of these articles relating to general meetings shall apply, with any necessary modifications, to any separate general meeting of the holders of shares of a class convened otherwise than in connection with the variation or abrogation of the rights attached to the shares of that class For this purpose, a general meeting at which no holder of a share other than an ordinary share may, in his capacity as a member, attend or vote shall also constitute a separate general meeting of the holders of the ordinary shares

Appointment, Retirement and Removal of Directors

Number of Directors 78.

Unless otherwise determined by ordinary resolution of the company, the directors (disregarding alternate directors) shall be not less than two nor more than fifteen in number

Dırectors' Shareholding Qualification 79.

No shareholding qualification for directors shall be required

Power of Company to Appoint Directors 80.

Subject to the provisions of these articles, the company may by ordinary resolution elect any person who is willing to act to be a director, either to fill a vacancy or as an addition to the existing board, but so that the total number of directors shall not at any time exceed any maxımum number fixed by or ın accordance with these artıcles

Power of Board to Appoint Directors 81.

Subject to the provisions of these articles, the board may appoint any person who is willing to act to be a director, either to fill a vacancy or as an addition to the existing board, but so that the total number of directors shall not at any time exceed any maxımum number fixed by or ın accordance with these articles Any director so appointed shall retire at the next annual general meeting and shall then be eligible for re-appointment

Retirement of Directors by Rotation 82.

At every annual general meeting any director

• 26
• (i)
• (u) who held office at the two preceding annual general meetings and who did not retire at either of them, or
• (u) office, for a continuous period of nine years or more at the date of the meeting,

shall retire from office and may offer himself for re-appointment by the members

Filling Vacancies 83.

Subject to the provisions of these articles, at the meeting at which a director retires the company can pass an ordinary resolution to re-appoint the director or to elect some other eligible person ın hıs place

Power of Removal by Special Resolution 84.

In addition to any power of removal conferred by the Companies Acts, the company may by special resolution remove any director before the expiration of his period of office and may (subject to these articles) by ordinary resolution appoint another person who is willing to act to be a dırector ın hıs place

Persons Eligible as Dırectors 85.

No person other than a director retring at the meeting shall be appointed or re-appointed a director at any general meeting unless -

• he is recommended by the board, or (s
• (u) meeting, notice in writing by a member qualified to vote at the meeting (not being the person to be proposed) has been given to the secretary of the ıntention to propose that person for appointment or re-appointment together with confirmation in writing by that person of his willingness to be appointed or re-appointed

Position of Retırıng Directors 86.

A dırector who retires at an annual general meeting may, if willing to continue to act, be reappointed If he is re-appointed he is treated as continuing in office throughout If he is not reappointed, he shall retain office until the end of the meeting or (if earlier) when a resolution is passed to appoint someone in his place or when a resolution to re-appoint the director is put to the meeting and lost

Vacation of Office by Directors 87.

Without prejudice to the provisions for retirement contained in these articles, the office of a director shall be vacated if -

• (u) the company for the purposes of communication by eiectronic means or tendered at a meeting of the board, he offers to resign and the board resolves to accept such offer, or
• (แ) the company for the purposes of communication by electronic means or tendered at a meeting of the board, his resignation is requested by all of the other directors and all of the other directors are not less than three in number, or
• (Iv) resolves that his office is vacated, or
• he is absent without the permission of the board from meetings of the board (v) (whether or not an alternate dırector appoınted by hım attends) for sıx consecutive months and the board resolves that his office is vacated, or
• (vı)
• (vir)
• (viu) he ceases to be a director by virtue of the Companies Acts or is removed from office pursuant to these articles

If the office of a director is vacated for any reason, he shall cease to be a member of any committee or sub-committee of the board

Alternate Directors 88.

(A) Each director may appoint any person to be his alternate and may at his dıscretion remove an alternate director so appointed If the alternate director is not already a director, the appointment, unless previously approved by the board, shall have effect only upon and subject to its being so approved Any appointment or removal of an alternate director shall be effected by notice in writing signed by the appointor and sent to or received at the office or at an address specified by the company for the purpose of communication by electronic means or tendered at a meeting of the board, or in any other manner approved by the board An alternate director shall be entitled to receive notice of all meetings of the board or of committees of the board of which his appointor is a member He shall also be entitled to attend and vote as a director at any such meeting at which the director appointing him is not personally present and at such meeting to exercise and discharge all the functions, powers, rights and duties of his appointor as a director and for the purposes of the proceedings at such meeting the provisions of these articles shall apply as if he were a director

• (B) appoint an alternate and remuneration) be subject in all respects to the provisions of these articles relating to directors and shall during his appointment be an officer of the company An alternate director shall alone be responsible to the company for his acts and defaults and shall not be deemed to be the agent of or for the director appointing him An alternate director may be paid expenses and shall be entitled to be indemnified by the company to the same extent as if he were a dırector An alternate dırector shall not be entitled to receive from the company any fee in his capacity as an alternate director but the company shall, if so requested in writing by the appointor, pay to the alternate director any part of the fees or remuneration otherwise due to the appointor
• (C) more than one director Every person acting as an alternate director shall have one vote for each director for whom he acts as alternate, in addition to his own vote if he is also a director but he shall count as only one for the purposes of determining whether a quorum is present Signature by an alternate director of any resolution in writing of the board or a committee of the board shall, unless the notice of his appointment provides to the contrary, be as effective as sıgnature by his appointor
• An alternate director shall cease to be an alternate director -(D)
  • (i) any meeting any director retires but is re-appointed at the same meeting, any appointment made by him pursuant to this article which was in force immediately before his retirement shall remain in force as though he had not retired, or
  • («) him to vacate his office as director, or
  • (11)

Executive Directors 89.

The board or any committee authorised by the board may from time to time appoint one or more directors to hold any employment or executive office with the company for such period and upon such other terms as the board or any committee authorised by the board may in its discretion decide and may revoke or terminate any appointment so made Any revocation or termination of the appointment shall be without prejudice to any claim for damages that the director may have against the company or the company may have against the director for any breach of any contract of service between him and the company which may be involved in the revocation or termination A director so appointed shall receive such remuneration (whether by way of salary, commission, participation in profits or otherwise) as the board or any committee authorised by the board may decide, and ether in addition to or in lieu of his remuneration as a director

Fees, Remuneration, Expenses and Pensions

90. Directors' Fees

Each of the directors shall be paid a fee at such rate as may from time be determined by the board provided that the aggregate of all fees so paid to directors (excluding amounts payable under any other provision of these articles) shall not exceed £1,500,000 per annum or such higher amount as may from time to time be decided by ordinary resolution of the company

Additional Remuneration 91.

Any director who performs services which in the opinion of the board or any committee authorised by the board go beyond the ordinary duties of a director may be paid such extra remuneration (whether by way of salary, commission, partıcıpation in profits or otherwise) as the board or any committee authorised by the board may in its discretion decide in addition to any remuneration provided for by or pursuant to any other article

92 Expenses

Each director may be paid his reasonable travelling, hotel and incidental expenses of attending and returning from meetings of the board or committees of the board or general meetings of the company or any other meeting which as a director he is entitled to attend and shall be paid all other costs and expenses properly and reasonably incurred by him in the conduct of the company's business or in the discharge of his duties as a director The company may also fund a director's or former director's expenditure and that of a director or former director of any holding company of the company for the purposes permitted under the Companies Acts and may do anything to enable a director or former director or a director or former director of any holding company of the company to avoid incurring such expenditure as provided in the Companies Acts

Pensions and Gratuities for Directors 93.

The board or any committee authorised by the board may exercise all the powers of the company to provide benefits, ether by the payment of gratuities or pensions or by insurance or ın any other manner whether sımılar to the foregoing or not, for any director or the relations, or dependants of, or persons connected to, any director or former director provided that no benefits (except such as may be provided for by any other article) may be granted to or in respect of a director or former director who has not been employed by, or held an executive office or place of profit under, the company or any body corporate which is or has been its subsidiary undertaking or any predecessor in business of the company or any such body corporate without the approval of an ordinary resolution of the company No director or former director shall be accountable to the company or the members for any benefit provided pursuant to this article and the recept of any such benefit shall not disqualify any person from being or becoming a dırector of the company

Directors' Interests

94. Conflicts of interest requiring board authorisation

• (A) article, authorise any matter which would otherwise involve a director breaching his duty under the Companies Acts to avoid conflicts of interest ("Conflict")
• (B) board the nature and extent of his interest in a Conflict as soon as is reasonably practicable The director shall provide the board with such details of the relevant matter as are necessary for the board to decide how to address the Conflict together with such additional information as may be requested by the board
• (C) director be authorised in relation to any matter the subject of a Conflict Such proposal and any authority given by the board shall be effected in the same way that any other matter may be proposed to and resolved upon by the board under the provisions of these articles save that
  • (ı) not count towards the quorum nor vote on any resolution gwing such authority, and
  • (u) the other members of the board so decide, be excluded from any board meeting while the Conflict is under consideration
• (D) Where the board gives authority in relation to a Conflict, or where any of the sıtuations described in Article 95 (B) apply in relation to a dırector ("Relevant Situation")
  • the board may (whether at the relevant time or subsequently) (a) (t) require that the relevant director is excluded from the receipt of information, the participation in discussion and/or the making of decisions (whether at meetings of the board or otherwise) related to the Conflict or Relevant Situation, and (b) impose upon the relevant director such other terms for the purpose of dealing with the Conflict or Relevant Situation as it may determine,
  • (u) with any terms imposed by the board in relation to the Conflict or Relevant Situation,
  • (แ) (otherwise than through his position as a director of the company) information that is confidential to a third party, the director will not be obliged to disclose that information to the company, or to use or apply the information in relation to the company's affairs, where to do so would amount to a breach of that confidence,
• (Iv) shall be effective whether or not the terms are so recorded), and
• (v) affect anything done by the relevant director prior to such revocation in accordance with the terms of such authority

Other conflicts of interest વેરૂ

• (A) with the company or a contract that has been entered into by the company, he must declare the nature and extent of that interest to the directors in accordance with the Companies Acts
• (B) Provided he has declared his interest in accordance with paragraph (A), a dırector may
  • (i) in which the company has a direct or indirect interest,
  • (u) auditor) in conjunction with his office of director for such period and upon such terms, including as to remuneration, as the board may decide,
  • (II) professional capacity for the company or any other company in which the company may be interested (otherwise than as auditor),
  • (Iv) be interested in any holding company or subsidiary company of the company or any other company in which the company may be interested, and
  • (v) does not have an interest and which cannot reasonably be regarded as giving rise to a conflict of interest at the time of his appointment as a director of that other company

Benefits 96.

A director shall not, by reason of his office or of the fiduciary relationship thereby established, be liable to account to the company for any remuneration, profit or other benefit realised by reason of his having any type of interest authorised under Article 94(A) or permitted under Article 95(B) and no contract shall be liable to be avoided on the grounds of a director having any type of interest authorised under Article 94(A) or permitted under Article 95(B)

Quorum and voting requirements 97.

• (A) resolution of the board concerning his own appointment, or the settlement or variation of the terms or the termination of his own appointment, as the holder of any office or place of profit with the company or any other company in which the company is interested
• (B) Where proposals are under consideration concerning the appointment, or the settlement or vanation of the terms or the termination of the appointment, of two or more directors to offices or places of profit with the company or any other company in which the company is interested, a separate resolution may be put in relation to each director and in that case each of the directors concerned shall be entitled to vote and be counted in the quorum in respect of each resolution unless it concerns his own appointment or the settlement or variation of the terms or the termination of his own appointment or the appointment of another director to an office or place of profit with a company in which the company is interested and the director seeking to vote or be counted in the quorum has a Relevant Interest in it
• (C) resolution of the board in respect of any contract in which he has an interest and, if he shall do so, his vote shall not be counted, but this prohibition shall not apply to any resolution where that interest cannot reasonably be regarded as likely to give rise to a conflict of interest or where that interest arises only from one or more of the following matters -
  • (i) money lent or obligations undertaken by him or by any other person at the request of or for the benefit of the company or any of its subsidiary undertakings,
  • (။) respect of a debt or obligation of the company or any of its subsidiary undertakings for which he himself has assumed responsibility in whole or in part under a guarantee or indemnity or by the giving of security,
  • (m) also being offered indemnities on substantially the same terms,
  • (IV) proceedings or the doing by the company of anything to enable him to avoid incurring such expenditure where all other directors are being offered substantially the same arrangements,
  • (v) where the company or any of its subsidiary undertakıngs is offering securities in which offer the director is or may be entitled to participate as a holder of securities or in the underwriting or sub-underwriting of which the director is to participate,
• (vıı) any contract concerning any other company (not beıng a company in which the director has a Relevant Interest) in which he is interested directly or indirectly whether as an officer, shareholder, creditor or otherwise howsoever,
• (vii) any contract concerning the adoption, modification or operation of a pension fund, superannuation or similar scheme or retirement, death or dısabılıty benefits scheme or employees' share scheme which relates both to directors and employees of the company or of any of its subsidiary undertakings and does not provide in respect of any director as such any privilege or advantage not accorded to the employees to which the fund or scheme relates,
• (ıx) subsıdıary undertakıngs under which he benefits ın a sımılar manner to the employees and which does not accord to any director as such any privilege or advantage not accorded to the employees to whom the contract relates, and
• (x) liabılıty for, or for the benefit of, any director or directors or for, or for the benefit of, persons who include directors
• (D) Interest if and so long as (but only if and so long as) he is to his knowledge (either directly or indirectly) the holder of or beneficially interested in one per cent or more of any class of the equity share capital of that company (calculated exclusive of any shares of that class in that company held as treasury shares) or of the voting rights available to members of that company In relation to an alternate director, an interest of his appointor shall be treated as an interest of the alternate director without prejudice to any interest which the alternate director has otherwise
• (E) Where a company in which a dırector has a Relevant Interest is interested in a contract, he also shall be deemed interested in that contract
• (F) dırector (other than the chairman of the meeting) in a contract and whether it is likely to give nse to a conflict of interest or as to the entitlement of any director (other than the chairman of the meeting) to vote or be counted in the quorum and the question is not resolved by his voluntarily agreeing to abstain from voting or not to be counted in the quorum, the question shall be referred to the chairman of the meeting and his ruling in relation to the director concerned shall be conclusive except in a case where the nature or extent of the director's interest (so far as it is known to him) has not been fairly disclosed to the board If any question shall arise in respect of the chairman of the meeting, the

question shall be decided by a resolution of the board (for which purpose the chairman of the meeting shall be counted in the quorum but shall not vote on the matter) and the resolution shall be conclusive except in a case where the nature or extent of the interest of the chairman of the meeting (so far as it is known to him) has not been fairly disclosed to the board

(G) Subject to these articles, the board may also cause any voting power conferred by the shares in any other company held or owned by the company or any power of appointment to be exercised in such manner in all respects as it thinks fit, including the exercise of the voting power of appointment in favour of the appointment of the directors or any of them as directors or officers of the other company, or in favour of the payment of remuneration to the directors or officers of the other company Subject to these articles, a director may also vote on and be counted in the quorum in relation to any of such matters

98. General

• References in this article to (A)
  • (i) transaction or arrangement or proposed transaction or arrangement whether or not constituting a contract, and
  • (u) of duties.
• (B) The company may by ordinary resolution suspend or relax the provisions of this article to any extent or ratify any contract not properly authorised by reason of a contravention of this article

Powers and Duties of the Board

99. General Powers of Company Vested in Board(*)

Subject to these articles and to any directions given by the company in general meeting by special resolution, the business of the company shall be managed by the board which may exercise all the powers of the company whether relating to the management of the business of the company or not No alteration of these articles and no special resolution shall invalidate any prior act of the board which would have been valid if that alteration had not been made or that resolution had not been passed The powers given by this article shall not be limited by any special power given to the board by any other article

100. Borrowing Powers

(A) The board may exercise all the powers of the company to borrow money, to quarantee, to indemnify, to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the company, to issue debentures and other securities and to give security, whether outright or as collateral security, for any debt, hability or obligation of the company or of any third party

(B) The board shall restrict the borrowings of the company and exercise all voting and other rights or powers of control exercisable by the company in relation to its subsidiary undertakings (if any) so as to secure (but as regards subsidiary undertakings only in so far as by the exercise of the rights or powers of control the board can secure) that, save with the previous sanction of an ordinary resolution, no money shail be borrowed if the aggregate principal amount from time to time outstanding of all borrowings by the group (exclusive of borrowings owing by one member of the group to another member of the group) then exceeds, or would as a result of such borrowing exceed, an amount equal to one and a half times the adjusted capital and reserves

For the purposes of this paragraph of this article -

• "the adjusted capital and reserves" means the aggregate from time to (I) tıme of
  • the amount paid up on the issued share capital of the company (a) (including any shares held as treasury shares),
  • (b) company including any share premium account, capital redemption reserve and retained earnings,

all as shown by the then latest audited balance sheet but after

• deducting from the aggregate any debit balance on retained (c) earnings subsisting at the date of that audited balance sheet except to the extent that a deduction has already been made, and
• (d) variation in the amount of the paid up share capital, share premium account, capital redemption reserve or other reserve since the date of the audited balance sheet,
• («) ın so far as otherwise taken into account -
  • (a) (other than equity share capital) of any subsidiary undertakıng beneficially owned otherwise than by a member of the group,
  • the nominal amount of any other issued and paid up share (b) capital and the principal amount of any debentures or borrowed moneys which is not at the relevant time beneficially owned by a member of the group, the redemption or repayment of which ıs the subject of a guarantee or indemnity by a member of the group or which any member of the group may be required to purchase,

(d) unsecured) of a member of the group beneficially owned otherwise than by a member of the group,

of and in favour of any member of the group,

• any fixed or mınımum premium payable by a member of the (e) = group on final repayment of any borrowing or deemed borrowing, and
• (f) group and owing to a partly-owned subsidiary undertaking,

but do not include -

(c)

• (g) purpose of repaying within six months of the borrowing the whole or any part of any borrowings of that or any other member of the group outstanding at the relevant time, pending their application for that purpose within that period,
• borrowings incurred by any member of the group for the (h) purpose of financing any contract in respect of which any part of the price receivable under the contract by that or any other member of the group is guaranteed or insured by the Export Credits Guarantee Department or by any other governmental department or agency fulfilling a sımılar functıon, up to an amount equal to that part of the price receivable under the contract which is so guaranteed or insured,
• borrowings of, or amounts secured on assets of, an undertaking (i) which became a subsidiary undertaking of the company after the date as at which the latest audited balance sheet was prepared, to the extent their amount does not exceed their amount immediately after it became such a subsidiary undertakıng, or
• ()) subsidiary undertaking and not owing to another member of the group,
• (11) when the aggregate principal amount of borrowings required to be taken into account on any particular date is being ascertained, any partıcular borrowing then outstanding which is denominated on repayable in a currency other than sterling shall be notionally converted ınto sterling at the rate of exchange prevailing in London on the last business day before that date or, if it would result in a lower figure, at the rate of exchange prevailing in London on the last business day six

months before that date and so that for these purposes the rate of exchange shall be taken as the spot rate in London recommended by a London clearing bank, selected by the board, as being the most appropriate rate for the purchase by the company of the currency in question for sterling on the day in question,

• (เv) connection with a transaction involving a company becoming or ceasing to be a member of the group, the amount is to be calculated as if the transaction had already occurred,
• (v) company prepared for the purposes of the Companies Acts for a financıal year unless an audited consolidated balance sheet dealıng with the state of affaırs of the company and its subsıdıary undertakıngs required to be dealt with in group accounts has been prepared for those purposes for the same financial year, in which case it means that audited consolidated balance sheet, and in that case all references to reserves shall be deemed to be references to consolidated reserves,
• (vi) on which the audited balance sheet is based provided that any new convention adopted complies with the requirements of the Companies Acts, if the company should prepare its main audited balance sheet on the basıs of one convention, but a supplementary audited balance sheet on the basis of another, the main audited balance sheet shall be taken as the audited balance sheet,
• (vır) any),
• (vil) of the issued share capital of a partly-owned subsidiary undertakıng which is not attributable to a member of the group, and
• (ıx) capital and reserves or the amount of any borrowings or to the effect that the limit imposed by this article has not been or will not be exceeded at any particular time or times shall be conclusive evidence of that amount or of that fact

101. Agents

(A) The board can appoint anyone as the company's attorney by granting a power of attorney or by authorising them in some other way Attorneys can either be appointed directly by the board or the board can give someone else the power to select attorneys The board or the persons who are authorised by it to select attorneys can decide on the purposes, powers, authorities and discretions of attorneys But they cannot give an attorney any power, authority or discretion which the board does not have under these articles

37

• (B) The board can decide how long a power of attorney will last for and attach any conditions to it The power of attorney can include any provisions which the board decides on for the protection and convenience of anybody dealing with the attorney The power of attorney can allow the attorney to grant any or all of his power, authority or discretion to any other person
• The board can -(C)
  • delegate any of its authority, powers or discretions to any manager or (t) agent of the company,
  • allow managers or agents to delegate to another person, (=
  • remove any people it has appointed in any of these ways, and (til) =
  • (Iv) affect anybody who acts in good faith who has not had any notice of any cancellation or change

Any appointment or delegation by the board which is referred to in this article can be on any conditions decided on by the board

(D) The ability of the board to delegate under this article applies to all its powers and is not limited because certain articles refer to powers being exercised by the board or by a committee authorised by the board while other articles do not

Delegation to Individual Dırectors 102.

The board may entrust to and confer upon any director any of its powers, authorities and dıscretions (with power to sub-delegate) upon such terms and conditions and with such restrictions as it thinks fit, and either collaterally with, or to the exclusion of, its own powers, authorities and discretions and may from time to time revoke or vary all or any of them but no person dealing in good faith and without notice of the revocation or variation shall be affected by it The power to delegate contained in this article shall be effective in relation to the powers, authorities and discretions of the board generally and shall not be ilmited by the fact that in certain artıcles, but not in others, express reference is made to particular powers, authonties or discretions being exercised by the board or by a committee authorised by the board

103. Registers

The company may keep an overseas or local or other register in any place and the board may make and vary such regulations as it may think fit respecting the keeping of the register

104. Provision for Employees

The board may exercise any power conferred by the Companies Acts to make provision for the benefit of persons employed or formerly employed by the company or any of its subsidiaries in connection with the cessation or the transfer to any person of the whole or part of the undertaking of the company or that subsidiary

Proceedings of the Board

105. Board Meetings

The board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it thinks fit A director at any time may, and the secretary on the requisition of a director at any time shall, summon a board meeting

Notice of Board Meetings 106.

Notice of a board meeting shall be deemed to be properly given to a director if it is given to him personally or by word of mouth or sent in writing to him at his last known address or any other address given by hm to the company for this purpose A dırector may waive his entitlement to notice of any meeting either prospectively or retrospectively and any retrospective waver shall not affect the validity of the meeting or of any business conducted at the meeting

107. Quorum

The quorum necessary for the transaction of the business of the board may be fixed by the board and, unless so fixed at any other number, shall be two Subject to the provisions of these artıcles, any director who ceases to be a dırector at a board meeting may continue to be present and to act as a director and be counted in the quorum until the termination of the board meeting if no other director objects and if otherwise a quorum of directors would not be present

108. Drectors below Minimum through Vacancies

The continuing directors or a sole continuing director may act notwithstanding any vacancy in ther number but, if and so long as the number of directors is reduced below the minimum number fixed by or ın accordance with these articles or ıs below the number fixed by or ın accordance with these articles as the quorum or there is only one continuing director, the continuing directors or director may act for the purpose of filling vacancies or of summoning general meetings of the company but not for any other purpose If there are no directors or dırector able or willing to act, then any two members (excluding any member holding shares as treasury shares) may summon a general meeting for the purpose of appointing directors

Appointment of Chairman 109.

The board may appoint a director to be the chairman or a deputy chairman of the board, and may at any time remove him from that office The chairman of the board or falling him a deputy chairman shall act as chairman at every meeting of the board If more than one deputy chairman is present they shall agree amongst themselves who is to take the chair or, if they cannot agree, the deputy chairman who has been in office as a director longest shall take the chair But if no chairman of the board or deputy chairman is appointed, or if at any meeting neither the chairman nor any deputy chairman is present within five minutes after the time appointed for holding the meeting, the directors present may choose one of their number to be chairman of the meeting References in these articles to a deputy chairman include, if no one has been appointed to that title, a person appointed to a position with another title which the board designates as equivalent to the position of deputy chairman

Competence of Meetings 110

A meeting of the board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions vested in or exercisable by the board

111. Voting

Questions arısıng at any meeting shall be determined by a majority of votes In the case of an equality of votes the chairman of the meeting shall have a second or casting vote

Delegation to Committees 112.

• (A) The board may delegate any of its powers, authorities and discretions (with power to sub-delegate) to any committee, consisting of such person or persons (whether a member or members of its body or not) as it thinks fit, provided that the majority of persons on any committee or sub-committee must be directors References in these articles to committees include sub-committees permitted under this article
• (B) discretions so delegated, conform to any regulations which may be imposed on it by the board The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these artıcles for regulating the meetings and proceedings of the board so far as the same are applicable and are not superseded by any regulations imposed by the board
• (C) The power to delegate contained in this article shall be effective in relation to the powers, authorities and discretions of the board generally and shall not be Imited by the fact that in certain articles, but not in others, express reference is made to partıcular powers, authorities or discretions being exercised by the board or by a committee authorised by the board

113. Participation in Meetings

All or any of the members of the board may participate in a meeting of the board by means of a conference telephone or any communication equipment which allows all persons participating in the meeting to speak to and hear each other A person so participating shall be deemed to be present in person at the meeting and shall be entitled to vote and be counted in a quorum accordingly

114. Resolution in Writing

A resolution in writing signed by all the directors who are at the relevant time entitled to receive notice of a meeting of the board and who would be entitled to vote on the resolution at a meeting of the board (if that number is sufficient to constitute a quorum) shall be as valid and effectual as a resolution passed at a meeting of the board properly called and constituted The resolution may be contained in one document or in several documents in like form each signed by one or more of the directors concerned

115. J Validity of Acts of Board or Committee

All acts done by the board or by any committee or by any person acting as a director or member of a committee shall, notwithstanding that it is afterwards discovered that there was some defect ın the appointment of any member of the board or committee or person so actıng or that they or any of them were disqualified from holding office or had vacated office or were not entitled to vote, be as valid as if each such member or person had been properly appointed and was qualified and had continued to be a director or member of the committee and had been entitled to vote

Seals

116. Use of Seals

The board shall provide for the custody of every seal of the company A seal shall only be used by the authority of the board or of a committee of the board authorised by the board in that behalf Subject as otherwise provided in these articles, and to any resolution of the board or committee of the board dispensing with the requirement for any counter-signature on any occasion, any instrument to which the common seal is applied shall be signed by at least one dırector and the secretary, or by at least two directors or by one director in the presence of a witness who attests the signature or by such other person or persons as the board may approve Any instrument to which an official seal is applied need not, unless the board otherwise decides or the law otherwise requires, be signed by any person

Dividends and Other Payments

117. Declaration of Dividends by Company

The company may by ordinary resolution from time to time declare dividends in accordance with the respective rights of the members, but no dividend shall exceed the amount recommended by the board

118. Payment of Interim and Fixed Dividends by Board

The board may pay such interim dividends as appear to be justified by the financial position of the company and may also pay any dividend payable at a fixed rate at intervals settled by the board whenever the financial position of the company, in the opinion of the board, justifies its payment If the board acts in good fath, it shall not incur any liablity to the holders of any shares for any loss they may suffer in consequence of the payment of an interim or fixed dıvıdend on any other class of shares rankıng parı passu with or after those shares

119. Calculation and Currency of Dividends

Except in so far as the rights attaching to, or the terms of issue of, any share otherwise provide -

all dividends shall be declared and paid according to the amounts paid up on (1) the share in respect of which the dividend is paid, but no amount paid up on a share in advance of calls shall be treated for the purposes of this article as paid up on the share,

41

• (u) paid up on the share during any portion or portions of the period in respect of which the dividend is paid, and
• (11)

The board may decide the basis of conversion for any currency conversions that may be required and how any costs involved are to be met

120. Amounts Due on Shares may be Deducted from Dividends

The board may deduct from any dividend or other moneys payable to a member by the company on or in respect of any shares all sums of money (if any) presently payable by him to the company on account of calls or otherwise in respect of shares of the company Sums so deducted can be used to pay amounts owing to the company in respect of the shares

No Interest on Dividends 121.

Subject to the rights attaching to, or the terms of issue of, any shares, no dividend or other moneys payable by the company on or in respect of any share shall bear interest against the company

Payment Procedure 122.

Any dividend or other sum payable in cash by the company in respect of a share may be paid by cheque, warrant or sımılar financıal ınstrument sent by post addressed to the holder at hıs registered address or, in the case of joint holders, addressed to the holder whose name stands first in the register in respect of the shares at his address as appearing in the register or addressed to such person and at such address as the holder or joint holders may in writing dırect Every cheque, warrant or sımılar financıal ınstrument shall, unless the holder or joint holders otherwise direct, be made payable to the holder or, in the case of joint holders, to the holder whose name stands first on the register in respect of the shares, and shall be sent at his or their risk and payment of the cheque, warrant or similar financial instrument by the financial institution on which it is drawn shall constitute a good discharge to the company In addition, any such dividend or other sum may be paid by any bank or other funds transfer system or such other means including, in respect of uncertificated shares, by means of the facilities and requrements of a relevant system and to or through such person as the holder or joint holders may in writing direct and the company may agree, and the making of such payment shall be a good discharge to the company and the company shall have no responsibility for any sums lost or delayed in the course of payment by any such system or other means or where it has acted on any such directions and accordingly, payment by any such system or other means shall constitute a good discharge to the company Any one of two or more joint holders may give effectual receipts for any dividends or other moneys payable or property distributable on or in respect of the shares held by them Where a person is entitled by transmission to a share, any dividend or other sum payable by the company in respect of the share may be paid as if he were a holder of the share and his address noted in the register were his registered address and where two or more persons are so entitled, any one of them may give effectual receipts for any dividends or other moneys payable or property distributable on or in respect of the shares

123. Uncashed Dividends

The company may cease to send any cheque, warrant or sımılar financıal instrument through the post or to employ any other means of payment, including payment by means of a relevant system, for any dividend payable on any shares in the company which is normally paid in that manner on those shares if in respect of at least two consecutive dividends payable on those shares the cheques, warrants or sımılar financıal instruments have been returned undelivered or remain uncashed during or at the end of the period for which the same are valid or that means of payment has failed In addition, the company may cease to send any cheque, warrant or sımılar financıal ınstrument through the post or may cease to employ any other means of payment if, in respect of one dividend payable on those shares, the cheque, warrant or similar financıai instrument has been returned undelivered or remains uncashed during or at the end of the period for which the same is valid or that means of payment has falled and reasonable enquiries have falled to establish any new postal address or account of the holder Subject to the provisions of these articles, the company must recommence sending cheques, warrants or sımılar financıal ınstruments or employing such other means in respect of dividends payable on those shares if the holder or person entitled by transmission requests such recommencement in writing

Forfeiture of Unclaimed Drvidends 124.

All dividends or other sums payable on or in respect of any shares which remain unclaimed may be invested or otherwise made use of by the board for the company until claimed Any dividend or other sum unclaimed after a period of 12 years from the date when it was declared or became due for payment shall be forfeited and shall revert to the company unless the board decides otherwise and the payment by the board of any unclaimed dividend or other sum payable on or in respect of a share into a separate account shall not constitute the company a trustee in respect of it

Dividends Not in Cash 125.

Any general meeting declaring a dividend may, upon the recommendation of the board, by ordinary resolution direct that it shall be satisfied wholly or partly by the distribution of assets, and in particular of paid up shares or debentures of any other company, and where any difficulty arrses in regard to the distribution the board may settle it as it thinks expedient, and in particular may authorise any person to seil and transfer any fractions or may ignore fractions altogether, and may fix the value for distribution purposes of any assets or any part thereof to be distributed and may determine that cash shall be paid to any members upon the footing of the value so fixed in order to secure equality of distribution and may vest any assets to be distributed in trustees as may seem expedient to the board

126. Scrip Dividends

The board may, if authorised by an ordinary resolution of the company, offer any holders of ordinary shares (excluding any member holding shares as treasury shares) the right to elect to receive ordinary shares, credited as fully paid, instead of cash in respect of the whole (or some part, to be determined by the board) of any dividend specified by the ordinary resolution The following provisions shall apply -

• an ordinary resolution may specify some or all of a particular dividend (whether (1) or not already declared) or may specify some or all of any dividends declared or paid within a specified period, but such period may not end later than the fifth annıversary of the date of the meeting at which the ordinary resolution is passed,
• (u) be such that the relevant value of the entitlement shall be as nearly as possible equal to (but not greater than) the cash amount (dısregardıng any tax credit) of the dividend that such holder elects to forgo For this purpose "relevant value" shall be calculated by reference to the average of the middle market quotations for the company's ordinary shares on the London Stock Exchange as derived from the Dally Official List (or any other publication of a recognised investment exchange showing quotations for the company's ordinary shares) on such five consecutive dealing days as the board shall determine provided that the first of such days shall be on or after the day on which the ordinary shares are first quoted "ex" the relevant dividend or in such other manner as may be determined by or in accordance with the ordinary resolution A certificate or report by the auditors as to the amount of the relevant value in respect of any dividend shall be conclusive evidence of that amount and in giving such a certificate or report the auditors may rely on advice or information from brokers or other sources of information as they think fit,
• (III) provisions as it thinks fit for any fractional entitlements including provisions whereby, in whole or in part, the benefit thereof accrues to the company and/or under which fractional entitlements are accrued and/or retained and in each case accumulated on behalf of any holder of ordinary shares and such accruals or retentions are applied to the allotment by way of bonus to or cash subscription on behalf of such holder of fully paid ordinary shares and/or provisions whereby cash payments may be made to such holders in respect of their fractional entitlements,
• (Iv) notice to the holders of ordinary shares of the right of election offered to them, and specify the procedure to be followed which, for the avoidance of doubt, may ınclude an election by means of a relevant system and the place at which, and the latest time by which, elections must be lodged in order for elections to be effective, no such notice need be given to holders of ordinary shares who have previously given election mandates in accordance with this article and whose mandates have not been revoked, the accidental omission to give notice of any right of election to, or the non receipt (even if the company becomes aware of such non-receipt) of any such notice by, any holder of ordinary shares entitled to the same shall neither invalidate any offer of an election nor give rise to any claim, suit or action,
• (v) reserves or funds that may be capitalised, and the board has authority to allot sufficient shares, to give effect to it after the basis of allotment is determined,
• (vi) any holders of ordinary shares where the board believes that such exclusion or arrangement is necessary or expedient in relation to legal or practical problems under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, any territory, or the board believes that for any other reason the offer should not be made to them,
• (vıl) the dıvıdend (or that part of the dıvıdend in respect of which a rıght of election has been offered) shall not be payable on ordinary shares in respect of which an election has been made (for the purposes of this article "the elected ordinary shares") and instead additional ordinary shares shall be allotted to the holders of the elected ordinary shares on the basis of allotment calculated as stated For such purpose the board shall capitalise, out of any amount standing to the credit of any reserve or fund (including the profit and loss account or retained earnings) at the relevant time whether or not the same is available for distribution as the board may determine, a sum equal to the aggregate nominal amount of the additional ordinary shares to be allotted on that basis and apply it ın paying up in full the appropriate number of unissued ordinary shares for allotment and distribution to the holders of the elected ordinary shares on that basıs The board may do all acts and things considered necessary or expedient to give effect to any such capitalisation,
• (vıı) the additional ordinary shares when allotted shall rank parı passu ın all respects with the fully-paid ordinary shares then in issue except that they will not be entitled to participation in the relevant dividend,
• (1x) unless the board otherwise determines, or unless the uncertificated securites rules otherwise require, the new ordinary shares which a member has elected to receive instead of cash in respect of the whole (or some part) of the specified dividend declared or paid in respect of his elected ordinary shares shall be ın uncertificated form (ın respect of the member's elected ordınary shares which were in uncertificated form on the date of the member's election) and in certificated form (in respect of the member's elected ordinary shares which were in certificated form on the date of the member's election),
• (x) mandates, which, for the avoidance of doubt, may include an election by means of a relevant system, under which a holder of ordinary shares may elect in respect of future rights of election offered to that holder under this article until the election mandate is revoked or deemed to be revoked in accordance with the procedure,
• (x) place of a cash dividend will be met, including deciding to deduct an amount from the entitlement of a shareholder under this article, and
• (xıl) at any tıme before new ordınary shares are allotted instead of cash in respect of any part of a dividend, the board may determine that such new ordinary shares will not be allotted Any such determination may be made before or after any

election has been made by holders of ordinary shares in respect of the relevant dıvıdend

Capitalisation of Reserves

127. Power to Capitalise Reserves and Funds

The company may, upon the recommendation of the board, at any time and from time to time pass an ordinary resolution to the effect that it is desirable to capitalise all or any part of any amount standing to the credit of any reserve or fund (including retained earnings) at the relevant time whether or not the same is available for distribution and accordingly that the amount to be capıtalısed be set free for distribution among the members or any class of members who would be entitled to it if it were distributed by way of dividend and in the same proportions, on the footing that it is applied either in or towards paying up the amounts unpaid at the relevant time on any shares in the company held by those members respectively or in full unissued shares, debentures or other obligations of the company to be allotted and distributed credited as fully pard up among those members, or partly in one way and partly in the other, but so that, for the purposes of this article (i) a share premium account and a capital redemption reserve, and any reserve or fund representing unrealised profits, may be applied only in paying up in full shares of the company that are to be allotted and distributed as fully pard up, and (u) where the amount capitalised is applied in paying up in full shares that are to be allotted and dıstrıbuted as fully paid up, the company will also be entitled to participate in the relevant distribution in relation to any shares of the relevant class held by it as treasury shares and the proportionate entitlement of the relevant class of members to the distribution will be calculated accordingly The board may authorise any person to enter into an agreement with the company on behaif of the persons entitled to participate in the distribution and the agreement shall be bındıng on those persons

128. Settlement of Difficulties in Distribution

Where any difficulty arises in regard to any distribution of any capitalised reserve or fund the board may settle the matter as it thinks expedient and in particular may authorise any person to sell and transfer any fractions or may resolve that the distribution should be as nearly as may be practicable in the correct proportion but not exactly so or may ignore fractions altogether, and may determine that cash payments shall be made to any members in order to adjust the rights of all parties, as may seem expedient to the board

Record Dates

129. Power to Choose Any Record Date

Notwithstanding any other provision of these articles, the company or the board may fix any date as the record date for any dividend, distribution, allotment or issue and such record date may be on or at any time before or after any date on which the dividend, distribution, allotment or issue is declared, pard or made The power to fix any such record date shall include the power to fix a time on the chosen date

Records and Summary Financial Statements

Inspection of Records 130.

No member in his capacity as such shall have any right of inspecting any accounting record or book or document of the company except as conferred by law, ordered by a court of competent jurisdiction or authorised by the board or by ordinary resolution of the company

Summary Financial Statements 131.

The company may send or supply summary financial statements to members of the company instead of copies of its full accounts and reports

Service of Notices, Documents and Other Information

Method of Service 132.

• (A) served on or sent or supplied to any member by the company -
  • (1) personally,
  • by sending it through the post addressed to the member at hıs (II) registered address or by leaving it at that address addressed to the member,
  • by means of a relevant system, (III)
  • (Iv) address notified by the member to the company for that purpose,
  • (v) where appropriate, by making it available on a website and notifying the member of its availability in accordance with this article, or
  • (vi)

In the case of joint holders of a share, service, sending or supply of any notice, document or other information on or to one of the joint holders shall for all purposes be deemed a sufficient service on or sending or supplying to all the joint holders

(B) relation to any notice, document or other information to be served on or sent or supplied to them may be agreed or specified by any one of the joint holders and the agreement or specification of the senior shall be accepted to the exclusion of that of the other joint holders and, for this purpose, seniority shall be determined by the order in which the names stand in the register in respect of the joint holding

• (C) If on three consecutive occasions any notice, document or other information served on or sent or supplied to a member has been returned undelivered, such member shall not thereafter be entitled to receive notices, documents or other ınformation from the company until he shall have communicated with the company and supplied to the company (or its agent) a new registered address, or a postal address within the United Kingdom for the service of notices and the despatch or supply of documents and other information, or shall have informed the company of an address for the service of notices and the despatch or supply of documents and other information in electronic form For these purposes, any notice, document or other information sent by post shall be treated as returned undelivered if the notice, document or other information is served, sent or supplied back to the company (or its agents) and a notice, document or other information served, sent or supplied in electronic form shall be treated as returned undelivered if the company (or its agents) receives notification that the notice, document or other information was not delivered to the address to which it was sent
• (D) The company may at any time and in its sole discretion choose to serve, send or supply notices, documents or other information in hard copy form alone to some or all members

133. Record Date for Service

Any notice, document or other information may be served, sent or supplied by the company by reference to the register as it stands at any time not more than 15 days before the date of service, sending or supply No change in the register after that time shall ınvalıdate that service, sending or supply Where any notice, document or other information is served on or sent or supplied to any person in respect of a share in accordance with these articles, no person derwing any title or interest in that share shall be entitled to any further service, sending or supply of that notice, document or other information

134. Members Resident Abroad or on Branch Registers

(A) who gives to the company a postal address within the United Kingdom at which notices, documents or other information may be served upon, or sent or supplied to, him shall be entitled to have notices, documents or other ınformation served on or sent or supplied to him at that address or, where applicable, by making them available on a website and notifying the holder at that address Any member whose registered address is not within the United Kıngdom and who gives to the company an address for the purposes of communications by electronic means may, subject to these articles, have notices, documents or other information served on or sent or supplied to him at that address or, where applicable, by making them available on a website and notifying the holder at that address Otherwise, a member whose registered address is not within the United Kingdom shall not be entitled to receive any notice, document or other information from the company

(B) ınformation can be posted or despatched in the United Kıngdom or in the country where the branch register is kept

135. Service of Notice on Person Entitled by Transmission

A person who is entitled by transmission to a share, upon supplying the company with a postal address within the United Kingdom for the service of notices and the despatch or supply of documents and other information shall be entitled to have served upon or sent or supplied to hım at such address any notice, document or other information to which he would have been entitled if he were the holder of that share or, where applicable, to be notified at that address of the availability of the notice, document or other information on a website A person who is entitled by transmission to a share, upon supplying the company with an address for the purposes of communications by electronic means for the service of notices and the despatch or supply of documents and other information may have served on, sent or supplied to him at such address any notice, document or other information to which he would have been entitled if he were the holder of that share or, where applicable, may be notified at that address of the availability of the notice, document or other information on a website In either case, such service, sending or supply shall for all purposes be deemed a sufficient service, sending on supply of such notice, document or other information on all persons interested (whether jointly with or as claimants through or under him) in the share Otherwise, any notice, document or other information served on or sent or supplied to any member pursuant to these articles shall, notwithstanding that the member is then dead or bankrupt or that any other event giving rise to the transmission of the share by operation of law has occurred and whether or not the company has notice of the death, bankruptcy or other event, be deemed to have been properly served, sent or supplied in respect of any share registered in the name of that member as sole or joint holder

Deemed Delivery 136.

• (A) company by post, shall be deemed to have been received on the day following that on which it was posted if first class post was used or 48 hours after it was posted if first class post was not used and, in proving that a notice, document or other information was served, sent or supplied, it shall be sufficient to prove that the notice, document or other information was properly addressed, prepaid and put in the post
• (B) but left by the company at a registered address or at an address (other than an address for the purposes of communications by electronic means) notified to the company in accordance with these articles by a person who is entitled by transmission to a share shall be deemed to have been received on the day it was so left
• (C) company by means of a relevant system shall be deemed to have been received when the company or any sponsoring system-participant acting on its behalf sends the issuer-instruction relating to the notice, document or other information

49

• (D) company using electronic means shall be deemed to have been received on the day on which it was sent notwithstanding that the company subsequently sends a hard copy of such notice, document or information by post Any notice, document or other information made available on a website shall be deemed to have been received on the day on which the notice, document or other information was first made available on the website or, if later, when a notice of availability is received or deemed to have been received pursuant to this article In proving that a notice, document or other information served, sent or supplied by electronic means was served, sent or supplied, it shall be sufficient to prove that it was properly addressed
• (E) Any notice, document or other information served, sent or supplied by the company by any other means authorised in writing by the member concerned shall be deemed to have been received when the company has carried out the action it has been authorised to take for that purpose

137. Notice When Post Not Available

If there is a suspension or curtailment of postal services within the United Kingdom or some part of the United Kingdom, the company need only give notice of a general meeting to those members with whom the company can communicate by electronic means and who have provided the company with an address for this purpose The company shall also advertuse the notice in at least one newspaper with a national circulation and make it available on its website from the date of such advertisement until the conclusion of the meeting or any adjournment thereof If at least six clear days prior to the meeting the sending or supply of notices by post in hard copy form has again become generally possible, the company shall send or supply confirmatory copies of the notice by post to those members who would otherwise receive the notice in hard copy form

Destruction of Documents

138. Presumptions Where Documents Destroyed

If the company destroys or deletes -

• (i) year has elapsed from the date of cancellation, or
• any instruction concerning the payment of dividends or other moneys in respect = of any share or any notification of change of name or address at any time after a period of two years has elapsed from the date the instruction or notification was recorded by the company, or
• (แ) shares which has been registered by the company at any time after a period of sıx years has elapsed from the date of registration, or
• (เv) time after a period of one year has elapsed from the date of use, or
• any instrument of proxy which has not been used for the purpose of a poll at (v) any time after a period of one month has elapsed from the end of the meeting to which the instrument of proxy relates, or
• (Iv) any time after a period of six years has elapsed from the date the entry was first made in the register in respect of it

and the company destroys or deletes the document or instruction in good farth and without express notice that its preservation was relevant to a claim, it shall be presumed irrebuttably in favour of the company that every share certificate so destroyed was a valid certificate and was properly cancelled, that every instrument of transfer or Operator-instruction so destroyed on deleted was a valid and effective instrument of transfer or instruction and was properly registered and that every other document so destroyed was a valid and effective document and that any particulars of it which are recorded in the books or records of the company were correctly recorded If the documents relate to uncertificated shares, the company must comply with any requirements of the uncertficated securities rules which its ability to destroy these documents Nothing contained in this article shall be construed as imposing upon the company any liability which, but for this article, would not exist or by reason only of the destruction of any document of the kind mentioned above before the relevant period mentioned in this article has elapsed or of the fact that any other condition precedent to its destruction mentioned above has not been fulfilled References in this article to the destruction of any document include references to its disposal in any manner

Indemnity

Indemnity of Directors 139.

To the extent permitted by the Company may indemnify any indemnify any director or former director of the company or of any associated company against any liability and may purchase and maintain for any director or former director of the company or of any associated company insurance against any liability No director of the company or of any associated company shall be accountable to the company or the members for any benefit provided pursuant to this article and the receipt of any such benefit shall not disqualify any person from being or becoming a director of the company

Dispute Resolution

140. Arbıtratıon

Unless Article 141 applies -(A)

All disputes -

(i) company and/or its directors arising out of or in connection with these articles or otherwise, and/or

• (u) its directors in their capacities as such or as employees of the company, ıncluding all claims made by or on behalf of the company against its directors, and/or
• between a shareholder in that shareholder's capacity as such and the (m) company's professional service providers, and/or
• (IV) providers arising in connection with any claim within the scope of subparagraph (A)(III),

shall be exclusively and finally resolved under the Rules of Arbitration of the International Chamber of Commerce ("ICC") (the "ICC Rules"), as amended from time to time

• (B) The tribunal shall consist of three arbitrators to be appointed in accordance with the ICC Rules
• (C) lawyer qualified to practise in a common law jurisdiction within the Commonwealth (as constituted on 27 April 2010) and each other arbitrator must have at least 20 years' experience as a qualified lawyer
• (D) The place of arbitration shall be London, England
• (E)
• (F) These articles constitute a contract between the company and its shareholders and between the company's shareholders inter se This article (as supplemented from time to time by any agreement to a sımılar effect between the company and its directors or professional service providers) also contains or evidences an express submission to arbitration by each shareholder, the company, its directors and professional service providers and such submissions shall be treated as a written arbitration agreement under the Arbitration Act 1996 of England and Wales and Article II of the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958)
• (G) Each person to whom this article applies hereby waves, to the fullest extent permitted by law (i) any right under the laws of any jurisdiction to apply to any court of law or other judicial authority to determine any preliminary point of law, and/or (۱۱) any nght he or she may otherwise have under the laws of any junsdiction to appeal or otherwise challenge the award, ruling or decision of the trıbunal

Exclusive Jurisdiction 141.

This article shall apply to (A)

• (11) any derivative claim under the Companies Acts
• (B) For the purposes of paragraph (A), "court" shall mean any court of competent jurisdiction or other competent authority including for the avoidance of doubt, a court or authority in any jurisdiction which is not a sıgnatory to the New York Convention
• (C) Any proceeding, suit or action -
  • (i) company and/or its directors arrsing out of or in connection with these articles or otherwise, and/or
  • (11) its directors in their capacities as such or as employees of the company, ıncluding all claims made by or on behalf of the company against its directors, and/or
  • (แ) company's professional service providers and/or
  • (IV) providers arrsing in connection with any claim within the scope of subparagraph (C)(III),

may only be brought in the courts of England and Wales

(D) Damages alone may not be an adequate remedy for any breach of this article, so that in the event of a breach or anticipated breach, the remedies of injunction and/or an order for specific performance would in appropriate circumstances be available

142. General Dispute Resolution Provisions

• (A) For the purposes of Articles 140 and 141, a "dispute" shall mean any dispute, controversy or claim, other than
  • (i) failure by the company to pay all or part of a dividend which has been declared and which has fallen due for payment, and
  • (11) in the case of Article 140 only, any derivative claim under the Companies Acts
• (B) The governing law of these articles, including the submissions to arbitration and written arbitration agreement contained in or evidenced by Article_140, is the substantive law of England
• (C) benefit, and that of its directors, subsidiary undertakings and professional service providers
• References in Articles 140 and 141 to -(D)
  • (i) company's subsidiary undertakings from time to time, and
  • (11) "director" shall be read so as to include each and any director of the company from time to time in his or her capacity as such or as employee of the company and shall include any former director of the company, and
  • (III) company's auditors, legal counsel, bankers, ADR depositaries and any other similar professional service providers in their capacity as such from time to time but only if and to the extent such person has agreed with the company in writing to be bound by Article 140 and/or 141 (or has otherwise agreed to submit disputes to arbitration and/or exclusive jurisdiction in a materially sımılar way)

CD100210109

CONTENTS

		Page
1	Exclusion of Model Articles (*)	1
2	Definitions	1
3	Limited liability(*)	3
4	Change of Name(*)	3
5	Rights Attached to Shares	3
6	Redeemable Shares	3
7	Variation of Rights	3
8	Parı Passu Issues	4
ರಿ	Unissued Shares	4
10	Share Warrants	4
11	Payment of Commission	5
12	Trusts Not Recognised	5
13	Suspension of Rights Where Non-Disclosure of Interest	5
14	Uncertificated Shares	8
15	Right to Share Certificates	9
16	Replacement of Share Certificates	10
17	Execution of Share Certificates	10
18	Share Certificates Sent at Holder's Risk	10
19	Company's Lien on Shares Not Fully Pard	10
20	Enforcing Lien by Sale	10
21	Application of Proceeds of Sale	11
22	Calls	11

220832/10084 CD100210109 ZZP 250510 0805

23	Timing of Calls	11
24	Liability of Joint Holders	11
25	Interest Due on Non-Payment	11
26	Sums Due on Allotment Treated as Calls	11
27	Power to Differentiate	12
28	Payment of Calls in Advance	12
29	Notice if Call or Instalment Not Paid	12
30	Form of Notice	12
31	Forfeiture for Non-Compliance with Notice	12
32	Notice after Forfeiture	12
33	Sale of Forfeited Shares	12
34	Arrears to be Paid Notwithstanding Forfeiture	13
35	Statutory Declaration as to Forfeiture	13
રૂસિ	Transfer	13
37	Signing of Transfer	14
38	Rights to Decline Registration of Partly Partly Pard Shares	14
39	Other Rights to Decline Registration	14
40	No Fee for Registration	14
ব 1	Untraced Shareholders	15
42	Transmission on Death	16
43	Entry of Transmission in Register	16
44	Election of Person Entitled by Transmission	16
45	Rights of Person Entitled by Transmission	17
46	Sub-Division	17
47	Fractions	17

48	Omission or Non-Receipt of Notice	17
49	Postponement of General Meetings	18
50	Quorum	18
51	Procedure if Quorum Not Present	18
52	Security Arrangements	18
53	Arrangements for Simultaneous Attendance	19
ર્સ્વ	Arrangements Regarding Level of Attendance	19
રક	Arrangements for Place of Attendance	19
56	Chairman of General Meeting	19
57	Orderly Conduct	। ਰੇ
ട് ജ	Entitlement to Attend and Speak	20
રેત્વે છે. વિવિધારી તેમ જ દૂધની ડેરી જેવી સવલતો પ્રાપ્ય થયેલી છે. આ ગામનાં લોકોનો મુખ્ય વ્યવસાય ખેતી, ખેતમજૂરી તેમ જ પશુપાલન છે. આ ગામમાં મુખ્યત્વે ખેત-ઉત્પત્તમજૂરી તેમ જ દૂ	Adjournments	20
60	Notice of Adjournment	20
61	Amendments to Resolutions	20
62	Amendments Ruled Out of Order	21
63	Votes of Members	21
64	Method of Voting	21
65	Procedure if Poll Demanded	21
લ્હે	When Poll to be Taken	22
67	Continuance of Other Business after Poli Demand	22
୧୫	Votes of Joint Holders	22
ea	Voting on Behalf of Incapable Member	22
70	No Right to Vote where Sums Overdue on Shares	22
71	Objections or Errors in Voting	22
72	Appointment of Proxies	23

73	Receipt of Proxies	23
74	Maxımum Valıdıty of Proxy	24
75	Form of Proxy	24
76	Cancellation of Proxy's Authority	25
77	Separate General Meetings	25
78	Number of Directors	25
79	Directors' Shareholding Qualification	25
80	Power of Company to Appoint Directors	25
81	Power of Board to Appoint Directors	25
82	Retirement of Directors by Rotation	25
83	Filling Vacancies	26
84	Power of Removal by Special Resolution	26
85	Persons Eligible as Directors	26
86	Position of Retiring Directors	26
87	Vacation of Office by Directors	26
88	Alternate Directors	27
89	Executive Directors	28
90	Directors' Fees	29
91	Additional Remuneration	29
92	Expenses	29
ਰੇਤੇ	Pensions and Gratuities for Directors	ਨਰੇ
ਰੇਖ	Conflicts of interest requiring board authorisation	30
રીકે	Other conflicts of Interest	31
તેરી	Benefits	31
97	Quorum and voting requirements	32

વેક	General	34
da	General Powers of Company Vested in Board(*)	34
100	Borrowing Powers	34
101	Agents	37
102	Delegation to Individual Directors	38
103	Registers	38
104	Provision for Employees	38
105	Board Meetings	ਤਰੇ
108	Notice of Board Meetings	ਤਰ
107	Quorum	39
108	Directors below Minimum through Vacancies	ਤਰੇ
109	Appointment of Chairman	39
110	Competence of Meetings	40
111	Voting	40
112	Delegation to Committees	40
113	Participation in Meetings	40
114	Resolution in Writing	40
115	Valıdıty of Acts of Board or Committee	41
116	Use of Seals	41
117	Declaration of Dividends by Company	41
118	Payment of Interim and Fixed Dividends by Board	41
119	Calculation and Currency of Dividends	41
120	Amounts Due on Shares may be Deducted from Dividends	42
121	No Interest on Dividends	42
122	Payment Procedure	42

123	Uncashed Dividends	43
124	Forfeiture of Unclaimed Dividends	43
125	Dividends Not in Cash	43
126	Scrip Dividends	43
127	Power to Capitalise Reserves and Funds	46
128	Settlement of Difficulties in Distribution	46
129	Power to Choose Any Record Date	46
130	Inspection of Records	47
131	Summary Financial Statements	47
132	Method of Service	47
133	Record Date for Service	48
134	Members Resident Abroad or on Branch Registers	48
135	Service of Notice on Person Entitled by Transmission	ತಿರುವುದು ಸಾಮಾನ್ಯ ಮತ್ತು ಮತ್ತು ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ ಮಾಡಿ
136	Deemed Delivery	49
137	Notice When Post Not Available	50
138	Presumptions Where Documents Destroyed	50
ન રેવ	Indemnity of Directors	દર્ન
140	Arbitration	51
141	Exclusive Junsdiction	52
	142 General Dispute Resolution Provisions	53

• -