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TERRITORY OF THE BRITISH VIRGIN ISLANDS
THE INTERNATIONAL BUSINESSCOMPANIES ACT
(CAP.29I)
ISECTIONS1,I AND 15)

CERTIFICATE OF INCORPORATION
No.511582
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Sephember,

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Tnternalional

Business

2002.

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 BRITISH VIRGIN ISLANDS
THE INTERNATIONALBUSINESS
COMPANIES
ACT
(cAP2el)

MEMORANDUMOFASSOCIATION
AND
ARTICLESOFASSOCIATION
OF
PALMER EOUITIES LIMITED

IBC NO,:

511582

Incorporated this 2nd day of September,2002

 BRITISH VIRGTNTSLANDS
THf, INTf,RNATIONAL BUSINESSCOMPANItrSACT
(c4P.291)

Mf,IIORANDUM Of ASSOCIATION
OF
PALMER EOUITÍES LIMITED
('the Cohpany")

I

Thlr Name of¿he Comps¡y is P¿l¡ne¡EquitiesLi¡ni¡erl.

2

Thlr Regisi€red
Ofllce of ¡he Companyis Aka¡a Blde., 24 De C¿s¡.oS¡¡ecr,WjckhamsCa] I, RoadTow&Tortol¿,
Bntish Virgin ldands or suchother placewithin the British Vi¡gin Islandsas the directorsmay ffom time io time

3

The Registefed
Agelt o¡ lh€ Comp¿nyis MossackFors€ca& Co.(B V.I.) Ltd. P.O.Box 313ó,RoadTowlr,To¡¡ola,
BntishVirgin Islandsor suchotherpersonor companybeinga personor companyentitledto actasa Registered
Agenr
.r\rhedrc.ror\m¿) fromrimeru r.mederermine
Theobjectsfor whichtheComtanyis estabfished
arc:
(")

To canf on thc business
olan invesimentcompany¡nd for thaipurpose(o acqúi¡e(by origin¿lsubsc.iption.
cont acr,tender,purchaseor exchangeundeñnting) and to hold. in the nameof the Companyor of any
nominec,sharestocks.debentores,
dcbenture
stocks,bonds,notes.obligations
of securilies,
andto subscribe
lor th€ samesubiectto suchteÍns andconditions(if any)asmaybe thoughtfit

(b)

To exerciseand enforceaLlrighb andpowersconfenedby or incidentto thc ownershipof any suchsh¿re
stockobligationsof othef securitjesincludingwithoütprejudicero the generalityoi ihe foregoingall such
powersof veto or controlas may be co¡fenedby virtue of the holding by the Companyof somespecial
propofionof theissuedor nominal¿mountthereofandto providemanageriaL
andothefexecutrve
supcfvisory
and cons¡rltancy
seNicesfor or in rclationto ¡ny companyin lvhichthe Companyis interestcdupon such
tcrmsasmay bc lhought fit

(c)

To b¡iy, own, hold, subdividc,lease,seLl.rent,preparcbuildingsires,construct,reconstruct,
alter,improvc,
decomte,irmish, opemte.maintain.reclaimor otherwisedealwith and/ordevelopland and buildingsand
otherwisedealin realcstatein all its bf¿nches.
to makcadvánces
üponthe securityofland of housesor other
propefy or anyinterestlherei4a¡d whethererect€dor in courseof efectionandwhctheron first mortgageor
chargeor subjectto ¡ p¡iof mortgageor molgagcsor chargeor charges,
andto developlandandbuildingsas
m¿ysee¡reipedie¡fbLrrwilhoxtprejüdjceto t¡e gene¡alityofthe fbregoing.

(d)

To car¡],or ¡hebusi¡essol¡¡¿derserd ¡¡ercha¡tsofany kj¡d, naiureor description,
andthe saleof rend€ring
ofr€iatcdproductsaDdservices,
andtheemployment
of thenecessafy
personncl
therefor

G)

Withoui prejudiceto rhe gcneralityof the forcgoingparagraphs:
to carry on the businessof franchising¡
to
purchase,sell, excü¿nge,le¿sq m¿naee.hold, trade, inyes¡ in ¿ll kjDds of rt

pfopeny,

.cnice.ofany rind.nrrureor
merch¿rdi\e.
comnoJ,rie,.
proJucr..
efrecr..
of commenrialor financialoperation,to reccive¡tnd/o.pay rolahies,
outgoingsof any kind. to purchase,
construct.chaltcf,own, opcrate,ma¡
any kind and tidr appurrenarccs
a d rÉlat€dservic€s¿nd agencies;¡o
employthe necessryperso¡neltherefor.

rype

6R{P/

 To buy. sell, $deívrite, iNest in, c'(changeor olherwise acquire.and to hol¡1.manage.devclop,deal wirh rnd
tum to accountany bonds, debentures,sháres(whether fully paid of not), srock options,conmodities. futures,
forward contra$s, nores or sectrritiesof governments,s¡alcs,nunicifalitics. public aurho¡itiesor public or
pfivate limitcd or únlimited companiesin any paft o{the world, preciousm'fals, gems. works ofart and orher
articles of \rhie. ¿nd shether on a cash of nrargiDb¿sis and including short salcs.and ro lend noney against
lhc securi¡yofany ofthe aforcmentioncdp.op€rty.
(g)

To bon¡w or mise money lfom. but not refricted to, banks by the issue of deben¡Lrres,
debenturesrock
(pcpet al or te¡mimble), bonds, mo¡tgagcs,or any other secuities fbunded or bascdupon all or ány ofrhe
assetsor prcpefy ofthe Company or without ary such secufityánd upon suchtcrms ás ro pdority or othcnvisc
as the Company shall thiDk fit.
To engagcin any other businessor busincsseswhatsoevcf,or in any act or acrivily, which are not pronibire¡l
tmder ary law ibf the time bcing in lofce in the British Vi.gin Islands.

0)

To do all such other things as afe i cidenlal to, or the Compa¡y may thi¡k co¡du¿ive td, the attain¡nentofall
or any ofthe abovc objccts.

And it is hercbydeclafedthatthe intenlionis thateachofthe objectsspecifiedin eachpa.agraphofthis clauseshall,
exccptwhefc orh€r*ise expresse¡t
in sucht¿¡ag.aph.be an indepcLrdeot
main objecr¿nd be in ¡ovise linir¿d o¡
rcstrictedby refercnce
to or infc¡enccfron thetennsof¿ny otherparagmph
o. tbenameofthe Co¡npáüy.
5.

l'heCompanyhasno powcrto:

G)

carryon business
with persons
residentin thc Brtish \¡i.Sin Islands;

(b)

own an inte.osti¡ r¿alpropertysitüdiein theBritishVirgin Islan¡ls,otherrh
(e) of subsection
(2);

a leascrefenedLUur p¿.as,¿pn

cany on bankingor tnst business,
unlessn is lice¡sedt¡ndertheBanksandTrustCompanies
Act, I 990;
(d)

carry on businessas an i¡suranceof rcinsürance
conpany"insumncc¿genror insurancebrokcf,unlessit is
Iice¡sedundcran enactment
au¡horising
it fo cary on rharbüsinessj
car¡, on the businessof comp¡nymanagement
unlessit is liccnsedunderthe CompanyManagemenr
Act,
1990,o¡

(0
6

carryon theb sincssofprovidingtheRegiste¡ed
Officeor theRegistercdAgentfor companies
incorporated
in
theBritishVirgin Islan¡ls.

Tbe Companyshallnot be tr¿ated¡tscarryingon business
with personsrcsidentin the B¡itishVirgin lslandsby re¡son

(a)

it ¡nakcsor ¡naint¡i¡sdeposits
with a pcrsoncarryingo¡ bankingbusiness
within tireBrilishVi¡gin Irlandst

(b)

it makcs or maintainsprofessionalcontrct with solicitors,bamsrers.lccountants,bookkeepcrs.trusl
conpa¡ies,administration
co¡npanies"
investment
advisers
or othcrsirnilafpersons
canling on busiresswithii\
thcBririshVi gi¡ Isiands;

(c.)

itprepar€sor maintainsbooksandrecor¡lswithin the BritishVifgnrklands;

(d)

it holds, within theBritislrVirgin Istands,meetings
ofits djrec¡orc
or members;
it holdsa leascof properlyfor uscasxn oflice from which to communicate
with membersor wherebooksand
recDrds.ofthe
company¿reprcparedor mainto,in€d;

 l
it holdsshárcs.debl obligarionsor othersecoriticsin ¿ companyincorporatcd
underthis Act or underthe

shares,debtobligfiionsor othersecuritiesin the Companyare ownedby any personresidentin rhe Bntish
Vi.gin Islandso¡ by anycompanyincoryo.ated
undc¡tbeAct o¡u¡dc¡ tbeCompa¡iesAcr.
1.

Thcsharesin thcComp¡nyshallbe issuedin thecuÍency of theUuted S¡a¡es
o¡Anie¡i¿¿.

8.

Theauthorised
capitalof theCompanyis USD50,000divided into 50,000sharcswirh a parvalüeo{ USDL00 e¿ch,
$ith onevotefor cachshare
Tbe Compa¡ymay issueall of pal1 of its auiho¡isedcapitaleithef as registercdsh¿resor as sharesto beaü as
detemine¡lfrom time to time by a rcsolutionof direcrors Sharesissuedas registefedsharcsmay be exch¿nged
for
sha.esissued¡o bc¿¡e¿Sh¿¡esissued1(rbeáre¡mry be ei(cira¡ged
for registercd
shares.

l0

Thesharcssh¿llbe dividedirto suc¡ nümbc.ofcl¿sses¿ndse.i€s¿st¡c di¡ecto¡sshaljby ¡esolufionfrom riJ¡ero tjme
d€tennine
anduntil so dividedshalLcomprise
oneclassandscries.
.

Thedirectonshallby fesolutionhaverhepowerto rssueanyclassof senesofsharcsthartheCompanyis authorised
to
issuein its capit,rl,origin¿lor increascd,
powers,preferences,
with or subjectio anydesignarions,
nghfs.qualifications,
limitaiionsándrestrictioDs.

12.

W¡eresháresareissue¡llo be¡rer thcbearfi,identiñedfor thispurposcby the nuhberofthe sharcc€ttificate,shallbe
fequcsledio provide thc Companywith the name and addressof an agentor attomeyfor serviceof any notice,
infoñné¡ionor writ¿e¡statemc¡¡¡eq¿i¡edto be givar to ¡¡embe¡s.and rcryice upon such agentor attomeysha1l
constitutescñice uponthe bearerofsuch shafesuntil suchlime as a ¡e$ nrmeandaddressfor serviccis pfovidcdto
the Company ln theabsence
ofsuch namea d address
beingp¡ovided,i¡ shallbe suftlcie¡¿fo¡ thepu¡poseofse¡vice
lor the Comlany to publishthe notice,infomation or $,rittenstatcmenlor a sunmary thereofin one or more
newspaper
circul4tedo. publishedin the Bntish Vifgin Isfandso¡ in a newspaper
in thc placewheretlrcConpanyhas
its principaloilce.

t3-

The liabilityof members
of the Compahyis iimlted

14.

The Comp¿ny
ma),¿merdih Me¡¡omnduDofAssociadonby a fesolutionofmembersor by ¿ resolutionofdirectors.

iatr. r*,tf

 We, MOSSACKFONSECA& CO (B.V.L)LTD, of P O. Box 1136,RoadTown, Tortolf. British Virgin ¡slandsfb. the
pu¡poscof incoeoratingan International
Busin€ssCo¡npanyundefthe laws ofthe British Virgin lstandsherebysubscribeoür
na¡¡elo thisMemorandum
ofAssociation.

NAN{E,ADDRESSAND DESCRTPTTON
OF SUBSCRIBER

ürossAcK FoNSECA & CO. (B.V.I.) t,TD.
AkaraBldg
2,1De C¿stroSt¡ect
WickhansCay I
BririshVirgin Islands

Datedthis 2 d dáyofSepiember2002

W¡TNESSto the¿bovesignatNe:

i

icllams Cay I
Toü¡, Torola
B.¿ád
'Bntirh
Virgin Ishnds

 BRITISH VIRCIN fSLANDS
THtr INTERNATIONAL BUSINtrSSCOMPANIESACT
(cAP. 291)
ARTICLES OF ASSOCIATION
OF
PALMER EOUITItrS LIMITED
('theCompany')

References
in theseRegulations
io thc Act shallmeanThe lntemationalBusinessConpaniesAct (Cap.291). Thc
following Reg ¿tionsshail constitutethe Regulationsof the Conpany. ln theseAficlcs, wordsand expressions
defincdiñ theAct shallhavethc sanemeaningand,unlessotherlrisercquircdby tbc coniext,th€singularshallinclude
the flural andvice versa,the masculineshallincludethe feminincandncurcr andrefcrences
to personsshalli¡clude
co¡porations
andaLllegalenlitiescapableofhavinga legalexistence.
SHARES

2.

The authonscdcapital ofthe Companyrs USD50,000divided inro 50,000shareswirh a par value ofUSD1.00 each,
lvith one vote lbr cach sha¡e

3.

Every peno¡ lvhose nane is enleredas a ¡nembefin the shaferegisterbeing the holder ofregislered sharcs,and cvcry
personwho subscribesfof sharesissuedto bearer,shall be entitled to a certificatesignedby ihc directorG) or officerG)
so aulhorisedand under the comrnonseal of the Company,specifying the shareor shareshcid and the par valuethereof,
providedthat in respectof a regrsteredshare,or shafes,heldjoinlly by severalpenons, thc Company shall ñot be bound
to issue more than one ceflificate, and delivery of a cerificale for a share to one of scveralioint holder¡ shall be
suÍicient ¡lelivery to all

4

In thc case of bearer shares.each cetificate fo¡ shafesissued to bearer shall carry an identifying numbcr, ¿nd thc
Cornpanysh¡ll maintain a ¡egisterofthe n¿meand addfessofan agentor attomeywhich nay be given to thc Cornpany
by lhc be¿rer identified for this pu.pose by such identifying number, fof serviceof any notice- inlormation or writtcn
statemcntrequiredto be given to mcmbers.

5

lfa cefilicate is worn out of lost, it may be renewedon productionof the wom-out cefificate, or on satisfactoryprool
of its loss together with such indcmnity as the directors may reasonablyrequi¡e. Any nember receiving ¿ share
cerificate sh¡ll indemnify and hold the Company and its officen harmlessfrom any loss or liability which it or they
may iDcurby reasonof wrongful or fr¿udulentuse or representationmade by any personby virtue of the possessionof

SHARE CAPITAL AND VARIATION OF RIGHTS
Subjectto the pfovisions ofthese Articles, the unissücdsharcsofihc Company (whetherfoming pal1 ofthe original or
any increasedcapital) shall bc át the disposalof the directors who may offer, ¿llot, gr¿nt options over or otheNisc
disposeof them to suchperconsat such times and fof such consider¡tion,being not l€ss than the par value of the shares
being disposedof, and upon such terrnsand conditionsas the difectorsmay determine.

7.

Withoüt prcjudice to any special¡ights previousLyconfeffed on the holdersofany existing shafesof classofshares, any
shafein thc Conpany may be issuedwith such prefer¡ed,deferredor other specialrights, or such restriclions,whether
in regardto dividsD¡l,voting, retum of capital or orheNise, as the directorsmay from time to time determrne
Subjectto the prolisions of the Act in this regard,sharesmay be issuedon the tems that they are redeemable,o¡, at the
option ofthe Company,liable io be red€emedon süch terms and in suchnanncr as the dircctorsbefore or at the time of
the issueofthe sharesmay deiemine

 The di¡ectorsnay redeemany suchsharcat ¡ prenium

r0

tf at any limc the shafe capital is dividcd into difTerentclassesof shares.thc nghts attached to any class (unless
otheñvisc trovided by the temN ofissue ofthe shafesofthat class)n¿y, whcther or not the Company is being wound
up. be vrric¡l with ihe consentin wniing of the holders of not less rhan fifty{De percent ofthe issuedsharesof rhai
classand ofthe holde.sof no¡ less thrn fifty-one pefcen¡of the issucdsharcsof any other classofshares which may be
a ¡ctcd by suchva.iation.
The ghts confe.rcd upon thc holders of fhe sharesofany classissuedwith preferredof othe¡ rights shau not. ünlcss
othcrwise expresslyprovidcd by the terms of issueoflhc sharcsofthat class.be deemedto be vaned by the cfcation o.
issueof further sharesranki¡g pari passutherewith.

D.

Except ¡s ¡equiredby law, no person sh¿I1be rccognisedby the Company as holding any shareupon any truf. and rhe
Company shall not bc bouDd by or be compellcd i¡ aDy rvay ro recognise (even when having noticc rhcreol) any
cquit¿ble,contingent,futu¡e or partial interestin any shdreor any intefest in any ffaciional part of a sharc or (excepi
only as by rheseRcgulationsor by law otherwiseprovided) any other righrs in respectof ¿ny sharc except an ¡bsolute
right to the entirely thcrcofby the ¡egisteredhot¡rer.
TRANSFER OF SHARf,S

l3

Registercdsh¡res ir the Co¡npanymay be transfered by a wriltcn infrument signed by the transfe¡ofand containing
the namc and ¡ddress of the hnsfcree or in such other manncr or fom and subiect to such evidenceas the dircctors
shall considerappropriate. Sharcsissuedro bearershall bc ftrnsfered by delivery ofthe cerificate evidencingsame
The holder ofrcgistered sharcsmay requestthat such sharcsbc exchangedfor shafesissuedto bearerand thc directo¡s
shall cancel the certificaiescvidencingregisteredsharcsand the entry in the shaferegisterand insteadissuc a cctificate
evidcnciDgsharesissuedto bearerwith and subjectto such cvi¡lenceof iltent as the difectofsnay considcrappropriate

15

The holder of ¡ certiñcate evidencingsharesissuedto bcarcr m¡y fequesrth¿r such sharesbe exchangedlbr rcgisrered
sharesand the directom shall canccl the ce tificaie evidencnrgsharesissuedto bearer and insteadissue a ccr1ificáte
evidencingregisteredsharesand cnter the name and addressoftho hol¡le¡ thercof in the shareregisterwith and subjcci
to such evidenceofintent as thc dircctorsnay considerappropnatc.
Upon reccipt of notification of any changeofname and addrcssofany agent or attorneygiven to rhe Company for ihe
purpose ol scrvice of any noticc. infomaiion or written siatcmcnt requifed to be given ro members, idcnrificd by
reference!o thc nunber ofthe certificate to bearef.the directorssh¡rllfbthwith anend the regisrermaintainedlbr rhis

TRANSMISSION OF SHARf,S

t7

18.

'Ihe

personalrepresentative,guardi¿nor trusteeas the casemay bc of a deceased,incompetenrof bankruprsolc hol¡tcr
ofa registeredsh¡re shall be ihe only pcrson recognisedby the Company rs having any title to the share Inthecaseof
a shafe fegisrcrcd in the names of two or mo.e holderc, the sürvivor or survivors. and the personal represcntativc.
gua.dianor ttusteeas the casemay bc ofthe deceased-inconpctcnt or bankrupt, shall be the only pefsonG) recogniscd
by the Conlpány as having any iitle to the share,bü! thcy shall not be entitLedro exerciseany rights as a mcmber ofrhe
Company until they haveproceedcdas ser fofh in ihe followjng two Regulariol1S
Any pe¡son bccoming entitled by oporation of la$ o¡ oihcrwisc to a sharc or sharesin consequenceof ihe ileath.
incompetenceor bankrupicyofany mcmber nay be registefedas a mcmber upon suchevidencebeing produccdas may
reasonablybe rcquired by the dircctors. An application by any such person to be .egistered¿s a menbcr fbr atl
pufposesshatl bc deemedto be a transferofshares oflhe deccassd.i¡comDetenior bankrupt member and lhc directors
shall treatit as such.

 l
19

yf
er bankruptco
A n y p e r s o nx h o h a sb e c o m ee n t i u c dt o a s h a r eo r s h a r e si n c o D s e q u e n coef d r c ¿ e a L hi ,n c o m t c t e n c o
a n y m e ¡ n b e rm a y , i n s t e a do f b e i n g r e g i s t e r e d
h i n s e l i r e q u e s it n w ¡ t l n g t h a t s o m ep e r s o r t o b e n a m e db y h i n b e
registcredas a transfcrceof süchshar€or sh¡res dnd such .equeslshxll likcwlse be tfeated as if it rvered t¡a¡sl¿r.
ACQUISITION O¡ O\vN SH^RES

? 0.

Subject ro thc provisions o I the Aci in this regard. thc diecton may, on bchalf of the Company, pürchase,redeemor
othenvise rcquire any of rhe Compa¡y's owD sharesbul only out of sunlus or in exchangcl¡r nervly issuedsharesof
equal v¡luc, or for suc  considerarionas they considerfit. and either cancelor lold such sharesas treasurysbares The
directorsnay disposeof ¡¡y sharesheld as treasuryshareson such tems and conditionsas they m¡y from time to trme
dete¡mine Sharesmay be purchasedor orheNise ácquire¡ i¡ exchangefo. newly issuedsharesin the Company.
N { O R T C A G E SA N D C H A R C E S O F R E C I S T E R E D S H A R E S

21.

MembeN nray moñgagc or charge thej¡ registeredsharcsin the Comp¡ny xnd upon satisfacloryevidencethereol the
Company shall sive effeci to tbe terms of any valid mofgage or chafge except insofar as it may conflict with any
requircmentshereincontainedforconsent to the transfcrofshares
In the cascol lhc mofgage of cha¡geofrcgistercd sharcsthere may be enteredin the shareregislerofthe Company ¿t
l¡. rcquef rifrhe regis¡e.edbolde¡ ofsu¿h sh¡res:
- a statementthat the shares¡re mortgagedor chargedi
- the nameofthe mortgageeor chargcc;and
- the dateon which rhe aforesaidpxrticLrlarsare enieredin lhe shareregistcr.
whcre paricü1arsof a Inongageor chargearc rcgistered,suchpaticul¡rs shall be cancclledl
- with the co¡senrof the n¡ncd norlgagee or chargeeor a¡yone authoriscdto act on his bchali or
- upon evidencesat¡facto.J 1orbe directorsoithe dischargeofthe liability secu¡edby the mo¡1gageo. charge
a n d t h e i s s u eo f s u c h h d e r ¡ n i t i e sa s t h ed i . e c t o ns h a l lc o n s e . n c c c s s a .oy r d e s i r ¡ b l c .
Whilsr p¡¡1iculr.s of a mofgage or chafge are rcg¡tcred. no transferol any sh¡re conp¡ised rherein shall be effected
without rhc rvrittenconsentofthe namedmongageeor cha¡geeor anyoneaulhorisedlo act on ¡is behali.
FORFEITURtrOF SHARES

22.

When sharesissuedfor aprornissory note orotherwritten ob igation forpayme
forfeiture,the following provisionsshall apply:

of a debt have beenissuedsubject to

W.jtten notice specil}ing a datefor paymentio be made and the sharesin respectofwhich paymentis to be madesball
be seryedon the nember who defaultsin naki¡g payment pursua¡t to a promissorynote or other written obligationsio
pay a dcbt.
A written notice specifyinga datefor paymentshall:
G)

namea further datenot earlier than the expirationol l ,l days from the d ate of seryiceof tlre nolice on or before
whicb payme¡t requiredby the notice is to be made; and

(b)

contain a statementthat in rhe event of non-payr¡entat or before the time ¡¿med i rhe nútic€ ihe shar¿s.o¡
¡rnyof them,in respectotwbich paymentis not madewill be liable to be forfeited

When a wriften ¡otice has bee¡ issuedand the requirementshave not been complied wirh wjthin the prescribedtime,
the directorsmay at aDy tine bcfore tende¡ofpayment forfeit and ca¡cel the sharesto which the notjce rel¡tes

 The Comprny is unde¡ ¡o obligation to reiiDd ¡ny rno¡€ys to the nember whose shares have been forl¡ited a¡d
c ¡ n . e l l e dp u r s u a ntro ¡ h c s cf r o r i s i o n s U p o n f o . f e i t ü . ea ¡ d . ¡ n c e l l a r i o no f r h e s h a r c sr h c m e n b e r i s d i s c h a r g c d
from
any firlhcr obligation to lhc Conrpany\!ilh rcspectro rhe sharesforfeitedand clncellcd.
ALTERATION IN CAPfIAI,

2l

Sublect ¡o t¡e terms ol any rcsolution passedby the directorcfof the pueose of inc¡easingthe authorisedcapirel of thc
Company, such increasedcap;tal rnay be dividcd into sharesof such ¡especlive amounts, an¡ with such righ¡s or
p r i ! i l e g e s( i f a n y ) a s r h ed i r c c t o r st h i n ke x p e d i e n t .

)4

Any capital raised by rhc crcation of new sharcsstrall bc consideredas part ofthe original c¡pital. and sball bc subjecl
ro the sameprovisionsas if it hxd been pa.t ofthe onginal capital

25

26

'Ihe

d i r e c t o nm a y b y r e s o l u t i o n :

G)

c o ¡ s o l i ¡ l a taen d d i v i d ca l 1o r a n y o f i t s s h a r ec a p i t a li n r os h a r e so f l a r g e ra m o u n t h a ¡ i t s e x i s t i n gs h a r e s ;

(b)

c a n c c la n y s h a . e sw h i c h .a t t h e ¡ a i e o f t h e p ¡ s s i n go f t h e r e s o l L r t i ohna, v en o t b c c nr a k e no r a g r e e dt o b e t a k e n
b y a n y p e r s o na n d d i m i n i s hr h e a m o u n to f i t s a u t h o r i s e sdh a r ec a p i l a lb y t h c a n o u i t o f t h es h a r e s o c a n c c l l c d '

(c)

sL¡bdivide its sharcs or any ol them into shares of smaller anount than is fixed by rhe Nlemorand m of
A s s o c i a t i o na n d s o d r a t s u b j e c tt o d r e p r o v i s i o n so f R c g ü l a l i o nl 0 t h e r e s o l u t i o nw h e r e b y¡ n y s h r r e i s
sub divided may determine that as between tbe holdcrs ofrhe sha¡esresulting f.om sL¡chsub dirision one or
more ofthe sbaresrnay hale such preferredor other spccial rights ove. or may have such qualified of defemed
rights or be sLrbjcctto any such restrictionsas comparedrviih the other or others as the Company has polver to
attachto ünissuedor n€\,shares;

(d)

subject to any confimation o. consent¡equired by law, reduce ils authorise¡land issued sharecapital or any
capital rede¡npiionreservefund or any sharepremium accoü¡t in a¡y m¡nner.

W h c r c a n y d i f f i c L r l t ya r i s e si n r e g a r dt o a n y c o n s o l i d a t i oann d d i v i s i o nu n d e rt h i s R e g u l a t i o nt.h e d i r e c t o r sm a y s e t i l c
the sameas tbey think cxpedient
\'If,E'TINCS OF NIEMBf,RS

27

The directors may convcne meetingsofthe mernbersofthe Company at such times and in such mam¡erand placesas
the directo¡s consider necessaryor desirable, and rhey sball convcnc such a meeting upon the written reqüest of
membershol¡ling more lh¡n 50 percentoflhe !otes of¡he outstandingvoling sharesin the Company.

28

Seven days' notice at thc lcast specifying the place, the day and the hour of the mee ng and rhe generalnatü.e of rhe
businessto be conductedshall be given in the mannerhereinafrermentioncd lo such personswhose names on the date
the noiice is given appearas menbers in the shareregisterof the Company and to thc ¡gent or attomey ofrecord of the
holdercofbearer shares¡aling úe right to vote at such meeting

29.

A meeting oflhe membersshall be deem€dto havc been validly held, notwit¡strnding that it is held in contmventionof
the .equiremcntto giv€ notice in Regülation28, ifnotice ofthe meeting is waived by ninety percentofthe votes ofall
shareshaving a right to attendand vote at the meeting.

t0

Thc inadvefent failurc ofthe directors to give notic€ of a meeting to a member or to the agent or attomey as the case
may be. of the fact that a member or such agento. aitomey has not ¡eceivedthe notice, docsnot invalidale the meeLing.

 P R O C E I D I N G S A T N I E E T I N G SO F N I E ¡ I B E R S
ll

N o b u s i n e s s h a l lb c t r a n s a c t cadl r n y m c c t i i g u n l c s sa q u o r u mo f n e m b e r s i s   r e s e ¡ t a t t h e t i m e w h e n t h e m e e h n g
p r o c e e dt o
s b u s i n c s sA.q u o r u m s h ¡ l l c o n s i s t o f r b e h o l d e r o r h o l d c r s p r e s e n t i n p e N o ¡ o r b y p r o x y o f n o t l e s s l h a n o n e
third of thc sharcsofeach cl¡ss or seriesof sirarese¡titled to vote as d cl¡ss or seriesthercon¡¡d the sameprolortion of
t h e r o t c so f t h c r e m ¡ i ¡ i n gs h ¡ r e se n t i d e dt o v o t e l h e . e o I

12.

I f r i r h i n h a l f d n h o u r f r o m t h e t i m e a p p o i n t e d f o r t h e m e e t i n g a q u o r u i s n o rp ¡ e s e n t .h e m e e t i ¡ gs h a l lb e d i s s o l v e d .

lj.

Ai cv.ry mccti¡g thc mcmbcrs preseDtshall choosesomconoof thelr nurnber10 be the Chairman. If the ¡nembersarc
unable to choosc a Chaimran for rny reasoD,then rhe personrcprcse¡ti¡g the greatestnumber ofvoti¡g shafespfesent
at rhc mecti¡g shall presidcas Cbanr¡an, Iiiling which the oldesti¡dividual personshall take lhe chair.

31.

The Chaim)an may, with Lheconsentofthe neeting, adjoum any ¡neeringfrom timc to !ime, and from placeto place.
but no businessshall be transacledaLany adjoumed meetingoLhert¡an rhe büsinessIell unñnishedat lhe meetinSfrom
which tbe adjoumme¡l rook place.

15.

A r a n y m e e t i n ga r e s o l u t i o np r t t o L h ev o t e o f L h em e e L i n gs h a l l b e d e c j d e do n a s h o w o f h a n d s b y s i m p l en r a j o r i t y
ü n l e s sa p o l l j s ( b e f o ¡ eo r o n r h ed e c l a r a L i oo f r h e r e s ü l to f t h e s h o wo f h a n d s )d c m a n d c d :
G)
(b)

by t¡e Chairnan; or
by any menber or memberslresent in personor by proxy and representnrgnot less than one tenth ofthe tot¡l
voting .ights ofall the mcmbersha!ing thc right to vote al lhe meeting

36

Llnlessa poll be so demanded,a decl¿rationby the Chai¡nan th¡t a resohrlionhas, on a show ofhands, been caricd,
and an entry to that effect in the book containi¡g the minu¡esof the procccdi¡gs of the Company, shdll be sulficicnt
cvidence of rhe fact, without proof of lhe number or propoÍion of thc votes recorded in favour of or againsl suc¡

17

I l ¡ p o l l i s d u l ] d c m ¿ D d c di l, s h ¡ l l b c t a k c nj n s u c hm ¡ n n c r a s r h c C h a i ¡ r r ¡ ¡ J i r . c t s .a n d l b c r e s u l to f r h e p o l l s h . l l b e
deemedto be tbe .esolutionofthe meeii¡g at which the poll was ¡emanded. The dcmandfor a poll may be wirhdraun.

18.

I n t h e c a s eo f a n e q u a l i t yo l v o t e s ,w h e t h e fo ¡ a s h o w ; f h a n d s ,o r o n a p o l l . t h c C h a i r m a no f t h e m e e t i n ga t n b i c h r b e
s h o wo f h a n d st a k e sp l a c e ,o r a t w h l c l l h e! o l l i s d e n a n d e ds, h a l lb e e n t i t l e dt o a s e c o n do r c a s t i n gv o t e
VOTES OF }ItrNIBERS

19.

At any meeLingof membeÉ, whether on a show ofbands or o¡ a poll, every holder ofa voting sharepresentin pe¡son
of by p¡oxy shall haveone vote for every voting shareofwhich he is the holder.

,10.

A .esolutionwhich bas beennotified to all membersfo. the time being entitled to vote and which bas beenapprovedby
a majority of the votes ofr¡ose membefsin rhe form ofone or nore documentsin lvriting or by telex, telegrarn,cable
o¡ o¡lrer written elecironic communicafion shau foÍhwirh, wiúoul the nced fof any ¡otice. bccomc ef}éctual as a
resolutionof the members.

4I .

I I a commi nee be appointedfor any memberwho is of unsoundnind he nay vote by his committee

42.

Iftüo or morc pcrsonsarejointly enri cd to a rcgistcredshareor sharesa¡d ifl¡orc th¡n one ofsuch personsshall Yote
in pcrson or by prory at any neeting ofnembers or in acco.dancewith rhe tems of Regulation39, the vole of thar
personrvhosenarneappearcfirst among suchvotingjoint holdersin the sharercgiste. shall alonebe counted.

43.

Votes may be given either personallyor by proxy.

 'I

he instrumc¡t aptoinring a proxy shall be produced at the pla.e appointedfor thc mecting bcforc the tirne fo¡ holding
t ¡ e r ¡ e e l i n g¿ ¡ rt v h i c ht h ep e r s o n¡ a m e d i ¡ s u c hi n s t r u m e npt f o p o s e tso v o r e .

,15.

A n i n s t r u m e n at p p o i n i i n ga r r o x y s h a l l b e i n s u c h f o r m a s t h e C h a i m a n o f t h e m ¿ e t i n gs h a l l a c c e p ta s p . o t e r l ) ¡
c ! i d e n c f g r h ew i s h e so i t h e r n e r n b ear p p o i n t i n gr h ep r o x y .
T h € i n s t r u m c u ¡t p p o i r r r i n ga p r o x y s h a l l b c i n w t i n g u ¡ d e r r h e h d n d o f r h e a p p o i ¡ t e r .u n l e s s¡ h e a l p o i D t e ri s a
c o r p o r a r i o on r o t h e ff o r m o f l e g a le ¡ t i r y o t h c rr h a no n e o r m o r e i n d i ! i d u a l sh o l d i n ga sj o i n t o w n e r s j,n w h i c h c a s et h e
i n s l   u ¡ r c na
t p p o i n l i n ga p r o x y s h a l lb e i n ! v r l t j n gL , n d e(rh ch a n do f a n i n d i v i d u a d
l u l y a u ¡ h o ¡ r s ebdy s u c hc o r p o r - ¡ t i oon¡
I e g r l e n t i r yt o e x e c u t et h e s a m e .T h c C h a i n n a no f a n y m e e r i n ga t w h i c h a v o t e i s c a s tb y p r o x y s o a u t h o n s e m
d ay call
f b r a n o t a r i a l l yc e Í i f i e d c o p y o f a L r l h o n r yw h i c h s h a l lb e p r o d u c e d u i r h i n T d a y s o f b e i ¡ g s o r e q u e s t e d o r t h c v o t e o r
v o t c sc a r b y r u c h p r o x y s h a l lb e d i s r e g a ¡ d e d I n r h e c a s eo f a p r o x y b e i n gg i v e n b y t h e h o l d e ¡ o f a s h a r ei s s u e dt o
bearer, it shall be sufficie¡i for the atpoinrer to identify h mself by writing the identilying numbe. of thc cel1ificare
evidencingthe shafeslssuedlo bearcr.
C O R P O R A T I O N S A C T I N G B Y R t r P R E S E N T A T I V E SA T M E E T I N G S

17.

Any coryoration or olhcr lonn of co¡poraielegal entity which is a member of the Company may by resolution of its
directo.s or othcr goveming body aüthonscsuch person as ir thinks fit to acr as irs .epresentativeat any mceting of the
mer¡bersor ofaDy classof membersof tbe Company,and the personso aüthorisedshall be entitled to exerciscthc sane
poNe.s on bebalf of lhe corporation which hc representsas that coporation could exercise if it we¡e an individudl
memberof the Comfany.
DIRECTORS
SubjecLli) any subseqüentamendmcnt to change the number of directo¡s- Lheminimum number of dÍectors of the
C o m p a n ys b a l lb e o n ea n d t h em a x i m u mn u m b e rs h a l lb e t w e n ¡ y
The first dirccto¡ or directo.ssball be electcdby the subscnbefto the Memorandum. The.eafter.rhe director(s)shall be
e l e c t e db y t h e m e m b c r so r r h ed i r e c L o(ri f t h c r c i s o n l y o n e Jo r d i r e d o r sf o r s u c ht e m a s t h e ¡ ¡ e m b e r so r t b e d i r c c r o r( i f
' h e r ei s o n l ) o n e l o ' d r r . I ^ r \ T a ) d e r e ¡ m r n e

50.

Thc director(s)shall bold office until hilrheir) succcsso(t shall take office or uniil his(thei.) earlie. death,resignarion

5l

E v e r yv a c a n c yi n t h e b o a r do f d i r e c t o $m ¡ y b e f i l l e d b ¡ a r c s o l u r i o ío f r h e m € m b e Ao r o t t h e d r r e c t o (r i f t h e r ei s o n l y
one) or of a majority ofthe remaining ¡lirectorsitapplicable

52.

A di.ector shall not ¡equjre a sharequalification, but ¡evefheless shall be cntiiled to attendand speakat any meeting of
the membersand at any separatemeetingof the holdersolany classofshares in thc Company.

53.

A direclor by writing under his hand deposiredat the RegisteredOfñce ofrhe Company rnay from time to time appoi¡t
another dúector o. any olher person to be his altemale. Every such altematc shail be entitled to be given norice of
meeti¡gs ofthe direclo.s and to attcnd and vote as a director at any suchmecting at which the dúector appointinghim is
not personallypresentand generallyat suchmeeling ro haveand exerciseall tbe powers, nghts, duties and authoritiesof
the director appDintinghim Every such altemare shall be deemed1o be anofficerofthe Company and shall notbe
deemedro be an agentoftbe director appoinling him. lfundue delay or difficülty woüld be occasionedby giving no ce
to a diector ofa resolutionofwhich his approval is sought in accordancewith Regulation78, his altcmate(ifany) shrll
be entitled to signily approvalofthe sane on behalfofrhat di¡ector The renuneration ofan altemateshall be payable
out o I rhe remunerationpayableto the d irector appointing him, and shall co¡s ist o I such porion of Lhelasi mentioned
remunention as shall be agreedbetweensucb allemateaDdthe dircctof appointinghim A directorby lvritjng undcr his
hand deposiied at the RegisteredOffice of the Company may at any time revoke ihe appoi¡hent of an altemate
appointedby him. If a director shall die or ceaseto hold the office oI di.ector, the appointmentof his altemate shall
tbcreuponceaseand teminate

 J
Thc dircclors m¡], by ¡csolution-fix the cmolumenls ol dircctors i¡r .espe.f of serliccs renderedor ro be renderedin
dny capacity to the Conrpa¡y lhe dircctors may also bc paid such travelling. hotcl and other expensesproperly
incured by them in ¡ttending and fe¡umiDg from meclings of the directon, or dn) commiltee of the directors of
rneetingsofthe membe.s.o. in connectio¡ rvirh the businessol the Co¡npanyas shall be approvedby resolutionot the

55.

Any direclor Íno, by.eques¡,goes or ¡esides.broad for any purposesofihe Conpa¡y of who perfblms serviceswhich
in Lhe opinio¡ of the directors go beyond rhe ordinary dulies of a director. may be paid such extrd '€mu.e.ation
¡ \ h e t h e r b y w a y o f s a l ¡ r y .c o r n n i s s i o np. a ¡ t i c i p a t i o inn p m f i r so r o t h c r q i s e )a s s h a l lb e ¡ p p r o \ c d b y ¡ e s o l u t i o no f t h e

56

The Company ma] pay to a directof who a he requestof¡hc Company holds any officc (includnrg a directorchip)i¡,
or rende.ssewices 1o any company in which lhe Comt¡¡y may be rnterested,such renLrneration(whether by lvay of
salary. commissio¡, pa¡licipation in profits or otheNisc) in respecLofsuch office or scrvicesas shall be approvcdby
resolutionof the directors.

51

t h e o f ñ c eo f d i r e c t o rs h a l l b ev a c a t e di f t h ed i r e c t o f :
is removedffom office by a resoiutionof membcrsor by a resolutionofdirectors. or

(bl

beconresbankruprof makesany ana¡gement or compositionlvith his creditorsgcnerally,or
b e c o r ¡ eo
s f u n s o ü n dm i n d ,o r o f s u c b i n f i r m h e a l t ha s l o b e i n c a ! a b l eo f m a ¡ a g i ¡ g h i s a f f a i r s o. r

(d)

58.

resignshis office by noticc in rvriting to thc Compa¡y.

( a ) A dircctor may hold any other office or posilion of profit undcr ihe Conp¡ny (except that of audi¡of) in
conjunctionwillr his ofñce ofdirecio¡, and may act in a profession¡lc¡pacity to the Conrp¡Dyon s!ch te¡ms as to
rcmüncrationand olhen'r'iseas lhe directo¡sshall aÍange
(b) A director¡nay be o. becomea djrecto¡ o. other officer of, or olhel!ise interestedin any co¡¡pany pfomoredby the
Compa¡y, or in which rhe Conrpany m¿y be intcrcsted,as a member or otherwise,and no such ¡lirector shall be
accountablefof any remunerationor other benefits rcceived by him as director or officer or from his inlerest in
-fhe
such other company
directors may also c.(crciseLhevoting powers confered by the sharesin any other
company held or owned by rhe Compa¡y in süch manne. i¡ al1 respeclsrs they think fi1, includi¡g the exercise
thereof in favour of any resolutionsappointing them, or any of their number directors or oflicers of such otber
compaDyi or votiDg or providi¡g for the paynent of remuner¡tioD to the directors or officers of süch other
company. A di¡eotor may vote jn favou¡ of the exercise of sucb voting ghts in tbe manner aforesaid.
nofwithstandingthat he may be, or be about to become.a di¡ector or officer ofsuch orhcr company,and as such in
any other mannerú, or nay be, interestedin the exerciseofsüch voting igbts in the manneraforesaid.
(c) No director shall be disqualiñcd by his office from contractiDgwilh the Company, either as vendor, purcbaseror
otheNise, Dor shall any such contract or arangement enteredinto by or on behalfoFrhe Conpany in which any
director sball be in any way i¡lerested be voided, nor shall any dúector so conkacting or being so rnter€fed be
liable to account to the Company for any profit rcalisedby any such contfact or arangement, by .easonof such
director holding tbat office or ofrhe fiduciary relatjonshipthc¡eby established-The nature ofa düector'sint€rest
m¡st be decla.ed by him al tJremee¿¡ngol't¡e di¡ecrorsat which the question of entering iDto the contact or
arrangementis first takeninto consideration,and iflhe directorwas not at the dale ofthat meetinginterestedin the
proposedcontractor anangenent. or shall becone interestedin a contractof arangemenr afte¡ it is nade, he shall
fofbwirh after becomins so interercd advise the Company in wnli¡g ofthe fact and na re ofhis interest. A
generalnotice to the directors by a director thal he is a menbcr of a specified fim or company. and is to be
regardedas iDlerestedin any contractor transactionwhich may, after rhe date ofnotice. be nade wirh süch finn or
company shall (if such director shall give the sameat a meeting of the düectors.or shall iake reasonabl€stepsto
secu¡e that the sane is bfought up and read ¡t the next meeting of directors after ii is given) be a suflicient
dcclirá1i.n ofinte.est in relationro suchcontractor transactionwilh such fim or company.

 A d rector ¡r.r), be countedas one of a quorum ul2ona motior i¡ respectoien] contrlct or arangemenl which he
s h a l l m a k cw i t h r h eC o m p a n yo. . i n \ h i c h h c i s s o i n t e r e s t e d aasf o r e s a i da,n d m a yv o t eu p o ns u c hm o t i o n .
OFFICERS

59.

The directorsof lhe Cor¡pany may. by a resolúion of direcrors,¿ptoi¡r olficers ol rhe Company at such tirncs ¡s shall
be cons;de.edncccssaryo¡ expe¡ient. and such office$ may consist of a Prcsident,one or Inore Vice-Presidents-a
Secretaryand a Treasurefand such orher officcrs as mly trom rime to timc be deemeddesi.able. The olficers shell
p e r f o r ms u c hd u t i e sa s s h a l lb e p r e s c r l b eadt r h e t i m e o f r h e i r a p p o i n r m e nstu b j e c L
t oa n y m o d i f i c a t i o ni n s u c hd u r i e sa s
may be prescribedby the dircctors thereafter,but in the absenceof any specific allocation of duties rt shall be rhe
rcsponsibility of rhe Presidentto managethe day to day af airs of the Conpany, t¡e Vice-P.esidentsto act in ordef of
scniority jn the absenceof the Pfesidenrbut othemise to pe.fom such dutics as may bc dclegaled ro them by fhe
President,the Secretary to maintain the registers,minLrtebooks and records (olher than financi¡l reco.ds) of the
Company and to ensurccompliancewirh all proceduralrequirenents n¡poscd on thc Company by ¡pplic¡ble law. and
the Treasurerto be responsibleforrhe financial affairs ofthe Company.
Any personmay hold more than one office and no officer need be r dire or o¡ menrberofthe Cornpany The officen
shall .enain in olfce until removedlrom officc by ihe dúectors$hether or not a successoris appointed.

6r.

Any office. who is n body co¡pomre may appoint any penon its duly authofised representarivefor the purpose of
representiügit xnd of trans¡ctingany ofthe businessof the office¡s.
PO\!AIIS OF DIRECTORS

62

Ihe busincssofthe Company shall bc managedby rh€ directorsaho may pay all expensesincured preliminary to and
In connectionsith the fo¡rnationand regütration ofthe Company,and may exerciseall sLrcbpowers oftbc Company as
are not by tbc Act or by these Regulatio¡s required ro be exercisedby the nembers snbjectto any delegaiio¡ ofsuch
powers as mry be ¡urhorisedby lhcsc Rcgulations¡nd to süch requirementsas may be prescribcdby resolution of the
m e m b e r s jb u t n o r e q u i r e m e nm
t a d e b y r e s o l u t i o ¡o f t h e m e m b e ¡ ss h a l l p r e v a i l i f i t b e i n c o n s i s r e nwl i r h t h e s e
R e g u l a t i o n¡so r s h a l ls u c hr e q ü i r e ¡ n e ni n
t v a h d x t ea n y t n o r a c t o f l h e d i r e c i o r su h i c h l v o u l d h a v eb e e nv a l i d j f s u c h
rcquirementhad not becn made.

6l

The dúec ors may entrustto and confer upon any director or officcr rny of¡he fowcrs exercisableby them upon such
tems an¡l conditionsa¡d wilh such restrictionsas they rhink fit, and eithcr collaterallywith, or to the exclusionol_.theil
own powersi and may from time to time revoke, withdmw, alter or vary all or a¡y ofsuch powers. The directo15may
delegatean] of their powers to commifteesconsistingofsuch member or membersof their body as they think ñtr xny
committeeso fo¡med shall in the exerciseof the porversso delegatedconform to any regulationsthat fnay be imposed
on it by tbe directon
Tne directorsmay ftom time to iime aDdat aoy time by powerof¿itomey appoint any company.fim orperson or body
ofpersons. whether nominateddirectly or indirectly by the difecrofs,to bc the auomcy or attomeysofthe Company for
such pu¡?osesand w¡h sucb powcrs, authoritiesand discretions(not exceedingthose vested in or exercisableby the
directorsunder theseRegulationt and for suchperiod and subjectio suchcondilio¡s as they may tbink fit, and any such
polverc of attomey may contain such provisjons for rhe protection a¡d convenienceofpersons dealing with any such
attomey as the directorsmay Lhink fit and may also autho¡iseany such auomey 1()delegateall or any of úe powe¡s,
authoritiesand discretionsvesredin him.

65

Any director who is a body coryorate Inay appoint any person its duly aurborisedrepfes€nrarivefo.1h€ porpose of
represenlingjt at Directorslvfeetingsand of tmnsactingany ofthe businessofthe directors.

 9
The Directors arc aurhoised to ope¡ and operate bank dccounts!;th ba¡ks. b.okerage houses,savings and/or loan
a s s o c i a t i o ncsr.c d i ti n s t i h r l e o
s r a n y s i m i l ¡ r i n s l i t u t i o n os f t h e i r c h o i c ea n y w h e r ei n t h e s , o r l d A l l c h e q u e sp, r o ¡ n i s s o r y
D o r c s¡,l r a f t sb, i l l s o f e x c h a n g ea n d o t h e fn e g o t i a b l ien s ¡ r u r ¡ e n rasn d ¿ l l r e c c i t t sf o r ¡ n o n i e sp a i ¡ t o i h e C o r ¡ p a ¡ y ,s h a l l
be signed.d.awn. accepLed,e¡dorsed o¡ o¡Ler*-iscexecL¡ted,
as the casemay be, in such manner as rhe difectofs shall
f r o r nt i n r et o t i n e b y . e s o l u t i o nd e t e ¡ m i n e .

67

The dir€cto.s ay exerciseall thc poivcrs oflhc Company to boro\y money and to moñgage o. chargeits un¡edakings,
prop€¡ly and uncalled capilal or an)r palt thcrcof, 1o issLredebentures,debe¡ture fock and other securitieswhenever
m o n e yi s b o f r o w e do r a s s € c u r i t ,fvo-r a n y d e b r .l i a b i l i t yo r o b l l g a t i o no f t h c C o m p a n yo r o f a n y t h i r dp a . t y .

6E.

Thc continui¡g directorsmay act nofwithstanding¡ny vacanc],i¡ their body, save thar if rhe number of directorssha11
have bcen fixcd a! two or more personsand by reasonofvacancics having occu¡redamong the directorsthere shall be
o n l y o n ec o n r i n u i n d
g i r e c t o rh, e s h a l lb e a u t b o r i s e1dl )a c t a l o n eo n l y f o r t h c p u r p o s eo l a l p o i n t i ¡ g a n o t l r ed¡ i r e c t o r
P R O C E E D I N G SO F D f R E C T O R S
-fhe

m e e t i n g so f t h e d i r e c t o r sa n d a n y c o m m i f t e et h e . e o fs h a l l b e h e l d a t s u c hp l a c eo r p l a c e s a. s i h e d i r e c t o r ss h a l l

7A

't

7)

The directors m¡y meet togethef for the dispatch of business.adjoum xnd othenvise regulate their rneelingsds drey
t h i n k f i t . Q u e s t i o na
s r i s i n ga t a n y m e e l i n gs h a l lb e d e c i d e db y ¡ m a j o r i l yo f v o t e s i i n c a s e o f a n e q u ¡ l i t y o f l o t e s t b e
c h a i m r ¡ s h a l lh a v e a s e c o n do r c a s t i n g v o t e A d i r e c t o rm a y r t a n y l i m e s u m m o   ra m e e t i n go f t h e d i r e c t o r s I f t h c
C o m p ¡ n ys h ¡ l l h a v oo n l y o ¡ e d i r e c t o rt,h e p r o v i s i o n hs e r e i n a f t cc.o n t a i n e d
f o r m e e t i n g so f t h e d i r e c t o r s h a l l ¡ o t a p p l y
but such solc direclor shall havc ful1 power ro rep.escnland act lbr the Company in all rnatlersand in lieu ol minutesof
a Íreeting slall .ecord in writing and sig¡ a note or memorandumofall matte.srequi¡ing a resolütio¡ ot t¡e directors
S u c hn o r eo r m e m o r ¿ n d u m
s h a l lc o n s r i r u rscu f f i c i c n ct v i d c n c eo f s u c h r e s o l u t i o fno r a l l p u r p o s e s .

7)

A directorshall be given not lessthan se!en days notice ola meetjngof the dircclors.

11.

N o t l i t h s t a r d i n gR e g u l a t i o 7
. m e e t i n go f d i r c c t o f sh e l di n c o n t r a v e n t i oonf t h a t r e g u l a t i o ns h a l lb e v a l i d i f a
n2 abovea
majonty ofthe directorsentitle.l to vote at the meetinghavew¡ived t¡e notice ofthe meeting.

71.

Thc ina.lveftentfailure to give notice ofa meeting to a düector, or the fact ihat a dircctor has ¡ot receivedthe notice,
doesnot invalidatethe meeting

'15.

A meeti¡g of.hectors is duly constih¡tedfor all purposesjf at the comme¡cementofrhe meeting there are presentr¡
persono¡ by altcmatcnot less than one third oflhe total nü¡rber ofdirectofs wilh a mininun ol two

16

Ifwithin halfan hour from the time atpointed for the meetinga quorum is not present.thc meetingshall be dissolvcd.

17

Any one or more of the dircctorso¡ any committe€üereofmay participatein a meetingof directorsor of a comnitee
ofdirecrorc by meansof a co¡ferencetelephoneo. similar communicationsequipme allowi¡g allpe¡sonsparticipatj¡g
in the meet;¡g to hea¡eachother at the s¡me time. PaÍicipation by such meansshall constitutepresencein personat a
meeting

he directo.s may eleci a chairman of Lheirmeetingsand dete¡minethe period for shich he is to hold office; but if ro
s u c hc h a i   m ¡ ni s e l e c t e do, . ; f a t a n y m e e t i n gt h e c h a i n ¡ a ni s n o t p r e s e n¡t( t h c r i ¡ r c a p p o i n t e dt o r h o l d i ¡ r gt h e s a ¡ n et.h e
directorspresentmay chooseone oftheir numbe¡to be Chainnan oflbc mccting.

A resolution approvedby a najority of the directors for the time being entjrled to receive notice of a meeting of the
directors of of a comnitlee of the difectofs and laking the form of one o. more docunents in writing or by telex,
telegmñ, cable o. other written electroniccomnunication shall be as valid and cfcctual as if it had been passedat a
meetl'ngoflhe directorso¡ ofsucb coninittee duly convenedand held, wilhoot the needlbr any notice

 INDf,]\INITY
Subicct to the provisions ofrhe Aci and of¡ny other sta(urefor the time being in force. elery director or orhcr officer of
t h e C o m p a n ys h a l lb e c n r i t l . dt o b e i n d c n m i f i e do ü t o f t h e a s s e l so f r h c C o m p a ¡ ya g a j n s at l l l o s s e so r I i r b i l i t i e sv h i c h
h e m a ] s u s t a l no ¡ i n c u r i D o f ¿ b o u tl h c c x c c u t i o no f t h e d u t i e so f h i s o f f c e o ¡ o r h e n r i s ej n . e l a r i o nr h e r e t o a, n d n o
d i r c c t o .o r o t h e ro f ¡ . e r s h ¡ l l b e l i a b l ef b r a n y l o s s .d a m a g eo r ¡ n s l o . t u n cw h i c h n r a yh a p p e nr o , o r b c i n c u r e d b y l h e
C o m p a n )i D r h ee x e c u t i o no t r h e d L r l i eosf h i s o l f i c e ,o r j n r e l ¡ t r o nt h e r e r o .
SEAL
T h c d i r e o r s s b a l lp r o l i d e f o . r h es x f cc u s t o d yo l t h c c o m m o ns e a l o f r b eC o m p a ¡ y . T h c c o m m o ns e a l w b e na f f i x e dt o
any inslrunent shall be \litnessed by a director or any olher person so aurlorised from timc to iime by the d;ectors.
Thc di.ectors may froride lor a facsimile of the commoD seal and approve rhe sig¡atüre ofa¡y difector or autbo.ised
pe$on !\hich may be rep.oduccdby prinring or other merns on any insLrumentand it shall hale the sanc force and
lalidity as iflhc seal had beenrtfixed ro such i¡strumenr and the samehad bcc¡ signedas hereinbeforedescribed.
DIVIDENDS AND RESERVES

81.

82

T h e d i r e c t o r sm a y ,b y r e s o l u r i o nd, e c l a ¡ ea d r Y i d e n db. u t n o d i v i d c D ds h ¡ l l b e d e c t a r e da n d p a i d e x c e p ro u r o f s u p t u s
a n d u n l e s st h e d i r e c t o r sd e t e n ¡ i n et h a ¡i m ¡ l c d i r r e l ya f t e .r   e p a y m € n o
t frhe dividend
G)

t h eC o ¡ r p a n yr v i l l b e a b l et o s a i i s l yi t s l i a b i l i t i e sa s t b e yb e c o m ed n e i n t h e o r d i n a r yc o u r s eo f i t s b u s i n e s sa;n d

(b)

t h e ¡ e a l i s a b l c v a l u e o f r h e a s s e t s o f t h e C o m p a n y w i l l D o r b e l e s s t h a n i h e s u mloi af ibt isl ti o
r iteaosl r, h e r t h a n
d e f e r r e dt a x e sa, s s h o { n i n t h eb o o k so f a . c o u n r ,a n di t s c a p i t a l .

Di!idends may be declaredand paid in money, sharcsor olher propcñy.
In comPutingthe su¡plt¡sfor the purposeofresolving ro declarc an¡l pay a dividend. rhe di¡cctors nay include in their
c o m p u ¡ a t r otnh c n e ru n r e a l i s eadp p f e c i a t i oonf t h e a s s e t o
sfrhe company.

84.

Thc directorsr¡ay from time to time pay to the membcrssuch inre.i¡n dividendsas appe¡rto rhe dircctors to be justified
b y t h e s u ¡ p l u so l t h c C o m p a n y .

85

Subjectto rhe  :ighrsof the holde.sofshares enlitled to specialnghts as ro dividends,all dividends shdll be declaredan¡t
pa;d accordingto Lhepar value ofthe sharL-s
in issue,exctuding thosesharcswhich are held by ihe Comp¡ny as rreasury
\ h a r e sd r r h ed ¿ r eo l d e . l a r ¿ L r oont n e d r \ r J c n J

86.

The di¡cctors may, before recommendingany dividend, set aside our of the profirs ofthe Conpany such sums as they
think p¡oper
of resenes Nhich shall, at the disc.elion of the direcrors. be appticable for meetj¡g
contingcncies,or for any other pu.poseto which the profits ofthe Company may be properly appljed,¡nd pendjng such
dpplication may. at the likc discretion, either be enployed in the busjnessof rhe Company or be invesred in such
investmentsrs rhe directorsmay from tirne to rime rhjnk fir

87.

If severalpersonsafe rceistere¡lasjoin r holdersofany share.any ofttrem nay give effectuat.eceipt lbr any dividend or
other moniespayableon or in rcspectofrhe share

88

In the caseofshares issuedto bearer.the directon may provide fo. rhe paymenrof dividend by .efefenceto counterfoils
or w¡nants issuedwith the cerificate for such shar€s.a¡d the productionofsuch dividend, counte.foil or warant shall
cvidenceenlitlement1.] rcceipt of such dividend in the s¡me way and to the sanreextent as producrionofthe cerificare
i¡sell At the time of presentalionof the couúerfoil or wal¡ant, Lhe di¡eciors may issue such lu¡lher counterfoils or
warants ¡s may be requrredto pemit receiptby the holder rhereofofsubsequentdivjdends

 E9.

r e¡rioned
N o r i . e o f a n y d i \ i d e n dr h a i m a y h a v c b e c nd e c l r r c ds h a l lb c g i l e n t o e a c hn r e m b e irn m a n n e rh e r e i n a f i em
and all divi¡ends unclaimedfor thrcc ]enrs alicr baling b€en declaredmay bc lorl¡iled by tle directorsfo. the beDefit
ofrhe Company.

90.

No dilidend slall bcar nfer€st ag¡i¡r rhe Company.
BOOKS AND RECORDS

91.

The Compan) shall kccp such accou¡ts and recordsas thc di.ecLo.sconsidernecessaryo¡ desirablein o.der to reflect
the financialpositionofthe Com!a¡y.

92.

The Comrany shall kccp minutesof all meetingsof (lirecton, memb€rs,committeesof direclors.committeesof offi cers
and conmittccs ofnembers, and copiesofall resolutionsconsentcdto by directors,membe s,commitleesofdirectors,
committeesof olficers andconmittees of mcmbcrs

9l

The books, records and minutcs rcquircd by Rcgulations 9l and 92 shall be kept at lhe RegisteredOffice ofthe
Companyor at sLrchothcrplace as the d;ccton may dctcmi¡c, and shall be open to the inspectionofthe directo sat all

94.

The directo¡sshall from time io time dete.nine wheiher and to what extentand dt whal limes and placesand under what
conditionsor regulatio¡sthe books, recordsand minutesofthe Company of ¡ny oflhcn shall be open to the inspection
of membersnor being directors. and no member (not bei¡g a director) shall hale any riglt of inspedi¡g any book,
record,mi ure or documenLofthc Companyexcept as confered by Law or authonscdby resolutionof the directors
ATJDIT

95.

The dir€ctors may by resolutioncall for the accornrs of LheCompany to be examinedby an aüdilof or auditors1o be
appointe¡ by them at suchrernu¡erationas may from time to time be ag¡ccd.

96

l h e r u d i t o r r ¡ a y b e a m e J ¡ b e ro f t h e C o m p a n y .b u t n o L l i r e c t oof r o f f i c e r s h a l lb e e l i g i b l ed u f n r gh i s c o n t i n u a n cien

97.

Evcry ¡uditor of thc Compa¡y shall h¡le a right of accessat all trmes to the books ol accountsand vouchersofthc
Company,and shall be e¡rilled to requi¡e ftom the office.s of the Company such informaiion and expla¡ations as he
tt¡inksnccessaryfor the pe¡forna¡ce ofhis duties

98.

The repod oÍthe auditor shall be annexedto the accountsLrponwhich he reports,and the audiror shall be entitled to
receive notice ol and to attend, any ¡leeting at which LheComp¡ny's audited Profit and Loss Account and Aala¡ce
Sheeris to be presented
NOTICES

99.

Any ¡otice, info.mation or written statementrequifed to be given to menbers sball be sen'ed,
G)

in the case of menbe¡s holding registeredsharcs,by mail (air rnail service ii available) addressedto each
memberat lhe addrcssshown in the shareregister;and

(b)

in the c¡se ofmembers holding sharesissücdto bearer
(i) by mail (arr mail seraice if available) addressedio rhe agent or altomey whose name and addresshas been
given fo. seNice oi ¡otice by the bearerof the sba.es(identilied fof this pürposeby the number of the share
cenificare),of

 t.l
(ii) in rhe absenceoian a.ldressfof servicebeing gi!en. or ifthc nolice. infomation or writcn r¡tement cannotbe
s e r v e dl b r a n y o t h e rr e a s o nb, y p u b l i s h i n gt h c ¡ o t i c c , i n l b m a t i o n o r r v r i l c n s t a t c m e nitn r h e C a z e t t ea n d i n
o n e o r m o r c n e w s p a p e rpsr b l i s h e do r c i r c u l ¡ t e di n t h e B r i t i s h V i r g i n I s l a D d so r i n a n e w s p a p elrv h e r c t h e
Conpany has its pdncipal olficc.

r00

A l l n o t i c c sd i r e c t e dt o b e g i v c n t o t h e r n e m b e   S
s h a l l -N i t h r e s p e ctto a n y r e g i s r e r esdh a r ct o r v h i c hp e r s o n sa r ej o i n t l y
enlnlcdb
. e g i ! e n t o w h i c h c r c ro f s u c hp e r s o ¡ si s n a m e df i r s r i n t r e s h a r er e g i s t e ra. n dn o t i c cs o g i v e ns h ¡ l l b e s u f f i c i e ¡ t
¡ o t i c e t o x l l r h eh o l d e ¡ so f s u c h s h a r e .

l0l

A ¡ y n o l i c e .i f s e r v e db y p o s t ,s h a l lb c d e e r n e d1 . : h
) a v eb e e ns e r l e d w i t h i n t e n d a y so f p o s t i n g ,a n d i n p ¡ o v i n gs u c h
serlice it shall be suflicient to prove that Lbelcttcr containing the notice w¡s properly addressedand put into the Post
Offce
PENSIONS,\ND SUPIRANNUATION FUNDS

r02

The dircctors may establish and maintain of procure the esLablishrnentand maintenanceof a¡y no¡ contributory
pension or süpe¡annuationfunds fbr the benefir ol and give or procLrrethc giving of donation., g Jr' l ec, pensrons.
allowanccsor emolumenrsro any tcrsons rvho ¿re o. lve¡e at any lime i¡ the employnent or scrvjce ofrhe Company or
any cor¡p¡ny which is a subsidiaD'of rhe Co¡npany or is alljed to or associatcdwrth the Compány or s,irh ar)y such
subsidiary.o. who are or werc ¡t any time directors or officcfs of lhe Company or of any such orher company as
afo.esaidor who hold o. held any salariedemploymc¡t or otfice in the Company or such other cotrrpamy,
or ary pcbons
in rvhosewelfare rhe Company or any such other company as aforesaidis or has been ¿r any rime inrerested.and to thc
wives. widows, families aDd dependentsof a¡y süch person.and m¡y make p¡ymenrs fof of tos"rds rhe insuranceof
any süch personsas afbresaid.¡nd may do any of the ¡ratten aloresaid eithe. alone or in conjunction with any such
otl¡cr company as aforesaid. A direcrof holding any such cmployment or office shall be entirled to participarein and
retri¡ for his own benefit a¡y suchdonation.gratuity. pc¡sio¡, allolva¡ce o¡ emolumenr
\YINDING UP

l0-1.

l f t h e C o m p a n ys h a l l b ew o u n du p . r h c L i q u i d ¡ r o rm a y .i n a c c o r d a n cw
c i r h ¡ r c s o l u t i o no f m e m b e r s ,d i v j l e a m o n gr h e
m e n b e r si n s p e c i eo r i n k i ¡ d L h el v h o l eo r a n y p a r to f t h e a s s e l so f t h e C o m p a D y( w h . t h e rt h e ys h a l lc o n s i s or f p r o p e r t y
ofthe samekind or not) and may for such purposeset such value as he deemsfair upon rny propeÍy ro be dilided as
aforesaidand may detemine holv such division shall be ca¡ried out as betlveen tbe membe.s or dife¡ent classesof
membe.s The Liqui¡lator may vest the !\,bolc or any paft ofsuch assersin trusieeslpon such t.usts for rhe benefir of
the contrjbutoriesas tbe Liquidator shall think fit, but so that no mernbershall be compelled to acccpt any sharesor
other securitieswhereonthere is any liability.
\RBITRATION

10,1. WheDeve. any difference arises between the Company on the one hand and any of rhe members. tbeir executors,
administmtorsor assignson üe other handtoucbing the true intent and constructiono. the incide¡ce or co¡sequencesof
thesepresentsor ofthe Act touching an)ahingdonc or executedomitred o¡ sufered in pursuanceof the Act or touching
any breachor allegedbreachor orhe¡lise relating to the premisesor to thesepresentsor to any o¡din¡nce affecring rhe
Company or to any ofthe affairs of rhe Company. such difference shall, unless rhe pafies agreero rcl¡r lhe same to a
single arbitrato., be refercd to two arbitfatorc one to be chosen by e¡ch of the parties to the difference and the
arbit¡atorsshall before e¡tcnng in the referenceappointan unpire.

r05

1f eilher party to the feferencenakes default in appointing an arbitrator either originally o. by way of sL¡bslitution(i¡
the event that an appointedarbitfttor sh¡ll die- be incalable of¡cting or refuse ro acr) for ren days after the olher prrly
has given him ¡otice to appoint the same,such orher pany m¡y rppoint an a.bitrator to act in the placc ofthe arbjtrator
of rhe defaulti¡g party

 ll

CONTINUATION
106.

TheCompanymayby resolutionof¡remberso¡ by a fesolütionpassedunaninouslyby all directorsofthe Conpany
continueasa companyincorcoraied
¡rndc¡thelarvsotajudsdictionoúsidethe BritishVirgin tslañs in rhemanne!
Ir¡ovidedunde.lhoselaws
AMENDMtrNT TO ARTICLES

107

Thc Companymay a¡nendits AÉiclesofAssociationby a resolutionofrnembersor by a resolütio ofdi.ectors

We,MOSSACKFONSECA& CO.(B.V.I.)LTD., ofP O. Box 3136,RoadTown,l'ortola.BritishVirgin fslandsforthe
puryoseofincorporating
an Intemalional
Business
Compa¡yunderthe lawsof the BritishVirgin hlandsherebysubscnbe
our
nameto theseArticlcsofAssociation.

NAtrIE, ADDRESSAND Df,SCRIPTIONOF SUSBCRIBER

NrossAcKFoNsEcA& co. (B.y.r.)
LTD.
AkamBldg.

Shirley Chal

TrustCompany

DATED ihis 2nddayof Seprember.
2002

WITNESSto the abovesignature:

WickhamsCayI
RoadTown,Tortola
BritishVirgin Islands

 BRITISH VIRGIN ISLANDS
THE INTERNATIONAL BUSINESSCOMPANIESACT
( c A P 2 9. ,

MEMORANDUM OF ASSOCIATION
AND
ARTICLESOF ASSOCIATION
OF

PALMER EOUITIES LIMITED

IBC NO,;

511582

Incorporated this 2nd day of September,2002

M . s s A c Ko 9 \ . ' . i , ) 1 , '

f .1sL.'l

l B V l ' 1 1 D/ o r . '

I L r L o L a ,t 1 f l r L \ h v l r g r n l s l ¿ n o s

uffi;

'z

t(/'}

{}.É ¡R\U/

 oo

O¡

R-ESOLUTIONOF THE SUBSCRIBER
OF

The undersigned,
being the Subsciberto the Memorandum& A¡ticles of Association of
PalmerEquitiesLimited , a companyincorporatedunderthe laws of the British Virgin
Islands(the"Company"),
he¡ebyappoints:-

fi¡st Director(s) of the Company, to serve as such until its successor(s)shall have been
elected or until its resignation(s)or removal; such election shall be effective immediately
and without fwther qualification.

Ddtedrhis 2nd day of September.2002.

 PALMER E QIIITIES LIMTTED
(Itrcorporst€d in fhe BvD

.. snanrnncrsrER
Repu.chese,Redemption

Transf€r / f,rchrnge
CeÍ.
MEMBERS
N¡úe & Address

N"&
ClassoI
Sh¡res

(Reg¡stercd
Snarcs)
N'

BUSSONLIMtTtrD
HE: t10545
a3106/2002

25 000

2005

165.Lo¡dos
fl¡¿/ome20l, P-C
SERILIJIT
¡IOLDINGS
LIMITED
HE: 160016
2l104¿005

25 000

30'" d!! oI \lat,

2005

Charzipavlou,
205,
fl@¡, flalotre 201,
P . C . 1 0 3 6L,i r ¡ a s 5 o l ,
Cyprus

'#1)\.,?:-4.!!;k.
1- \DL 4e;a:lor,1

DiÉdor Atrdrey St¡rhevsky

'' EÍi:

.

Í

i"',o':

.''j

 PALMER EQUITIESLIMITED
(Incorporated¡rt lhe B.l/.1)

SHARN REGISTER
Tra sl¿r / Exchange
ÑIE]!IBERS
\ame & ^ddrcss

)J" &
Classof
Shares

(Rcg'stcrcd
Shares)
/ DateIssued
(Bea,€r Sharet

Repu r chs se, Redemption
N"& Class

 RESOLUTION OF TTIE SOLE DIRACTOR

oF'
PALMAR EQUTTIESLIMITIID

In accord¡nrcewith üe Articler ot Associationof PALMER EeUmfES LII!{ITED (rhe
'9meany2,
a con¡panyincorporatedin rhe British Virgin lslands and having itr registered
olnee at Aka¡a BIdg., 24 De Cast¡o Srrect, WickhamsiJay I, Road ToMr, Tortol4 BVI, l,
AtrdtsJrSlsshevskf being the director of the Comp¡ny, do herebyset down fhe following on
record;

ROSOLyf,D üat, the Comp¡ny is he¡ebyauthorizedro issuefifty thousand(50.000)registered
shatesin thc d¡r¡umenta¡yform wiih a nominalyalueof onedolla¡ (USD l O0)cacn,
RESOLVrD that, the sh4resarcallottedasfollowst
numberHE:1j0j46, dateof
]SSOft LIMITED inco¡poretrdin Cyprus,underincorpomtion
reqistrótion
0l dayofJune,2002.registered
address:
SpytouAraouzou,165,LordosWat€rñonl
2* floor, flavoffice 201, P.C. 3036, Limassol,Cyprus,holds l.wentyfive thousa¡rdsnares
(25 000).
C,edificsteNo. identiging shareholdi¡g shallbe duly dr¿wna¡rdexecuted.
SERILNIT HOLDINCS LIMIIED incorporated in Cwrus, undcr incorporation number
HE:160036,date of r€gishúion2l day of April, 2005, registerodaddress:Christodoulou
Chatzipavlou,
205,LoúloupisC¡uft, 2nufloo¡,flaVollice201,p.C. 3036,Limassol,Cwrus holds
twentyllivetüousandshares(25 000).
CsnificateNo,2 identiryingshareholdingstra.llbe duly drawnard executed.

o
Adoptedandsignedrhis30üdayofMa¡ 2005,

't

tr, ,{¡r(]/..!,,)_1,
Dirc(tor

 RESOLUTION OF TIIE SOLE DIRECTOR
of
PalmerEouitiesLim¡téd
Th€Unde¡signe4
beingthe soleDirectorof P¿lmer Equities Limited, an Interiational
Busin€ssCompanyexistingunderthe laws of the B¡itish Virgil Islandsand havingits
rcgiste¡edoflice at Akara Bldg., 24 De CashoSheet,Wickhañs Cay I, Roa.l Town, Tortol4
British vi¡gin lsladds, acting in such capacity and on that behalq do hereby adopt the
followingr€solutionl
IT WAS R.ESOLVED,that the Companybe ¡e-registeredas a businesscompanyunderthe
BvI Business
Companies
Act 2004.
IT WAS FIIRTEER RESOLVf,D, to adopt,ás it is he¡ebyadopted,the Memoranduma¡d
Articles of Associationwhich acaompá¡ythe applicatiol for re-registr¿tionof the Company
under the BVI BusinessCompa¡iesAct 2004, as t¡e new Memo.¿ndumand Artioles of
Association
of theCompany.

Adoptedandsig¡edtlis t dayofJuly,2006.
,t;

,;:/

{$*

ur,"i"ni";'",*
;
', - lr.
*\,r.

" ,'ir,r,

' '

 PALMER EQUITIESLIMITED
NUMBEROF
SHARES

DATI'OI
ISSL]FJ

I\4EN'IBER

AIJTIIORISED
CAPITAL

us$50,000.00

PALMER EQUITIESLIMITED
f r c o n o r a t eüdn d ü   e I r L $ r a n or ¡ B r s i r s s C o n r p ¡ n i c s ¡ c r
( C A P2 9 1 ) o f r   t T r t o l o f r h c a r i t i s h v i € i ¡¡ s l a n d s

Authorised Capital:
US$50,000
dividedlnto 50,000sha¡csrvitha parvalüeof US$1.00each.

is entrtled
share(s)
ofUSSL00 cachio thc ebove
namedCompany,sub.Ject
to the I\,lernor¿lndun
and Articlcs
olAssociationof thesaidCompany
IN wITNESS WHEREOF the CoLnpenyhesa thoriscdthis certificateto be issued
thrs
day of

Director