ARGYLL SM ITH PROPERTIES OF S.A. (PROPR IETARY) LIMITED
RESOLUT ION IN WRITING IN LIEU OF ANNUAL GENERAL MEETING

We, the undersigned, representing the sole member entitled to :lIIend the annual general meeting of the company ·
I.

Agree that, in terms of Section 179(7) of the Companies Act, as amended. the company's 2009 annual general
meeting need not be held and that·
(a)

maners required by the Compan ies Act, as amended and

(b)

such other mailers, if any, as may, in terms of Section 179(2) of the Companies Act, as amended,

be dealt with and disposed of by means ofa resolution in writing.
2.

Agree that, although the 2009 annual financial statements were sent to us less than twenty-one days before the dale
of this resolution, the 2009 annual financial statements be deemed to have been sent to us in the period prescribed
by Section 302( I) of the Companies Act, as amended , and are hereby adopted.

3.

Resolve that ·
3.1

no dividends be declared in respect of the year ended 3 [st December, 2009;

3.2

no fees be voted to the directors in their capac ity as such for the year ended 3 1st December, 2009;

3.3

the directors be elected by a single resolution and that the following direclOrs be re·e lected en bloc B.I.M. Dzere
P. Jensen
M. Lichtenberg
L. Torbensen

3.4

PKF Durban be authorised to perform certain accounting and secretarial duties.

4.

Pursuant to the provisions of Section 275(3) of the Companies Act of, we confirm that we are aware that PK F
Durban habitually and regularly perform the duties of the secretaries and accountants to the company, and agree to
their appointment as auditors to the company.

5.

It is noted that Messrs. PKF Durban will continue to act as the company's auditors and it is resolved that their fees

for the past year's services be finalised by the directors.

for: HUMANA PEOPLE TO PEOPLE IN SOUTH AFRICA

20" February, 201 1

20" February, 2011

 Page 2

ARGYLL SMITH PIlOPERT IES OF SA (PIlOPR IETARY) LIMITED
( Registration number 2000/015236/07)
Annual fin ancial statements for the year ended 31st December, 2009
DIRECTORS' RESPONSIB ILIT IES AND APPROVAL

The directors are required by the Companies Act of South AtTica to maintain adequate accounting records and are
responsible for the content and integrity of the annual financial statements of Argyll Smith Propert ies of S.A. (Pty) Ltd .
and related financial infonnation included in this report. [t is their responsibility to ensure that the annual financial
statements fairly present the state of affairs of the company as at the end of the finan cial year and the results of its
operations and cash flows for the year then ended, in accordance with South African Statements of Generally Accepted
Accounting Practice for small and medium sized entities. The auditors are engaged to express an independent opin ion on
the annual fi nancial statements.
The annual fina ncial statements arc prepared in accordance with South African Statements of Generally Accepted
Accounting Practice for small and medium sized entiti es and are based upon appropriate account ing policies consistently
applied and supported by reasonable and prudent judgements and estimates.
The directors acknowledge that they are ultimately responsib le for the system of interna l financial control established by
the company and place considerable importance on maintaining a strong control environment. To enable the direc!Ors to
meet these responsibi lities. the board sets standards for internal control aimed at reducing the risk of error or loss in a cost
effective manner. The standards include the proper delegation of responsibilities within a clearly defined framewor k.
effective accounting procedures and adequate segregation of dut ies to ensure an acceptable level of risk. These control s
are monitored throughout the company and alt emp loyees are required to maintain the highest eth ical standards in ensuring
the company's business is conducted in a manner that, in all reasonable circumstances, is above reproach . The focus of
risk management in the company is on identifYing, assessing, managing and monitoring all known fonns of risk across the
company. Whi le operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that
appropriate infrastructure, controls, systems and eth ical behaviour are applied and managed within predetermined
procedures and constraints.
The directors are of the opinion, based on the infonnation and explanations given by management, that the system of
intemal control provides reasonable assurance that the financial records may be relied on for the preparation of the annual
financial statements. However. any system of internal financial control can provide only reasonable, but not absol ute,
assurance against material misstatement or loss.
The d irectors have reviewed the company's cash flow forecast for the year to 3 1st December, 2010 and. in the light oflhis
review and the current financ ial position. they are satisfied that the company has access to adequate resources to continue
in operational ex istence for the foreseeable future .
The annual financial statements of the company set out on pages 5 to 14 which have been prepared on the goi ng concern
basis. were approved by the board on 20'h February. 20 11 and are hereby signed on its behalfby-

................. .......................................... ........... DIRECTOR

........................... DIRECTOR

............................ ..... ........ ........ ................... .. DIRECTOR

... DIRECTOR

20" February, 201 1

 MINUTES OF A METING OF DIRECTORS OF ARGYLL
SMITH PROPERTIES OF S.A. (PROPRlETARY) LIMITED
THE METING WAS CONDUCTED AS A TELECONFERENCE
ON THE 20TH FEBRUARY 20 1 I
PRESENT:

B.I.M. Dzere
P. lensen
M . Lichtenberg

L. Torbensen

(in the chair)

MINUTES:

The minutes of the previous meeting of directors were taken as read and it was noted that
they had already been s igned.

FI NANCE:

The following matter relating to the year ended 31st December, 2009 were considered and
con finn ed R

47330

Audit fees
DIRECTORS'
FEES:

It was decided to recommend that no fees be voted to the directors in their capacity as such

DIVID END:

After consideration it was decided to recommend that no dividend be declared for the year
ended 3 1st December, 2009.

ANNUAL

The draft annual financial statements at) I st December. 2009 were tabled.
It was noted thai all the foregoi ng matters had already been incorporated in the accounts.
The Joss for the year amounted to Rl 038 895 and there was a debit balance to be carried
forward to next year amounting to R589 765.
Aner consideration the annual financia l statements were approved and any two directors were
authorised to sign them.

F INANCIAL
STAT EMENTS:

for the year under review.

This concluded the business and the meeting closed.

READ AND SIGNED TH IS

DAY OF

..... CHA IRMAN

,20

 ARGYLL SMITH PROPERTIES OF S.A. (PROPR I ETA RY) LIMITED
ATTENDANCE REGISTER

Meeting of the directors held on 20 th Feb ruary, 20 11

.............. ..... .... ... ... ..... . .... .. ..... .. .... ............ DIRECTOR

........ .... DIRECTOR

... ......... ............. .............. .... ........... ............. DIRECTOR

.............. .. ..... ... .... .. .. .... .................. ....... DIRECTOR

 ARGYLL SMITH PROPERTIES OF S.A. (PROPRIETARY) LIMITED

26th Janu<lry. 201 L

Messrs. PKF Durban,
P.O. Bo.'( 1858,

DURBAN,
4000.

Dear Sirs.
AUDIT OF ANNUAL FINANCIAL STATEMENTS - 31ST DECEMB ER, 2009
This representation letter is provided in connection with your audit of the annual financial statements of Argyll Smith
Properties of S.A. (Pty) Ltd. for the year ended 31st December, 2009. We confirm to the best of our knowledge and
be lief, and having made appropriate enquiries of other directors and officials of the company, the following
representations given to you in connection with your audit of the company's financial statements for the year ended 31st
December, 2009 I.

We acknowledge as directors our responsibility for the fair presentation of the financial statements which you have
prepared for the company. The financial statements are /Tee of material errors and omissions and fairly present the
financial position and the results of the operations and cash flows in accordance with South African Statements of
Generally Accepted Accounting Practice and the requirements of the Companies Act in South Africa and, except as
noted in these financia l statements, applied on a basis consistent with that of the preceding year.
Compliance with Jaws and regulations

2.

There has been no known actua l or possible non-compliance with or violations of laws or regulations applicable to
this company, the effects of which should be considered for disclosure in the financial statements or as a basis for
recording a contingent loss.

3.

All relevant money laundering laws and regulations have been complied with .
Fraud

4.

We understand that the tenn "fraud" includes misstatements resulting from fraudulent financia l reporting and
misstatements resulting /Tom misappropriation of assets. Misstatements resulting from fraudulent financial
reporting involve intentional misstatements or omissions of amounts or disclosures in financial statements to
deceive users of those financial statements. Misstatements resulting /Tom misappropriation of assets involve the
theft of an entity's assets, often accompanied by false or misleading records or documents in order to conceal the
fact that the assets have been misappropriated.

5.

We acknowledge responsibility for the implementation and operation of accounting and intemal control systems
designed to prevent and detect mud and error.

6.

We are not aware of any known or suspected frauds that may have affected the company.
Directors' report

7.

All matters which are material for an appreciation of the state of afTairs of the company and which have nOI been
dealt with elsewhere in the financial statements have been included in the directors' report.
Accounting and other records

8.

All the accounting records and supporting documentation have been made available to you for the purpose of your
audit and all the transactions undertaken by the company have been properly reflected and recorded in the
accounting records. All other records and related information, including minutes of all management and the
shareholder's meetings, have been made available to you.

 2

Accounting policies
9.

The major accounting policies adopted aTC set out in the financial statements. The accounting policies remained
unchanged from the previous year, except for the policy for investment property that changed from the fait value
basis to the depreciable basis.

Assets and liabilities
10.

We have no plans or intentions that may materially affect the carrying value or classification of assets and liabilities
renected in the financial statements.

1 I.

The company has satisfactory title to all assets included in the balance sheet and there arc no liens or encumbrances
on the company's assets, other than those stated in the financial statements.

12.

We consider that the trade receivables appearing in the balance sheet are recoverable.

13.

We have recorded or disclosed all liabilities, both actual and contingent.

14.

All commitments for capital expenditure, whether contracted for or not, are detailed in the financial statements.

15.

The company has complied with all aspects of contractual agreements that could have a material eITect on the
There have been no communications concerning
financial statements in the even! of non-compliance.
non-compliance with requirements of regulatory authorities with respect to financial matters.

16.

No claims in connection with litigation have been or are expected to be received.

17.

There are no sureties or contingent liabilities that require disclosure in the annual financial statements in respect of
the Standard Bank current account.
Loans to and transactions with the directors

J 8.

The provisions of Section 226 of the Companies Act with regard to loans to directors and officers have been
complied with .

19.

No credit facilities (including loans. quasi-loans or credit transactions) in excess of the company's nonnal business
practice, nor guarantees or security for such matters, other than those detailed in the financial statements have been
provided by the company to any director or director-related entity.
Related parties

20.

We confinn the completeness of the infonnation provided to you regarding the identification of related parties and
related party balances and transactions, i.e. transactions carried out with the shareholder, directors (and their
immediate families), senior management or others whose position enables them to enter into transactions with the
company other than at ann's length.

21 .

The identity of and balances and transactions with related parties, have been adequately disclosed in the financial
statements.
In come

22.

All and only income that arose up to the date of the balance sheet has been brought into account.
Unadjusted misstatements

23 .

In our opinion there were no unadjusted misstatements.

 3

Events after the balan ce sheet d a te

24.

We have considered events arising since the balance sheet date. OUT review enables us to conclude that nothing has
occurred since the balance sheet date which necessitates revision of the figures included in the financial statements
or inclusion of a nOle thereto. Should any material events occur, which may necessitate revision of the figures
included in the financial statements or inclusion of a note thereto, we shall advise you accord ingly.

Going con cern
25.

We are not aware of any factors that may materially affect the company's ability to continue operating as a going
concern, or the classification and/or carrying value of any of ils assets or liabilities.

26.

In

OUT

opi nion the cash flow is adequate to meet the company's commitments.

Yours fa ithfully,

..... .. .... ..... DIRECTOR

... ... DIRECT O R

.................................... ..... ... . DIRECTOR

.. .... .... ...................... D I RE CTOR

 A R(;VU. SMml r1I.Of'EItTlr. s Or s.A. (P1t.OPlUItTARV) LIMITED

26111

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DIRECTO R

____._. __ •. ~._ •. _•• _....... DIR ECTOR

.•._... __ .____ •___ ..... _ .. __ ... __ •. _._._ .. DIRECTOR

20* February, 20 11

 MINUTES 01' A METING 01' DIRECTORS OF ARGYLL
SMITH PROPERTIES OF SA. ( PROPRlETAR Y) UMITED
TH E METINO WAS CONOUcrED AS A TEtECONFERENCE
ON nIE 20'" FEBMUAR Y 20 11
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DEC JAN MAR

18

2 captures
18 Jan 08 - 31 Mar 08

2007 2008 2009

Arg
yll
Smi
th &
Co.
Ltd.
Home
Properties World Wide
Winestead Hall, Hull,
United Kingdom
Swiss Meadows,
Massachusetts, USA
Dowagiac, Michigan, USA
Etna, California, USA
Durban, South Africa
Las Pulgas, Mexico
Company Structure
Company Information

Dowagiac, Michigan, USA

Argyll Smith & Company Ltd. is a real-estate holding company, established in 1989
with its registered address in Jersey, Channel Island, United Kingdom.
Argyll Smith & Company Ltd. has through the years specialized in rental properties,
mainly for educational purposes and for many years the company also owned and let
out bigger sailing vessels.
At present, the company, through its different subsidiaries, owns properties in The
United Kingdom, in three states in the USA, in South Africa and in Mexico.
Argyll Smith & Company Ltd. owns assets in the amount of US$ 16 mill.
Argyll Smith & Co. Ltd. plans to make more real-estate investments and is looking for
different types of real estate.

 Winestead Hall, Hull, United Kingdom

Swiss Meadows, Massachusetts, USA

Etna, California, USA

Durban, South Africa

Argyll Smith & Co. Ltd.

 

 IN THE CIRCUIT COURT OF THE 11TH
CIRCUIT IN AND FOR DADE
COUNTY, FLORIDA

~DICIAL

THE MUTUAL BENEFIT LIFE
INSURANCE COMPANY, In
Rehabilitation, as Successor
in Interest to THE MUTUAL
BENEFIT LIFE INSURANCE
COMPANY, a New Jersey
Corporation,

GENERAL JURISDICTION DIVISION
CASE NUMBER:

92 25557 .

FLORIDA BAR NUMBER:

305286

Plaintiff,
NOTICE OP LIS PENDENS

VS.

MARKHAM CORPORATION, INC., a
British Virgin Islands Corporation, . et al.,

"COroro Ilf 0" leI
' .
0' CADI (OUt/Fr. ,,~~~;otf)f 10"' ,
'''COID VU''''O

aerl 01 CIrcuit & CoUO'r
Defendants.

Courts

----------------------_1
TO:

Defendants, MARKHAM CORPORATION, INC., a British Virgin
Islands Corporation, and J.H.M. NAGEL, Individually, ARGYLL
SMITH & CO., LIMITED, a foreign corporation, and WESTPAC
HAMLIN LIMITED, a foreign corporation, and all others whom it
may concern
YOU ARE HEREBY NOTIFIED of the institution of this action by

Plaintiff against you,

see~in'f

to foreclose a mortgage and security

interest on real and personal property described as follows:
unit No. 5302 F-1, BAYVIEW AT FISHER ISLAND
CONDOMINIUM
NO.
TWO,
according
to
the
Declaration
of
Condominium
thereof,
as
recorded in Official Records Book 15029, Page
2932, of the Public Records of Dade County,
Florida,
together
with
all
furniture,
furnishings, fixtures, and personal property
therein contained.
DATED this

__7fi--f-"--=--__day ~fD.<! ( '0A i i f

, 1992.

KLINE, MOORE & KLEIN, P.A.
Attorneys for Plaintiff
2665 S. Bayshore Drive
suite 903
Coconut 'Gr e,
(3 5) 2
-9793

KLINE , MOORE is.

KLEIN . P . A .