from any of the shareholders willing to advance the same all or any part of the moneys due upon their respective shares beyond the sums actually called for; and upon the moneys so paid in advance, or so much thereof as from time to time exceeds the amount of the calls then made upon the shares in respect of which such advance has been made, the company may pay interest at such rate as the shareholder paying such sum in advance and the company

agree upon.

(6.) If several persons are registered as joint holders of any share, any one of such persons may give effectual receipts for any dividend payable in respect of such share. (7.) The company may decline to register any transfer of shares made by a shareholder who is indebted to them.

(8.) Every shareholder shall, on payment of such sum not exceeding One shilling as the company may prescribe, be entitled to a certificate, under the common seal of the company, specifying the share or shares held by him, and the amount paid up thereon.

(9.) If such certificate is worn out or lost, it may be renewed on payment of such sum not exceeding One shilling as the company may prescribe. (9a.) The transfer-books shall be closed during the fourteen days immediately preceding the ordinary general meeting in each year.

TRANSMISSION OF SHARES.

(10.) The executors or administrators of a deceased shareholder shall be the only persons

recognised by the company as having any title to his share. (11.) Any person becoming entitled to a share in consequence of the death, bankruptcy, or insolvency of any shareholder, or in consequence of the marriage of any female shareholder, or in any way other than by transfer, may be registered as a shareholder upon such evidence being produced as may from time to time be required by the company. (12.) Any person who has become entitled to a share in any way other than by transfer may, instead of being registered himself, elect to have some person to be named by him registered as a holder of such share. (13.) The person so becoming entitled shall testify such election by executing to his nominee a deed of transfer of such share. (14.) The deed of transfer shall be presented to the company, accompanied with such evidence as they may require to prove the title of the transferror, and thereupon the company shall register the transferree as a shareholder.

FORFEITURE OF SHARES.

(15.) If any shareholder fails to pay any call due on the appointed day, the company may, at any time thereafter, during such time as the call remains unpaid, serve a notice on him, requiring him to pay such call, together with any interest that may have accrued by reason of such non-payment.

(16.) The notice shall name a further day, and a place or places, being a place or places at which calls of the company are usually made payable, on and at which such call is to be paid. It shall also state that in the

event of non-payment at the time and place appointed, the shares in respect of which such call was made will be liable to be forfeited.

(17.) If the requisitions of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may be forfeited by a resolution of the directors to that effect.

(18.) Any shares so forfeited shall be deemed to be the property of the company, and may be disposed of in such manner as the company thinks fit.

(19.) Any shareholder whose shares have been forfeited shall, notwithstanding, be liable to pay to the company all calls owing upon such shares at the time of the forfeiture.

INCREASE IN CAPITAL.

(20.) The company may, with the sanction of the company previously given in general meeting, increase its capital.

(21.) Any capital raised by the creation of new shares shall be considered as part of the original capital, and shall be subject to the same provisions in all respects, whether with reference to the payment of calls, or the forfeiture of shares on non-payment of calls, or otherwise, as if it had been part of the original capital.

GENERAL MEETINGS.

(22.) The first general meeting shall be held at such time, not being more than twelve months after the incorporation of the company, and at such place as the directors may determine.

(23.) Subsequent general meetings shall be held at such time and place as may be prescribed by the company in general meeting; and if no other time or place is prescribed, a general meeting shall be held on the first Monday in February in every year at such place as may be determined by the direc

tors.

(24.) The above-mentioned general meetings shall be called ordinary meetings; all other general meetings shall be called extraordinary.

(25.) The directors may, whenever they think fit, and they shall, upon a requisition made in writing, by any number of shareholders holding in the aggregate not less than onefifth part of the shares of the company, convene an extraordinary general meeting. (26.) Any requisition so made by the shareholders shall express the object of the meeting proposed to be called, and shall be left at the registered office of the company.

(27.) Upon the receipt of such requisition, the directors shall forthwith proceed to convene a general meeting: If they do not proceed to convene the same within twentyone days from the date of the requisition, the requisitionists, or any other shareholders holding the required number of shares, may themselves convene a meeting. (28.) Seven days' notice at the least, specifying the place, the time, the hour of meeting, and the purpose for which any general meeting is to be held, shall be given by advertisement, or in such other manner,

6

if any, as may be prescribed by the com

pany.

(29.) Any shareholder may, on giving not less than three days' previous notice, submit any resolution to a meeting beyond the matters contained in the notice given of such meeting.

(30.) The notice required of a shareholder shall be given by leaving a copy of the resolution at the registered office of the company. (31.) No business shall be transacted at any meeting, except the declaration of a dividend, unless a quorum of shareholders is present at the commencement of such business; and such quorum shall be ascertained as follows (that is to say), if the shareholders belonging to the company at the time of the meeting do not exceed ten in number, the quorum shall be five; if they exceed ten there shall be added to the above quorum one for every five additional shareholders, up to fifty, and one for every ten additional shareholders after fifty, with this limitation, that no quorum shall in any case exceed forty.

(32.) If, within one hour from the time appointed for the meeting, the required number of shareholders is not present, the meeting, if convened upon the requisition of the shareholders, shall be dissolved: In any other case it shall stand adjourned to the following day, at the same time and place; and if at such adjourned meeting the required number of shareholders is not present, it shall be adjourned sine die. (33.) The chairman (if any) of the board of