COMPANIES ACT, 192¢

7 ¢,
Calls on Shares.
11. The directors may from time to time make calls upon the
members in respect of any moneys unpaid on their shares provided
that no call shall exceed one-fourth of the nominal amount of the
share, or be payable at less than one month {rom the last call; and
each member shall (subject to receiving at least fourteen days’
notice specifying the time or times of payment) pay to the company
at the time or times so specified the amount called on his shares.

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

13. If a sum called in respect of a share is not paid before or on
the day appointed for payment thereof, the person from whom
the sum is due shall pay interest upon the sum at the rate of five
pounds per centum per annum from the day appointed for the
payment thereof to the time of the actual payment, but the directors
shall be at liberty to waive pavment of that interest whollv or in
part.

14. The provisions of these regulations as to the liability of joint
holders and as to payment of interest shall apply in the case of non-
payment of any sum which, by the terms of issue of a share, becomes
payable at a fixed time, whether on account of the amount of the
share, or by way of premium, as if the same had become pavable
by virtue of a call duly made and notified.

15. The directors may make arrangements on the issue of shares
for a difference between the holders in the amount of calls to be
paid and in the times of payment.

16. The directors may, if they think fit, receive from any member
willing to advance the same all or any part of the moneys uncalled
and unpaid upon any shares held by him; and upon all or any of
the moneys so advanced may (until the same would, but for such

advance, become presently payable) pay interest at such rate (not
exceeding, without the sanction of the company in general meeting,
six per cent.) as may be agreed upon between the member paying
the sum in advance and the directors

Transfer and Transmission of Shaves.

17. The instrument of transfer of any share shall be executed
by or on behalf of the transferor and transferee, and the transferor
shall be deemed to remain a holder of the share until the name of
the transferee is entered in the register of members in respect thereof.

18. Shares shall be transferred in the following form, or in anv
usual or common form which the directors shall approve:

, in consideration of the sum

paid to me by C.D. of
(hereinafter called ‘‘ the said transferee’’)
do hereby transfer to the said transferee the share [or
shares] numbered in the undertaking called the
Companv. Limited. to hold unto

[