Compante. |Ch. 31. No. 1.

Alteration of capital,

The company may from time to time by ordinary resohition inerease
the the ire capital by such sum, to be divided into shares of sueh amount,
as the resolution shall preseribe,

35, Subject to any direction to the contrary that may be given by the
company in general meeting, all new shares shall, before issue, be offered
fo such persons as at the date of the offer are entitled to receive notices
fram the company of gencral mechngs in, proportion, as nearly as the
ciremmstances admit, to the amount of the existing shares to which they
are entitled, The offer shall be made by notice specifying the number
of shares offered, and limiting a Gime Within which the offer, if not
accepted, will be deemed to be dechned, and after (he expiration of that
time, oron the receipt ofan intimation from the person to whons the offer
is made that he declines to accept the shares offered, the directors may
dispose of those shares in such manner as they Chink most beneficial to
the company. The directors may likewise so dispose of any new shares
which (by reason of the ratio which the new shares bear lo shares held
by persons entitled to an offer of new shares) cannot, inthe opinion of
the directors, be convenic nily offered under this article,

46, The new share. shall be subject to the came provisions with
reference fo the payment of calls, lien, Cransfer, Cransntission, forfeiture,
and otherwise as the shares in the original share capital.

The company may by ordinary resolution

(@) consolidate and divide allor any ofits shi capital into share.
of larger amount than its existing share

(4) sub-divide its existing share., or any of them into shares of
stnaller amount than is fixed by the memorandum of association,
subject: nevertheless, (othe provisions of section 52 (1) (ad) of the
Ordinance.

(c) cancel any shares which, at the date of the passing of the

solution, have not been taken or agreed to be taken by any person,

The company may by special resolution reduce its share capital and
any epi U redemption reserve fund in any manner and with, and subject
to, any incident authorised, and consent required, by law.

General mectings.

39, A general meeting shall be held once in every calendar year at such
time (not being more than fifteen months after the holding of the last
preceding general meeting) and place as may be prescribed by the company
in general meeting, or, in default, at such time in the third month following
that in which the anniversary of the company’s incorporation occurs, and
at such place, as the directors shall appoint. In default of a general
meeting being so held, a general meeting shall be held in the month next
following, and may be convened by any two members in the same manner
ats nearly as possible as that in which meetings are to be convened by
the directors.

The above-mentioned general meetings shall be called ordinary