Increase of Capital and Preference Shares.

44. The Company may from time to time increase the capital by the creation of new shares of such amount as may be deemed expedient.

45. The new shares, and also any shares in the original capital for the time being unissued, may be issued upon such terms and conditions, and with such rights and privileges annexed thereto, as the Directors shall determine, and in particular such shares may be issued with a preferential or qualified right to dividends and in the distribution of assets of the Company, and with a special or without any right of voting.

46. The Company may before the issue of any new shares determine that the same, or any of them, shall be offered in the first instance to all the then members in proportion to the amount of the capital held by them, or make any other provisions as to the issue and allotment of the new shares, but in default of any such determination, or so far as the same shall not extend, the new shares shall be subject to Clause 6 hereof.

47. Except so far as otherwise provided by the conditions of issue or by these presents, any capital raised by the creation of new shares shall be considered part of the original capital, and shall be subject to the provisions herein contained with reference to the payment of calls and instalments, transfer and transmission, forfeiture, lien, surrender, and otherwise.