Calls.

16. The Directors may from time to time make such calls as they think fit upon the members in respect of all moneys unpaid on the shares held by them and not by the conditions of allotment thereof made payable at fixed times, and each Member shall pay the amount of every call so made on him to the persons and at the time and place appointed by the Directors. A call may be made payable either in one sum or by two or more instalments.

17. A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

18. One month's notice at the least of any call shall be given, specifying the time and place of payment, and to whom such call shall be paid.

19. If the sum payable in respect of any call or instalment is not paid on or before the day appointed for payment thereof, the holder for the time being of the share in respect of which the call shall have been made or the instalments shall be due, shall pay interest for the same at the rate of £10 per cent, per annum from the day appointed for payment thereof to the time of the actual payment. But the Directors may, where they think fit remit altogether or in part any sum becoming payable for interest under this clause.

20. The Directors may receive from any member willing to advance the same, and upon such terms and conditions as they think fit, all or any part of the moneys due upon the shares held by such member beyond the sums paid up or payable thereon, page 11 and in particular such money may be received upon the terms that interest shall be paid thereon irrespective of profits, and that the Company may repay the same or any part thereof when the Directors think fit.

21. The Company may pay dividends in proportion to the amounts called and paid up on each share in cases where a larger amount is paid up on some shares than on others.