7. Noperson shall be deemed to have accepted any share in the Company unless he shall have signified his acceptance of the same by his page 10 signature in such manner as the Directors may appoint, or, being an original applicant for such share, he shall have signed a written or printed application for the same, and the same shall have been allotted to him by or on behalf of the Company, or being a transferee of any share he has testified his acceptance thereof by writing under his hand in such form as the Company from time to time directs. The Directors shall have power to allot the first one hundred thousand shares in such manner and to such persons as they may think fit. Unless otherwise determined by the Company in general meeting, the remaining one hundred thousand shares shall be held for allotment from time to time and in such number and for such persons as may insure with the Company, and in such proportion to the insurance premiums paid by them, under and subject to such regulations as the Directors may from time to time determine.

8. The capital of the Company shall to the extent of Ten Shillings per share be payable at such times as the Directors may determine, and at such places as they may direct. As to the remaining unpaid Capital of the Company beyond the aforesaid sum of Ten Shillings per share, no further call shall be made except as hereinafter provided without the sanction of an extraordinary general meeting of the Shareholders of the Company for the time being, to be duly convened for that purpose; and whenever any such further call shall have been so sanctioned the same shall be deemed to have been made at the time when the resolution of such extraordinary general meeting authorizing such calls shall have been passed; and any such page 11 call as last aforesaid shall be and become payable at such time or times and such place or places as shall be named or appointed by the Directors.

9. If, however, an emergency arise, which in the opinion of the Directors should make it expedient that a call or calls should be made upon the Shareholders, the Directors may make such call or calls at such time or times and in such manner as they shall think fit, without it being necessary to refer the matter to a general meeting of the Company.

10. If before or on the day appointed for pay- ment any Shareholder does not pay the amount of any call to which he is liable, then such Shareholder shall pay interest for the same at the rate of fifteen pounds per centum per annum from the day appointed for the payment thereof to the time of the actual payment.

11. The Directors may, if they think fit, re- ceive from any of the Shareholders willing to advance the same, all or any part of the monies due upon the respective shares beyond the sums actually called for; and upon the monies 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 Directors may pay interest at such rate as the Shareholder paying such sum or sums in advance and the Directors may agree upon.