Arbitration.

104. Every dispute or difference which shall arise between the Company and any of the Shareholders, their heirs, executors, administrators, or assigns, touching the matter intent or construction of these presents, page 23 or any of the regulations of the Company, or touching any act, deed, or thing to be done, executed, omitted, or suffered in pursuance of these

presents, or of the Joint Stock Companies' Act, 1860, and the amendments thereof, or otherwise relating to any of the affairs of the Company, shall if the Directors so determine, be referred to two arbitrators or their umpire pursuant to, and so as with regard to the mode and consequence of the reference, and in all other respects to conform to the provisions with respect to arbitration contained in the Act of the General Assembly of the Colony of New Zealand, intituled the "Supreme Court Practice and Procedure Amendment Act, 1866." or any then subsisting statutory modification thereof.