Shares

1. No person shall be deemed to have accepted any Share in the Company unless he has testified his acceptance thereof by writing under his hand in such form as the Company from time to time directs.

2. Calls on the Shares of the Company shall be made at such time as the Directors think fit, but no call (after the payment of £3 per Share) shall exceed £1 per Share, or de made at lesser intervals than three months: provided that twenty-one days' notice at least is given of each call, and each Shareholder shall be liable to pay the amount of calls so made, to the persons, and at the times and places appointed by the Company.

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

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

5. The Company, may, if they think fit, receive from any of the Shareholders willing to advance the same., all, or any part of the moneys due upon the respective Shares beyond the sums actually called for; and upon the moneys 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 Company may pay interest at such rate as the Shareholder paying such sum in advance and the Company may agree upon.

6. If several Shareholders are registered as joint holders of any share, any one of such persons may give effectual receipts for any dividend payable in respect of the share.

7. No Shareholder shall transfer his shares without the consent of the Directors. The Company may decline to register any transfer of Shares made by a Shareholder who is indebted to them. If any Shareholder feels aggrived with the refusal of page 6 the Directors to allow him to transfer his shares, the matter shall be settled by arbitration.

8. Every Shareholder shall, on payment of such, sum not exceeding one shilling as the Company may prescribe, be entitled to a certificate under the common seal of the Company, specifying the Share or Shares held by him and the amount paid up thereon.

9. If such certificate is worn out or lost it may be renewed on payment of the sum of one shilling.

9a. The transfer of books shall be closed during the fourteen days immediately preceding the ordinary general meeting in each year.