158. The winding-up of the Company may be determined upon for any purpose whatever, and whether the object be the absolute dissolution or the reconstruction or modification of the Company, or the amalgamation thereof with any other Company, or any other object.

159. Upon any winding up, the Liquidators may, with the authority of a resolution of a General Meeting, accept and take shares of any other Company either already existing, or to be formed for that purpose, as payment for the business and property of the Company, or any part thereof, and distribute the same among the Shareholders, who shall be bound to accept the same, and shall not be entitled to have the value of their Shares in this Company paid to them in money.

160. Except so far as a General Meeting otherwise determine, the Board shall wind up the affairs of the Company as they think fit.

161. No absolute dissolution of the Company, not being a winding-up by the Court under the Statutes, shall take place, if at or before the General Meeting at which the Special Resolution to dissolve the Company is confirmed any of the Shareholders enter into a page 48 binding and sufficient contract to purchase at par, or on such terms as are agreed on, the shares of all the Shareholders who wish to retire from the Company, and make sufficient provision for their indemnity against the liability of the Company.