III.—Capital and Shares.

3. The Capital of the Company is £500,000 in One hundred thousand Shares of £5 each.

4. The issue and allotment of Shares shall be made to such persons and on such terms and conditions as the Board of Directors may think fit Shares may be issued and allotted either as paid up in full or as partly paid up by way of payment for lands and hereditaments live and dead stock and personal property from time to time or at any time purchased or contracted for by or on behalf of the Company.

5. The Directors may require that Shares held by Aboriginal Natives shall in no case be transferable except (1) With the consent of the Native Committee with whom the Native holder is connected (2) With the consent and approval of the Directors of the Company Every Share Certificate for any such Shares shall be endorsed accordingly.