Share Warrants to Bearer.

31. The Company, with respect to fully paid-up shares or stock, may issue warrants (hereinafter called "share warrants,") stating that the bearer is entitled to the shares or stock herein specified, and may provide by coupons or otherwise for the payment of future dividends on the shares or stock included in such warrants.

32. The Directors may determine, and from time to time vary, the conditions upon which share warrants shall be issued, and in particular upon which a new share warrant or coupon will be issued in the place of one worn out, defaced, lost, or destroyed, upon which dividends will be payable, and upon which the bearer of a share warrant shall be entitled to attend and vote at General Meetings, and upon which a share warrant may be surrendered, and the name of the holder entered in the register in page 13 respect of the share or stock therein specified. Subject to such conditions and to these presents, the bearer of a share warrant shall be a Member to the full extent. The bearer of a share warrant shall be subject to such conditions whether made before or after the issue of such warrant,