Votes of Shareholders.

46. Every shareholder shall have one vote for every share up to ten; he shall have an additional vote for every ten shares beyond the first ten shares up to three hundred; and an additional vote for every twenty shares held by him beyond three hundred shares.

47. If any shareholder is a lunatic or an idiot he may vote by his committee; and if any shareholder is a minor he may vote by his guardian or any one of his guardians if more than one.

48. If one or more persons are jointly entitled to a share or shares, the person whose name stands first in the register of shareholders as one of the holders of such share or shares, and no other, shall be entitled to vote in respect of the same.

49. No shareholder shall be entitled to vote at any meeting unless all calls and interest (if any) due from him have been paid, nor until he shall have been possessed of his shares one calendar month, unless such shares shall have been acquired, or shall have come by a bequest, or by marriage, or by succession to an intestate's estate, or by any deed of settlement after the death of any person who shall have been entitled for life to the dividend of such shares.

50. Votes may be given either personally or by proxies. A proxy shall be appointed in writing under the hand of the appointor, or if such appointor is a Corporation, under the common seal of such Corporation.

51. No person shall be appointed a proxy who is not a shareholder, and the instrument appointing him shall be deposited at the registered office of the Company not less than twenty-four hours before the time page 11 of holding the meeting at which he proposes to vote; but no instrument appointing a proxy shall be valid after the expiration of one month from the date of its execution.