Shares.

7. No person shall be deemed to have accepted any share in the Company unless being an original applicant for such share he shall have signed a written or printed application for the same, and the same shall have been allotted to him by or on behalf of the Company, or being a transferee of any share or shares he has testified his acceptance thereof by writing under his hand in such form as the Company from time to time directs.

8. The capital of the Company shall be payable as follows, i.e. to say:—5s. per share shall be paid by each intending shareholder upon his application in writing to the said Company for shares; a further sum of 5s per share upon allotment of shares to each applicant, or such sum as together with the said 5s per share paid upon application as aforesaid shall make up the sum of 10s per share upon the number of shares actually allotted to each applicant; and the further sum of ten shillings per share upon the number of shares allotted to or held by each shareholder for the time being, such last mentioned sum of ten shillings per share to be payable to the Company in four successive calls of two shillings and sixpence each per share at intervals of not less than three months, such calls to be made from time to time by the Directors of the Company by giving to the shareholders not less than three months' notice of each of the said calls, which shall be payable at such times and places and to such persons as shall bo mentioned in such notice or notices. Provided always that it shall not be obligatory upon the said Directors to make any such calls as aforesaid, if in their discretion they shall deem it unnecessary to make them or any of them. As to the remaining unpaid capital of the Company beyond the aforesaid several sums of five shillings, five shillings, and ten shillings per share, no further call shall be made without the sanction of a special general meeting of the shareholders of the Company for the time being, to be duly convened for that purpose; and whenever any such further call shall have been so sanctioned the same shall be deemed to have been made at the time when the resolution of such special general meeting authorising such calls shall have been passed; and any such call as last aforesaid shall be and become payable at such time or times and such place or places as shall be named or appointed by the Directors.

9. 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 page 7 ten pounds per cent, per annum from the day appointed for the payment thereof to the time of the actual payment.

10. The Company may, if they think fit, receive from any of the shareholders willing to advance the same, all, or any part of the monies due upon the respective shares beyond the sums actually called for; and upon the monies 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 or sums in advance and the Company may agree upon.

11. If several persons 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.