Terms of notice

43. The notice shall name a day (not being less than fourteen days from the date of notice) and a place or
places on and at which such call or instalment and such interest thereon as the Directors shall determine
from the day on which such call or instalment ought to have been paid and expenses as aforesaid are to
be paid. The notice shall also state that, in the event of the non-payment at or before the time and at the
place or places appointed, the shares in respect of which the call was made or instalment is payable will
be liable to be forfeited.

On default of payment, shares to be forfeited

44. If the requirements of any such notice as aforesaid shall not be complied with, every or any share in
respect of which such notice has been given, may at any time thereafter but before payment of all calls
or instalments, interest and expenses, due in respect thereof, be forfeited by resolution of the Board to
that effect. Such forfeiture shall include all dividends declared or any other moneys payable in respect
of the forfeited share and not actually paid before the forfeiture.

Notice of forfeiture to a Member

45. When any shares have been forfeited, notice of the forfeiture shall be given to the member in whose
name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof
shall forthwith be made in the Register of Members.

Forfeited shares to be property of the Company and may be sold etc.

46. Any shares so forfeited, shall be deemed to be the property of the Company and may be sold, re-
allotted, or otherwise disposed of, either to the original holder thereof or to any other person, upon such
terms and in such manner as the Board in their absolute discretion shall think fit.

Members still liable to pay money owing at time of forfeiture and interest

47. Any Member whose shares have been forfeited shall notwithstanding the forfeiture, be liable to pay and
shall forthwith pay to the Company, on demand all calls, instalments, interest and expenses owing upon
or in respect of such shares at the time of the forfeiture, together with interest thereon from the time of
the forfeiture until payment, at such rate as the Board may determine and the Board may enforce the
payment of the whole or a portion thereof as if it were a new call made at the date of the forfeiture, but
shall not be under any obligation to do so.

Effect of forfeiture

48. The forfeiture shares shall involve extinction at the time of the forfeiture, of all interest in all claims
and demand against the Company, in respect of the share and all other rights incidental to the share,
except only such of those rights as by these Articles are expressly saved.

Evidence of forfeiture

49. A declaration in writing that the declarant is a Director or Secretary of the Company and that shares in
the Company have been duly forfeited in accordance with these articles on a date stated in the
declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be
entitled to the shares.

Title of purchaser and allottee of forfeited shares

50. The Company may receive the consideration, if any, given for the share on any sale, re-allotment or
other disposition thereof and the person to whom such share is sold, re-allotted or disposed of may be
registered as the holder of the share and he shall not be bound to see to the application of the
consideration: if any, nor shall his title to the share be affected by any irregularly or invalidity in the
proceedings in reference to the forfeiture, sale, re-allotment or other disposal of the shares.

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