 

Q)

The Company’s Lien, ifany, ona share shall extend to all dividends payable and bonus
shares issued from time to time in respect of such shares.

Lien to extend to
dividends, etc.

 

 

 

 

 

 

 

 

 

 

 

 

@ Unless otherwise agreed by the Board, the registration of a transfer of shares shall | Waiver of Lien in
operate as a waiver of the Company’s Lien. case of
registration

(| @ The Company may sell, in such manner as the Board thinks fit, any shares on | As to enforcing

which the Company has a Lien. Provided that no sale shall be made— Lien by sale
(i) unless a sum in respect of which the Lien exists is presently payable; or
(ii) until the expiration of fourteen days after a notice in writing stating and

demanding payment of such part of the amount in respect of which the Lien

exists as is presently payable, has been given to the registered holder for the

time being of the share or to the person entitled thereto by reason of his death

or insolvency or otherwise.

© __| To give effect to any such sale, the Board may authorise some person to transfer the | Validity of sale
shares sold to the purchaser thereof.

(© __| The purchaser shall be registered as the holder of the shares comprised in any such | Purchaser to be
transfer, registered holder

(7) _ | The receipt of the Company for the consideration (if any) given for the share on the | Title to the share
sale thereof shall (subject, if necessary, to execution of an instrument of transfer or a
transfer by relevant system, as the case may be) constitute a good title to the share and
the purchaser shall be registered as the holder of the share.

(8) _| The purchaser shall not be bound to see to the application of the purchase money, nor | Purchaser __not
shall his title to the shares be affected by any irregularity or invalidity in the | affected by
proceedings with reference to the sale. irregularity in

proceedings of
sale

(9) __| The net proceeds of the sale, after payment of cost of such sale shall be received by | Application of
the Company and applied in or towards payment of such part of the amount in respect | proceeds of sale
of which the Lien exists as is presently payable and towards satisfaction of the said
debts, liabilities or engagements.

(10) | The residue, if any, shall, subject to a like Lien for sums not presently payable as | Payment of
existed upon the shares before the sale, be paid to the person entitled to the shares at | residual proceeds
the date of the sale, member, his heirs, executors, administrators or other legal | of sale
representatives as the case may be.

CAPITALISATION OF PROFITS
13 | (@) | (@ The Company in general meeting may, upon the recommendation of the Board, ] Capitalisation of
resolve Profits
(i) that it is desirable to capitalise any part of the amount for the time being
available in the Company’s free reserve accounts, securities premium and
capital redemption reserve; but excluding revaluation reserves, and
(ii) that such sum be accordingly set free for distribution in the manner specified
in Article 13 (2) below amongst the members who would have been entitled
thereto, if distributed by way of dividend and in the same proportions.
(2 | @ The sum aforesaid shall not be paid in cash but shall be applied, subject to the | Sum how applied

 

 

provision contained in Article 13(3) below, either in or towards:

(i) _ paying up any amounts for the time being unpaid on any shares held by such
members respectively in accordance with their respective rights and
interests and in proportion to the amounts paid or credited as paid up
thereon, of paid-up shares, debentures, debenture-stock bonds or other
obligations of the Company;

 

 

380

 
