Article 26 provides that:

jw “Tf a sum called in respect of a share is not paid before or on the day appointed for payment thereof (the “due date”),
the Person from whom the sum is due shall pay interest thereon from the due date to the time of actual payment at such
rate as may be fixed by the Board.

(ii) The Board shall be at liberty to waive payment of any such interest wholly or in part.”

Transfer of Shares

Article 29 provides that:

@ “The instrument of transfer of any share in the Company shall be in the prescribed form (writing) and in accordance
with the requirements of Section 56 of the Act.

(ii) Every such instrument of transfer shall be duly stamped and executed both by the transferor and transferee and duly
attested.
(iii) The transferor shall be deemed to remain a holder of the share until the name of the transferee is entered in the register

of members in respect thereof.
(iv) A common form of transfer shall be used in case of transfer of Shares.”
Article 30 provides that, “The Board may decline to recognise any instrument of transfer unless—
ji) the instrument of transfer is in the form as prescribed in rules made under sub-section (1) of section 56;

(ii) the instrument of transfer is accompanied by the certificate of the shares to which it relates, and such other evidence as
the Board may reasonably require to show the right of the transferor to make the transfer; and

(iii) the instrument of transfer is in respect of only one class of shares.

The Board may, subject to the right of appeal conferred by the Act decline to register —

jw the transfer of a share, not being a fully paid share, to a person of whom they do not approve; or
(ii) any transfer of shares on which the Company has a lien.”

Article 31 provides that, “If the Board refuses to register transfer of any shares, it shall, within 1 (one) month from the date on
which the transfer was lodged with the Company, send to the transferee and the transferor notice of the refusal.”

Transmission of Shares
Article 33 provides that:

ji) “On the death of amember, the survivor or survivors where the member was a joint holder, and his nominee or nominees
or legal representatives where he was a sole holder, shall be the only persons recognized by the Company as having any
title to his interest in the shares.

(ii) Nothing in sub-clause (1) shall release the estate of a deceased joint holder from any liability in respect of any share
which had been jointly held by him with other persons.”

Article 35 provides that, “Every transmission of a share shall be verified in such manner as the Board may require and the
Company may refuse to register any such transmission until the same be so verified or until or unless an indemnity be given to
the Company with regard to such registration which the Board at its discretion shall consider sufficient, provided nevertheless
that there shall not be any obligation of the Company or the Board to accept any indemnity.”

Article 36 provides that, “Subject to the provisions of the Act, these Articles and any other applicable law for the time being in
force, the Board may subject to the right of appeal conferred by section 58, and by giving reasons, decline to register or
acknowledge any transfer of shares whether fully paid or not and the right of refusal, shall not be affected by the circumstances
that the proposed transferee is already a member of the Company but in such cases, the Directors shall within 30 (Thirty) days
from the date on which the instrument of transfer was lodged with the Company, send to the transferee and transferor notice of
the refusal to register such transfer, provided that registration of transfer shall not be refused on the ground of the transferor being
either alone or jointly with any other person or persons indebted to the Company on any account whatsoever except where the
Company has lien on shares.”

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