THE COMPANIES ORDINANCE, 1972

Part IV.—Regulations for the Management of a Proprietary Company

(Section 8)

1. The regulations set out in Part II of the First Schedule to the Companies Ordinance, 1972, with the exception of regulations 34, 46, 51, 56 to 71 inclusive, the words "or of a committee of directors" in regulation 72 and regulations 74 and 75, shall be deemed to be incorporated with these regulations and shall apply to the company.

2.  Each of the original directors may respectively, by an instrument in writing or by will, nominate any person to succeed him as a director of the company in his place on his death or retirement. The person so nominated shall (if he signifies his willingness in writing within one month after the death or retirement of the person who nominates him) become a director of the company for the term of his life or until he retires by giving three months' written notice of his intention to do so to the company, and the right of the other shareholders to purchase the shares of the original director who dies or retires shall be exercisable only to the extent that the person so nominated does not acquire the shares held by that original director.

3.  It shall be the duty of members of the company and all persons claiming under them to abstain from doing any act whereby the company may cease to be a proprietary company (except by voting for the conversion of the company into a company other than a proprietary company), and if for any reason the company ceases to be a proprietary company, every member and all persons claiming under him shall do all acts in his power to enable the company to become a proprietary company again.

1.  Henri des Isles of Cascade, Mahe, Seychelles, Motor Engineer

2.  Jean Faubert of Cascade, Mahe, Seychelles, Motor Engineer

Dated the                                          day of                       19

Witness to the above signatures :

Francis Henry Mackintosh, Victoria, Seychelles, Notary.