Share Related Services

Calls on Shares

The Board of Directors may at any time make a call on the shareholders, either in respect of nominal value or premium, without having to comply with the terms of allotment, provided that the amount called on does not exceed 25% of the nominal value of the share or that the date of payment is one month beyond the date fixed for payment of the last call. All shareholders must (but must receive at least 14 days’ notice specifying the time or place of payment) pay to the company at the time and place specified in the call. The Board of Directors may revoke or extend the notice of payment.

Transmission of Shares

In the case of the death of a shareholder, the other shareholders with whom he was a joint holder and, where the deceased was a sole holder, his legal representative, are the only persons recognized by the company as having any interest in the deceased. Nothing herein, however, shall exempt the estate of the deceased holder from any obligation with respect to shares held solely or jointly with others.

Forfeiture of Share

If a member fails to pay any call or instalment, or fails to pay on the day appointed for payment by the terms of issue, the directors may give notice requiring that the call, together with any interest and fees incurred due to the unpaid amount, are paid simultaneously. This can occur at any time during the period of call for any part of the call, instalment or balance remaining unpaid. If, after the call, the shareholder still fails to pay the capital due, the directors of the company are entitled to forfeit the shareholding that has not been paid by the shareholder.

Conversion of Shares into stock

The Corporation may, by ordinary resolution passed at a general meeting, convert fully paid-up share certificates into securities and any securities into fully paid-up share certificates of any kind. The holders of securities may transfer all or part of the securities in accordance with the rules and manner of transfer of the shares prior to their conversion into securities or, as the case may be, on an approximate basis. However, the Board of Directors may at any time determine the minimum amount of securities to be transferred and restrict or prohibit the transfer of such amount in fractions, provided that the minimum amount shall not exceed the nominal amount of the share certificate into which the securities are converted.

Alteration of Capital

With respect to changes in capital, the company may, by ordinary resolution, at any time:

1. Increase the share capital to an amount equal to the number of shares and the number of shares specified in the resolution.
2. Consolidate or divide all or part of the share capital into shares of a larger amount than the existing shares.
3. Divide all or part of the shares into shares of smaller amount than that specified in the notice; and, notwithstanding any division, the shares so divided shall be divided into shares paid (if any) and unpaid in the same proportion as they would have been if the shares had not been divided.
4. Cancel shares that have not been claimed or agreed to be claimed at the date of the resolution, or that have been forfeited, and reduction of the amount of the company’s share capital by cancellation of shares.