out interest all moneys received from any persons in response to the invitation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If any money is not repaid in accordance with subsection (3) of this section within eight days after it becomes repayable, the directors of the company shall be jointly and severally liable to repay that money with interest at the rate of five per centum per annum from the expiration of the eighth day:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that a director shall not be liable if he proves that the default in the repayment of the money was not due to any misconduct or negligence on his part.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) So long as the company may become liable to repay any money in accordance with subsection (3) of this section, all moneys received from any person in response to the invitation shall be kept in a separate bank account and shall be deemed to be held on trust to give effect to the provisions of this section; and if default is made in complying with this subsection the company and every officer of the company who is in default shall be liable to a fine not exceeding five hundred pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 285—Application of Sections 275 to 279, and 281 to 284 to Authorised Mutual Funds.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In relation to any invitation to the public to acquire or dispose of any shares in a public company which, pursuant to section 319 of this Code, has been declared to be an authorised mutual fund, the provisions of sections 275 to 279 and 281 to 284 of this Code shall have effect subject to the terms of any instrument made by the Registrar under the said section 319.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 286—Civil Remedy for Mis-statements or Omissions in a Prospectus.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where a prospectus published in connection with any general or restricted invitation to the public in respect of any shares or debentures of a public company contains any untrue statement or omits to state any of the particulars or to set out any of the reports which, under the foregoing sections of this Code, it is required to state or set out, then, subject to the provisions of this section, every person enumerated in subsection (2) of this section shall be liable to pay compensation to any persons who acquire or dispose of any shares or debentures on the faith of the prospectus for any loss they may have sustained by reason of such untrue statement or omission.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to the provisions of this section, the following persons shall be liable to pay compensation in accordance with subsection (1) of this section, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) every person making the invitation to which the prospectus relates;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) every person who was a director of a body corporate making the invitation at the time when the prospectus was published;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) where the invitation was made by the company to whose shares or debentures the invitation relates,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) every person who has authorised himself to be named and is named in the prospectus as a director or as having agreed to become a director, either immediately or after an interval of time;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) every promoter of the company who was a party to the preparation of the prospectus: and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) every person who, pursuant to section 278 of this Code, has consented to the publication of the prospectus containing a statement by him as an expert.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No person shall be liable under the foregoing subsections of this section if he proves,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) that as regards every untrue statement, not purporting to be made on the authority of an expert, other than himself, or of a public official document or statement, he had reasonable grounds to believe and did believe up to the time of the publication of the prospectus or, where any waiting period applies, up to the expiration of the waiting period, that the statement was true;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) that as regards any omission, he was not cognisant thereof up to the time of the publication of the prospectus or, where any waiting period is applicable, up to the expiration of the waiting period;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) that as regards every untrue statement purporting to be a statement by an expert, other than himself, or contained in what purports to be a copy of or extract from a report or valuation of an expert, it fairly represented the statement, or was a correct and fair copy of or extract from the report or valuation, and that he had reasonable grounds to believe and did believe up to the time of the publication of the prospectus that the person making the statement was competent to make it and had given the consent required by section 278 of this Code and had not withdrawn that consent before the date of registration of the prospectus;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) that as regards every untrue statement purporting to be a statement made by an official person or contained in what purports to be a copy of or extract from a public official document, it was a correct and fair representation of the statement or copy of or extract from the document;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) that after the publication of the prospectus but before the expiration of any waiting period he, on becoming aware of any untrue statement therein or omission therefrom, withdrew his consent thereto and gave reasonable public notice of the withdrawal and of the reason therefor; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) that the prospectus was published without his knowledge and that, on becoming aware of its publication, he forthwith gave reasonable public notice that it was published without his knowledge.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) A person enumerated in subparagraph (i) of paragraph (c) of subsection (2) of this section shall not be liable under subsections (1) and (2) of this section if he proves that having consented to being named as a director or as having agreed to become a director he withdrew his consent before the registration of the prospectus and that it was published without his authority or consent.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) A person enumerated in paragraph (d) of subsection (2) of this section shall not be liable under subsections (1) and (2) of this section,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) if the untrue statement or omission was not made by him; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if he proves,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) that as regards any untrue statement made by him, he was competent to make the statement and that he had reasonable grounds to believe and did believe, up to the date of publication of the prospectus or, where any waiting period applies, up to the expiration of the waiting period, that the statement was true;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) that having given his consent under section 278 of this Code he withdrew it in writing before delivery of the prospectus for registration; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) that, after delivery of the prospectus for registration but before publication thereof, or, where any waiting period applies, before the expiration of the waiting period, he, on becoming aware of the untrue statement or omission, withdrew his consent in writing and gave reasonable public notice of the withdrawal, and of the reason therefor.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) Where,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) any person is named in a prospectus as a director of a company or as having agreed to become a director of a company, and he has not consented to become a director or has withdrawn his consent before the publication of the prospectus and has not authorised or consented to the publication thereof, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the consent of a person is required under section 278 of this Code to the publication of the prospectus and he either has not given that consent or has withdrawn it before the publication of the prospectus,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">every person making the invitation to which the prospectus relates and every person who was a director of any body corporate making the invitation at the time when the prospectus was published, except any without whose knowledge or consent the prospectus was published, shall be liable to indemnify the person referred to in paragraph (a) or (b) of this subsection against all damages, costs, and expenses to which he may be made liable by reason of his name having been inserted in the prospectus or of the inclusion therein of a statement purporting to be made by him as an expert, or in defending himself against any legal proceeding brought against him in respect thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 287—Recission for Mis-statements in a Prospectus.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any person acquires any shares or debentures of a public company from that company or disposes of any shares or debentures of a public company to that company as a result of an untrue statement of a material fact made, whether innocently or fraudulently, in a prospectus published in connection with any invitation to the public made by or on behalf of that company, such person shall, subject to subsection (2) of this section, be entitled to rescind the acquisition or disposition of the shares or debentures.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Such person shall not be entitled to rescission unless he claims to rescind with reasonable promptitude after discovering that the untrue statement was made and, in any case prior to the commencement of the winding up of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 288—Voting Rights of Shares Offered to the Public.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) No invitation shall be made to the public to acquire any shares in a public company unless the voting rights attached to all the shares of the company, notwithstanding that they may have been issued before the commencement of this Code, are such as are required by sections 49 and 50 of this Code in the case of shares issued after the commencement of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any person shall make an invitation to the public in breach of this section he shall be liable to a fine not exceeding one thousand pounds and if the invitation is made by or on behalf of the company, the company, and every officer of the company who is in default, shall be liable to a like fine.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 289—Public Invitations to Deposit Money with Public Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding section 265 of this Code it shall be lawful to make an invitation to the public to deposit money with a public company if,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the public company is licensed, under section 24 of the Companies Ordinance (Cap. 193) or any statutory re-enactment thereof, to carry on banking business; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) prior to the making of the invitation the written consent of the Registrar has been obtained to the making thereof and the invitation is made in accordance with such conditions and restrictions as he has imposed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Registrar may, in his absolute discretion grant or withhold such consent as is referred to in paragraph (b) of subsection (1) of this section and, without prejudice to the generality of the foregoing, may require the registration with and approval by him of any advertisement or circular to be used in connection with the invitation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If any advertisement or circular used in connection with the invitation contains any untrue statement then, subject to subsection (4) of this section, any person who made the invitation and every person who was a director of a body corporate making the invitation at the time when the advertisement or circular was published, shall be liable to pay compensation to any persons who deposited money with the public company on the faith of the advertisement or circular for any loss they may have sustained by reason of such untrue statement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) No person shall be liable under subsection (3) of this section if he proves,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) that he had reasonable grounds to believe and did believe up to the time of publication of the advertisement or circular that the statement was true; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) that the advertisement or circular was published without his knowledge and that on becoming aware of its publication he forthwith gave reasonable public notice that it was published without his knowledge.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If any person deposits any money with a public company as a result of an untrue statement of a material fact made, whether innocently or fraudulently, in any advertisement or circular published in connection with any invitation to the public made by or on behalf of that company such person shall be entitled to require the company immediately to repay such money with interest at the rate of five per centum per annum or such higher rate as may have been agreed to be paid on the deposit.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 290—Prohibition of Waiver and Notice Clauses.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A condition purporting to require or bind any person to waive compliance with any of the foregoing sections of this Part of this Code or purporting to affect him with notice of any contract, document or matter, not specifically referred to in any prospectus or statement in lieu of prospectus, advertisement or circular, shall be void.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 291—Criminal Liability for Mis-statements.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where a prospectus, advertisement or circular published in relation to any invitation to the public to acquire or dispose of any shares or debentures of a company or to deposit money with a company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) contains any untrue statement, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) omits truthfully to state any of the matters which, under the foregoing sections of this Part of this Code, it is required to state,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">any person who authorised the publication of the prospectus, advertisement or circular shall be liable on conviction to imprisonment for a term not exceeding two years or a fine not exceeding one thousand pounds or both, or in the case of a body corporate to a fine not exceeding one thousand pounds, unless he proves, either that the untrue or omitted statement was immaterial or that he had reasonable grounds to believe and did believe, up to the time of publication of the prospectus, that the statement was true.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purposes of this section a person shall not be deemed to have authorised the publication of a prospectus by reason only of his having given the consent required by section 278 of this Code and the Register shall not be deemed to have authorised the publication of an advertisement or circular by reason of his having given the consent referred to in section 289 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 291A.—"Discretion of Registrar to Waive or Modify the Application of Part A of Chapter IV.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding any other provisions of this Code, the Registrar, in his absolute discretion may waive or modify the requirements of any of the provisions of Part A of Chapter IV of this Code in relation to an invitation to the public to acquire or dispose of any shares or debentures of a company or to deposit money with the company for a fixed period or payable at call, whether bearing or not bearing interest.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any such invitation and any prospectus relating thereto shall be deemed to comply with this Code to the extent that the Registrar has waived or modified any of such requirements. [As inserted by the Companies Code (Amendment) by the Company Code (Amendment) Act, 1944 (Act 474) s. 5].</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—Dividends and Transfers</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 292—Limitation on Liability of Shareholders in Public Companies to Restore Illegal Dividends.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a public company pays a dividend in contravention of subsection (1) of section 71 of this Code, a shareholder therein shall not be liable to restore to the company any amount received by him in respect of such dividend if he shall show that, at the time when he received the same, he did not know that the payment contravened the subsection.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 293—Interim Dividends.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The directors of a public company with shares may, unless the Regulations of the company shall otherwise provide, from time to time pay to the shareholders of the company interim dividends on account of dividends to be declared by the company in accordance with section 73 of this Code:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) no payment shall be made in contravention of subsection (1) of section 71 of this Code; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if a payment is made in contravention of such subsection the persons specified in subsection (2) of the said section 71 shall be liable to restore the same to the company with interest in accordance with that subsection as qualified by section 292 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 294—Restrictions on the Transferability of Securities of Public Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Notwithstanding subsection (2) of section 95 of this Code, the Regulations of a public company shall not impose any restriction on the right to transfer any shares of the company and if the Regulations purport to impose any such restriction it shall be ineffective:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that this subsection shall not,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) prohibit any restriction on the right to transfer any shares on which there is an unpaid liability; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) preclude any company from refusing to register a transfer of shares to any person who is an infant or to any one found by a competent court to be a person of unsound mind.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Notwithstanding subsection (2) of section 97 of this Code, a public company shall not after the commencement of this Code issue any debenture of the company which imposes any restriction on the right to transfer such debenture and if the debenture purports to contain any such restriction it shall be ineffective:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that this subsection shall not render ineffective any restriction contained in a debenture issued before the commencement of this Code or while the company was a private company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part C—Annual Returns and Auditors</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 295—Documents to be Annexed to Annual Returns of a Public Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The annual return of every public company required by section 122 of this Code shall be accompanied by a copy, certified both by a director and the secretary of the company to be a true copy, of every balance sheet, profit and loss account, group accounts, directors'' report and auditors'' report sent to members and debentureholders of the company in accordance with section 124 of this Code during the period to which the return relates.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 296—Qualification of Auditors of a Public Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) A person shall not be qualified for appointment as auditor of a public company notwithstanding that he may have been appointed auditor thereof while it was a private company, unless he is, under the Chartered Accountants Act, 1963 (Act 170) a member of the Institute of Chartered Accountants; and is not disqualified under subsection (2) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The following persons shall be disqualified for appointment as auditor of a public company, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) an officer of the company, or of any associated company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a person who is a partner of or in the employment of an officer of the company, or of any associated company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) an infant;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) any person found by a competent court to be a person of unsound mind;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) a body corporate, except that members of an incorporated partnership may be appointed in the manner provided by subsection (2) of section 134 of this Code;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) any one in respect of whom an order shall have been made under section 186 of this Code so long as such order remains in force unless leave to act as auditor of the company concerned has been given by the Court in accordance with that section;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) an undischarged bankrupt, unless he shall have been granted leave to act as auditor of the company concerned by the court by which he was adjudged bankrupt;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(h) a person who is for the time being disqualified from acting as auditor of a company by instrument of the Registrar under subsection (3) of this section:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that nothing contained in paragraph (b) of this subsection shall disqualify a person from being appointed as auditor by reason only of the fact that he is a partner or in the employment of a person acting as secretary or registration officer of the company of any associated company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Registrar may, on cause being shown, by legislative instrument disqualify any person from acting as auditor of any public company and may at any time remove such disqualification.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) From any instrument of the Registrar disqualifying any person or refusing to remove the disqualification there shall be a right of appeal to the Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Any person not qualified for appointment as auditor who shall act as auditor of a public company shall be liable to a fine not exceeding five hundred pounds and the company by whom he is appointed and every officer thereof who is in default shall be liable to a like fine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—General Meetings</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 297—Extraordinary General Meetings of Public Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The directors of a public company, notwithstanding anything in its Regulations, shall, on the requisition of members of the company holding not less than one-twentieth of the shares of the company, or, in the case of a company limited by guarantee, members of the company representing not less than one-twentieth of the total voting rights of all members of the company, forthwith proceed duly to convene an extraordinary general meeting of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The requisition shall state the nature of the business to be transacted at the meeting and shall be signed by the requisitionists and sent to or deposited at the registered office of the company, and may consist of several documents in like form each signed by one or more requisitionists.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If the directors do not, within twenty-eight days from the date of receipt of the requisition at the registered office of the company, proceed duly to convene a meeting for a date not later than twenty-eight days thereafter the requisitionists, or any of them, may themselves convene a meeting but any meeting so convened shall not be held after the expiration of four months from the said date.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any reasonable expenses incurred by the requisitionists by reason of the failure of the directors duly to convene a meeting shall be repaid to the requisitionists by the company, and any sum so repaid shall be retained by the company out of any fees or other remuneration of such of the directors as were in default.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) For the purposes of this section, the directors shall be deemed not to have proceeded duly to convene a meeting if they do not, within twenty-eight days of the receipt of the requisition at the registered office, cause notices of the meeting to transact the business specified in the requisition to be given in accordance with sections 152 to 155 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part E—Directors</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 298—Rotation of Directors of a Public Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to sections 181 to 185 and section 300 of this Code, and except as otherwise provided in the company''s Regulations, the following rules shall apply to the retirement and appointment of directors of a public company, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) at the first annual general meeting of the company all the directors shall retire from office, and at the annual general meeting in every subsequent year one-third of the directors for the time being or, if their number is not three or a multiple of three, then the number nearest one-third, shall retire from office;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the directors to retire in every year shall be those who have been longest in office since their last election, but, as between persons who became directors on the same day those to retire shall, unless they otherwise agree among themselves, be determined by lot;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) any director appointed to the office of managing director shall not, while holding that office, be subject to retirement by rotation or be taken into account in determining the rotation of retirement of directors;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) a retiring director shall be eligible for re-election;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) the company, at the annual general meeting at which a director retires as aforesaid, may fill the vacated office by electing a person thereto, and in default the retiring director shall, if offering himself for re-election, be deemed to have been re-elected unless at such meeting it is expressly resolved not to fill such vacated office or unless a resolution for the re-election of such director shall have been put to the meeting and lost;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) no person, other than a director retiring at the meeting shall, unless recommended by the directors, be eligible for election to the office of director at any general meeting unless not less than three nor more than twenty-eight days before the date appointed for the meeting there shall have been left at the registered office of the company notice in writing signed by a member entitled to attend and vote at the meeting of his intention to propose such person for election, and also notice in writing signed by that person of his willingness to be elected;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(g) on any increase or decrease in the number of directors the company may by ordinary resolution determine in what rotation the increased or decreased number is to retire from office.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 299—Voting for Directors of a Public Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) At a general meeting of a public company, other than a company limited by guarantee, a resolution for the appointment of two or more persons as directors of the company by a single resolution shall not be moved unless a resolution that it shall be so moved has first been agreed to by the meeting without any vote being given against it.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A resolution moved in contravention of this section shall be void, whether or not its being so moved was objected to at that time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) For the purposes of this section, a resolution approving appointments or nominating persons for appointment shall be treated as a resolution for appointment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) This section shall not apply where the company''s Regulations provide for cumulative voting in accordance with section 300 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 300—Cumulative Voting for Directors of a Public Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Regulations of a public company may provide that directors shall be elected by cumulative voting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) When the Regulations provide for such cumulative voting, the following rules shall apply, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) notwithstanding any provision to the contrary in the company''s Regulations the minimum number of directors of the company shall not be less than three and the whole of the directors, including any managing director, shall retire from office at each annual general meeting;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the votes of each member shall, for the purpose of electing directors to fill the resulting vacancies, be multiplied by the number of vacancies;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) every member may cast all his resulting votes in favour of one candidate for election or may distribute them among as many candidates as he thinks fit;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the candidates receiving the highest number of votes up to the number of directors to be elected, shall be deemed to be elected;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) notwithstanding section 185 of this Code, unless the whole board of directors is removed by an ordinary resolution duly passed in accordance with that section, no director may be removed thereunder if the votes cast against his removal would, when multiplied by the total number of directors, have been sufficient to secure his return at an election of the whole board conducted in accordance with the foregoing paragraphs.</span></p><table style="border: 1px dashed #AAAAAA; font-size: 10pt; font-family: ''times new roman''; border-collapse: collapse; margin-left: 14.4pt;" class="MsoTableGrid" border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 133.2pt;" valign="top" width="178"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nature of Conviction</span></p></td><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 147.6pt;" valign="top" width="197"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nature of previous convictions</span></p></td><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 133.2pt;" valign="top" width="178"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Punishment to be substituted for the punishment prescribed</span></p></td></tr><tr><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 133.2pt;" valign="top" width="178"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Summary conviction for crime</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Conviction for misdemeanour</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Conviction for second degree felony</span></p></td><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 147.6pt;" valign="top" width="197"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any conviction for a similar crime</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A conviction for a similar misdemeanour; or for a similar felony; or two summary convictions for similar crimes</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A conviction for any felony; or a conviction for a similar misdemeanour for which a sentence of more than six months'' imprisonment was passed</span></p></td><td style="border: 1px dashed #AAAAAA; padding: 0cm 5.4pt; width: 133.2pt;" valign="top" width="178"><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Twice the maximum imprisonment and twice the maximum fine which might otherwise be inflicted</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Imprisonment for five years in the discretion of the Court</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Imprisonment for fourteen years; and, if the Court so directs, police supervision for not more than five years</span></p></td></tr></tbody></table><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 301—Prohibition of Loans by Public Companies to Directors.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) It shall not be lawful for any public company to make a loan to any person who is its director or a director of any associated company, or to enter into any guarantee or provide any security in connection with a loan made to such a person by any other person:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that nothing in this section shall apply,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to the making of a loan to an associated company or the entering into any guarantee or the proving of any security in connection with a loan made to an associated company by any other person; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) subject to subsection (2) of this section, in the case of a company whose ordinary business includes the lending of money or the giving of guarantees in connection with loans made by other persons, to anything done by the company in the ordinary course of that business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Proviso (b) to subsection (1) of this section shall not authorise the making of any loans or the entering into any guarantee or the providing of any security, unless the total amount lent, guaranteed, and secured in respect of loans to such persons as aforesaid does not exceed one per centum of the net assets of the company; and for the purpose of this subsection the expression "net assets" means the assets less the liabilities of the company as shown in the last audited balance sheet of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If any company shall make default in complying with the provisions of this section the company and every officer of the company who is in default shall be liable to a fine not exceeding one hundred pounds and the directors authorising the making of the loan or the entering into the guarantee or the providing of the security shall be jointly and severally liable to indemnify the company against any loss arising therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER V—PROVISIONS APPLICABLE TO NON-GHANAIAN COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 302—Meaning of "External Company".</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The provisions of sections 303 to 317, other than section 315, in this Chapter of this Code shall apply to all external companies as defined in this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An external company is a body corporate formed outside Ghana which, at or subsequently to, the commencement of this Code has an established place of business in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The expression "established place of business" means a branch, management, share, transfer, or registration office, factory, mine, or other fixed place of business, but does not include an agency unless the agent has, and habitually exercises, a general authority to negotiate and conclude contracts on behalf of the body corporate or maintains a stock of merchandise belonging to that body corporate from which he regularly fills orders on its behalf:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a body corporate shall not be deemed to have an established place of business in Ghana merely because it carries on business dealings in Ghana through a bona fide broker or general commission agent acting in the ordinary course of his business as such;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the fact that a body corporate has a subsidiary which is incorporated, resident, or carrying on business in Ghana, whether through an established place of business or otherwise, shall not of itself constitute the place of business of that body corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 303—Documents to be Delivered to Registrar by External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) External companies which, after the commencement of this Code, establish a place of business in Ghana shall, within one month of the establishment of the place of business, deliver to the Registrar for registration,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a certified copy of the charter, statutes, regulations, memorandum and articles, or other instrument constituting or defining the constitution of the company, in a language acceptable to the Registrar;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a statement in duplicate in the prescribed form giving the following particulars regarding the company, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) its name;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) the nature of its business or businesses or other main objects;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) the present forenames and surname and any former forename or surname, and the address and business occupation of some one or more person, in this Code referred to as a local manager, authorised to manage the business in Ghana of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iv) if the company has shares, the number and nominal value, if any, of its authorised and issued shares, the amount paid up thereon and the amount remaining payable thereon, distinguishing between the amounts paid and payable in cash and the amounts paid and payable otherwise than in cash;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(v) the address of its registered or principal office in the country of its incorporation;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(vi) the address of its principal place of business in Ghana and the number of its post office box;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(vii) the name and address in Ghana of a person, in this Code referred to as a process agent, authorised by the company to accept service of process and other documents on its behalf;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) such particulars, and copies, of any charges on the property of the company as are required to be delivered for registration in accordance with section 310 of this Code, or, if there are no such charges, a statement in the prescribed form to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) External companies which at the commencement of this Code already have an established place of business in Ghana shall, within six months after the commencement of this Code, send to the Registrar for registration the documents referred to in subsection (1) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Registrar shall register the said documents in the register of external companies and cause the particulars contained in the statement referred to in paragraph (b) of subsection (1) of this section to be published in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) For the purposes of sub-paragraph (iii) of paragraph (b) of subsection (1) of this section and of section 309 of this Code,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) in the case of a person usually known by a title different from his surname, the expression "surname" means that title;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) reference to a former name shall not include,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(i) in the case of a person usually known by a title, the name by which he was known prior to his succession to that title;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(ii) a name changed or disused before the person bearing the name attained the age of eighteen years, or changed or disused for a period of not less than twenty years;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 72pt;"><span style="font-family: Arial;">(iii) in the case of a married woman, the name by which she was known prior to the marriage.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 304—Returns Required on Alteration of Registered Particulars.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any alteration is made in the charter, statutes, regulations, memorandum and articles, or other instrument referred to in paragraph (a) of subsection (1) of the immediately preceding section, the company shall, within two months of the effective date of the alteration, deliver to the Registrar for registration notice in the prescribed form giving details of the alteration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any alteration is made in any of the particulars contained in the statement referred to in paragraph (b) of subsection (1) of the immediately preceding section, the company shall, within the times prescribed by the subsection (3) or (4) of this section, deliver to the Registrar for registration notice in the prescribed form in duplicate giving details of the alteration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) In the case of any alteration in any of the particulars referred to in sub-paragraph (i), (ii), (iv) or (v) of paragraph (b) of subsection (1) of the immediately preceding section, the notice required by subsection (2) of this section shall be delivered to the Registrar within two months after the effective date of the alteration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the case of any alteration in any of the particulars referred to in sub-paragraph (iii), (vi) or (vii) of paragraph (b) of subsection (1) of the immediately preceding section, the notice required by subsection (2) of this section shall be delivered to the Registrar within twenty-eight days of the date of the alteration, and the Registrar shall cause the particulars in such notice to be published in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 305—Local Managers.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) An external company shall not appoint any person as its local manager or cause any person to be named as such in any statement or notice delivered to the Registrar under the foregoing sections of this Code unless such person is competent, in accordance with section 182 of this Code, to be appointed a director of a company formed in Ghana under this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The acts of any person registered as the local manager of an external company while carrying on the business in Ghana of that company shall bind the company unless the local manager has no authority so to act and the person with whom he was dealing had actual knowledge of the absence of authority, or, having regard to his position with or relationship to the company, ought to have known of such absence of authority.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 306—Service on External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any process or other document shall be sufficiently served on an external company if delivered or sent by post to the person last registered as the company''s process agent at his last registered address even if the process agent refuses to accept service or the company has ceased to maintain a place of business in Ghana:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that this subsection shall not apply to service of a document,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) if the company was struck off the register of external companies under section 312 of this Code more than six years previously; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) if one person was last registered as process agent and that person is dead or, in the case of a body corporate, dissolved; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if two or more persons were last registered as process agents and each of those persons is dead, or in the case of a body corporate, dissolved.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) no registration of the name and address of a person as the process agent of an external company has been effected, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the foregoing subsection does not apply by reason of paragraph (b) or (c) of the proviso thereto,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">any process or other document shall be sufficiently served on the company if delivered or sent by post to any place of business of the company in Ghana or, if the company has ceased to have any place of business in Ghana, to the registered office or principal place of business of the company in the country of its incorporation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Any document to be served by post on an external company shall be posted in such time as to admit of its being delivered in due course of delivery within the time, if any, prescribed for the service thereof; and in proving service it shall be sufficient to prove that a letter containing such document was properly addressed, prepaid, and posted, whether or not by registered post.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If it shall be proved that any document was in fact received by any local manager or process agent or by the board of directors, managing director or secretary of the external company such document shall be deemed to have been served on that company notwithstanding that service may not have been effected in accordance with the foregoing subsection of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Nothing in this section shall derogate from the power of any court to direct how service shall be effected of any document relating to legal proceedings before that court.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 307—Accounts of External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every external company shall, once in every year at intervals of not more than fifteen months, make out and deliver to the Registrar for registration a profit and loss account and balance sheet and, if the company is a holding company, group accounts, in the form and containing the same particulars as the accounts which, under paragraph (a) of subsection (1) of section 124 of this Code, the directors would have been required to send to the members and debentureholder of the company if it were a company formed in Ghana under this Code:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that the Registrar may accept for registration a profit and loss account, a balance sheet and group accounts prepared in the form required under the law of the place of the company''s incorporation if, in his opinion, such accounts give substantially the same, or greater, information as that required to be given in the accounts referred to in section 124 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The accounts mentioned in subsection (1) of this section shall be in a language acceptable to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notwithstanding that the profit and loss account, the balance sheet and the group accounts prepared in the form required under the law of the place of the company''s incorporation do not give substantially as much information as that required in the accounts referred to in section 124 of this Code, the Registrar may, in his absolute discretion, nevertheless agree to accept such accounts for registration in compliance with subsection (1) of this section; but in that event, subject as provided by subsection (5) of this section, the company shall also deliver to the Registrar for registration, in a language acceptable to the Registrar,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a profit and loss account, made out as nearly as may be in the form and containing the particulars required by section 125 of this Code and giving a true and fair view of the profit or loss, during the period to which it relates, on the company''s operations in Ghana as if such operations had been conducted by a separate company formed in Ghana under this Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Fourth Sch.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a statement as at the end of the company''s financial year showing the company''s assets locally situated in Ghana classified, distinguished and valued in accordance with the provisions of section 126 and Part II of the Fourth Schedule to this Code, and the nature and amount of any specific charges on such assets; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) a report on the account and statement referred to in the foregoing paragraphs of this subsection by an auditor qualified in accordance with section 296 of this Code, stating that in his opinion and to the best of his information the accounts and statements are in accordance with the books and records of the company and give the information required by this Code in the manner therein required and give a true and fair view of the matters therein stated:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that this subsection shall not apply to any company which,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) has at any time made in Ghana any invitation to the public to acquire any of its shares or debentures or to deposit money with it; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) has issued any shares or debentures which are for the time being dealt in on any stock exchange in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) In the profit and loss account referred to in paragraph (a) of subsection (3) of this section, the company shall be entitled to make such apportionments and to add such notes and explanations as shall, in its opinion, be necessary or desirable in order to give a true and fair view of the profit or loss on its operations in Ghana and for this purpose may debit a reasonable rate of interest on capital employed in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Notwithstanding that the Registrar agrees to accept a profit and loss account, a balance sheet and group accounts under subsection (3) of this section, he may waive compliance with paragraphs (a), (b) and (c) of that subsection or any of such paragraphs if satisfied that compliance therewith is impracticable having regard to the nature of the company''s operations in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) In relation to the accounts and statements referred to in this section the Registrar shall have the same powers to modify the requirements of Parts I, II and III of the Fourth Schedule to this Code as he has in relation to companies formed in Ghana under this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(7) This section shall not apply to an external company carrying on banking business in Ghana under a licence granted pursuant to section 24 of the Companies Ordinance, (Cap. 193), or any statutory re-enactment thereof, unless such company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) has at any time made in Ghana any invitation to the public to acquire any of its shares or debentures; or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) has issued any shares of debentures which are for the time being dealt in officially on any stock exchange in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(8) Where this section applies to any such banking company the exemptions referred to in Part IV of the Fourth Schedule to this Code shall apply to the accounts and balance sheet of such company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(9) If it appears to the Minister to be desirable in the public interest, the Minister may, by legislative instrument, direct that, in the case of any external company or class of external company, this section shall not apply or shall apply subject to such exceptions and modifications as shall be specified in the instrument.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 308—Obligation to State name, etc., of External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every external company shall,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) conspicuously exhibit on every place where it carries on business in Ghana the name of the company, the country in which the company is incorporated, and, if the liability of the members is limited, the fact that it is so limited;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) cause the name of the company and of the country in which it is incorporated and if the liability of the members is limited the fact that it is so limited to be stated in legible letters at the head of all business letters of the company despatched in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where the name of the company is in a foreign language, the requirements of this section relating to the name of the company shall be deemed to be fulfilled by exhibiting and stating translation thereof in a language acceptable to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The fact that the word "limited", or its equivalent in a foreign language, forms part of the company''s name shall not be deemed a sufficient compliance with the obligations imposed by this section relating to the exhibition and stating of the fact that the liability of the members is limited.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 309—Publication of names of Local Managers.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Every external company shall, in all trade circulars and business letters on or in which the company''s name appears and which are despatched in Ghana by or on behalf of the company, state in legible letters with respect to each local manager,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) his present forenames or initials thereof, and his present surname; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) any former forename or surname:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that if special circumstances exist which render it in the opinion of the Registrar expedient that such an exemption should be granted, the Registrar may by legislative instrument grant, subject to such conditions as may be specified in the instrument, exemption from the obligations imposed by this section in respect of any company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The provisions of subsection (4) of section 303 of this Code shall apply to this section.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 310—Registration of Particulars of Charges.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The provisions of Part L of Chapter II of this Code shall extend to charges on property in Ghana which are, or have been, created, and to charges on property in Ghana which is acquired, by an external company:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) particulars of charges created prior to the date when the external company had an established place of business in Ghana, and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) particulars of charges created prior to the commencement of this Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be deemed to be duly registered if particulars thereof are duly delivered to the Registrar for registration in accordance with section 303 of this Code and the failure to register any such charge as is referred to in paragraph (a) or (b) of this proviso shall not affect the validity of the charge.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 311—Notification of Winding Up of External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where, in the case of an external company,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a winding up order is made by a court of the country in which the company is incorporated,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) a resolution is passed or other appropriate proceedings are taken in that country to lead to the voluntary winding up of the company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the company is dissolved or otherwise ceases to exist according to the law of the country in which it was incorporated,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the local managers and process agents of the company shall, within twenty-eight days thereafter cause notice thereof in the prescribed form to be given to the Registrar who shall register the same and cause the particulars contained therein to be published in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where any such events have occurred as are referred to in paragraph (a) or (b) of subsection (1) of this section the local managers of the company shall, on every invoice, order or business document on or in which the company''s name appears, cause a statement to appear in legible letters to the effect that the company is being wound up in the country where it is incorporated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If any person shall in Ghana carry on, or purport to carry on, business on behalf of the company after the date on which it was dissolved or has otherwise ceased to exist in the country in which it was incorporated he shall be liable to a fine not exceeding five pounds for each day during which he continues so to do.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Nothing in this section contained shall derogate from the provisions of the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), enabling an external company, whether or not it has been dissolved or has otherwise ceased to exist according to the law of the country in which it was incorporated, to be wound up under that Act.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 312—Cessation of Business of External Company.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any external company ceases to have an established place of business in Ghana it shall within twenty-eight days after so ceasing, give notice thereof to the Registrar in the prescribed form in duplicate and the Registrar shall register the same and cause a copy of the notice to be published in the Gazette.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Registrar shall thereupon strike the name of the company off the register of external companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) After notice has been given to the Registrar in accordance with subsection (1) of this section and so long as the company shall not have an established place of business in Ghana then, except as provided in subsection (6) of this section, no person shall be under any obligation to deliver any document relating to that company to the Registrar pursuant to the foregoing sections in this Chapter of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Where the Registrar has reasonable cause to believe that an external company has ceased to have a place of business in Ghana he may send by registered post to the registered local manager and process agent and, if more than one, to all such persons, a letter enquiring whether the company is maintaining an established place of business in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) If the Registrar receives an answer to the effect that the company has ceased to have an established place of business in Ghana or does not, within three months, receive any reply, he may strike the name of the company off the register of external companies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(6) At any time within six years after the date on which the company was struck off the register of external companies under subsections (1) and (2) or (4) and (5) of this section, all persons shall continue to have a right to inspect the documents relating to that company; and during such six years the company shall, notwithstanding subsection (3) of this section, continue to be under the obligation imposed by section 304 of this Code to give notice of any alteration in the names of the company''s process agent.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 313—Penalties and Disabilities.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any external company or any local manager or process agent of an external company fails to comply with any of the obligations imposed upon it or him by the foregoing provisions of this Chapter of this Code, the external company and any local manager or process agent who is in default shall be liable to a fine not exceeding fifty pounds or, in the case of a continuing default, five pounds for every day during which the default continues.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If there is any default in delivering to the Registrar any document required to be delivered for registration pursuant to the foregoing provisions of this Chapter of this Code, the rights of the external company concerned under or arising out of any contract made in Ghana during such time as the default continues shall not be enforceable by action or other legal proceedings:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the external company may apply to the Court for relief against the disability imposed by this subsection and the Court, on being satisfied that it is just and equitable to grant relief, may grant such relief either generally or as respects any particular contract and on such conditions as the Court may impose;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) nothing herein contained shall prejudice the rights of any other parties against the external company in respect of such contract;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) if any action or proceeding shall be commenced by any other party against the external company to enforce the rights of such party in respect of such contract, nothing therein contained shall preclude the external company from enforcing in that action or proceeding by way of counterclaim, set off or otherwise, such rights as it may have against that party in respect of that contract.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 314—Control of Public Invitations Relating to External Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any person makes in Ghana any invitation to the public to acquire or dispose of any shares or debentures of an external company or to deposit money with any external company for a fixed period or payable at call, whether bearing or not bearing interest, then, subject as hereinafter mentioned, the provisions of Part W of Chapter II and of Part A of Chapter IV of this Code shall apply as if the external company were a public company within the meaning of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Registrar, in his absolute discretion, may waive or modify the requirements of any of the provisions of Part A of Chapter IV of this Code in relation to any such public invitation as is referred to in subsection (1) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2a) Any such invitation and any prospectus relating thereto shall be deemed to comply with this Code to the extent that the Registrar has waived or modified any of such requirements. [As inserted by the Companies Code (Amendment) Act, 1994 (Act 474) s. 6].</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where the invitation to the public is a general invitation within the meaning of section 276 of this Code the prospectus, in addition to complying with the Seventh Schedule to this Code, subject to any modifications in accordance with the immediately preceding subsection and subject to section 277 of this Code, shall also contain particulars with respect to the following matters, namely,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the instrument constituting or defining the constitution of the company;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the enactments, or provisions having the force of an enactment, by or under which the incorporation of the company was effected;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) an address in Ghana where copies of the foregoing or, if the same are in a foreign language, certified translations thereof can be inspected;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the date on which and the country in which the company was incorporated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Any prospectus registered and any advertisement or circular published in connection with any such invitation shall state the country in which the external company is incorporated and the address of its principal place of business in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Unless the provisions of this section are complied with the making of the invitation shall be deemed to be a breach of section 265 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 315—Control of Public Invitations Relating to other Non-Ghanaian Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) For the purposes of this and the following section the expression "non-Ghanaian Company" means any association incorporated or to be incorporated outside Ghana not being an external company as defined in section 302 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any person makes in Ghana any invitation to the public which is either,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) a general invitation, as defined by section 276 of this Code, to acquire any shares or debentures of a non-Ghanaian company, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) an invitation to deposit money with any non-Ghanaian company for a fixed period or payable at call whether bearing or not bearing interest,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">then, subject as hereinafter mentioned, the provisions of Part W of Chapter II and Part A of Chapter IV of this Code shall apply as if the non-Ghanaian company were a public company within the meaning of this Code, and subsections (2) and (3) of the immediately preceding section shall apply as if such company were an external company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Any prospectus, advertisement or circular registered or published in connection with any such invitation shall state the country in which the non-Ghanaian company is incorporated and, if the liability of its members is limited shall so state.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Unless the provisions of this section are complied with the making of the invitation shall be deemed to be a breach of section 265 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) Sections 286, 287, 290 and 291 of this Code shall apply in relation to any invitation to the public to acquire or dispose of any shares or debentures of a non-Ghanaian company, whether or not an invitation of the types referred to in subsection (2) of this section, and sections 289, 290 and 291 shall apply in relation to any invitation to the public to deposit money with any non-Ghanaian company, as if the company were a public company within the meaning of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 316—Application of Sections 266 and 267 to External and Non-Ghanaian Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) For the purposes of the foregoing provisions of this Chapter of this Code, the expression "invitation to the public" shall bear the meaning assigned to it in section 266 of this Code:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that an invitation made by or on behalf of an external or non-Ghanaian company exclusively to its existing shareholders and debentureholders, not being greater in number than is prescribed by subsection (3) of section 9 of this Code, and its existing employees shall not be deemed to be an invitation to the public unless the invitation is of the type referred to in paragraph (c) or (d) of subsection (1) of section 266.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Section 267 of this Code shall apply to invitations to the public made in respect of shares or debentures of external and non-Ghanaian companies.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 317—Interpretation.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">For the purposes of the foregoing provisions of this Chapter of this Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the expression "certified" means that the document concerned has endorsed thereon a certificate, to the effect that it is a true and complete copy of the original or, as the case may be, an accurate translation of the original, under the seal of the company or signed by a director and the secretary of the company; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the expression "secretary" includes any person occupying the position of secretary by whatever name called.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CHAPTER VI—SUPPLEMENTARY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part A—Unit Trusts and Mutual Funds</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 318—Unit Trusts.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">[Repealed by Securities Industry Law, 1993 (PNDCL 333) s. 146]</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 319—Mutual Funds.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where the Registrar is satisfied that a body corporate, being a public company within the meaning of this Code or an external company having an established place of business in Ghana within the meaning of Chapter V of this Code, has been incorporated for the purpose of holding and managing securities or other property, and that in the Regulations of the body corporate or in some other instrument binding the body corporate satisfactory arrangements are made for ensuring,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) that if any invitation is made to the public to subscribe for its shares the price at which the shares are offered shall be based on the net value of its assets at the time of the offer with no addition except for a reasonable service charge, and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) that the body corporate will at any time repurchase any such shares from the holder thereof at a price based on the net value of its assets at the time of the repurchase without any deduction except for a reasonable service charge,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">he may, in his absolute discretion and subject to such conditions and restrictions as he shall think fit, by legislative instrument declare such body corporate to be an authorised mutual fund for the purposes of this Code and, by such instrument, may direct that so long as such body corporate remains an authorised mutual fund any of the provisions of sections 59 to 63, 66 and 67, 275 to 279, 281 to 284 and 314 of this Code shall not have effect in relation to that body corporate or to invitations to the public to acquire or dispose of its shares or any of such provisions shall have effect with such modifications as are specified in the instrument.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If the Registrar considers that the instrument declaring any body corporate to be an authorised mutual fund should be revoked or that the terms of the instrument should be varied, he may serve on the body corporate a written notice that he is considering the revocation of the instrument or, as the case may be, a specified variation of its conditions, restrictions or directions, and inviting the body corporate to make, within a period of one month from the date of service of the notice, any representations it may desire to make with respect to the proposed revocation or variation,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Registrar may revoke or vary the instrument after the expiration of the said period, but, before deciding whether or not to revoke or vary the instrument, he shall take into consideration any representations so made by the body corporate and, if it so requests, afford it an opportunity of being heard by the Registrar within that period.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If any authorised mutual fund shall commit any breach or non-observance of any of the conditions or restrictions in the instrument declaring it to be an authorised mutual fund every officer of the body corporate who is in default shall be liable to imprisonment for a term not exceeding two years or to a fine not exceeding one thousand pounds or to both such imprisonment and fine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part B—Miscellaneous Offences</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 320—Inducing Persons to Invest.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person who by any statement, promise or forecast which is untrue, misleading, false or deceptive induces or attempts to induce another person to enter into or offers to enter into,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) any agreement for or with a view to acquiring, disposing of, or underwriting, securities, or lending or depositing money to or with any body corporate, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) any agreement the purpose or pretended purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the value of securities,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">shall be guilty of an offence and liable to a term of imprisonment not exceeding seven years unless he shall prove that he had reasonable grounds to believe and did believe that the statement was true or that the promise or forecast was not misleading, false or deceptive.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any person who, by any dishonest concealment of material facts induces or attempts to induce another person to enter into any of the transactions referred to in subsection (1) of this section shall be guilty of a like offence and subject to the like punishment as that prescribed by subsection (1) of this section.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 321—Penalty for False Statements.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If any person in any return, report, certificate, account, or other document required under any provision of this Code to be sent to the Registrar wilfully makes a statement false in any particular, knowing it to be false, he shall be guilty of an offence, and shall be liable on conviction to imprisonment for a term not exceeding two years, or to a fine not exceeding one thousand pounds or to both such imprisonment and fine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Nothing in this section shall affect the liability of any body corporate or other person under any other section of this Code or other enactment; but the penalties imposed by this section shall be alternative, and not additional to any penalties imposed by such other section or enactment.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 322—Penalty for Improper use of "Incorporated" or "Limited".</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If any person or persons trade or carry on business in Ghana under any name or title of which the words "incorporated", "corporation" or any contraction or imitation thereof or any equivalent in any other language forms part or of which the word "limited" or any contraction or imitation thereof or any equivalent in any other language is the last word, that person or those persons shall unless duly incorporated under this Code or some other enactment and, where "limited" or any contraction or imitation thereof is the last word, unless duly, incorporated with limited liability, be liable to a fine not exceeding five pounds for every day during which that name or title has been used.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 323—Publication of Misleading Statements Regarding Shares or Capital.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) It shall not be lawful to state the number of the authorised or issued shares of any body corporate or the amount of its capital in any notice, advertisement, business letter or other publication of the body corporate unless such statement shall include with equal prominence accurate particulars of the number of shares issued, and of the stated and paid up capital of the body corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In the event of any breach of this section the body corporate and every officer of the body corporate who is in default shall be liable to a fine not exceeding five hundred pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part C—Legal Proceedings</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 324—Representative Actions.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where, under any section of this Code it is provided that if legal proceedings are instituted by any person he shall sue in a representative capacity on behalf of himself and other members of a class the following provisions shall apply, that is to say,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) such person may commence proceedings in such representative capacity without obtaining the consent and approval of any other member of the class represented and, subject to paragraph (b) of this section, such person shall have the sole conduct of the action and no other member of the class shall be deemed to be a party to the proceedings or in any way liable for the costs thereof;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) any member of the class represented may at any time prior to final judgment apply to the Court for leave to be made a party to the proceedings whether as co-plaintiff or otherwise and the Court may grant leave upon such terms regarding the conduct of the action and otherwise as it shall think fit; and if such leave is granted the applicant shall become a party to the proceedings and liable accordingly to have an order for costs made against him;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) any judgment given in the action shall bind and enure for the benefit of all members of the class represented, whether or not they have intervened in the proceedings in accordance with paragraph (b) of this section;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) no proceedings shall be dismissed, settled or compromised without the leave of the Court which may, if it shall think fit, order that notice of the proposed dismissal, settlement or compromise shall be given to all members of the class represented and any other persons;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(e) in relation to proceedings under section 210 of this Code this section shall be supplemented by the provisions of that section;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(f) nothing in this section contained shall affect the validity of any agreement between the members of the class represented, relating to contribution towards the costs of the party or parties suing in a representative capacity.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 325—Costs in Actions by Limited Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where a body corporate with limited liability is the plaintiff in any legal proceedings the Court may, if it appears by credible evidence that there is reason to believe that the body corporate will be unable to pay the costs of the defendant if successful in his defence, require sufficient security to be given for the costs, and may stay all proceedings until the security is given.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 326—Contribution between Joint Wrongdoers.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where more than one officer of a body corporate or other persons are liable to pay any damages, costs, compensation, debt, or monetary penalty under, or in respect of any breach of, any section of this Code, they shall have a right of contribution amongst themselves; and in any action to enforce liability or in an action to recover contribution the Court may award contribution on such terms as it shall consider equitable in all the circumstances and may exempt any person from liability to make contribution or direct that the contribution to be recovered from any persons shall amount to a complete indemnity.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 327—Power to Grant Relief.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If in any proceedings against a member, officer or auditor of a company for any default or breach of duty under any section of this Code or against any trustee for debentureholders in respect of any breach of duty or trust it appears to the court hearing the case that that member, officer, auditor or trustee is or may be liable but that he has acted honestly and reasonably and that, having regard to all the circumstances of the case, he ought fairly to be excused, the court may relieve him in whole or in part from his liability on such terms as the court may think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where any such member, officer, auditor or trustee has reason to apprehend that any claim may be made against him in respect of any breach of duty or trust, he may apply to the Court for relief; and the Court on any such application shall have the same power to relieve him as under this section it would have had if it had been a court before which proceedings against that person for breach of duty or trust had been brought.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Written notice of any application to the Court under subsection (2) of this section shall be given to the Registrar at least twenty-one days before the date of the hearing of the application and the Registrar may appear on the hearing of the application and call such evidence and make such representations as he thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Part D—Administration</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 328—Registrar of Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The President may appoint a registrar of Companies in this Code referred to as the Registrar, to carry out the duties and functions vested by or under this Code or any other enactment in the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Until any other appointment is made the Registrar-General shall be the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) There may be appointed such Assistant and Deputy Registrars of Companies and such other officers as are required for the purposes of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Anything in this Code appointed, authorised or required to be done to or by the Registrar or to be signed by the Registrar may be done to or by or signed by any Assistant or Deputy Registrar and shall be as valid and effectual as if done to or by or signed by the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The Registrar shall have a seal and such seal shall bear the words "Registrar of Companies, Ghana".</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 329—Fees.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Eighth Sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In respect of the several matters set out in the first column of the Table in Part I of the Eighth Schedule to this Code there shall be paid to the Registrar the several fees specified in the second column of that Table, but subject to the exemption referred to in Part II of that Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 330—Documents to be Translated.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where, under any section of this Code, any document is required to be prepared or registered such document shall, unless the section otherwise provides, be in a language acceptable to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 331—Registration of Documents.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where, under any section of this Code, any document or particulars require to be registered by the Registrar, registration shall be effected by inserting the document or making the appropriate entries of the particulars in the file maintained at the Companies'' Registration Office in relation to the company concerned.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) For the purposes of any provision of this Code, no document or particulars shall be deemed to have been delivered to the Registrar for registration until the appropriate registration fee has been paid to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) If the Registrar is of opinion that any documents or particulars delivered to him for registration,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) contain matter contrary to law, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) by reason of any error, omission or misdescription have not been duly completed, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) otherwise do not comply with the requirements of this Code, or</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) contain any error,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">he may request that the document or particulars be appropriately amended or completed and re-submitted and may refuse to register the document or particulars until appropriately amended or completed; and in that event the document or particulars shall not be deemed to have been delivered for registration until re-submitted appropriately amended or completed.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 332—Prescribed Forms.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where any section of this Code provides that any document shall be in the prescribed form such document shall be in the form prescribed by the Registrar by legislative instrument.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The Registrar may, by legislative instrument, prescribe forms for the purposes of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Where any section of this Code provides that a document shall be delivered to the Registrar for registration the Registrar may refuse to accept the same if, in his opinion, it is insufficiently legible or is written upon paper insufficiently durable to be suitable for registration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) If the Registrar shall, in accordance with subsection (3) of this section, refuse to accept any document for registration the same shall not, for the purposes of any section of this Code, be deemed to have been duly delivered to him unless a duplicate thereof in a form acceptable to him is duly delivered within the time prescribed by such section or within such extended time as the Registrar may allow for the delivery of a duplicate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(5) The Registrar shall not have power to refuse to accept any document on the ground that the paper on which it is written is insufficiently durable if the same is written on the appropriate printed form issued by the Government Printer.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 333—Inspection, Copies and Evidence of Registered Documents.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any person may,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) inspect the register of particulars of charges and any document registered by the Registrar upon payment of two thousand five hundred cedis for each inspection of the register and documents relating to one company; [As&nbsp; amended by the Companies Code (Amendment) Act, 1997 (Act 531) s. 3].</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) require a certificate of the incorporation of any company or a copy of any other document, or any part of any other document, registered by the Registrar to be certified under the hand of the Registrar, on payment of such fees as the Registrar may prescribe, not exceeding one pound for each page.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) No process for compelling the production of any document kept by the Registrar shall issue from any court except with the leave of that court and any process if issued shall bear thereon a statement that it is issued with the leave of the court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) A copy of, or extract from, any document registered by the Registrar, certified to be a true copy under the hand of the Registrar, whose official position it shall not be necessary to prove, shall in all legal proceedings be admissible in evidence as of equal validity with the original document.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 334—Authentication of Documents Issued by Registrar or Minister.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) All documents purporting to be orders, certificates, licences, approvals or revocations thereof made or issued by the Registrar or the Minister for the purposes of this Code and purporting to be sealed with the seal of the Registrar, or be signed by him, or to be signed by the Minister or on his behalf by a properly authorised officer, shall be received in evidence as such without further proof of validity unless the contrary is shown.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A certificate that any order made, certificate issued, or act done is the order, certificate, or act of the Registrar or the Minister shall, if signed by the Registrar or Minister respectively be conclusive evidence of the fact so certified.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 335—Enforcement of Duty to make Returns.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a body corporate or any officer or liquidator of a body corporate, having made default in complying with any provision of this Code which requires it, to deliver any return, account, or other document, or to give notice of any matter, fails to end the default within twenty-eight days after the service of a notice on the body corporate or the officer or liquidator requiring it or him to do so, the Court may, on an application made to the Court by the Registrar or by any member or creditor of the body corporate, make an order directing the body corporate and any officer thereof or the liquidator to make good the default within such time as may be specified in the order; and may provide that all costs of and incidental to the application shall be borne by the body corporate or by any officer or liquidator of the body corporate responsible for the default.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 336—Regulations.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Registrar may, by legislative instrument, make Regulations regulating the exercise by him of any of the powers and discretions conferred upon him by this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Such Regulations shall not be invalid by reason of the fact that they purport to regulate the exercise by the Registrar of a power which, under any provision of this Code, is exercisable in his absolute discretion.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 337—Registrar''s Power to Obtain Directions of the Court.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Registrar may apply to the Court for directions in relation to any matter arising in connection with his functions under this Code, and on any such application the Court may give such directions or make such order as the Court thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 338—Periodical Reports by Registrar.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Registrar shall, at intervals of not more than three years cause a report on the operation of this Code to be made to the Minister who shall lay the same before the National Assembly.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In any such report the Registrar shall, in addition to giving general statistical information relating to the registration and dissolution of companies, report on the exercise by him of his powers under this Code and, in particular, shall refer to all cases in which he has, under the powers conferred by this Code, waived compliance or modified any of the normal provisions of this Code, and shall state in each case his reasons for so doing.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 339—Extension to Unregistered Companies.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Minister may, by legislative instrument, direct that any of the provisions of this Code shall apply to all bodies corporate formed in Ghana otherwise than under the Companies Ordinance, (Cap. 193), or this Code or to certain classes of such bodies or to certain named bodies corporate formed in Ghana, as specified in the instrument, as if they were companies registered under this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If any such instrument is made the Minister may from time to time exempt any named body corporate from the application to it of any of such provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) No instrument shall be made under subsection (1) of this section unless a draft of the order has been laid before National Assembly and approved by a resolution thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Section 340—Repeals.</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Tenth Sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The enactments mentioned in the first column of the Tenth Schedule to this Code are hereby repealed to the extent specified in the second column of that Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SCHEDULES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FIRST SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 2)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DEFINITIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expression&nbsp;&nbsp;&nbsp;&nbsp; Meaning&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Types of Company.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "body corporate"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; means a corporation formed under this Code or otherwise and whether in Ghana or elsewhere but does not include a corporation sole such as an incorporated office.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "company"&nbsp;&nbsp;&nbsp;&nbsp; means a body corporate formed and registered under this Code or an existing company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "existing Company" means a body corporate formed and registered under the Companies Ordinance (Cap. 193) unless, prior to the commencement of this Code, it has been dissolved or re-registered under some other Act.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "company limited by shares", "company limited by guarantee", "unlimited company", "public company" and "private company"shall have the meanings assigned to them in section 9 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "external company"&nbsp;&nbsp; shall have the meaning assigned to it by section 302 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "subsidiary" and "holding company" &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A body corporate shall be the subsidiary of another and that other shall be its holding company if,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) that other body corporate by the exercise of some power directly or indirectly&nbsp; vested in it, whether by virtue of the beneficial ownership of shares or otherwise, can appoint or remove or procure the appointment or removal of all or not less than half of its directors for the time being or can prevent the appointment or removal of all or not less than half of its directors:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) a power exercisable in a fiduciary capacity for another person shall be treated as exercisable by that other and not by the fiduciary;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) a power exercisable by virtue of shares held by way of security only for the purpose of a transaction entered into in the ordinary course of business of that other body corporate shall be disregarded;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) a body corporate shall be deemed to have power to appoint a director of another body corporate if any person''s appointment as director of that other body corporate necessarily follows from his appointment as director or other officer of that first named body corporate; or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) it is a subsidiary of any body corporate which is that other''s subsidiary.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "associated company"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The expression "associated company" where used in this Code to describe the relationship of one body corporate to another means that the body corporate so described is the subsidiary or holding company of that other, or a subsidiary of that other''s holding company, or a holding company of that other''s subsidiary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "wholly owned subsidiary"&nbsp;&nbsp;&nbsp; Where a holding company is&nbsp; beneficially entitled, whether the registered holder or not, to all the issued shares of any of its subsidiaries that subsidiary is the wholly owned subsidiary of that holding company.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "non-Ghanaian company"&nbsp;&nbsp;&nbsp; shall have the meaning assigned to it by section 315 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Officers of bodies corporate. "director" in relation to any company has the meaning assigned to it by section 179 of this Code and in relation to any other body corporate means any one whose position in relation to that body corporate is such that he would be a director thereof if that body corporate were a company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "alternate director" shall have the meaning assigned to it by section 188 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "substitute director" shall have the meaning assigned to it by section 187 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "secretary" in relation to a company, means the person appointed secretary of the company in accordance with section 190 of this Code and in relation to any other body corporate means any person occupying the position of secretary by whatever name called&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "officer" in relation to any body corporate, means any director, secretary or employee of that body corporate and a receiver and manager of any part of the undertaking of that body corporate appointed under a power contained in any instrument, and any liquidator of a company appointed in a members'' voluntary winding up, but does not include any receiver, not being a manager, or any receiver and manager appointed by the Court, or any liquidator appointed under the provisions of the Companies (Liquidation) Act, 1962, (Act), or any auditor of a company&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Securities and dealings therein. "shares" means the interests of members of a body corporate who are entitled to share in the capital or income of such body corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Treasury shares" shall have the meaning assigned to it in subsection (3) of section 59 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "debenture" and "debenture stock" in relation to companies, shall have the meanings assigned to them in section 80 of this Code and in relation to any other body corporate mean any debenture, debenture stock or bond whether constituting a charge on the assets of the body corporate or not.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "securities" means,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) shares or debentures;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) securities of the Government of Ghana or any country or territory outside Ghana;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) rights or interests, whether described as units or otherwise under any unit trust; and</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) rights, whether actual or contingent in respect of money lent to or deposited with, any person not being a body corporate licensed, under section 24 of the Companies Ordinance (Cap. 193) or any statutory re-enactment thereof, to carry on banking business.&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "acquire" and its cognate expressions, in relation to any securities, means that securities are obtained whether from the body corporate whose securities they are or from a former holder and whether for cash or for a consideration other than cash or for no consideration, and, except where the context otherwise requires, includes an agreement to acquire.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "dispose" and its cognate expressions, in relation to any securities, means that such securities are parted with whether to the body corporate whose securities they are or to some other person and whether for cash or for a consideration other than cash or for no consideration, and, except where the context otherwise requires, includes an agreement to dispose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "buy", "purchase" and "sell", and their cognate expressions,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in relation to securities, mean an acquisition and disposal of such securities for cash, and, except where the context&nbsp; otherwise requires, includes an agreement to buy and sell.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "subscribe" and its cognate expressions, in relation to securities, means the purchase of such securities from the body corporate whose securities they are, and, except where the context otherwise requires, includes an agreement to subscribe.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "capitalisation issue"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall have the meaning assigned to it by subsection (1) of section 74 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "stock exchange" means any body corporate or association of persons operating an exchange or market on which securities are acquired and disposed of.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "approved stock exchange" shall have the meaning assigned to it by section 280 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "exempted dealer" shall have the meaning assigned to it by section 280 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Miscellaneous. "annual return" means the return required to be made under section 122 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "acquire" in relation to securities see 3 above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "arrangement" and "amalgamation" shall have the meanings assigned to them in section 229 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "associated company"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See 1, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "approved stock exchange" See 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "authorised mutual fund"&nbsp; shall have the meaning assigned to it in section 319 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "authorised unit trust"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall have the meaning assigned to it in section 318 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "body corporate" See 1, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "buy"&nbsp;&nbsp; in relation to securities,&nbsp; see 3 above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "calls" means any sum which the company shall have validly resolved to call up in respect of any shares issued with an unpaid liability and where by the terms of issue of a share any sum becomes payable on application, allotment or at any fixed date such sum shall be deemed to be a call duly made and payable on the date on which by the terms of issue the same become payable.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "capitalisation issue"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "charge" means any security on property and includes a mortgage whether legal or equitable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "company" "company limited by shares", "company limited by guarantee"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">See 1, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "contributions" in relation to any pension scheme means any payment, including an insurance premium, paid for the purposes of the scheme by or in respect of persons rendering services in respect of which pensions will or may become payable under the scheme, but does not include any payment in respect of two or more persons if the amount paid in respect of each of them is not ascertainable.&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Court" means the High Court.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "creditors'' voluntary winding up" shall have the meaning assigned to it by section 248 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "debentures" and "debenture stock"&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "default"&nbsp; For the purposes of any section in this Code providing that any person who is in default shall be liable to a fine or penalty or to pay damages or compensation or to discharge a debt or obligation, the expression "in default" means that the person concerned knowingly authorises or permits the default, refusal or contravention mentioned in the section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "directors" See 2, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "dispose" in relation to securities,&nbsp; see 3, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "equity share"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; shall have the meaning assigned to it by section 48 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "exempted dealer" See 3, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "existing company" "external company" See 1, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "financial year" means the period covered by the company''s profit and loss account in accordance with section 125 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "floating charge" shall have the meaning assigned to it by section 87 of this Code.&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "holding company" See 1, above.&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "income surplus" shall have the meaning assigned to it by section 70 of this Code.&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "in default" See "default".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "infant" means any natural person under the age of twenty-one years or such other age as may from time to time be declared by any enactment to be full age for legal purposes.&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "insolvent" in relation to any body corporate means that its liabilities exceed its assets or that it is unable to pay its debts as they fall due.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "invitation to the public" shall have the meaning assigned to it by section 266 of this Code</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "liquidator" means the person appointed to wind up a body corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "local manager"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in relation to an external company, shall have the meaning assigned to it by section 303 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "manager" means a person appointed to exercise the functions referred to in subsections (1) and (2) of section 238 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "managing director" means a director to whom has been delegated some of the powers of the board of directors, to direct and administer the business of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "members'' voluntary winding up"&nbsp; shall have the meaning assigned to it by section 249 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Minister" means the Minister to whom functions under this Act are assigned by the President.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "mutual fund"&nbsp; shall have the meaning assigned to it by section 319 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "non-Ghanaian company" See 1, above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "officer"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See 2, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "officer in default"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See "officer" and "default".&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "ordinary resolution" shall have the meaning assigned to it by section 168 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "payment in cash" shall have the meaning assigned to it by section 45 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "pension" means any superannuation allowance, superannuation gratuity, or similar payment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "pension scheme" means a scheme for the provision of pensions in respect of services as an officer of a company which is maintained in whole or in part by contributions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "preference share" shall have the meaning assigned to it by section 48 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "prescribed form" shall have the meaning assigned to it by section 332 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "private company"&nbsp; See 1, above.&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "process agent" in relation to external companies shall have the&nbsp; meaning assigned to it by section 303 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "public" See "invitation to the public".&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "public company" See 1, above.&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "purchase" in relation to securities, see 3 above.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "receiver" means a person appointed to exercise the functions referred to in subsection (1) of section 238 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Registrar" means the Registrar of Companies appointed in accordance with section 328 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "registration"&nbsp; shall have the meaning assigned to it by section 331 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "registration officer"&nbsp; shall have the meaning assigned to it by subsection (7) of section 32 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "resolution requiring confirmation"&nbsp; shall have the meaning assigned to it by subsection (2) of section 75 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "seal" means the common seal of the company.&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "security" See 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "sell" in relation to securities, see 3 above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "share" See 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "solvent" means not insolvent.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "special resolution" shall have the meaning assigned to it by section 168 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "stated capital" shall have the meaning assigned to it by section 66 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "stock exchange" see 3, above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "subsidiary" See 1, above.&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "surplus" Bears the meaning assigned to it by section 69 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Table A" and Table B" means Tables A and B respectively in the Second Schedule to this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Second sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "Treasury shares" shall have the meaning assigned to it by subsection (3) of section 59 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "unit trust" shall have the meaning assigned to it by section 318 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "unit"&nbsp;&nbsp; means the rights and interests whether described as units or otherwise, under any unit trust.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "untrue statement"&nbsp;&nbsp;&nbsp;&nbsp; means a statement which is false or misleading in the form, context or circumstances in which it was made having regard to any failure to state other facts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Sixth and Seventh Sch.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"vendor" means any person who has entered into any contract, absolute or conditional, for the sale or leasing, of any property or for the granting of an option to purchase or lease, any property: but for the purpose of the Sixth and Seventh Schedules to this Code where the vendors of any of them are an unincorporated firm the members of the firm shall be treated as one vendor and not as separate vendors.&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "waiting period" shall have the meaning assigned to it by section 281 of this Code.&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "winding up under an order of the Court"&nbsp;&nbsp; shall have the meaning assigned to it by section 247 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECOND SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Sections 16, 17, 19 and 20)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">TABLES A AND B</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Table A—Regulations for a Private Company Limited by Shares</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 1</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The name of the company is John Mensah &amp; Co., Limited.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 2</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The nature of the businesses which the company is authorised to carry on are,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">a) to acquire and take over as a going concern the business of storekeeper now carried on at 1116 High Street, Accra, under the style of John Mensah &amp; Co., and all or any of the assets and liabilities of the proprietor of that business used in connection therewith or belonging thereto and with a view thereto to enter into an agreement a draft of which has for the purposes of identification been signed by the subscriber of these Regulations, and to carry the same into effect with or without modifications;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to carry on the business of a storekeeper in all its branches at 1116 High Street, Accra or elsewhere and, in particular, to buy, sell and deal in goods, stores, consumable articles and effects of all kinds, both wholesale and retail.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 3</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Pursuant to section 24 of the Companies Code, 1963 (Act 179), the company has, for the furtherance of its authorised businesses, all the powers of a natural person of full capacity except in so far as such powers are expressly excluded by these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 4</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The first directors of the company are John Mensah and Kwame Kofi.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 5—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The powers of the board of directors are limited in accordance with section 202 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 6</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The liability of the members of the company is limited.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 7</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company is to be registered with 1,000 shares of no par value.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 8</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company is a private company and accordingly,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the right to transfer shares is restricted in manner following, that is to say, the directors may, in their absolute discretion and without assigning any reason therefor, decline to register any transfer of any share;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the number of members and debentureholders of the company, exclusive of persons who are bona fide in the employment of the company and of persons who having been formerly bona fide in the employment of the company were while in such employment and have continued after the determination of such employment to be members or debentureholders of the company, is limited to fifty:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that where two or more persons hold one or more shares or debentures jointly they shall for the purposes of this regulation be treated as a single member;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) the company is prohibited from making any invitation to the public to acquire any of its shares or debentures;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) the company is prohibited from making any invitation to the public to deposit money for fixed periods or payable at call,&nbsp; whether bearing or not bearing interest.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 9—Shares and Variation of Rights</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may, by special resolution altering these Regulations,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) increase the number of its shares by creating new shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) reduce the number of its shares by cancelling shares which have not been taken or agreed to be taken by any person, or by consolidating its existing shares, whether issued or not, into a smaller number of shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) provide for different classes of shares by attaching to certain of the shares preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, repayment, or otherwise:</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt;"><span style="font-family: Arial;">Provided that the voting rights of equity shares shall comply with the provisions of sections 31 and 50 of the Code and the voting rights of preference shares shall comply with the provisions of sections 31 and 49 of the Code.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(d) in accordance with section 59 of the Code create preference shares which are, or at the option of the company are liable, to be redeemed on such terms and in such manner as may be provided, but subject to compliance with the provisions of sections 60 to 63 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 10</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The company shall not issue any new or unissued shares for cash unless the same are offered in the first instance to all the shareholders or to all the shareholders of the class or classes being issued in proportion as nearly as may be to their existing holdings.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The offer to the existing shareholders shall be by notice specifying the number of shares to which the shareholder is entitled to subscribe and limiting a time, not being less than twenty-eight days after the date of service of the notice, after the expiration of which the offer, if not accepted, will be deemed to be declined.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) After the expiration of such time, or on receipt of an intimation from the shareholder that he declines to accept the shares offered, the board of directors may, subject to the terms of any resolution of the company and to the provisions of section 202 of the Code, dispose of the same at a price not less than that specified in the offer in such manner as they think most beneficial to the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) This regulation shall not be alterable except with the unanimous consent of all the members of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 11</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If at any time the shares are divided into different classes, the rights attached to any class may be varied with the written consent of the holders of at least three-fourths of the issued shares of that class or the sanction of a special resolution of the holders of the shares of that class.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 12</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to compliance with the provisions of sections 60 to 63 of the Code the company may exercise the powers conferred by section 59 of the Code to,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) purchase its own shares;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) acquire its own shares by a voluntary transfer to it or nominees for it;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) forfeit in manner hereinafter appearing any shares issued with an unpaid liability for non-payment of calls or other sums payable in respect thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 13—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may pay commission or brokerage to any person in consideration of his subscribing or agreeing to subscribe or agreeing to procure subscriptions for any shares in the company provided that the payment does not exceed ten per centum of the price at which the shares are issued.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 14</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Share certificates shall be issued in accordance with section 53 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 15—Calls on Shares</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where shares are issued upon the terms that any part of the price payable therefor is not payable at a fixed time the board of directors may from time to time make calls upon the shareholders in respect of any moneys unpaid on their shares, provided that no call shall be payable less than twenty-eight days from the date fixed for the payment of the last preceding call, and each shareholder shall, subject to receiving not less than fourteen days notice specifying the time or times and place of payment, pay to the company at the time or times and place so specified the amount called upon his shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A call may be revoked or postponed as the directors may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 16</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A call shall be deemed to have been made at the time when the resolution of the directors authorising the call was passed and may be required to be paid by instalments.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 17</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 18</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a sum called in respect of a share is not paid before or on the day appointed for payment, the person from whom the sum is due shall pay interest thereon from the date appointed for payment to the time of actual payment at such rate not exceeding five per centum per annum as the board of directors may determine, but the board of directors shall be at liberty to waive payment of such interest wholly or in part.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 19</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any sum which by the terms of issue of a share becomes payable on application therefor or on allotment, or at any fixed date shall for the purposes of these Regulations be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable, and in the case of non-payment all the relevant provisions of these Regulations as to payment of interest and expenses, forfeiture, sale or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 20</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">As between shares of the same class the company shall not differentiate between the holders as to the amount of calls to be paid or the times of payment.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 21</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If the company shall receive from any shareholder all or any part of the moneys not presently payable or called upon any shares held by him the sum shall not be treated as a payment in respect of the shares until such sum becomes due and payable on such shares and in the mean time shall be deemed to be a loan to the company upon which the company may pay interest at such rate not exceeding five per centum per annum as may be agreed between the board of directors and such shareholder.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 22—Forfeiture of Shares</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a shareholder fails to pay any call or instalment of a call, including any sum deemed to be a call under regulation 19 hereof, the board of directors may at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 23—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The notice shall name a further day not earlier than the expiration of fourteen days from the date of service of the notice on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the times appointed the shares in respect of which the call was made will be liable to be forfeited.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 24—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If the requirements of such notice are not complied with, any share in respect of which the notice has been given may, at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the directors to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 25—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A forfeited share may either be cancelled by alteration of these Regulations or may be retained as a treasury share until sold or otherwise disposed of on such terms and in such manner as the board of directors think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 26—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares and shall be bound to surrender to the company for cancellation the share certificate or certificates in respect of the shares so forfeited but shall, notwithstanding, remain liable to pay to the company all moneys which, at the date of the forfeiture, were payable by him to the company in respect of the shares, but his liability shall cease if and when the company shall have received payment in full of all such moneys in respect of the shares.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 27—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A statutory declaration in writing that the declarant is a director or the secretary of the company and that a share in the company has been duly forfeited on the date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 28—Lien</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The company shall have a first and paramount lien on all shares issued with an unpaid liability for all moneys, whether presently payable or not, called or payable at a fixed time in respect of that share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The company''s lien shall extend to all dividends payable thereon.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 29—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If any sum in respect of which the company has a lien is presently payable the board of directors, after serving the notice required by regulations 22 and 23 hereof, may, at any time before the payment required by such notice has been made, sell any share on which the company has such lien instead of forfeiting it in accordance with regulation 24 hereof.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 30—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) To give effect to any such sale the board of directors may authorise some person to transfer the shares sold to the purchaser thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The purchaser shall be registered as the holder of the share comprised in such transfer and he shall not be bound to see to the application of the purchase money nor shall the title to his shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 31—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The proceeds of such sale shall be received by the company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall, subject to a like lien for sums not presently payable as existed upon the shares before the sale, be paid to the person entitled to the share at the date of the sale but the company shall not be bound to make such payment unless and until such person has surrendered to the company for cancellation his share certificate or certificates relating to the shares so sold.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 32—Transfer and Transmission of Shares</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to regulation 8 (a) hereof shares shall be transferable and transfers shall be registered in the manner provided by sections 95 and 98 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 33—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In the event of the death of any shareholder or in the event of the ownership of any share devolving upon any person by reason of his being the legal personal representative, receiver, or trustee in bankruptcy of the holder, or by operation of law, the provisions of section 99 of the Code shall apply.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 34—Dividends</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may, by ordinary resolution, declare dividends in respect of any year or other period but no dividend shall exceed the amount recommended by the board of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 35—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No dividend shall be paid unless,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) the company will, after such payment, be able to pay its debts as they fall due;</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) the amount of such payment does not exceed the amount of the company''s income surplus immediately prior to the making of such payment.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 36—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may, before recommending any dividend, set aside out of the profits or income surplus of the company such sums as they think proper in order to provide for a known liability, including a disputed or contingent liability, or as a depreciation or replacement provision and may carry forward any profits or income surplus which they may think prudent not to distribute.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 37—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">All dividends shall be declared and paid as a fixed sum per share and not as a proportion of the amount paid in respect of a share.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 38—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may deduct from any dividend payable to any shareholder all sums of money presently payable by him to the company in respect of his shares.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 39—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any dividend payable in cash may be paid by cheque or warrant sent by post directed to the registered address of the shareholder or, in the case of joint holders, to the registered address of that one who is first named on the register of members, or to such person and to such address as the holder or joint holders may in writing direct.&nbsp; Every such cheque or warrant shall be made payable to the order of the person to whom it is sent.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any one of two or more joint holders may give effectual receipts for any dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Every dividend payment shall be accompanied by a statement showing the gross amount of the dividend, and any tax deducted or deemed to be deducted therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 40—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No dividend shall bear interest against the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 41—Capitalisation Issues and Non-Cash Dividends</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company, upon the recommendation of the directors, may exercise the powers conferred by section 74 of the Code,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) to make capitalisation issues of shares in accordance with subsection (1) of section 74,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) to resolve, in accordance with subsection (3) of section 74, that any sum standing to the credit of the company''s income surplus and which could have been distributed by way of dividend shall be applied in paying up amounts for the time being unpaid on shares,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(c) to direct, in accordance with subsection (4) of section 74, that payment of a dividend shall be wholly or partly by distribution of securities for money or fully paid shares or debentures of another body corporate or of fully paid debentures of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 42—Accounts and Audit</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors shall cause proper books of account to be kept and a profit and loss account and balance sheet to be prepared, audited and circulated in accordance with sections 123 to 133 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 43—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Auditors, qualified in accordance with section 270 of the Code, shall be appointed and their duties regulated in accordance with sections 134 to 136 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 44—General Meetings and Resolutions</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The powers of the members in general meeting shall be as stated in section 137 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 45—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Annual general meetings shall be held in accordance with section 149 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 46—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Extraordinary general meetings may be convened by the directors whenever they think fit in accordance with section 150 of the Code and shall be convened by the directors on a requisition of members in accordance with section 271 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 47—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Notice of general meetings shall be given in accordance with sections 152 to 159 of the Code and accompanied by any statements required to be circulated therewith in accordance with sections 157 to 159 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 48—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Meetings may be attended by the persons referred to in section 160 of the Code but a member shall not be entitled to attend unless all calls or other sums presently payable by him in respect of shares in the company have been paid.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 49—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The quorum required for any general meeting shall be as stated in section 161 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 50—</span></b></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) In accordance with section 163 of the Code any member entitled to attend and vote at a meeting of the company shall be entitled to appoint another person, whether a member of the company or not, as his proxy to attend and vote instead of him and such proxy shall have the same rights as the member to speak at the meeting.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) An instrument appointing a proxy shall be in the following form or a form as near thereto as circumstances admit:</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John Mensah &amp; Co., Limited</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">I/We&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">being a member/members of the above-named company hereby appoint.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">of</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">or failing him</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as my/our proxy to vote for me/us on my/our behalf at the annual/extraordinary general meeting of the company to be held on the&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and at any adjournment thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Signed this&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This form is to be used:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Strike out whichever is not desired.* in favour of</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">-------------------------- resolution numbered 1</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">against</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Strike out whichever is not desired.* in favour of</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">--------------- resolution numbered 2.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">against</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">[Delete if only one resolution is to be proposed; add further instructions if more than two resolutions are to be proposed.]</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Unless otherwise instructed, the proxy will vote as he thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">* Strike out whichever is not desired."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 51</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A body corporate which is a member of the company may attend and vote either by proxy or by a representative appointed in accordance with section 165 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 52</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Meetings shall be conducted in accordance with sections 166 to 173 of the Code.&nbsp; On a poll being demanded the Chairman of the meeting shall not be required to direct a postal ballot in accordance with subsections (6), (7) and (8) of section 170 of the Code unless he thinks fit or an ordinary resolution to that effect is moved at the meeting and passed on a show of hands.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 53</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In accordance with section 174 of the Code a resolution in writing signed by all the members for the time being entitled to attend and vote at general meetings, or being bodies corporate by their duly authorised representatives, and if the company has only one such member by that member shall be as valid and effective for all purposes, except as provided by such section 174, as if the same had been passed at a general meeting of the company duly convened and held, and if described as a special resolution shall be deemed to be a special resolution within the meaning of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 54</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of general meetings shall be kept in accordance with section 177 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 55</span></b><span style="font-family: Arial;">—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If at any time the shares of the company are divided into different classes the foregoing regulations shall apply to a meeting of any class of members in like manner as they apply to general meetings but so that the necessary quorum shall be as set out in section 175 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 56—Votes of Members</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to any rights or restrictions for the time being attached to any class of preference shares and which may be validly attached thereto pursuant to section 49 of the Code,</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(a) on a show of hands each member and each proxy lawfully present at the meeting shall have one vote, and on a poll each member present in person or by proxy shall have one vote for each share held by him.</span></p><p class="MsoNormal" style="text-align: justify; margin-left: 36pt;"><span style="font-family: Arial;">(b) in the event of a postal ballot being directed pursuant to subsections (6), (7) and (8) of section 170 of the Code, each member entitled to attend and vote at the meeting shall have one vote for each share held by him.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 57—Directors</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The number of directors, not being less than two or more than five, shall be determined by ordinary resolution of the members in general meeting and until so determined shall be two.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 58—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The continuing directors may act notwithstanding any vacancy in their body but if and so long as their number is reduced below two or below the number fixed by the directors as the necessary quorum they may act for four weeks after the number is so reduced, but thereafter may act only for the purpose of increasing their number to that number or of summoning a general meeting of the company and for no other purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 59—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The appointment of directors shall be regulated by sections 181 and 272 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 60—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The persons referred to in section 182 of the Code shall not be competent to be appointed directors of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 61—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A director need not be a member of the company or hold any shares therein.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 62—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The office of director shall be vacated in accordance with section 184 of the Code and any director may be removed from office in accordance with section 185 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 63—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The company may appoint substitute directors in accordance with section 187 of the Code and any director may appoint an alternate director in accordance with section 188 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An alternate director shall not be entitled to be remunerated otherwise than out of the remuneration of the director appointing him.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 64—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">At least one director of the company shall at all times be present in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 65—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The remuneration payable to any director in whatsoever capacity shall be determined or approved by the members in general meeting in accordance with section 194 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 66—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The proceedings of the directors shall be regulated by section 200 of the Code and the board of directors may delegate any of their powers to committees of the directors in accordance with that section.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 67—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of meetings of the board of directors and of any committee of directors shall be kept in accordance with section 201 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 68—Powers and Duties of Directors</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The business of the company shall be managed by the directors who may pay all expenses incurred in promoting and registering the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to section 202 of the Code, the board of directors may exercise all such powers of the company, including power to borrow money and to mortgage or charge its property and undertaking or any part thereof and to issue debentures, as are not by the Code or these Regulations required to be exercised by the members in general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 69—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In any transaction with the company or on its behalf and in the exercise of their powers the directors shall observe the duties and obligations imposed on them by sections 203 to 205 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 70—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to compliance with section 207 of the Code, a director may enter into any contract with the company and such contract or any other contract of the company in which any director is in any way interested shall not be liable to be avoided nor shall any director be liable to account for any profit made thereby by reason of the director holding the office of director or of the fiduciary relationship thereby established.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 71—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any director may act by himself or his firm in a professional capacity for the company, except as auditor, and he or his firm shall be entitled to proper remuneration for professional services as if he were not a director.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 72—Executive and Managing Directors</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may exercise the powers conferred by section 192 of the Code to appoint one or more of their body to any other office or place of profit under the company, other than the office of auditor, for such period and on such terms as they may determine and, subject to the terms of any agreement entered into in any particular case, may revoke such appointment.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 73—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors may exercise the power conferred by section 193 of the Code to appoint one or more of their body to the office of managing director for such period and on such terms as they may determine and, subject to the terms of any agreement entered into in any particular case, may revoke such appointment and such appointment shall be automatically determined if the holder of the office ceases from any cause to be a director.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and with such restrictions as they think fit, and either collaterally with, or on the exclusion of, their own powers, and subject to the terms of any agreement entered into in any particular case, may from time to time revoke or vary all or any of such powers.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 74—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No remuneration shall be payable to any director in respect of any office or place of profit to which he is appointed under the foregoing regulations unless and until the terms of his appointment have been approved by ordinary resolution of the company in general meeting in accordance with section 194 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 75—Secretary and Officers and Agents</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Secretary shall be appointed by the board of directors for such time, at such remuneration, and upon such conditions as they think fit; and any secretary so appointed may be removed by them, subject however to his right to claim damages if removed in breach of contract.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 76—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A provision in the Code or these Regulations requiring or authorising a thing to be done by or to a director and the secretary shall not be satisfied by its being done by or to the same person acting both as director and as, or in place of, the secretary.</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 77—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors may from time to time appoint officers and agents of the company and may appoint any body corporate, firm, or body of persons, whether nominated directly or indirectly, by the board of directors, to be the attorney or attorneys of the company for such purposes and with such powers, authorities and discretions, not exceeding those vested in or exercisable by the directors under these Regulations, and for such period and subject to such conditions as they may think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any such powers of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the directors may think fit and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 78—The Seal</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The directors shall provide for the safe custody of the seal, which shall only be used by the authority of the board of directors or of a committee of the directors authorised by the board of directors in that behalf, and every instrument to which the seal shall be affixed shall be signed by a director, and shall be countersigned by the secretary or by a second director or by some other person appointed by the directors for the purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 79—</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may exercise the powers conferred by section 148 of the Code with regard to having an official seal for use abroad, and such powers shall be vested in the board of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 80—Service of Documents</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any document may be served by the company on any member, debentureholder or director of the company in the manner provided by section 262 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 81—Winding-up</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If the company shall be wound up the liquidator may, with the sanction of a special resolution of the company and any other sanction required by the Code or by the Bodies Corporate (Official Liquidation) Act, 1963 (Act 180), divide amongst the members in specie or kind the whole or any part of the assets of the company, whether they shall consist of property of the same kind or not, and may for such purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the members or different classes of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the members as the liquidator, with the like sanction, shall think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notwithstanding the foregoing no member shall be compelled to accept any securities whereon there is any liability.</span></p><p class="MsoNormal" style="text-align: justify;"><b><span style="font-family: Arial;">Regulation 82—Interpretation</span></b></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In these Regulations; unless the context otherwise requires,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) "Code" means the Companies Code, 1963 (Act 179) or any statutory modification or re-enactment thereof;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) words or expressions shall have the same meaning as in the Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) references to sections of the Code shall mean such sections as modified or re-enacted from time to time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">I the undersigned am desirous of forming an incorporated company in pursuance of these Regulations and I agree to take the number of shares in the company set opposite my name and to pay therefor in cash the consideration stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name, Address and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Description or&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable in Cash</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Occupation of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subscriber</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Mensah of 1116, High Street,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Accra, Storekeeper&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; £G100</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Dated the 22nd day of November, 1961.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Witness to the above signature:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Robinson.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Address&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkrumah Circle, Accra.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Description or Occupation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp; Legal Practitioner.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">NOTES ON PART I</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulations in the form of regulations 1 to 7 must be expressly stated in the Regulations lodged for registration.&nbsp; The remaining regulations may be adopted by reference by stating:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"8. The company is a private company and accordingly regulations 8 to 82 in Part I of Table A in the Second Schedule to the Companies Code, 1963 (Act 179), shall apply."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to exclude any such regulations insert after "Companies Code, 1963 (Act 179)", the words "(except regulations)".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to exclude Table A completely, insert instead of the above:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"8. The regulations contained in Table A in the Second Schedule to the Companies Code, 1963 (Act 179), shall not apply to the company except in so far as they are repeated or contained in these Regulations."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In that event care must be taken to include a regulation equivalent to regulation 8 of the Table; otherwise the company will not be a private company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Regulations 8 and 32. If in addition, or instead, of the unfettered power to refuse transfers it is desired to give the other shareholders rights of pre-emption or first refusal appropriate provisions should be inserted after regulation 32.&nbsp; In that event regulation 8 (a) need merely state "the right to transfer shares is restricted in manner hereinafter appearing".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Regulation 52. If the shares are equally divided between two interests it may be desirable to delete this regulation and to substitute another beginning—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Meetings shall be conducted in accordance with sections 166 to 173 of the Code but so that the Chairman of the meeting shall not have a casting vote either on a show of hands or a poll....."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This will prevent one side from out-voting the other but may, of course, lead to a deadlock.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Regulation 52.&nbsp; If it is desired that the Chairman should be required to direct a postal ballot if a poll is demanded, this regulation should be deleted and another substituted in which the last sentence should read:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"On a poll being validly demanded the Chairman of the meeting shall direct a postal ballot in accordance with subsections (6), (7) and (8) of section 170 of the Code."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Regulation 59.&nbsp; If it is desired that any class of security-holders or the employees shall have the right to appoint one or more directors, this regulation should be deleted and another substituted making the appropriate provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Regulation 63.&nbsp; If it is desired that the alternate director shall be entitled to the remuneration of his appointor this regulation should be deleted and another substituted in which the second sentence should read:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"An alternate director shall be entitled to receive from the company during the period of his appointment the remuneration to which his appointor, but for that appointment, would have been entitled, and his appointor shall not be entitled to such remuneration for that period."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Regulation 66.&nbsp; As pointed out in Note 2 it may sometimes be desirable to deprive the Chairman of a casting vote.&nbsp; In that event this regulation should be deleted and the following substituted:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"The proceedings of the directors shall be regulated by section 200 of the Code but so that on an equality of votes the Chairman shall not have a second or casting vote."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Subscription of Regulations.&nbsp; If there is to be more than one member it may be convenient for all to subscribe, in which case this provision should be amended to read as in the corresponding provision in Part II.&nbsp; It will normally be convenient for the subscribers to sign for the amount of the minimum cash consideration required under section 28 and not merely for one share each.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. No provision has been made for the keeping of branch registers as these will rarely be needed in the case of private companies. Should it nevertheless be desired to maintain such registers a regulation similar to regulation 43 of Part II should be included.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Table A—Regulations for a Public Company Limited by Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 1—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The name of the company is Ghana Mining Corporation Limited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 2—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The nature of the businesses which the company is authorised to carry on are,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) to purchase, take concessions of, lease, or otherwise acquire any mines, mining rights, and metalliferous land in Ghana or elsewhere and any interest therein, and to explore, work, exercise, develop, and turn the same to account;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) to crush, win, get, quarry, smelt, calcine, refine, dress, amalgamate, manipulate, and prepare for market, ore, metal and mineral substances of all kinds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 3—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Pursuant to section 24 of the Companies Code, 1963 (Act 179), the company has, for the furtherance of its authorised businesses all the powers of a natural person of full capacity except in so far as such powers are expressly excluded by these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 4—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The first directors of the company are,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kofi Mensah</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Henry Smith</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Herbert Harold Brown</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kwame Kwasi</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">George Kojo</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Thomas Kobina and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">William Kwaku</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 5—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The powers of the board of directors are limited in accordance with section 202 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 6—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The liability of the members of the company is limited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 7—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company is to be registered with 500,000 shares of no par value.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 8—Shares and Variation of Rights</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may, by special resolution altering these Regulations,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) increase the number of its shares by creating new shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) reduce the number of its shares by cancelling shares which have not been taken or agreed to be taken by any person, or by consolidating its existing shares, whether issued or not, into a smaller number of shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) provide for different classes of shares by attaching to certain of the shares preferred, deferred or other special rights or restrictions whether in regard to dividend, voting, repayment, or otherwise:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that the voting rights of equity shares shall comply with the provisions of sections 31 and 50 of the Code and the voting rights of preference shares shall comply with the provisions of sections 31 and 49 of the Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) in accordance with section 59 of the Code create preference shares which are, or at the option of the company are liable, to be redeemed on such terms and in such manner as may be provided, but subject to compliance with the provisions of sections 60 to 63 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 9—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">On the issue of any new or unissued shares in the company the directors shall comply with the provisions of section 202 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 10—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If at any time the shares are divided into different classes, the rights attached to any class may be varied with the written consent of the holders of at least three-fourths of the issued shares of that class or the sanction of a special resolution of the holders of the shares of that class.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 11—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to compliance with the provisions of sections 60 to 63 of the Code the company may exercise the powers conferred by section 59 of the Code to,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) purchase its own shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) acquire its own shares by a voluntary transfer to it or to nominees for it;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) forfeit in manner hereinafter appearing any shares issued with an unpaid liability for non-payment of calls or other sums payable in respect thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 12—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may pay commission or brokerage to any person in consideration of his subscribing or agreeing to subscribe or procuring or agreeing to procure subscriptions for any shares in the company provided that the payment does not exceed ten per centum of the price at which the shares are issued.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 13—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Share certificates shall be issued in accordance with section 53 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 14—Calls on Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Where shares are issued upon the terms that any part of the price payable therefor is not payable at a fixed time the board of directors may from time to time make calls upon the shareholders in respect of any moneys unpaid on their shares, provided that no call shall be payable less than twenty-eight days from the date fixed for the payment of the last preceding call, and each shareholder shall, subject to receiving not less than fourteen days notice specifying the time or times and place of payment, pay to the company at the time or times and place so specified the amount called upon his shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) A call may be revoked or postponed as the directors may determine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 15—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A call shall be deemed to have been made at the time when the resolution of the directors authorising the call was passed and may be required to be paid by instalments.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 16—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 17—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a sum called in respect of a share is not paid before or on the day appointed for payment, the person from whom the sum is due shall pay interest thereon from the date appointed for payment to the time of actual payment at such rate not exceeding five per centum per annum as the board of directors may determine, but the board of directors shall be at liberty to waive payment of such interest wholly or in part.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 18—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any sum which by the terms of issue of a share becomes payable on application therefor or on allotment, or at any fixed date shall for the purposes of these Regulations be deemed to be a call duly made and payable on the date on which by the terms of issue the same becomes payable, and in the case of non-payment all the relevant provisions of these Regulations as to payment of interest and expenses, forfeiture, sale or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 19—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">As between shares of the same class the company shall not differentiate between the holders as to the amount of calls to be paid or the times of payment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 20—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If the company shall receive from any shareholder all or any part of the moneys not presently payable or called upon any shares held by him the sum shall not be treated as a payment in respect of the shares until such sum becomes due and payable on such shares and in the meantime shall be deemed to be a loan to the company upon which the company may pay interest at such rate not exceeding five per centum per annum as may be agreed between the board of directors and such shareholder.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 21—Forfeiture of Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If a shareholder fails to pay any call or instalment of a call, including any sum deemed to be a call under regulation 18 hereof, the board of directors may at any time thereafter during such time as any part of the call or instalment remains unpaid, serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 22—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The notice shall name a further day, not earlier than the expiration of fourteen days from the date of service of the notice, on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment at or before the times appointed the shares in respect of which the call was made will be liable to be forfeited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 23—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If the requirements of such notice are not complied with, any share in respect of which the notice has been given may, at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of the directors to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 24—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A forfeited share may either be cancelled by alteration of these Regulations or may be retained as a treasury share until sold or otherwise disposed of on such terms and in such manner as the board of directors think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 25—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares and shall be bound to surrender to the company for cancellation the share certificate or certificates in respect of the shares so forfeited but shall, notwithstanding, remain liable to pay to the company all moneys which, at the date of the forfeiture, were payable by him to the company in respect of the shares, but his liability shall cease if and when the company shall have received payment in full of all such moneys in respect of the shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 26—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A statutory declaration in writing that the declarant is a director or the secretary of the company and that a share in the company has been duly forfeited on the date stated in the declaration, shall be conclusive evidence of the facts therein stated as against all persons claiming to be entitled to the share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 27—Lien</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The company shall have a first and paramount lien on all shares issued with an unpaid liability for all moneys, whether presently payable or not, called or payable at a fixed time in respect of that share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The company''s lien shall extend to all dividends payable thereon.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 28—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If any sum in respect of which the company has a lien is presently payable the board of directors, after serving the notice required by regulations 21 and 22 hereof, may, at any time before the payment required by such notice has been made, sell any share on which the company has such lien instead of forfeiting it in accordance with regulation 23 hereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 29—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) To give effect to any such sale the board of directors may authorise some person to transfer the shares sold to&nbsp;&nbsp;&nbsp;&nbsp; the purchaser thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The purchaser shall be registered as the holder of the shares comprised in such transfer and he shall not be&nbsp;&nbsp; bound to see to the application of the purchase money nor shall the title to his shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 30—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The proceeds of such sale shall be received by the company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue, if any, shall, subject to a like lien for sums not presently payable as existed upon the shares before the sale, be paid to the person entitled to the share at the date of the sale but the company shall not be bound to make such payment unless and until such person has surrendered to the company for cancellation his share certificate or certificates relating to the shares so sold.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 31—Transfer and Transmission of Shares</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors may decline to register,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the transfer of any share on which there is an unpaid liability to a person of whom they shall not approve;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the transfer of any share to any person who is an infant or to any one found by a competent court in Ghana to be a lunatic or of unsound mind.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject as aforesaid there shall be no restriction on the right to transfer any shares in the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 32—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Shares shall be transferable and transfers shall be registered in the manner provided by sections 95 and 98 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 33—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In the event of the death of any shareholder or in the event of the ownership of any share devolving upon any person by reason of his being the legal personal representative, receiver or trustee in bankruptcy of the holder, or by operation of law, the provisions of section 99 of the Code shall apply.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 34—Dividends</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may by ordinary resolution declare dividends in respect of any year or other period but no dividend shall exceed the amount recommended by the board of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 35—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may exercise the power conferred by section 293 of the Code to pay interim dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 36—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No dividend shall be paid unless,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the company will, after such payment, be able to pay its debts as they fall due;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amount of such payment does not exceed the amount of the company''s income surplus immediately prior to the making of such payment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 37—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may, before recommending any dividend, set aside out of the profits or income surplus of the company such sums as they think proper in order to provide for a known liability, including a disputed or contingent liability, or as a depreciation or replacement provision and may carry forward any profits or income surplus which they may think prudent not to distribute.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 38—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">All dividends shall be declared and paid as a fixed sum per share and not as a proportion of the amount paid in respect of a share.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 39—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may deduct from any dividend payable to any shareholder all sums of money presently payable by him to the company in respect of his shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 40—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Any dividend payable in cash may be paid by cheque or warrant sent by post directed to the registered address of the shareholder or, in the case of joint holders, to the registered address of that one who is first named on the register of members, or to such person and to such address as the holder or joint holders may in writing direct.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Every such cheque or warrant shall be made payable to the order of the person to whom it is sent.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Any one of two or more joint holders may give effectual receipts for any dividends.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(4) Every dividend payment shall be accompanied by a statement showing the gross amount of the dividend, and any tax deducted or deemed to be deducted therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 41—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No dividend shall bear interest against the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 42—Capitalisation Issues and Non-Cash Dividends</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company, upon the recommendation of the directors, may exercise the powers conferred by section 74 of the Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) to make capitalisation issues of shares in accordance with subsection (1) of section 74;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) to resolve, in accordance with subsection (3) of section 74, that any sum standing to the credit of the company''s income surplus and which could have been distributed by way of dividend shall be applied in paying up amounts for the time being unpaid on shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) to direct, in accordance with subsection (4) of section 74, that payment of a dividend shall be wholly or partly by distribution of securities for money or fully paid shares or debentures of another body corporate or of fully paid debentures of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 43—Branch Registers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may exercise the powers conferred by sections 103 and 104 of the Code with respect to the keeping of branch registers and the board of directors may, subject to the provisions of those sections, make such regulations as they think fit respecting the keeping of any such register and may, subject as aforesaid, vary such regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 44—Accounts and Audit</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors shall cause proper books of account to be kept and a profit and loss account and balance sheet to be prepared, audited and circulated in accordance with sections 123 to 133 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 45—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Auditors, qualified in accordance with section 296 of the Code, shall be appointed and their duties regulated in accordance with sections 134 to 136 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 46—General Meetings and Resolutions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The powers of the members in general meeting shall be as stated in section 137 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 47—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Annual general meetings shall be held in accordance with section 149 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 48—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Extraordinary general meetings may be convened by the directors whenever they think fit in accordance with section 150 of the Code and shall be convened by the directors on a requisition of members in accordance with section 297 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 49—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Notice of general meetings shall be given in accordance with sections 152 to 159 of the Code and accompanied by any statements required to be circulated therewith in accordance with sections 157 to 159 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 50—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Meetings may be attended by the persons referred to in section 160 of the Code but a member shall not be entitled to attend unless all calls or other sums presently payable by him in respect of shares in the company have been paid.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 51—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The quorum required for any general meeting shall be as stated in section 161 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 53—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) In accordance with section 163 of the Code any member entitled to attend and vote at a meeting of the company shall be entitled to appoint another person, whether a member of the company or not, as his proxy to attend and vote instead of him and such proxy shall have the same rights as the member to speak at the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An instrument appointing a proxy shall be in the following form or a form as near thereto as circumstances admit:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Ghana Mining Corporation Limited</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">I/We.....................................................of.......................................................................being a member/members of the above-named company hereby appoint.........................................of ............................. or failing him .............................................. of......................................as my/our proxy to vote for me/us on my/our behalf at the annual/extraordinary general meeting of the company to be held on the.....................................................day of......................19......and at any adjournment thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;Signed this....................................day of.......................................19....</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">This form is to be used:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Strike out whichever is not desired.* in favour of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________ resolution numbered 1</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp; against</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Strike out whichever is not desired.* in favour of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ______________ resolution numbered 2.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp; against</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">[Delete if only one resolution is to be proposed; add further instructions if more than two resolutions are to be proposed.]</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Unless otherwise instructed, the proxy will vote as he thinks fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">*Strike out whichever is not desired."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 53—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A body corporate which is a member of the company may attend and vote either by proxy or by a representative appointed in accordance with section 165 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 54—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Meetings shall be conducted in accordance with sections 166 to 173 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) On a poll being demanded the chairman of the meeting shall not be required to direct a postal ballot in accordance with subsections (6), (7) and (8) of section 170 of the Code unless he thinks fit or an ordinary resolution to that effect is moved at the meeting and passed on a show of hands.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 55—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In accordance with section 174 of the Code a resolution in writing signed by all the members for the time being entitled to attend and vote at general meetings, or being bodies corporate by their duly authorised representatives, and if the company has only one such member by that member shall be as valid and effective for all purposes, except as provided by such section 174, as if the same had been passed at a general meeting of the company duly convened and held, and if described as a special resolution shall be deemed to be a special resolution within the meaning of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 56—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of general meetings shall be kept in accordance with section 177 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 57—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If at any time the shares of the company are divided into different classes the foregoing regulations shall apply to meetings of any class of members in like manner as they apply to general meetings but so that the necessary quorum shall be as set out in section 175 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 58—Votes of Members</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to any rights or restrictions for the time being attached to any class of preference shares and which may be validly attached thereto pursuant to section 49 of the Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) on a show of hands each member and each proxy lawfully present at the meeting shall have one vote, and on a poll each member present in person or by proxy shall have one vote for each share held by him;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) in the event of a postal ballot being directed pursuant to subsections (6), (7) and (8) of section 170 of the Code, each member entitled to attend and vote at the meeting shall have one vote for each share held by him.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 59—Directors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The number of directors, not being less than five or more than twelve, shall be determined by ordinary resolution of the members in general meeting and until so determined shall be seven.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 60—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The continuing directors may act notwithstanding any vacancy in their body but if and so long as their number is reduced below two or below the number fixed by the directors as the necessary quorum they may act for four weeks after the number is so reduced, but thereafter may act only for the purpose of increasing their number to that number or of summoning a general meeting of the company and for no other purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 61—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The appointment of directors shall be regulated by sections 181, 298 and 299 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 62—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The persons referred to in section 182 of the Code shall not be competent to be appointed directors of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 63—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A director need not be a member of the company or hold any shares therein.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 64—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The office of director shall be vacated in accordance with section 184 of the Code and any director may be removed from office in accordance with section 185 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 65—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The company may appoint substitute directors in accordance with section 187 of the Code and any director&nbsp; may appoint an alternate director in accordance with section 188 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An alternate director shall not be entitled to be remunerated otherwise than out of the remuneration of the director appointing him.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 66—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">At least one director of the company shall at all times be present in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 67—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The remuneration payable to any director in whatsoever capacity shall be determined or approved by the members in general meeting in accordance with section 194 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 68—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The proceedings of the directors shall be regulated by section 200 of the Code and the board of directors may delegate any of their powers to committees of the directors in accordance with that section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 69—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of meetings of the board of directors and of any committee of directors shall be kept in accordance with section 201 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 70—Powers and Duties of Directors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The business of the company shall be managed by the directors who may pay all expenses incurred in promoting and registering the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to section 202 of the Code, the board of directors may exercise all such powers of the company, including power to borrow money and to mortgage or charge its property and undertaking or any part thereof and to issue debentures, as are not by the Code or these Regulations required to be exercised by the members in general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 71—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In any transaction with the company or on its behalf and in the exercise of their powers the directors shall observe the duties and obligations imposed on them by sections 203 to 205 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 72—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject to compliance with section 207 of the Code, a director may enter into any contract with the company and such contract or any other contract of the company in which any director is in any way interested shall not be liable to be avoided nor shall any director be liable to account for any profit made thereby by reason of the director holding the office of director or of the fiduciary relationship thereby established.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 73—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any director may act by himself or his firm in a professional capacity for the company, except as auditor, and he or his firm shall be entitled to proper remuneration for professional services as if he were not a director.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 74—Executive and Managing Directors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The board of directors may exercise the powers conferred by section 192 of the Code to appoint one or more of their body to any other office or place of profit under the company, other than the office of auditor for such period and on such terms as they may determine and, subject to the terms of any agreement entered into in any particular case, may revoke such appointment.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 75—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors may exercise the power conferred by section 193 of the Code to appoint one or more of their body to the office of managing director for such period and on such terms as they may determine and, subject to the terms of any agreement entered into in any particular case, may revoke such appointment and such appointment shall be automatically determined if the holder of the office ceases from any cause to be a director.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The directors may entrust to and confer upon a managing director any of the powers exercisable by them upon such terms and with such restrictions as they think fit, and either collaterally with, or to the exclusion of, their own powers, and subject to the terms of any agreement entered into in any particular case, may from time to time revoke or vary all or any of such powers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 76—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">No remuneration shall be payable to any director in respect of any office or place of profit to which he is appointed under the foregoing regulations unless and until the terms of his appointment have been approved by ordinary resolution of the company in general meeting in accordance with section 194 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 77—Secretary and Officers and Agents</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The secretary shall be appointed by the board of directors for such time, at such remuneration, and upon such conditions as they think fit; and any secretary so appointed may be removed by them, subject however to his right to claim damages if removed in breach of contract.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 78—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A provision in the Code or these Regulations requiring or authorising a thing to be done by or to a director and the secretary shall not be satisfied by its being done by or to the same person acting both as director and as, or in place of, the secretary.</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 79—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors may from time to time appoint officers and agents of the company and may appoint any body corporate, firm, or body of persons, whether nominated directly or indirectly, by the board of directors, to be the attorney or attorneys of the company for such purposes and with such powers, authorities and discretions, not exceeding those vested in or exercisable by the directors under these Regulations, and for such period and subject to such conditions as they may think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any such powers of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as the directors may think fit and may also authorise any such attorney to delegate all or any of the powers, authorities and discretions vested in him.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 80—The Seal</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The directors shall provide for the safe custody of the seal, which shall only be used by the authority of the board of directors or of a committee of the directors authorised by the board of directors in that behalf, and every instrument to which the seal shall be affixed shall be signed by a director, and shall be countersigned by the secretary or by a second director or by some other person appointed by the directors for the purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 81—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The company may exercise the powers conferred by section 148 of the Code with regard to having an official seal for use abroad, and such powers shall be vested in the board of directors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 82—Service of Documents</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any document may be served by the company on any member, debentureholder or director of the company in the manner provided by section 262 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 83—Winding-Up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) If the company shall be wound up, the liquidator may, with the sanction of a special resolution of the company and any other sanction required by the Code or by the Bodies Corporate (Official Liquidations) Act, 1963 (Act 180), divide amongst the members in specie or kind the whole or part of the assets of the company, whether they shall consist of property of the same kind or not, and may for such purpose set such value as he deems fair upon any property to be divided as aforesaid and may determine how such division shall be carried out as between the members or different classes of members.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the members as the liquidator, with the like sanction, shall think fit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) Notwithstanding the foregoing no member shall be compelled to accept any securities whereon there is any liability.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 84—Interpretation</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In these Regulations unless the context otherwise requires</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) "Code" means the Companies Code, 1963 (Act 179), or any statutory modification or re-enactment thereof,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) words or expressions shall have the same meaning as in the Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) references to sections of the Code shall mean such sections as modified or re-enacted from time to time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">We the undersigned are desirous of forming an incorporated company in pursuance of these Regulations and we respectively agree to take the number of shares in the company set opposite our respective names and to pay therefor in cash the consideration respectively stated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name, Address and Description&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of Shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consideration</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">or Occupation of Subscriber&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable in Cash</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kofi Mensah of 301 Ring Road, Obuasi,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Mining Engineer ..&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;£G500</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Henry Smith of 421 Ghana House,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kumasi, Chartered Accountant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ...&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; £G500</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Dated the 22nd day of November, 1961.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Witness to the above signature:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name—Charles Robinson</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Address—Nkrumah Circle, Accra</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Description or Occupation—Legal Practitioner.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">NOTES ON PART II</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulations in the form of regulations 1 to 7 must be expressly stated in the Regulations lodged for registration.&nbsp; The remaining regulations may be adopted by reference by stating:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"8 The company is a public company and accordingly regulations 8 to 84 of Part II of Table A in the Second Schedule to the Companies Code, 1963 (Act 179), shall apply."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"If it is desired to exclude any such regulations, insert after "Companies Code, 1963 (Act 179)," the words "(except regulations)".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to exclude Table A completely, insert instead of the above:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"8 The regulations contained in Table A in the Second Schedule to the Companies Code, 1963 (Act 179), shall not apply to the company except in so far as they are repeated or contained in these Regulations."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Regulation 54.&nbsp; If it is desired that the chairman should be required to direct a postal ballot if a poll is demanded, this regulation should be deleted and another substituted in which the last sentence should read:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"On a poll being validly demanded the chairman of the meeting shall direct a postal ballot in accordance with subsection (6) of section 170 of the Code."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Regulation 61.&nbsp; If it is desired that any class of security-holders or the employees shall have the right to appoint one or more directors, this regulation should be deleted and another substituted making the appropriate provisions.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to provide for cumulative voting, this regulation should be deleted and the following substituted:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"Directors shall be elected by cumulative voting and accordingly the provisions contained in sections 181 and 300 of the Code shall regulate the appointment of directors."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Regulation 64. If cumulative voting for directors has been prescribed (see note 2) this regulation should be deleted and the following substituted:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"The office of director shall be vacated in accordance with section 184 of the Code and, subject to section 300 of the Code, any director may be removed from office in accordance with section 185 of the Code."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Regulation 65.&nbsp; If it is desired that the alternate director shall be entitled to the remuneration of his appointor this regulation should be deleted and another substituted in which the second sentence should read:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"An alternate director shall be entitled to receive from the company during the period of his appointment the remuneration to which his appointor, but for that appointment, would have been entitled, and his appointor shall not be entitled to such remuneration for that period."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Subscription of Regulations.&nbsp; There is no need for the Regulations to be subscribed by more than one member and if only one is to subscribe, this provision should be amended to read as in the corresponding provision in Part I.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">It will normally be convenient for the subscribers to sign for the amount of the minimum cash consideration required under section 28 and not, as is the present practice, merely for one share each.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Table B—Regulations of a Company Limited by Guarantee</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 1—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The name of the company is the Ghana Historical Society (hereinafter called the "Society").</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 2—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The objects for which the Society is formed are,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) to promote the study of history and in particular the history of Ghana and of the African continent;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) to provide a central organisation in Ghana for teachers, students and research workers in historical studies;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) to provide opportunities for the reading of papers, the delivering of lectures, and for the acquisition and dissemination of historical information;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) to sponsor historical research and to provide fellowships, grants, scholarships and bursaries for students of history;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) to publish or assist in the publication of the proceedings of the Society and of books, articles and papers on historical subjects.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 3—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The income and property of the Society, whencesoever derived, shall be applied solely towards the promotion of the objects of the Society as set forth in the immediately preceding regulation and no portion thereof shall be paid or transferred, directly or indirectly, by way of dividend, bonus or profit to any person who is a member of the Society or of its Council:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) nothing herein contained shall prevent the payment in good faith, of reasonable and proper remuneration to any officer of the Society, or to any member of the Society in return for any services actually rendered to the Society nor prevent the payment of interest at a rate not exceeding six per centum per annum on money lent, or reasonable and proper rent for premises let to the Society;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) no member of the Council of the Society shall be appointed to any salaried office of the Society or office of the Society paid by fees;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) no remuneration or other benefit in money or moneys worth shall be given by the Society to any member of the Council except repayment of out-of-pocket expenses and interest at the rate aforesaid on money lent or reasonable and proper rent for premises let to the Society;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 4—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Pursuant to section 24 of the Companies Code, 1963 (Act 179), the Society has, for the furtherance of its authorised objects, all the powers of a natural person of full capacity except in so far as such powers are expressly excluded by these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 5—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The board of directors of the Society shall be known as the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The first members of the Council are,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Mensah</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">George Kojo</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kwame Kofi</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">William Kwaku</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Harold Brown</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Charles Crabbe</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Thomas Kobina</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Henry Jones, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Herbert Henry Smith.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 6—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The powers of the Council are limited in accordance with section 202 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 7—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The liability of the members is limited.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 8—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Each member of the Society undertakes to contribute to the assets of the Society in the event of its being wound up while he is a member or within one year after he ceases to be a member, for payment of the debts and liabilities of the Society and of the costs of winding up such amount as may be required not exceeding ten pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 9—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If upon the winding up or dissolution of the Society there remains after the discharge of its debts and liabilities any property of the Society, the same shall not be distributed among the members but shall be transferred to some other company limited by guarantee having objects similar to the objects of the Society or applied to some charitable object, such other company or charity to be determined by ordinary resolution of the members in general meeting prior to the dissolution of the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 10—Ordinary Members</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The subscribers of these Regulations and such other persons as the Council shall admit to ordinary membership shall be members of the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The members in general meeting may by ordinary resolution prescribe qualifications for membership of the Society and unless the resolution otherwise provides no person shall thereafter be admitted to membership by the Council unless he has the prescribed qualifications.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 11—Associate Members</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Society in general meeting may resolve by ordinary resolution that the Council may admit to associate membership of the Society and may prescribe qualifications for such associate membership.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Associate members shall be permitted to take part in such proceedings and functions of the Society as the resolution shall prescribe or, in default of prescription, as the Council shall think fit, but shall not be members of the Society in its corporate capacity and shall not have any vote on any resolution at any general meeting of the Society, or be counted towards a quorum.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 12—Honorary Membership</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Society in general meeting may resolve by ordinary resolution that the Council may admit to honorary membership of the society any person, whether or not an ordinary or associate member of the Society, who in the opinion of the Council has rendered signal service to the Society or to any of the objects which the Society is formed to promote.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) An honorary member, unless also admitted as an ordinary member of the Society, shall have the same rights as an associate member and if also admitted as an ordinary member shall have the same rights as an ordinary member but shall not be liable to pay any subscription to the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 13—Resignation or Exclusion of Members</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Subject, in the case of ordinary members of the Society, to compliance with section 10 of the Code,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) any ordinary, associate or honorary member may resign his membership by notice in writing to the Council;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the Council may in its discretion exclude from membership of the Society any ordinary or associate member,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) if the subscription payable to the Society by such ordinary or associate member shall be unpaid six months after the same shall have become due and payable; or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) if in the opinion of the Council the continued membership of such person would be detrimental to the interests of the Society or to the furtherance of its objects.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 14—Subscriptions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) Ordinary and associate members shall pay such annual subscriptions as the members in general meeting on the recommendation of the Council shall determine by ordinary resolution from time to time.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The subscription shall be due and payable on admission to membership and thereafter on the first day of January in each year or on such other date as the resolution shall provide.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The subscription may differ as between ordinary and associate members and a different subscription may be prescribed in the case of corporate bodies admitted to membership or in the case of any person admitted to membership as representing any institution or unincorporated association.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 15—Accounts and Audit</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Council shall cause proper books of account to be kept and an income and expenditure account and balance sheet to be prepared, audited and circulated in accordance with sections 123 to 133 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 16—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Auditors, qualified in accordance with section 296 of the Code, shall be appointed and their duties regulated in accordance with sections 134 to 136 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 17—General Meetings and Resolutions</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Annual general meetings shall be held in accordance with section 149 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 18—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Extraordinary general meetings may be convened by the Council whenever they think fit in accordance with section 150 of the Code, and shall be convened on the requisition of ordinary members in accordance with section 297 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 19—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Notice of general meetings shall be given in accordance with sections 152 to 159 of the Code and accompanied by any statements required to be circulated therewith in accordance with sections 157 to 159 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 20—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">General meetings may be attended by the persons referred to in section 160 of the Code and the quorum required shall be as stated in section 161 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 21—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A member shall not be entitled to attend or vote at any general meeting by proxy.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 22—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A body corporate which is a member of the Society may attend and vote at any general meeting by a representative appointed in accordance with section 165 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 23—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) General meetings shall be conducted in accordance with sections 166 to 173 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The President, or in his absence the Vice-President of the Society, shall preside as chairman at every general meeting but if neither is present within five minutes after the time appointed for holding the meeting the members present shall choose one of their number to be chairman of the meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) On a poll being demanded on any resolution at a general meeting the chairman of the meeting may direct a postal ballot of the ordinary members in accordance with subsections (6), (7) and (8) of section 170 of the Code and shall so direct if an ordinary resolution to that effect is moved at the meeting and passed on a show of hands or if the resolution concerned is,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) a special resolution, or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) any such resolution as is referred to in regulation 9, 10, 11, 12 or 14 of these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 24—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In accordance with section 174 of the Code a resolution in writing signed by all the members, or being bodies corporate by their duly authorised representatives, shall be as valid and effective for all purposes, except as provided by such section 174, as if the same had been passed at a general meeting of the Society duly convened and held, and if described as a special resolution shall be deemed to be a special resolution within the meaning of the Code and these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 25—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of general meetings shall be kept in accordance with section 177 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 26—Votes of Members</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Each ordinary member present at any general meeting shall have one vote on a show of hands or a poll and if a postal ballot is directed in accordance with regulation 23 hereof and subsections (6), (7) and (8) of section 170 of the Code, each ordinary member, whether or not present at the meeting, shall have one vote.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 27—The Council</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The number of members of the Council, not being less than two or more than twelve, shall be determined by ordinary resolution of the members in general meeting and until so determined shall be nine.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 28—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The continuing members of the Council may act notwithstanding any vacancy in their body; but if and so long as their number is reduced below two or below the number fixed by the Council as the necessary quorum, they may act for four weeks after the number is so reduced, but thereafter may act only for the purpose of increasing their number to that number or of summoning a general meeting of the Society and for no other purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 29—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Members of the Council shall be appointed from among the ordinary members of the Society in manner following, that is to say,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) at the first annual general meeting of the Society all the members of the Council shall retire from office and at the annual general meeting in any subsequent year one-third of their number or, if their number is not three or a multiple of three, then the number nearest one-third, shall retire from office;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the members of the Council to retire in every year shall be those who have been longest in office since their last election, but as between persons who became members on the same day those to retire shall,unless they otherwise agree among themselves, be determined by lot;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) election to the Council shall be by secret ballot which shall be conducted in the following manner, that is to say,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) any ordinary member wishing to nominate another ordinary member or members for election to the Council shall notify the Secretary in writing, accompanied by the nominee''s consent in writing, at least twenty-one clear days before the date of the annual general meeting of the Society. A retiring member shall be eligible for re-election without nomination and shall be deemed to offer himself for re-election unless he notifies the Secretary in writing at least twenty-one days before the date of the annual general meeting, that he does not wish to stand for re-election;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) if the number of nominees competent for appointment as members of the Council and retiring members offering themselves for re-election exceeds the number of vacancies to be filled, the Secretary shall, at least fourteen days before the date of the annual general meeting, send to each ordinary member a ballot paper containing a list of the names of such nominees and retiring members offering themselves for re-election requesting him to indicate by means of a distinctive mark on the ballot paper the names of the persons for whom he votes. Each member may vote for one or more persons not exceeding in number the number of vacancies to be filled;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) no ballot paper shall be valid unless returned to the registered office of the Society not less than twenty-four hours before the time appointed for the annual general meeting and shall be counted by scrutineers appointed at the meeting who shall inform the chairman of the meeting of the votes obtained by each candidate. The chairman shall then announce the names of the successful candidates to the meeting. No ballot paper shall be valid on which votes have been cast in excess of the number of vacancies, and in case of doubt as to the validity of a ballot paper or the intention of the voter the decision of the chairman of the meeting shall be final and conclusive;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) if the number of competent nominees and retiring members offering themselves for re-election does not exceed the number of vacancies, the chairman of the meeting shall declare the candidates duly elected.&nbsp; If the number so elected is less than the number of vacancies, the remaining vacancies may be filled as casual vacancies.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) any casual vacancy in the number of members of the Council may be filled by the Council or by ordinary resolution of the members in general meeting in accordance with section 181 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 30—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The persons referred to in section 182 of the Code shall not be competent to be appointed members of the Council.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 31—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Membership of the Council shall be vacated in accordance with section 184 of the Code and any member may be removed from the Council in accordance with section 185 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 32—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The proceedings of the Council shall be regulated by section 200 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) At all meetings of the Council the President, or in his absence, the Vice-President if present, shall be chairman.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 33—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Minutes of meetings of the Council and of any committee of the Council shall be kept in accordance with section 201 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 34—Powers and Duties of the Council</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The activities of the Society shall be managed by the Council who may pay all expenses incurred in promoting and registering the Society.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Subject to section 202 of the Code, the Council may exercise all such powers of the Society, including power to borrow money and to mortgage or charge its property and to issue debentures, as are not by the Code or these Regulations required to be exercised by the members in general meeting.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 35—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In any transaction with the Society or on its behalf and in the exercise of their powers the members of the Council shall observe the duties and obligations imposed on them by sections 203 to 205 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 36—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">To the extent permitted by regulation 3 of these Regulations and subject to compliance with section 207 of the Code, a member of the Council may enter into a contract with the Society and such contract or any other contract of the Society in which any member of the Council is in any way interested shall not be liable to be avoided, nor shall any member of the Council be liable to account for any profit made thereby by reason of his being a member of the Council or of the fiduciary relationship thereby established.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 37—President and Vice-President</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council at their first meeting and at their first meeting held after each annual general meeting shall elect from their members a President and Vice-President of the Society who shall hold office for the ensuing year or until their successors are elected.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Any vacancy occurring in these offices shall be filled in like manner at the next meeting of the Council held after the occurrence of the vacancy.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 38—Committees</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council may appoint committees from among their own members or from the members of the Society or from a combination of both.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The President, or if he is unable or unwilling to act, the Vice President, shall ex officio be a member of every committee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The terms of reference and duration of office of all committees shall be prescribed by the Council and all such committees shall be deemed to be committees of the Council for the purposes of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 39—Secretary and Treasurer and Officers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall appoint a Secretary and a Treasurer or a Secretary/Treasurer who may be one of their own members or a member of the Society or neither.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If one of their own number is appointed the office shall be an honorary one without remuneration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The Council may also appoint such other officers and agents as may be necessary or expedient.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 40—The Seal</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(1) The Council shall be empowered to adopt a common seal for use by the Society and shall provide for the safe custody thereof.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) The seal shall only be used by the authority of the Council or of a committee of the Council authorised by the Council in that behalf, and every instrument to which the seal shall be affixed shall be signed by a member of the Council and shall be countersigned by the Secretary or a second member of the Council or by some other person appointed by the Council for the purpose.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 41—Service of Documents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Any document may be served by the Society on any ordinary member, debentureholder or member of the Council in the manner provided by section 262 of the Code and may be served in like manner on any associate or honorary member either personally or at the address supplied by him to the Society for the purpose of service of notices.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulation 42—Interpretation</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">In these Regulations, unless the context otherwise requires,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) "Code" means the Companies Code, 1963 (Act 179), or any statutory modification or re-enactment thereof;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) words or expressions shall have the same meaning as in the Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) references to sections of the Code shall mean such sections as modified or re-enacted from time to time</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">We the undersigned are desirous of forming an incorporated company in pursuance of these Regulations and we agree to become members thereof and to accept liability in accordance with regulation 8 of these Regulations.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Names, Addresses and Descriptions or Occupation of Subscribers</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Mensah of the University College of Ghana, Legon, Accra, University Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">George Kojo of the University College of Ghana, Legon, Accra, University Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Kwame Kofi of the University College of Ghana, Legon, Accra, University Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">William Kiraku of the University College of Ghana, Legon, Accra, University Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">John Harold Brown of Achimota School, Achimota, Accra, School Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Charles Crabbe of Mfantsipim School, Cape Coast, School Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Patrick Kobina of St. Augustine''s School, Cape Coast, School Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Henry Jones of Adisadel School, Cape Coast, School Teacher</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Herbert Henry Smith of 117 First Avenue, Cantonments, Accra, Author</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Margaret Ward of Aburi Girls'' School, Aburi, School Teacher.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Dated the 22nd day of November, 1961.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Witness to the above signatures:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Robinson</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Address:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nkrumah Circle, Accra</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Description or Occupation: Legal Practitioner.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">NOTES ON TABLE B</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Regulations in the form of regulations 1 to 9 must be expressly stated in the Regulations lodged for registration.&nbsp; The remaining regulations may be adopted by reference by stating:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"10. Regulations 10 to 42 in Table B in the Second Schedule to the Companies Code, 1963 (Act 179), shall apply."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to exclude any such regulations insert after "Companies Code, 1963 (Act 179)," the words "(except regulations )".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">If it is desired to exclude Table B completely insert instead of the above:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"10. The regulations contained in Table B in the Second Schedule to the Companies Code, 1963 (Act 179), shall not apply except in so far as they are repeated or contained in these Regulations."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Regulation 1.—"Association", "Club", "College", "School" or the like should be substituted for "Society" as appropriate.&nbsp; If Table B is adopted there should then be added to the adopting clause given above "but so that any reference therein to "the Society" shall be deemed to be a reference to "the Association" (or "the Club", etc.)".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Regulation 3.—In accordance with section 16 (5) of the Code the Registrar may permit modifications to the form of this regulation where appropriate.&nbsp; In some circumstances it might be appropriate to allow some of the following additions to the proviso:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"nor shall prevent the gratuitous distribution among, or sale at a discount to, members of the Society of any books or other publications, whether published by the Society or otherwise, relating to any of its foregoing objects."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"nor shall prevent the bona fide relieving or assisting of persons, or the wives, widows, families or relations of persons who, having been members of the Society, have ceased to be so and have become poor and necessitous, or are dead."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"nor be deemed to exclude any member of the Society from the benefit of any fellowship, grant, scholarship or bursary made in furtherance of any object of the Society."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"nor shall prevent any member who may be a successful exhibitor at any exhibition or show held or promoted by the Society from receiving as such exhibitor any prize, medal or other recognitions which may be awarded to him."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"nor shall prevent the payment of reasonable fees for acting as an examiner appointed by (the College)."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Regulation 5.—In some cases, for example, if the company is to run a school or college, it may be appropriate to substitute "Board of Governors" for "Council".&nbsp; In that event, if Table B is adopted there should be added to the adopting clause given above "but so that any reference therein to "the Council" or "the member of the Council" shall be deemed to be a reference to "the Board of Governors" or "the Governors", as the case may be".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Regulation 8.—Provided the total amount guaranteed by the subscribers is at least one hundred pounds, the amount of the individual guarantee may be smaller or larger than ten pounds.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. After Regulation 9.—If the company is to be a private company insert here:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"9A.&nbsp; The Society is a private company and accordingly,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the number of members and debentureholders of the Society, exclusive of persons who are bona fide in the employment of the Society and of persons who having been formerly bona fide in the employment of the Society were while in such employment and have continued after the determination of such employment to be members or debentureholders of the Society, is limited to fifty:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that where two or more persons hold one or more debentures jointly they shall for the purpose of this regulation be treated as a single debentureholder;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the Society is prohibited from making any invitation to the public to acquire any of its debentures;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the Society is prohibited from making any invitation to the public to deposit money for fixed periods or payable at call, whether bearing or not bearing interest."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Regulation 16.— If the company is a private company, this regulation should be deleted and the following substituted:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">"16. Auditors, qualified in accordance with section 270 of the Code, shall be appointed and their duties regulated in accordance with sections 134 to 136 of the Code."&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Regulation 18.—If the company is a private company, this regulation should be deleted and another substituted in similar terms except that the final words should read "in accordance with section 271 of the Code."</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. Regulation 20.—If it is desired to increase the size of the quorum this regulation should be deleted and another substituted stating the larger quorum required.&nbsp; If, however, the provisions in regulation 23 regarding a postal ballot are retained, a small quorum is unlikely to matter.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Regulation 21.—Proxy voting is not compulsory in the case of guarantee companies (section 163) and is usually regarded as inappropriate. If it is desired to provide for it this regulation should be deleted and another substituted based on regulation 50 of Table A Part I and regulation 52 of Table A Part II.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Regulation 22.—If proxy voting is allowed, this regulation should be deleted and another substituted based on regulation 51 of Table A Part I and regulation 53 of Table A Part II.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Regulation 29.—It will often be desirable to delete this regulation and to substitute an alternative method of election.&nbsp; The method provided in the regulation provides a suitable procedure for clubs, societies and associations but will rarely be appropriate for schools or colleges, which may prefer to rely on sections 181 and 272 or 298 and 299 of the Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. Regulations 37 and 38.— These regulations may be inappropriate (without amendment) in the case of clubs, schools and colleges.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. Subscription of Regulations.—There is no minimum or maximum number of subscribers but the total guaranteed by the subscribers must not be less than one hundred pounds.&nbsp; Since the amount of the guarantee has been fixed by regulation 8 at ten pounds, in this model there are ten subscribers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THIRD SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 122)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CONTENTS OF ANNUAL RETURN</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. The name of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. The nature of the authorised business or businesses of the company or, if the company is not formed for the purpose of carrying on a business, the nature of its objects.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. The address of the company''s registered office and the number of the post office box of such registered office.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. The address of the company''s principal place of business in Ghana.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. All such particulars with respect to the persons who at the date of the return are the directors and secretary of the company as are required by section 196 of this Code to be contained in the register of directors and secretary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. The present forenames and surnames and any former forename and surname of every member of the company, the nationality, residential and postal addresses and the business occupation of every such member of the company, the number of shares held by every such member at the date of the return, particulars of shares transferred since the last return by persons who are still members of the company, that is to say, the number of the shares and the date of registration of the transfer; particulars of shares transferred since the last return by persons who have ceased to be members of the company, that is to say, the number of such shares and the date of registration of the transfer and the folio of the register containing particulars of every such member.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. If the company''s register of members is kept and maintained elsewhere than at the registered office of the company, the address at which it is kept.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. If the company maintains a register of debentureholders elsewhere than at the registered office of the company, the address at which it is kept.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. Particulars of the total amount of the indebtedness of the company in respect of all charges, particulars of which are required to be registered with the Registrar pursuant to Part L of Chapter II of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. The names, countries of incorporation, and nature of the businesses of all subsidiaries of the company and of all bodies corporate in which the company is beneficially entitled to equity shares conferring the right to exercise more than twenty-five per centum of the votes exercisable at a general meeting of the body corporate:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that the information required by this paragraph need not be given if, and to the extent that, such information would conflict with any direction given by the Registrar under subsection (7) of section 132 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. If the company has shares,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the amount of its stated capital, distinguishing between the amounts attributable to each of the items specified in subsection (1) of section 66 of this Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the number of its authorised shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the number of its issued shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the number of its treasury shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) the total amount of any unpaid instalments or calls which are due and payable and the number and class of shares concerned;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) the total number of shares of each class which have been forfeited;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) in the case of a company limited by shares,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the total amount of any unpaid liability, on its shares of each class, which is not yet due for payment, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the amount, if any, of such unpaid liability on its shares which, pursuant to section 55 of this Code, the company has resolved shall not be capable of being called up except in the event and for the purpose of the company being wound up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FOURTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Sections 125, 126 and 127).</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">ACCOUNTS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—PROVISIONS AS TO PROFIT AND LOSS ACCOUNT</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. There shall be separately shown,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) gross sales, less discounts, returns, and allowances, or, where appropriate, the amount of operating or other equivalent revenues;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the cost of goods sold as normally computed under the system of accounting followed or, where appropriate, the operating or other equivalent expenses;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) selling, general and administrative expenses, and any other expenses that under the system of accounting followed would normally be deducted in arriving at the trading profit;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) income from investments distinguishing between,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) income from associated companies,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) income from other trade investments,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) income from other investments;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) income from any other sources, distinguishing between each significant source of income;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) the amount charged to revenue by way of provision for the loss, diminution in value, depreciation, renewal or replacement of assets, hereinafter referred to as depreciation or replacement provision, in respect of fixed assets;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) interest on the company''s debentures and other loans other than those classified in the balance sheet as current liabilities;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(h) interest in respect of other loans and indebtedness of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the aggregate of all amounts paid or payable by the company to the directors of the company for the financial year required to be disclosed in accordance with the provisions of section 128 of this Code, together with a statement, by way of note, of any such amounts paid or payable by other persons than the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(j) the remuneration of the auditors of the company including any sums paid by the company in respect of the auditors'' expenses;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(k) the amounts of the charges and credits, if any, for income tax showing, by way of note or otherwise, the amounts of each distinct tax with a description thereof and a statement of the period in respect of which it is payable;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(l) the amounts of charges and credits, if any, in respect of discount or premiums on debentures;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(m) any profit or loss arising on the sale, realisation or disposal of fixed assets;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(n) any preliminary expenses, and expenses incurred on the issue of shares or debentures, including any sums paid by way of commission or brokerage on the issue of shares or debentures;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(o) the amount of any voluntary contributions to any charitable or other funds, other than pension funds for the benefit of employees of the company or any associated company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(p) any other expenses, distinguishing between each significant class of expense.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. If any of the items shown in the profit and loss account are stated net of income tax relating thereto this shall be indicated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. There shall be stated by way of note or otherwise any material respects in which any items shown in the profit and loss account are affected by,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) transactions of a sort not usually undertaken by the company or other circumstances of an exceptional or non-recurrent nature;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) any change in the basis of accounting;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) any amount relating to an earlier financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) any adjustment arising from the over or under statement of revenue or expenses in the profit and loss account of an earlier financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and any statement made under this paragraph shall indicate the amount by which the profit and loss account has been affected and whether this represents an addition to or a deduction from the profit that would otherwise have been shown.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. If any item in the profit and loss account includes an amount in respect of money provided under paragraph (c) of section 58 of this Code this fact shall be indicated by way of note or otherwise and the amount thereof stated, and so far as any money provided under that subsection is included in the amount stated in accordance with the provisions of section 128 of this Code the amount so included shall also be indicated.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. The balance of the profit and loss account after the inclusion of the items required by the foregoing paragraphs, so far as these are relevant to the figures in the account, shall be transferred to an account to be called the income surplus account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. No amount shall be credited to the profit and loss account that cannot properly enter into the composition of the income surplus in accordance with section 70 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. No amount shall be debited to the profit and loss account in respect of an addition to a reserve other than by way of transfer of the balance of the profit and loss account for the financial year to the income surplus account, shown as such, and in particular no amount shall be debited to the profit and loss account other than as a transfer to the income surplus account unless it is either the amount of an actual money outlay or is in the opinion of the directors reasonably necessary in order to provide for known future expenditure or for a known liability, which term shall include a disputed or contingent liability, or for a known or estimated loss in value of current assets, or as a depreciation or replacement provision.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. No amount shall be credited to the profit and loss account in respect of a withdrawal from a reserve other than by way of transfer of the balance of the profit and loss account for the financial year to the income surplus account, shown as such.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. If a company is under any obligation to transfer or set aside a sum to reserve out of its profits this obligation shall be deemed to have been fulfilled if such sum has been transferred to stated capital or if a note is made upon the balance sheet in accordance with paragraph 34 of this Schedule to the effect that the company is under an obligation to withhold from distribution as dividend a corresponding part of the income surplus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. Except in the case of the first profit and loss account drawn up after the commencement of this Code there shall be shown the corresponding amount of each item for the immediately preceding financial year.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. Where the amount of any item shown in the profit and loss account or included in any amount shown therein cannot be determined with substantial accuracy, an estimated amount described as such shall be included in respect of that item and shall be distinguished, by way of note or otherwise, together with a description of the item.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. No provision of this Schedule with respect to the information to be shown in the profit and loss account shall be deemed to require the amount of any item that is of no material significance to be shown separately.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—PROVISIONS AS TO BALANCE SHEET</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">General</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. The assets and liabilities shall be classified under headings appropriate to the company''s business, distinguishing between current and fixed assets, and between current and other liabilities, and each class shall be described in a way adequate to indicate the general nature of the assets or liabilities included therein.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Assets</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. Without prejudice to the generality of the last foregoing paragraph, the following classes of assets shall, so far as they are appropriate to the company''s affairs, be distinguished, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) interests in land, distinguishing between land owned absolutely and land held for a term of years or other period;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) goodwill, patents, trade-marks, development expenditure, and other intangible assets of a like nature;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) trade investments;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) loans and advances;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) trading stocks, distinguishing where practicable between,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) stocks of raw materials and components;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) work-in-progress;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) stocks of finished products;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) other stocks;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) trade debtors;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) bills of exchange and promissory notes;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(h) payments-in-advance;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) marketable securities;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(j) cash in hand and in the bank.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. No class of assets shall stand in the balance sheet at a value, which, after deduction of the aggregate depreciation or replacement provision relating thereto, if any, is in the opinion of the directors greater than either,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the value which those assets could reasonably be expected to realise in the market after deduction of any expenses incurred in order to realise them; or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the value which is reasonably justified by the expected contribution of those assets to the business, whether by sale in the ordinary course of business or otherwise:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that in the case of a company whose sole or main object is that of carrying on the business of extracting any mineral deposit the Registrar may, on the application of the company, and on such conditions as he considers appropriate, authorise any wasting asset held for the purpose of the business in question to be shown in the balance sheet at cost.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. (1) Assets shall either be shown at a value after deduction of the aggregate depreciation or replacement provision relating thereto, if any, or at a value before this deduction, hereinafter described as the gross value.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If shown at the gross value the aggregate depreciation or replacement provision relating thereto, if any, shall be shown as a separate item and shall be so described as to identify it with the class of assets to which it refers.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. (1) There shall be included in or attached to the balance sheet in respect of each class of fixed assets shown therein a statement containing the following information, that is to say,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the gross value;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the original costs, if this differs from the gross value;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the aggregate depreciation or replacement provision, if any;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) if the gross value differs from the original cost, a statement explaining how the gross value has been calculated, and as at what date;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) whether the depreciation or replacement provision, if any, has been calculated on the basis of,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the original cost of the assets;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the replacement value of the assets;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) some other basis;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and when the depreciation or replacement provision is not based on original cost, the general principle used in calculating the replacement cost or other valuation on which it is based shall be stated;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) a statement reconciling both the gross value and the aggregate depreciation or replacement provision with the equivalent figures at the end of the immediately preceding financial year, and in particular showing</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the amount of any addition to the gross value and to any depreciation or replacement provision relating thereto, indicating the nature thereof; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the amount of any deduction from the gross value and from the aggregate depreciation or replacement provision relating thereto arising from sale or otherwise, indicating the reason for the deduction and showing any profit or loss arising therefrom.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) So far as information required to be shown by this paragraph relating to matters arising before the commencement of this Code cannot be ascertained without unreasonable delay or expense, the said provisions may be modified with respect to that information as the directors shall consider appropriate, and in each such case the statement in or attached to the balance sheet in accordance with the provisions of this paragraph shall indicate in what respects the information shown has been modified as the result of the operation of this provision.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. There shall be included in or attached to the balance sheet statements reconciling respectively the amounts stated in accordance with paragraph 17 (1) (f) of this Schedule in respect of additions to and deductions from the depreciation or replacement provision with the amount stated in the profit and loss account for depreciation or replacement provision in accordance with paragraph 1 (f) of Part I of this Schedule, and reconciling any profit or loss on the sale, realisation or disposal of any fixed assets stated in accordance with the said paragraph 17 with the amount stated in the profit and loss account in accordance with paragraph 1 (m) of Part I of this Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. For each class of current assets there shall be provided, by way of note or otherwise, information sufficient to indicate the basis of valuation and in particular the nature of the valuation procedure followed in arriving at the balance sheet value.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. Assets in respect of which different methods or bases of valuation or of provision for depreciation or replacement are used shall for the purposes of this Schedule be regarded as assets of different classes.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. There shall be shown the aggregate of all amounts due to the company at the end of the financial year which are included in the sums disclosed in accordance with section 129 of this Code together with a statement, by way of note, of the other information required to be disclosed by that section.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22. There shall be shown the aggregate of all amounts due to the company in respect of advances made in accordance with paragraph (d) of section 58 of this code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23. The amount of any preliminary expenses, and expenses incurred on the issue of shares or debentures, including any sums paid by way of commission or brokerage on the issue of shares or debentures, shall be debited to the profit and loss account and shall not be treated as an asset.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Liabilities</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24. For the purposes of this Code, current liabilities are liabilities due and payable, other than liabilities the payment of which may, at the company''s option, be postponed, within twelve months of the date of the balance sheet together with such other liabilities as are under normal accounting principles appropriately so classified.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25. Without prejudice to the generality of paragraph 13 of this Schedule each of the following classes of liabilities shall, so far as they are applicable to the company''s business, be distinguished, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) bank borrowings and overdrafts;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) bills of exchange and promissory notes payable;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) trade creditors;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the net amount payable to members in respect of dividends declared or recommended;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) any amounts due to directors and other officers of the company other than items arising in the ordinary course of business;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) income tax, distinguishing between different taxes and between amounts due in respect of different fiscal periods;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) debts secured by debentures, other than those shown under sub-paragraph (a), stating in respect of each class thereof, the date or dates on or after which the company has the option of redemption, and the date or dates on or before which the company is under the obligation finally to redeem the loans or debentures or any part thereof, specifying in each case the proportion of the total issue that may or must be redeemed, as the case may be, and the redemption price;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(h) any borrowings other than the foregoing;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) other accrued liabilities.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26. No liability shall stand in the balance sheet at a value less than the amount at which it is repayable, other than at the company''s option, at the balance sheet date or, if it is not then repayable, at the amount at which it will first become so repayable thereafter, less, where appropriate, a reasonable deduction for discount until that date.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27. If any liability of the company is secured otherwise than by the operation of law on any assets of the company, the fact that the liability is so secured shall be stated, together with a statement of the assets upon which it is secured, and, where more than one class of liabilities is so secured, their relative priorities with respect to payment of interest and redemption.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">28. If any of the company''s debentures have been beneficially acquired by the company, or by a nominee acting on behalf of the company, the amount of these, calculated on the same basis as the total amount standing in the balance sheet in respect of the debentures of that class, shall, unless and until the debentures so purchased are cancelled, be shown as a deduction from that total; and if the said amount of the debentures purchased is greater or less than the amount expended upon purchase, the difference shall be shown in the profit and loss account as if it were a premium or discount on debentures, as the case may be.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">29. There shall be stated by way of note or otherwise, particulars of any debentures of the company that have been redeemed or purchased by or on behalf of the company which the company has power to re-issue.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">30. There shall be included in or attached to the balance sheet in respect of each class of liabilities referred to in sub-paragraphs (f) and (g) of paragraph 25 of this Schedule that is shown in the balance sheet, or in the balance sheet at the end of the immediately preceding financial year, a statement containing the following information, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the balance, if any, shown at the end of the immediately preceding financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amounts of additions thereto and deductions therefrom during the financial year ending on the balance sheet date, with particulars thereof sufficient to identify clearly the source of each item; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the balance, if any, at the date of the balance sheet.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Surplus</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">31. There shall be recorded in an account, to be called the capital surplus account, the amount, if any, by which the surplus, as defined in section 69 of this Code, exceeds the credit balance, if any, on the share deals account plus the balance on the income surplus account if a credit or minus that balance if a debit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">32. (1) There shall be shown,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the stated capital of the company distinguishing between amounts relating to different classes of shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amount, if any, standing to the credit of the capital surplus account;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the amount, if any, standing to the credit of the share deals account;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the balance of the income surplus account, and if the said balance is a debit balance it shall be deducted from the sum of the three preceding amounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) There shall be included in or attached to the balance sheet in respect of each item referred to in sub-paragraph (1) of this paragraph that is shown in the balance sheet or in the balance sheet at the end of the immediately preceding financial year, a statement containing the following information, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the balance, if any, shown at the end of the immediately preceding financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amounts of any additions thereto and deductions therefrom during the financial year, with particulars thereof sufficient to identify clearly the source of each item; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the balance, if any, at the date of the balance sheet.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(3) The aggregate amounts of dividends paid or recommended, net of any tax deductible therefrom distinguishing between dividends on different classes of shares, shall be debited to the income surplus account.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">33. There shall be shown in the balance sheet, or in a schedule attached thereto,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the amount of stated capital attributable to each of the items specified in subsection (1) of section 66 of this Code, distinguishing, in the case of items (a) and (b) between different classes of shares;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the number of authorised shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the number of issued shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the number of treasury shares of each class;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) the amount of any unpaid instalments or calls on shares which are due and payable and the number and class of shares concerned;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) in the case of a company limited by shares,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the amount of any unpaid liability, on its shares of each class, which is not yet due for payment; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the amount, if any, of such unpaid liability which, pursuant to section 55 of the Code, the company has resolved shall not be capable of being called up except in the event and for the purpose of the company being wound up;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) in respect of any shares on which there are any arrears of fixed dividends, the total amount of the arrears, stating whether the amount is net or gross of any tax that may be deducted;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(h) if any issue of shares has been made in contemplation of the redemption of preference shares out of the proceeds of the issue, a statement to that effect and of the total amount thereby made available for use in the redemption;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the number of shares which any person has an option to subscribe for, distinguishing those in respect of which the option can be exercised by directors of the company, together with the following particulars of each option, that is to say,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) The period or periods during which it is exercisable;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the price or prices during each period to be paid for shares subscribed for under the option.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">34. There shall be stated by way of note any amount standing to the credit of the income surplus account which the company is, in accordance with the provisions of paragraph 9 of this Schedule or otherwise, under an obligation not to distribute by way of dividend.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Supplementary</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">35. There shall be stated by way of note or otherwise,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the basis on which foreign currencies have been converted into Ghanaian money;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) particulars of any charge on the assets of the company to secure the liabilities of any other person, including a statement of the amount or estimated amount secured;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the general nature of any contingent liabilities not provided for and not otherwise disclosed and the amount or estimated amount of those liabilities;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the general nature of contracts for capital expenditure not provided for and the amount or estimated amount thereof;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) the general nature of any credit facilities available to the company under any contract, other than trade credit available in the ordinary course of business, and not taken up at the end of the financial year.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">36. Except in the case of the first balance sheet drawn up after the commencement of this Code there shall be shown the corresponding amount of each item for the immediately preceding financial year.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">37. Where any item shown in the balance sheet or included in amounts shown therein cannot be determined with substantial accuracy, an estimated amount described as such shall be included in respect of that item and shall be distinguished, by way of note or otherwise, together with a description of the item.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">38. No provision of this Schedule with respect to the information to be shown in the balance sheet shall be deemed to require the amount of any item that is of no material significance to be shown separately.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART III—PROVISIONS APPLICABLE TO HOLDING COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">First Sch.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">39. This Part of this Schedule shall apply where the company is a holding company as defined in the First Schedule to this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">40. There shall be stated by way of note or otherwise, the total number of shares held by or on behalf of the company in each of its associated companies, and the total number of the shares and amount of debentures of the company, if any, held by or on behalf of subsidiaries, but excluding in both cases shares and debentures held as personal representative or as trustee of any trust in which neither the company nor any of its associated companies is beneficially interested otherwise than by way of security in the ordinary course of business, distinguishing shares and debentures of different classes, and stating the total number of shares and the amount of debentures of each class in issue at the date of the balance sheet.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">41. Where it is reasonably practicable the amount included under each head of revenue or expense shown in the profit and loss account that is received or receivable from, or paid or payable to, an associated company shall be distinguished.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">42. The amount included in each class of assets shown in the balance sheet in respect of financial interests in associated companies shall be distinguished.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">43. The amount included in each class of liabilities shown in the balance sheet in respect of indebtedness to associated companies shall be distinguished.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">44. Where group accounts are not prepared, there shall be attached to the balance sheet a statement showing,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the reasons why subsidiaries are not dealt with in group accounts;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the net aggregate amount, so far as it concerns the interests of the holding company, of the balances transferred from the profit and loss accounts of the subsidiaries to their income surplus accounts, or the equivalent amount in the case of foreign or other subsidiaries not having income surplus accounts,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) for the respective financial years of the subsidiaries ending with or during the financial year of the company giving, so far as is practicable the same information with respect to the said amount as is required by paragraph 3 of this Schedule to be given with respect to the company''s profit and loss account;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) for the total period covered by their previous financial years since they respectively became the holding company''s subsidiaries so far as it has not been dealt with in the company''s accounts of a previous financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the net aggregate amount so transferred so far as this amount is dealt with in the company''s accounts for the financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) any qualifications contained in the report of the auditors of the subsidiaries on their accounts for their respective financial years ending as aforesaid, and any note or saving contained in those accounts to call attention to a matter which, apart from the note or saving, would properly have been referred to in such a qualification, in so far as the matter which is the subject of the qualification or note is not covered by the company''s own accounts and is material from the point of view of the company''s interest,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">or, in so far as the information required by this paragraph is not obtainable, a statement that it is not obtainable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">45. Items (b) and (c) of the last foregoing paragraph shall apply only to such amounts as could properly enter into the composition of the holding company''s income surplus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">46. There shall be stated by way of note, in accordance with subsection (10) of section 127 of this Code, in relation to subsidiaries, if any, whose financial years do not coincide with that of the company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the reasons why the company''s directors consider that the subsidiaries'' financial years should not so coincide; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the name of each subsidiary whose financial year does not coincide with that of the holding company and the date on which its relevant financial year ended.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">47. The group accounts, if prepared as consolidated accounts, shall combine the information contained in the separate balance sheets and profit and loss accounts of the holding company and of the subsidiaries dealt with by the consolidated accounts with such adjustments, if any, as the directors consider appropriate, and the consolidated accounts shall, in giving the said information comply, so far as is practicable, with the requirements of this Code as if they were the accounts of a single company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">48. Where group accounts are prepared and the accounts of some subsidiaries are not incorporated therein the group accounts shall incorporate with respect to those subsidiaries information equivalent to that required to be given in the holding company''s accounts when group accounts are not prepared.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">49. Where group accounts are prepared other than in the form of consolidated accounts they shall provide the same information, so far as is relevant and material, as would have been provided by consolidated accounts.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART IV—EXEMPTIONS FOR SPECIAL CLASSES OF COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">50. The provisions of paragraphs 4, 5, 6, 9, 22, 31, 32, 33 and 34 of this Schedule shall not apply to a company limited by guarantee.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">51. (1) A company licensed under section 24 of the Companies Ordinance (Cap. 193) or any statutory re-enactment thereof, to carry on the business of banking shall not be subject to the provisions of Part I or II of this Schedule other than paragraphs 1 (f), (g), (i), (j) and (o), 2, 3 (a) and (b), 4, 5, 9, 10, 11, 12, 13, 15, 16, 21, 22, 23, 26, 28, 29, 33, 34, 36, 37 and 38.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where such a banking company as is referred to in the immediately preceding sub-paragraph has reserves which are not separately stated in its balance sheet any heading in its balance sheet stating an amount arrived at after taking into account such a reserve or a transfer thereto or therefrom shall be so framed or marked as to indicate that fact, and its profit and loss account shall indicate by appropriate words the manner in which the amount stated for the company''s profit or loss has been arrived at.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">52. (1) If it appears to the Minister to be desirable in the national interest, the Minister may, by legislative instrument, prescribe that companies of a class described in the instrument shall be exempt from any of the provisions of this Schedule, but a company taking advantage of this paragraph shall be subject to any conditions prescribed in the instrument as to matters to be stated in the accounts or by way of note thereto and as regards information to be furnished to the Minister or to the Registrar.</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) If the Minister is satisfied that any of the said conditions has not been complied with in the case of any company, he may at any time direct that so long as the direction remains in force such company shall be excluded from such exemption, either wholly or to the extent specified in the direction, notwithstanding that such company is a company of the class prescribed in the instrument.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">53. Notwithstanding any exemption conferred by or under this Part of this Schedule, the accounts of a company shall give the true and fair view required by this Code, but such accounts shall not be deemed not to give such a true and fair view by reason only of the fact that they do not comply with such of the provisions of this Schedule from which the company is exempt by reason of this Part of this Schedule or any instrument made hereunder.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">54. Where the company entitled to an exemption under this Part of this Schedule is a holding company, the group accounts, if prepared as consolidated accounts, shall be deemed to comply with the requirements of this Code if they comply with the requirements applying to the separate accounts of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FIFTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 133)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Matters to be expressly stated in Auditors'' Report</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Whether they have obtained all the information and explanations which to the best of their knowledge and belief were necessary for the purposes of their audit.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. Whether, in their opinion, proper books of account have been kept by the company, so far as appears from their examination of those books, and proper returns adequate for the purposes of their audit have been received from branches not visited by them.</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Whether the company''s balance sheet and, unless it is framed as a consolidated profit and loss account, profit and loss account dealt with by the report are in agreement with the books of account and returns.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. Whether, in their opinion and to the best of their information and according to the explanations given them, the said accounts give all the information required by this Code in the manner so required and give a true and fair view,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) in the case of the balance sheet, of the state of the company''s affairs at the end of its financial year, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) in the case of the profit and loss account, of the profit or loss for its financial year,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">or, as the case may be, give a true and fair view thereof subject to the non-disclosure of any matters, to be indicated in the report, which by virtue of Part IV of the Fourth Schedule to this Code are not required to be disclosed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. In the case of a holding company submitting group accounts, whether, in their opinion, the group accounts have been properly prepared in accordance with the provisions of this Code so as to give a true and fair view of the state of affairs and profit or loss of the company and its subsidiaries dealt with thereby so far as concerns the interests of the company or, as the case may be, so as to give a true and fair view thereof subject to the non-disclosure of any matters, to be indicated in the report, which by virtue of Part IV of the Fourth Schedule to this Code are not required to be disclosed.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SIXTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Sections 273 and 274)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">FORM OF STATEMENT IN LIEU OF PROSPECTUS AND ACCOUNTS AND REPORTS TO ACCOMPANY THE STATEMENT</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—FORM OF STATEMENT AND PARTICULARS TO BE CONTAINED THEREIN</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Statement in Lieu of Prospectus delivered for registration by [insert full name of company]</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. Unless more than two years have elapsed since the registration of the company:—&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) The amount or estimated amount of the expenses incidental or preliminary to the promotion and registration of the company.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) By whom these expenses have been paid or are payable.&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) The names of the promoters.&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) The amount paid or intended to be paid to any promoter.&nbsp;&nbsp;&nbsp;&nbsp; (d) Name of Promoter</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;...........................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Amount&nbsp; £G......................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) The consideration for the payment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) Any other benefit given or intended to be given to any Promoter.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Name of Promoter</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">........................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Nature and value of benefit</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">.........................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) The consideration for the giving of that benefit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(h) Full particulars of the nature and extent of the interest of every director and proposed director of the company in the promotion of the company.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;2. The name, address and professional qualification of the company''s auditors, and if no auditors have yet been appointed a statement to that effect. 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. The names and addresses of the company''s bankers and legal practitioners.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4.(a) The names, countries of incorporation, and nature of the business of all subsidiaries of the company and of all bodies corporate in which the company is beneficially entitled to equity shares conferring the right to exercise more than twenty-five per centum of the votes exercisable at a general meeting of the body corporate:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that, if, on the application of the directors of the company, the Registrar is satisfied that mention of any of the matters referred to in this paragraph would be harmful to the business of the company or any of its associated companies he may direct that such matter need not be stated.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. (a)&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) If the company is a subsidiary, the name, country of incorporation and nature of the business of the holding company and the number of each class of shares of the company held by the holding company.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. Where the company is proposing to acquire securities in any body corporate hereinafter in this Schedule called a proposed subsidiary which, by reason of the acquisition or anything to be done in consequence thereof or in connection therewith, will become a subsidiary of the company, the name, country of incorporation, and nature of the business of that&nbsp; proposed subsidiary.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. Where the company is proposing to acquire a business, a full description of the nature of that business.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. Whether in the opinion of the directors the company''s working capital is sufficient and, if not, how it is proposed to provide the additional working capital thought by the directors to be necessary.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. The amount of the company''s stated capital distinguishing between each of the items specified in subsection (1) of section 66 of the Code and, in the case of items (a) and (b) between different classes of shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. (a) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Total £G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. The number and description of the company''s, 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) authorised shares of each class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) issued shares of each class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) treasury shares of each class&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. The amount paid on the issued shares of each class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) in cash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) otherwise than in cash&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. The amount, if any, remaining payable on the issued shares of each class:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) presently due for payment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) not yet due for payment&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) which the company has resolved shall not be capable of being called up except in the event and for the purposes of the company being wound up&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. (a) The amounts of the dividends, if any, per share paid by the company in respect of each class of share in each of the five completed financial years of the company immediately preceding the date of the statement, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12. (a)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) particulars of any cases in which no dividends have been paid in respect of any class in any of those years.&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. (a) The number of unissued shares of each class agreed to be issued and the amount payable therefor &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13. (a)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) in cash &nbsp;&nbsp;&nbsp;&nbsp; (b) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) otherwise than in cash&nbsp;&nbsp;&nbsp; (c) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. (a) The name of every holder and, if known, beneficial owner of more than twenty-five per centum of the company''s shares or any class of share and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14. (a)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the number and description of the shares held or owned.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. The amount of the outstanding debentures issued or agreed to be issued by &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15. (a) £G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the company and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) any of its subsidiaries and proposed subsidiaries.&nbsp;&nbsp;&nbsp; (b) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. The amount of any bank overdrafts of 16. (a) £G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the company and&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) any of its subsidiaries and proposed subsidiaries.&nbsp;&nbsp;&nbsp; (b) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. The nature of the consideration for the issue of any of the company''s shares or debentures issued or agreed to be issued otherwise than for cash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Particulars of any shares or debentures of any of the company''s subsidiaries and proposed subsidiaries which have, within the two years immediately preceding the date of the statement, been issued or which are proposed to be issued otherwise than for cash and the nature of the consideration.&nbsp;&nbsp; 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. (a) Particulars of any shares or debentures of the company or any of its subsidiaries and proposed subsidiaries which have, within two years immediately preceding the date of the statement, been issued for cash, stating 19. (a)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the price, and &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) if not already fully paid, the dates when any instalments are payable. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. Where any shares or debentures of the company or any of its subsidiaries and proposed subsidiaries are under option, or agreed conditionally or unconditionally to be put under option,&nbsp;&nbsp;&nbsp; 20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the number and description of such shares,&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amount and description of such debentures,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the period during which the option is exercisable,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the price to be paid for such shares or debentures,&nbsp;&nbsp;&nbsp; (d) £G</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) the consideration for the grant of the option,&nbsp;&nbsp;&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) the persons to whom the option was given, or, if given to existing shareholders or debenture-holders as such, the relevant shares or debentures.&nbsp;&nbsp;&nbsp; (f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. Where any property has been acquired or is proposed to be acquired by the company or any of its subsidiaries and proposed subsidiaries, except where the contract for its acquisition was either &nbsp;&nbsp; 21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) completed and any purchase money fully paid more than two years before the date of the statement, or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) entered into in the ordinary course of business and there is no connection between the contract and the incorporation of the company or its conversion from a&nbsp; private to a public company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the names and addresses of&nbsp; the vendors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amount paid or to be paid in cash, shares, debentures or otherwise to each vendor stating&nbsp; (b) Name of Vendor</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp; ...................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the total purchase price paid or to be paid,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) £G ..............................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) the amount paid or to be paid in cash,&nbsp; (ii) £G .............................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) the amount paid or to be paid in shares and the number and description of such shares,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Amount £G.................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Shares ........................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) the amount paid or to be paid in debentures and the number and denomination of such debentures.&nbsp;&nbsp;&nbsp; (iv) Amount £G...................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Debentures ...................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(v) the nature of, and value attributed to, other consideration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) Nature ..........................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Value...........................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name of Vendor</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">.....................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) £G .................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) £G ................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) Amount £G ...................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Shares ..........................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) Amount £G ...................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Debentures ...................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(v) Nature ..........................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Value £G.......................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) The total amount paid or to be paid in, (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) cash &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) £G..................................&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) £G.................................&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) debentures &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) £G ...............................&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) other consideration&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) £G ...............................&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total&nbsp;&nbsp;&nbsp;&nbsp; ....................................&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">specifying (v) the amount paid or to be paid for goodwill.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) £G .................................&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) Full particulars of the nature and extent of the interest, direct or indirect, of every director or proposed director of the company or any of its subsidiaries and proposed subsidiaries in any such property. (d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) Short particulars of all transactions relating to any such property which were entered into or completed within the two years immediately preceding the date of the statement.&nbsp; (e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22. (a) The dates of, parties to, and general nature of every material contract, other than contracts entered into in the ordinary course of&nbsp; business, or completed more than two years before the date of this statement.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22. (a)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) The place and time, not being less than twenty-eight days at which such contracts or copies thereof or, in the case of any contract not reduced into writing, memorandum giving full particulars thereof in a language acceptable to the Registrar, may be inspected.&nbsp;&nbsp;&nbsp; (b) Address</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Between the hours of</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">from</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">until</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Saturdays, Sundays and public holidays excepted)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23. Names, and any former names, addresses and business occupations of the company''s directors or proposed directors and secretary, or proposed secretary, and particulars of any other directorships held by the directors or proposed directors, in the manner prescribed by section 196 of the Code:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">DIRECTORS AND PROPOSED DIRECTORS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Former Names&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Address&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Business Occupation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Other Directorships&nbsp; Whether yet appointed or not&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECRETARY OR PROPOSED SECRETARY</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Name&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Former Names&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Address&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Business Occupation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whether yet appointed or not&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24. Names and addresses of accountants making the&nbsp;&nbsp;&nbsp; 24.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; reports, if any, delivered for registration with this</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; statement.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Signatures of the persons above-named as directors&nbsp;&nbsp; ......................................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">or proposed directors or of their agents authorised in&nbsp;&nbsp; .......................................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">writing.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.......................................................</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Date</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—ACCOUNTS AND REPORTS TO ACCOMPANY STATEMENT</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25. Where the company has been incorporated for more than fifteen months,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) copies of the profit and loss account, balance sheet, group accounts and reports required to be circulated to the members and debentureholders of the company in accordance with section 124 of this Code for each of the five completed financial years immediately preceding the date of the statement, or in respect of each of the financial years since the incorporation of the company if this occurred less than five years before such date:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that such accounts and reports shall not be required for any financial year in respect of which copies of such accounts and reports shall have been annexed to the annual return of the company in accordance with section 296 of this Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) unless the auditors reports on the accounts for all such financial years have been made by auditors duly qualified under section 296 of this Code, to be appointed auditors of the company if it had been a public company at the date of each auditor''s report, a report by accountants duly qualified under section 296 of this Code, to be appointed auditors of the company with respect to the profits or losses of the company in each of such financial years and with respect to the assets and liabilities of the company as at the end of the last financial year, or, if the company is a holding company, a like report with respect to the profits or losses and assets and liabilities of the company and its subsidiaries so far as such profits or losses and assets can properly be regarded as attributable to the interests of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26. Where the company, whether or not incorporated for more than fifteen months, at any time within the five years immediately preceding the date of the statement has acquired any business or any subsidiary, or where at the date of the statement, the company proposes to acquire any business or any proposed subsidiary,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) copies of the profit and loss account and balance sheet of the business, or subsidiary or proposed subsidiary in respect of each of the five financial years immediately preceding the date of the statement, or in respect of each of the financial years since the commencement of that business or the incorporation of that subsidiary or proposed subsidiary, if that occurred less than five years before the date of the statement:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that it shall not be necessary to deliver for registration copies of a profit and loss account and balance sheet of a business or subsidiary for any financial year in respect of which the profits or losses and assets and liabilities of the business or subsidiary are dealt with in the accounts or group accounts of the company for that financial year;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) a report by accountants duly qualified under section 296 of this Code to be appointed auditors of the company with respect to the profits or losses of that business or subsidiary or proposed subsidiary in respect of each of the financial years for which a profit and loss account shall have been delivered for registration pursuant to sub-paragraph (a) hereof and with respect to the assets and liabilities of that business or subsidiary or proposed subsidiary as at the end of its last financial year:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) such report shall deal with such of the profits or losses and assets and liabilities of a subsidiary or proposed subsidiary as can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) when the report relates to any financial year before the subsidiary became a subsidiary of the company or relates to a proposed subsidiary, only such of its profits or losses and assets and liabilities shall be regarded as attributable to the interests of the company as would have been properly attributable if the company had held the securities in the subsidiary or proposed subsidiary which it holds at the date of the statement or proposes to acquire;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) where any such subsidiary or proposed subsidiary has itself subsidiaries, the report shall be extended to the profits or losses and assets and liabilities of that subsidiary or proposed subsidiary and its subsidiaries so far as the same can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) the report required by this paragraph need not extend to any period in respect of which the profit or losses of that business or the appropriate part of the profits or losses of that subsidiary are dealt with in the accounts or group accounts of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(v) the report required by this paragraph need not extend to the assets and liabilities of any business or subsidiary if the same or the appropriate part thereof are dealt with in the last balance sheet of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27. (1) In making any such report as is required by paragraph 25 or 26 of this Schedule the accountants shall make such adjustments, if any, as are in their opinion appropriate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where any such adjustments are made, the statement shall, in accordance with subsection (3) of section 274 of this Code, have endorsed thereon or attached thereto a written statement signed by the accountants setting out the adjustments and giving the reasons therefor.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SEVENTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Sections 273, 274, 275, 276, 278 and 279)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">CONTENTS OF PROSPECTUS ON GENERAL INVITATIONS</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Pursuant to subsection (11) of section 279 of this Code, the prospectus shall state at its head:—</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">A copy of this prospectus has been delivered to the Registrar of Companies, Ghana, for registration.&nbsp; The Registrar has not checked and will not check the accuracy of any statements made and accepts no responsibility therefor or for the financial soundness of the company or the value of the securities concerned.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—MATTERS TO BE SPECIFIED</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1. The full name of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2. (1)&nbsp; A full description of the securities which the public are being invited to acquire, and of the terms on which they are being invited to acquire the same, including,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the date prior to the expiration of which applications will not be accepted or treated as binding</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) if securities are being offered for subscription or purchase, the total amount payable for each share or debenture and the amount thereof payable on application, allotment, and otherwise;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the policy which will be adopted if applications exceed the shares or debentures on offer.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) Where the securities are unsecured debentures they shall be described as "unsecured loan stock", "unsecured notes" or the like, and not as "debentures" or "bonds".</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. Whether application has been or is being made to a stock exchange for permission to deal in the securities concerned.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. If so, whether the stock exchange is an approved stock exchange within the meaning of section 280 of this Code.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. If not, a statement that there will not be a market for the securities and that any holder wishing to dispose of his securities may be unable to do so.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. The full name, address and business occupations of every person making the invitation, if other than the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. The address and the number of the Post Office Box of the company''s registered office.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8. The full name, address and business occupation of every director and proposed director and of the secretary or proposed secretary of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9. The name, address and professional qualification of the company''s auditors.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. The name and address of the registration officer, if any.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. The name and address of any underwriter of the invitation.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. The names and addresses of the company''s bankers, stockbrokers and legal practitioners.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">13. If the invitation relates to debentures, the name and addresses of any trustees for debentureholders, the date of the resolutions creating the debentures, and short particulars of the security therefor or, if the debentures are unsecured, a statement to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">14. The authorised business or businesses of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">15. A brief summary of the history of the company and of any businesses to which it has succeeded.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">16. (a) The names, countries of incorporation, and nature of the businesses of all subsidiaries of the company and of all bodies corporate in which the company is beneficially entitled to equity shares conferring the right to exercise more than twenty-five per centum of the votes exercisable at a general meeting of the body corporate.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) If the company is a subsidiary, the name, country of incorporation and nature of the business of the holding company and the number of each class of shares of the company held by the holding company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">17. Where the company is proposing to acquire securities in any body corporate, hereinafter in this Schedule called a proposed subsidiary, which, by reason of the acquisition or anything to be done in consequence thereof or in connection therewith, will become a subsidiary of the company, the name, country of incorporation, and nature of the business of that proposed subsidiary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">18. Where the company is proposing to acquire a business, a full description of the nature of that business.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">19. The situation, area, and tenure, including, where appropriate, the rent and unexpired term of any lease or concession, of the main places of business of the company and its subsidiaries and proposed subsidiaries.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">20. A statement as to,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the financial and trading prospects of the company together with any material information which may be relevant thereto; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) any material changes in the financial or trading position of the company which may have occurred since the end of the last completed financial year of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">21. A statement by the directors of the company that in their opinion the company''s working capital is sufficient or, if not, it is proposed to provide the additional working capital thought by the directors to be necessary.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">22. The amount or estimated amount of the expenses incidental and preliminary to the invitation, including the expenses of any application to a stock exchange for permission to deal in the securities concerned in the invitation, and by whom the same are payable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">23. Particulars of any commissions paid within the two preceding years, or payable, as commission for acquiring any shares or debentures of the company or of any of its subsidiaries and proposed subsidiaries.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">24. Where the company is inviting or, under section 267 of this Code, is deemed to be inviting, the public to subscribe for any of its shares or debentures,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) a statement or an estimate of the net proceeds of the issue and a statement as to how such proceeds were or are to be applied;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the minimum amount which in the opinion of the company''s directors must be raised by the issue in order to provide the sums, or, if part thereof is to be defrayed in any other manner, the balance of the sums, required to be provided in respect of each of the following matters, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) the purchase price of any property purchased or to be purchased which is to be defrayed in whole or in part out of the proceeds of the issue;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) any expenses incidental and preliminary to the invitation and issue, including the expenses of any application to a stock exchange for permission to deal in the shares or debentures, payable by the company, and any commission so payable to any person in consideration of his agreeing to subscribe for, or of his procuring or agreeing to procure subscriptions for, any shares or debentures of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) the repayment of any moneys borrowed by the company in respect of any of the foregoing matters; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) working capital; and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the amounts to be provided in respect of the matters stated in sub-paragraph (b) of this paragraph otherwise than out of the proceeds of the issue and the sources out of which these amounts are to be provided.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">25. Where a person other than the company is inviting the public to purchase any shares or debentures of the company, whether or not, under section 267 of this Code, the invitation is also deemed to be made by the company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) if such shares or debentures were issued by the company for cash, a statement of the price per share or debenture at which those shares or debentures were issued, and of the total net proceeds of the issue;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) if such shares or debentures were issued by the company for a consideration other than cash, a statement of the nature of the consideration and an estimate by the directors of its fair value and of the price per share or debenture which it represents;</span></p><p class="MsoNormal" style="text-align: justify;">&nbsp;</p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) if the person making the invitation did not acquire the shares or debentures directly from the company on their issues,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) if he purchased them for cash, a statement of the price per share or debenture at which he purchased the same or, if purchased over a period of time at different prices, the lowest and highest prices, and the total purchase price paid by him;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) if he acquired them for a consideration other than cash, a statement of the nature of the consideration and an estimate by him of its fair value and of the price per share or debenture which it represents.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">26. The stated capital of the company, distinguishing between each of the items specified in subsection (1) of section 66 of this Code, and, in the case of items (a) and (b), between different classes of shares.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">27. The number and description of the company''s authorised shares of each class, issued shares of each class, and treasury shares of each class.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">28. The amount paid on the issued shares of each class</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a)&nbsp; in cash,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b)&nbsp; otherwise than in cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">29. The amount, if any, remaining payable on the issued shares of each class, distinguishing between the amount presently due for payment and the amount not yet due for payment and, in the latter case, stating what amount, if any, the company has resolved shall not be capable of being called up except in the event and for the purpose of the company being wound up.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">30. The number of unissued shares of each class agreed to be issued and the amount payable therefor distinguishing between the amount payable in cash and the amount payable otherwise than in cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">31. If the company''s shares are divided into different classes, the rights in respect of voting, repayment, and dividends and any other special rights attached to the several classes and a statement as to the consents necessary for the variation of such rights.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">32. The amounts of the dividends, if any, per share paid by the company in respect of each class of share in each of the ten completed financial years of the company immediately preceding the date of publication of the prospectus and particulars of any cases in which no dividends have been paid in respect of any class of shares in any of those years.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">33. If any of the company''s shares are redeemable preference shares, the earliest date on which the company has power to redeem the same.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">34. The name of every holder and beneficial owner of more than twenty-five per centum of the company''s shares or any class of shares and the number and description of the shares held or owned.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">35. The amount of the outstanding debentures issued or agreed to be issued by the company and any of its subsidiaries and proposed subsidiaries or, if none, a statement to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">36. Particulars of any bank overdrafts of the company and any of its subsidiaries and proposed subsidiaries as at the latest practicable date, which shall be stated, or if there are no bank overdrafts, a statement to that effect.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">37. The nature of the consideration for the issue of any of the company''s shares or debentures issued or proposed to be issued otherwise than for cash.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">38. Particulars of any shares or debentures of any of the company''s subsidiaries and proposed subsidiaries which have, within two years immediately preceding the publication of the prospectus, been issued, or which are proposed to be issued, otherwise than for cash and the nature of the consideration.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">39. Particulars of any shares or debentures of the company or any of its subsidiaries and proposed subsidiaries which have, within two years immediately preceding the publication of the prospectus, been issued, or which are proposed to be issued, for cash, the price and terms upon which the same have been or are to be issued and, if not already fully paid, the dates when any instalments are payable.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">40. Particulars of any shares or debentures of the company or any of its subsidiaries and proposed subsidiaries which are under option, or agreed conditionally or unconditionally to be put under option, with the price to be paid for the securities under option, the duration of the option, the consideration for which the option was granted, and the name and address of the grantee:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that where the option is to all the shareholders or debentureholders or any class thereof, it shall be sufficient, so far as names are concerned, to record that fact without giving the names and addresses of the grantees.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">41. Where any property has been acquired or is proposed to be acquired by the company or any of its subsidiaries and proposed subsidiaries, except where the contract for its acquisition was either</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) completed and any purchase money fully paid, more than two years before the date of publication of the prospectus; or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) entered into in the ordinary course of business and there is no connection between the contract and the invitation,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the names and addresses of the vendors;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the amount paid or to be paid in cash, shares, debentures or otherwise to the vendor and, where there is more than one separate vendor or the company or subsidiary or proposed subsidiary is a sub-purchaser, the amount so paid or to be paid to each vendor, distinguishing between the amounts paid or to be paid,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) in cash,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) in shares,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) in debentures,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) the nature of, and value&nbsp; attributed to, any other consideration, and</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(v) the amount, if any, paid or payable for goodwill;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) full particulars of the nature and extent of the interest, direct or indirect, of every director or proposed director of the company or any of its subsidiaries and proposed subsidiaries in any such property;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) short particulars of all transactions relating to any such property which were entered into or completed within the two years immediately preceding the date of publication of the prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">42. Unless more than two years have elapsed since the registration of the company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the amount or estimated amount of the expenses incidental or preliminary to the promotion and registration of the company and by whom those expenses have been paid or are payable;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) the names of the promoters of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) the amount of any cash or securities paid, or benefit given or proposed to be given, to any promoter and the consideration for such payment or benefit;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) full particulars of the nature and extent of the interest of every director and proposed director in the promotion of the company.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">43. Where the prospectus includes a statement purporting to be made by an expert, a statement that the expert has given and has not withdrawn his written consent to the publication of the prospectus with the statement included in the form and context in which it is included.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">44. The dates of, parties to, and general nature of, every material contract, other than contracts entered into in the ordinary course of business or completed more than two years before the date of publication of the prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">45. A reasonable time, not being less than twenty-eight days during which, and place at which, the following documents, or certified copies thereof, may be inspected, namely,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) the company''s Regulations;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) where the invitation relates to debenture, the debenture trust deed, if any;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) each contract disclosed pursuant to paragraph 44 hereof or, in the case of a contract not reduced into writing, a memorandum giving&nbsp; full particulars thereof;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) the profit and loss account, balance sheet, group accounts and reports required to be circulated to the members and debentureholders of the company in accordance with section 124 of this Code, for the five financial years of the company immediately preceding the date of publication of the prospectus or, if the company has been incorporated for less than five years, for the number of years in respect of which it has or should, in accordance with the said section 124, have circulated such accounts and reports;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) the profit and loss account and balance sheet of every subsidiary and proposed subsidiary of the company and of every business acquired or to be acquired by the company for each of its five financial years immediately preceding the date of publication of the prospectus, or, if any subsidiary or proposed subsidiary has been incorporated or any business has been carried on for less than five years, for the number of financial years completed since its incorporation or commencement:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that this sub-paragraph shall not apply to the profit and loss accounts and balance sheets of a subsidiary or business in respect of any financial years in which the profits or losses and assets and liabilities of the subsidiary or business are dealt with in the accounts or group accounts of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) all other reports, letters, balance sheets, valuations and statements by any expert any part of which is extracted or referred to in the prospectus;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(g) a written statement, signed by the accountants making the reports required under Part II of this Schedule, setting out the adjustments made by them in arriving at the figures shown in their report and giving the reasons therefor:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that if the whole or any part of any of the above-mentioned documents is in any other language, a certified translation of such document or of the parts thereof shall be made available in a language acceptable to the Registrar for inspection instead of the original or a certified copy.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">46. The names and addresses of the accountants making the reports required under Part II of this Schedule.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—REPORTS TO BE SET OUT</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">47. (1) A report by accountants duly qualified under section 296 of this Code to be appointed auditors of the company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) with respect to the profits or losses of the company in respect of each of the ten completed financial years immediately preceding the publication of the prospectus, or in respect of each of the financial years since the incorporation of the company if this occurred less than ten years before such publication; and if the last financial year of the company ended more than three months before the date of the publication of the prospectus, with respect to the profits or losses from the end of the last financial year to the latest practicable date not being less than three months before the date of the publication of the prospectus;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) where the company is a holding company, in lieu of the report required by sub-paragraph (a) of this paragraph, a like report with respect to the profits or losses of the company and of its subsidiaries, so far as such profits or losses can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) with respect to the assets and liabilities of the company as at the end of its last financial year or, if the financial year ended more than three months before the date of publication of the prospectus, as at the latest practicable date not being less than three months before the date of publication of the prospectus;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(d) where the company is a holding company, in lieu of the report required by sub-paragraph (c) of this paragraph, a like report with respect to the assets and liabilities of the company, and of its subsidiaries so far as such assets can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(e) with respect to the aggregate emoluments paid by the company to the directors of the company or any associated company during the last period for which the accounts have been made up, and the amount, if any, by which such emoluments would differ from the amounts payable under any arrangements in force at the date of publication of the prospectus;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(f) with respect to any other matters which appear to the accountants to be relevant having regard to the purpose of the report.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In making any such report the accountants shall make such adjustments, if any, as are in their opinion appropriate for the purposes of the prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">48.(1) Where at any time within the ten years immediately preceding the publication of the prospectus the company has acquired any business or any subsidiary, or where at the date of the publication of the prospectus the company proposes to acquire any business or any proposed subsidiary, a report in manner hereinafter appearing by accountants duly qualified under section 296 of this Code to be appointed auditors of the company,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) with respect to the profits or losses of that business or subsidiary or proposed subsidiary in respect of each of the ten financial years immediately preceding the publication of the prospectus, or in respect of each of the financial years since the commencement of that business or the incorporation of that subsidiary or proposed subsidiary if that occurred less than ten years before the publication of the prospectus; and if the last financial year of that business, subsidiary or proposed subsidiary ended more than three months before the date of the publication of the prospectus, with respect to the profits, or losses from the end of the last financial year to the latest practicable date not being less than three months before the date of the publication of the prospectus:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) such report shall deal with such of the profits or losses of a subsidiary or proposed subsidiary as can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) where the report relates to any financial year before the subsidiary became a subsidiary of the company or relates to a proposed subsidiary, only such of its profits or losses shall be regarded as attributable to the interests of the company as would have been properly so attributable if the company had held the securities in the subsidiary or proposed subsidiary which it holds at the date of publication of the prospectus or proposes to acquire;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) where any such subsidiary or proposed subsidiary has itself subsidiaries the report shall be extended to the profits or losses of the subsidiary or proposed subsidiary and its subsidiaries so far as the same can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iv) the report required by this paragraph need not extend to any period in respect of which the profits or losses of that business or the appropriate part of the profits or losses of that subsidiary are dealt with in the report required under paragraph 47;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) where a business or subsidiary has been acquired since the latest date to which the accounts of the company have been made up, or where the company proposes to acquire a business or a proposed subsidiary, with respect to the assets and liabilities of that business or that subsidiary or proposed subsidiary as at the end of its last financial year or, if the financial year ended more than three months before the date of publication of the prospectus, as at the latest practicable date not being less than three months before the date of publication of the prospectus:</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Provided that,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(i) such report shall deal with the assets and liabilities of the subsidiary or proposed subsidiary so far as such assets and liabilities can properly be regarded as attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(ii) in relation to a proposed subsidiary only such assets and liabilities shall be regarded as attributable to the interests of the company as would have been properly so attributable if the company had held the securities in the proposed subsidiary which it proposes to acquire;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(iii) where any such subsidiary or proposed subsidiary has itself subsidiaries the report shall be extended to the assets and liabilities of that subsidiary or proposed subsidiary and its subsidiaries so far as the same can properly be attributable to the interests of the company;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) with respect to any other matters which appear to the accountants to be relevant having regard to the purpose of the report.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2) In making any such report the accountants shall make such adjustments, if any, as are in their opinion appropriate for the purposes of the prospectus.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">EIGHTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 329)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART I—TABLE OF FEES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Type of Service&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">1.&nbsp; For registration of a company limited by shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢500,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">2.&nbsp; For registration of a company limited by guarantee&nbsp;&nbsp;&nbsp; ¢500,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">3. On conversion of a company by shares to a company limited by guarantee for registration of the conversion, including any change of name and the issue of a certificate to that effect.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢400,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">4. (1) On change of name otherwise than on conversion of company limited by shares to a company limited by guarantee for registration of new name and issue of certificate to that effect.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢250,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(2)&nbsp; For reservation of a name under subsection (12) of section 15 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢100,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">5. For registration of notice of any increase of stated capital to an amount exceeding five thousand cedis and for each five thousand cedis or part of it, of stated capital in excess of five thousand cedis.&nbsp; ¢25.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">6. For registering any annual return under section 122 of this Code.&nbsp;&nbsp;&nbsp;&nbsp; ¢150,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">7. For registering any statement in lieu of prospectus insider section 274 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢500,000.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">8.&nbsp; For registration of any prospectus under section 279 of this Code.&nbsp; ¢1,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">9.&nbsp; To obtain the consent of the Registrar to make the invitation for deposits cinder section 289 of this code, including the registration of any advertisement or circular in connection with it.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢1,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">10. For registration of documents delivered by an external company under section 303 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cedi equivalent of $500.00&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">11. For registration of accounts of an external company under section 307 of this Code.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cedi equivalent of $200.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">12. For registration of any document other than a document registered in connection with any of the above.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ¢50,000.00&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">[As substituted by the Companies Code (Amendment) Act, 2001 (Act 609) s. (1), and further amended by the Companies Code (Amendment) Act, 2002 (Act 627) ].</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">PART II—EXEMPTION</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Where it is shown to the satisfaction of the Registrar that the stated capital of a company has been increased by reason of the issue of shares in consideration of the acquisition of the undertaking, assets or shares of another company or companies,</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(a) under such an arrangement or amalgamation as is referred to in section 230 or 231 of this Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(b) under such a sale as is referred to in subsection (7) of section 230 of this code; or</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(c) as a result of such an offer as is referred to in subsection (2) of section 234 of this Code;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">the fees payable under paragraph 5 of Part I of this Schedule shall not be payable in respect of such increase.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">NINTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 3)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">TRANSITIONAL AND OTHER PROVISIONS WHICH MAY REQUIRE&nbsp; IMMEDIATE ACTION BY EXISTING COMPANIES</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Section&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject Matter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conversion of company limited by shares to company limited by guarantee&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 15 (1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Names of companies; cessation of licences to dispense with "limited"&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 19 &nbsp;&nbsp;&nbsp;&nbsp; Adoption of Regulations in lieu of Memorandum and Articles&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 28 (2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum Capital&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 32 (5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of Situation of register of members&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 40 &nbsp;&nbsp;&nbsp;&nbsp; Conversion to no par shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp; 65 (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of holding company held by a subsidiary&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">110 (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration of particulars of existing charges&nbsp; &nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Statutory declaration regarding charges&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">120 (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of number of Post Office Box&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">125 (1) proviso(a)&nbsp;&nbsp;&nbsp;&nbsp; Period to be covered by profit and loss account&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">134 (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appointment of auditors&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notice of names of auditors</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">180 (2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of directors&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">194 &nbsp;&nbsp;&nbsp; Remuneration of directors&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">196&nbsp;&nbsp;&nbsp;&nbsp; Register of directors and secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">197&nbsp;&nbsp;&nbsp;&nbsp; Registration of particulars of directors and secretary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">215&nbsp;&nbsp;&nbsp;&nbsp; Register of directors'' holdings&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">274&nbsp;&nbsp;&nbsp;&nbsp; Publication of statement in lieu of prospectus.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">TENTH SCHEDULE</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">(Section 340)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">REPEALS</span></p><p class="MsoNormal" style="text-align: justify; text-indent: 36pt; margin-left: 36pt;"><span style="font-family: Arial;">Enactment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extent of Repeal</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Companies Ordinance (Cap. 193)&nbsp;&nbsp; ..&nbsp; The whole Ordinance except sections 23 to 29, and 57 and Schedule 4.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Companies (Preferential Creditors)</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Ordinance (Cap. 194) ..&nbsp;&nbsp; ..&nbsp;&nbsp; ..&nbsp; ..&nbsp;&nbsp;&nbsp; ..&nbsp;&nbsp;&nbsp; ..&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The whole Ordinance.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">The Companies and Registration of Business</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">Names (Amendment) Act, 1959 ..&nbsp;&nbsp; .. ..&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ..&nbsp;&nbsp;&nbsp;&nbsp; Part I.</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">amended by</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">SECURITIES INDUSTRY LAW , 1993 (PNDCL 333)2</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THE COMPANIES CODE (AMENDMENT) ACT, 1994 (ACT 474)3</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THE COMPANIES CODE (AMENDMENT) ACT, 1997 (ACT 531)4</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THE COMPANIES CODE (AMENDMENT) ACT, 2001 (ACT 609)5</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">THE COMPANIES CODE (AMENDMENT) ACT, 2002 (ACT 627)6</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p><p class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial;">&nbsp;</span></p>&nbsp;<p align="center"><font size="3" face="Antique Olive">Legal Library Services&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<span class="Apple-converted-space">&nbsp;</span></font><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><a href="file:///C:/alumni/copyright.htm"><font color="#003366">Copyright -&nbsp;2003 All Rights Reserved.</font></a></font></p>', 'FIRST', 'Yes', 'ACT 25');
