The Government of the Republic of the Union of Myanmar
Ministry of Planning and FinanceDirectorate of Investment and Company Administration
Notification No. 60 /2018

13th Waning of First Waso, 1380 M.E.
( 10th July 2018 )Prescribed Model Constitution under the Myanmar Companies Law2017

In exercise of the power conferred under section 462(a) of the Myanmar Companies Law
2017, the Directorate of Investment and Company Administration issues this Notification.
1.
2.

The prescribed form of model constitution for a private company limited by shares is
set out in Schedule One to this Notification.
This Notification shall come into effect on 1 August 2018.

(Aung Naing Oo)
Registrar

Myanmar Companies Law
Model Constitution

Company Constitutionof(Company)
Adopted on

/

/ 20

Note 1: This is a model form of constitution which has been prepared for private companies limited byshares. It provides maximum flexibility in the management and administration of companies. A
company may include provisions which limit the objectives and powers of the company. The model
constitution should be reviewed carefully prior to being adopted to ensure that it best serves theobjectives of the company and its members as a whole.
Note 2: If the company is to be a company limited by guarantee, the constitution should state theamount of the guarantee, that the liability of members is limited by the amount of the guarantee andthat each member undertakes to contribute to the assets of the company in the event of it being wound
up in accordance with the law. If the company is to be a company limited by guarantee without sharecapital, all clauses relating to shares and share capital should be deleted from the constitution.
Note 3: An alternative form of constitution should be adopted if the proposed company is to be an
unlimited company.
Note 4: A company may adopt its own constitution and is not required to use this model constitution.

Table of contents
Chapter 1 Definitions

2

Chapter 2 Preliminary matters

3

Chapter 3 Share capital

3

Chapter 4 Certificates

5

Chapter 5 Lien & Forfeiture

5

Chapter 6 Calls

8

Chapter 7 Transfer of Shares

9

Chapter 8 Transmission of Shares

10

Chapter 9 Alteration of capital

10

Chapter 10 Variation or cancellation of rights or restrictions

10

Chapter 11 General meetings

11

Chapter 12 Proceedings at general meeting

12

Chapter 13 Voting

14

Chapter 14 Resolutions without meetings

16

Chapter 15 Proxies

17

Chapter 16 The Directors

17

Chapter 17 Directors' contracts

19

Chapter 18 Powers of Directors

20

Chapter 19 Proceedings of Directors

21

Chapter 20 Secretary24

Chapter 21 The Seal

24

Chapter 22 Financial statements

24

Chapter 23 Dividends and other distributions

25

Chapter 24 Winding up

26

Chapter 25 Minutes and registers to be kept

26

Chapter 26 Inspection of records

27

Chapter 27 Notices

27

Schedule

29
1Chapter 1 Definitions
1.

In this Constitution, subject to clause 2, unless the context otherwise requires:(a)corporate representative means a person appointed as a body corporate Member's
representative under the Law.

(b)

Board means the Directors acting together as a board of directors which will be thesingle Director in the case of a single director company.

(c)

Director means a person appointed as a director of the Company in accordance withthis Constitution and the Law.

(d)distribution includes a return of capital, bonus share issue, payment in respect of any
share buy-back and any other income or capital distribution.

(e)general meeting means a general meeting of the Company.

(f)

Law means the Myanmar Companies Law 2017 (Pyidaungsu Hluttaw Law No. 29) as
amended and in effect from time to time.

(g)Lien Monies has the meaning given in clause 28(a).

(h)

Member means a person who is entered in the Register as the holder of one or more
Shares.

(i)

Office means the registered office of the Company.

(j)Ordinary Resolution means a resolution which has been passed by a simple majorityof the votes of Members entitled to vote as are present in person or by proxy at a
general meeting of which notice specifying the intention to propose the resolution as
an ordinary resolution has been duly given.

(k)

Outstanding Monies has the meaning given in clause 29(b).

(l)

poll means, for the purposes of voting, a count of votes attached to shares held by
each Member.

(m)Register means the register of the Company's members required to be set up andmaintained under the Law.

(n)resolution means any resolution and includes a resolution of the Directors, an
Ordinary Resolution and a Special Resolution.

(o)Seal means the common seal of the Company.

(p)Secretary means any person appointed as a secretary of the Company in accordancewith this Constitution and the Law.

(q)

Share means a share in the share capital of the Company.

(r)show of hand means, for the purposes of voting, a count of hands of Members.

(s)Special Resolution means a resolution which has been passed by a majority of notless than three-fourths of the votes of Members entitled to vote as are present in2

person or by proxy at a general meeting of which notice specifying the intention to
propose the resolution as a special resolution has been duly given.
Definitions in the Law
2.

All words used in this Constitution which have been defined in the Law have the same
meaning as given to them in the Law, unless otherwise stated.

Constitution subject to the Law
3.

This Constitution is subject to the Law. Where there is any conflict or inconsistency betweena clause of this Constitution and the Law, except to the extent that such conflict orinconsistency is permitted under the Law, the Law prevails in respect of the conflict orinconsistency.

Chapter 2 Preliminary matters
4.

This is the constitution of the Company.

5.

The Company is a company limited by shares and the liability of each Member is limited tothe amount unpaid (if any) on Shares held by them in accordance with the Law.

6.

Subject to any decision of Members in accordance with the Law, the Company will have thefollowing classes of Shares:(a)ordinary shares (which shall have the rights as set out in the Law); and(b)the additional classes of Shares, if any, set out in the Schedule (which shall have therights set out in the Schedule); and(c)any other classes of shares issued in accordance with the Law.

7.

No Member may hold less than one Share.

8.

The Company’s Office will be situated in the Republic of the Union of Myanmar.

Chapter 3 Share capital
Allotment and issue of Shares
9.

Subject to the Law, the Company may:(a)allot and issue Shares to any persons, on any terms and at those times as the Directors
determine;(b)

grant an option over the issue of any Shares to any persons, on any terms and during
any time as the Directors determine; and(c)without limiting clause 9(a), allot and issue Shares with any preferential, deferred or
special rights or with any restrictions (whether in regard to dividends or other
distributions, voting or otherwise) as the Directors determine.

3Company may issue preference Shares
10.

Subject to the Law, and without limiting clause 9, the Company may allot and issue
preference Shares on any terms the Directors determine including preference Shares whichare, or which at the option of the Company or holder or both may be, liable to be redeemed orconverted into ordinary Shares.

Applications for Shares
11.

If the Company receives an application for a Share by or on behalf of a person and theCompany allots a Share to the person as a consequence of that application, the application is
to be treated as:(a)an agreement by the person to accept that Share subject to the terms on which the
Share is allotted;(b)a request by the person for the Company to enter the person's name in the Register as
the holder of that Share; and(c)an agreement by the person to become a Member and, subject to the Law, to be boundby this Constitution.

Joint holders
12.

Two or more persons registered as the holders of any Share are deemed to hold the Share as
joint holders, subject to the following provisions:(a)the joint holders are jointly and severally liable for all payments (including amounts
payable under a call) which are required to be made on, for or in respect of the Share;(b)

if a joint holder dies, the survivor or survivors are the only person or persons
recognised by the Company as having any title to the Share, but the Directors may
require evidence of death;(c)any one joint holder may give a valid receipt for any dividend or other distribution to
the joint holders;(d)delivery of a notice, a report, accounts or a certificate for the Share to any joint holder
is sufficient delivery to all the joint holders; and(e)the joint holders shall be treated as a single Member.

Recognition of trusts or other interests in Shares
13.

Subject to the Law, the Company may treat the registered holder of any Share as the absolute
owner of that Share and, accordingly, the Company is not required to recognise (whether or
not it has notice):(a)a person as holding a Share on any trust; or(b)any equitable, contingent, future or partial interest in any Share.

4

Chapter 4 Certificates
Issue of certificates14.

If the Company is required by the Law to issue a certificate for any Shares, the certificate
must be issued in accordance with, and must include all information required by, the Law.

Member's entitlement to certificate
15.

Subject to this Constitution, each Member is entitled upon request and free of charge to one
certificate for each class of Shares registered in their name.

Certificate for joint holders
16.

If Shares are registered in the names of two or more persons, the Company is only required toissue one certificate for each class of those Shares.

Cancellation of certificate on transfer or transmission
17.

Subject to this Constitution and to the requirements of the Law, on every application toregister the transfer of any Shares, or to register any person as a holder of any Shares whichhave been transmitted to that person by operation of law, the certificate for those Shares must
be delivered to the Company for cancellation if such a certificate has been issued.

Replacement of certificates
18.

19.

The Company must issue a replacement certificate to a Member upon request if a certificate
for any Share is:(a)worn out or defaced, on delivery of the worn out or defaced certificate to theCompany; or(b)lost or destroyed, when the Company is given:(i)evidence that the certificate has been lost or destroyed, and has not been
pledged, sold or otherwise disposed of; and(ii)

an undertaking to return the certificate to the Company, if found or received.

The Company must issue all replacement certificates within 28 days after receiving theoriginal certificate or being given the evidence and other items referred to in clause 18(b), as
applicable, or such shorter period (if any) required under the Law.

Chapter 5 Lien & Forfeiture
Lien
20.

The Company has a first and paramount lien on each Share for:(a)

all amounts due and unpaid on the Share;(b)

all amounts owing to the Company for acquiring the Share;(c)

all amounts payable to the Company in respect of the Share;5(d)interest (if any) accrued under clause 40 (including as a result of the application ofthat clause to any debt or amounts under clause 39); and(e)reasonable costs and expenses incurred by the Company because an amount referred
to in this clause is not paid when due.

Extent of lien
21.

The Company's lien on a Share extends to all dividends and other distributions and otheramounts payable to the holder of the Share in respect of the Share, including the proceeds ofthe sale or other disposal of the Share. The Company may deduct from or set-off against any
dividends or other distributions or other amounts subject to the Company's lien any amounts,
interest and costs and expenses referred to in clause 20.

Exemption from lien
22.

The Company may at any time:(a)exempt a Share in whole or in part from the provisions of clauses 20 and 21; or(b)except in respect of an amount unpaid on a Share, waive or compromise payment of
all or any part of any amounts, interest and costs and expenses referred to in clause 20.

Company may forfeit instead of exercising lien23.

If clauses 24 to 26 apply to a Share to which clauses 20 to 22 also apply, the Company may
choose which of the lien or forfeiture procedures under this clause it will use. Choosing to use
one of the procedures under a clause does not limit the Company's rights to use the otherprocedures under the other clauses.

Forfeiture on non-payment of calls
24.

Without limiting clauses 20 to 22, unless the Company otherwise determines, any Share on
which a call is unpaid (in whole or in part) will, 28 days after the Company gives notice to theMember that the day for its payment has expired, be absolutely forfeited without any
resolution of the Directors or other proceeding being required. Subject to the Law, theCompany may then cancel or sell or otherwise dispose of the forfeited Share.

Evidence of forfeiture
25.

A written statement declaring that the person making the statement is a Director or Secretary
and that a Share has been forfeited on a date stated in the statement, is conclusive evidence ofthe facts stated in the statement as against all persons claiming to be entitled to or otherwise
have an interest in the Share.

Effect of forfeiture26.

On forfeiture of a Share, the person whose Share is forfeited:(a)ceases to be a Member in respect of the forfeited Share;(b)

without limiting clause 26(a), loses all entitlements to dividends or other distributions
determined or declared or otherwise payable in respect of the forfeited Share and notactually paid; and

6

(c)

remains liable to pay the Company all amounts which, at the date of forfeiture, were
payable by them to the Company on, for or in respect of the forfeited Share, including
all interest (if any) accrued under clause 40. The Company is under no obligation to
enforce payment.

Sale of Share under lien or sale of forfeited Shares
27.

The Company may sell or otherwise dispose of any Share on which the Company has a liensubject to clause 28, or which it has determined shall be forfeited, on any terms and in any
manner the Directors determine, provided the sale or other disposal is in accordance with any
applicable requirements of the Law.

28.

The Company may not sell any Share on which it has a lien unless:(a)an amount in respect of which the lien exists (Lien Monies) is presently due; and(b)

the Company has, not less than 28 days before the date of sale, given a written noticeto the person registered as the holder of the Share stating that the Lien Monies ispresently due and demanding payment of the Lien Monies in full, and the Lien
Monies has not been paid in full in accordance with such notice.

Proceeds of sale
29.

30.

The Company must apply the proceeds of the sale or other disposal of a Share under thischapter 5:(a)first, in payment of all costs and expenses incurred in selling or otherwise disposing of
the Share; and(b)second, in payment of the Lien Monies (in the case of a lien) or, in in payment of theamounts payable on, for or in respect of the forfeited Share by the registered holder of
the Share, and unpaid (Outstanding Monies).

The Company must pay the balance (if any) to the person registered as the holder of the Share
immediately before the Share was sold or otherwise disposed of or as that person directs.

Effecting the sale or other disposal
31.

The Company may do all things necessary or desirable to facilitate and effect the sale or otherdisposal of a Share pursuant to this chapter 5.

32.

The transferee or other recipient of any Share sold or otherwise disposed of under this chapter
5 is not required to see that the proceeds of the sale or other disposal are properly applied as
set out in this chapter 5. The transferee or other recipient's title to the Share is unaffected byany irregularity or invalidity in connection with the sale or other disposal or the application of
the proceeds of the sale or other disposal.

33.

The transferee or other recipient of any Share sold or otherwise disposed of under this chapter
5 is discharged from liability for any amounts called on the Share which were due before thesale or other disposal of the Share, unless otherwise agreed by the transferee or other recipient
and the Company.

7

No release of liability
34.

Where the proceeds of the sale or other disposal of a Share under this chapter 5 (after paymentof all costs and expenses incurred in selling or otherwise disposing of the Share) areinsufficient to pay the Lien Monies or Outstanding Monies in full, the person or persons liable
to pay the Lien Monies or Outstanding Monies remain liable to the Company for the balanceof the Lien Monies or Outstanding Monies. Nothing in, or done pursuant to, this chapter 5
releases a person who is or was registered as the holder of any Share, from any liability to theCompany in respect of the Lien Monies or Outstanding Monies.

Remedies
35.

The remedy of any person aggrieved by the sale or other disposal of their Shares under thischapter 5 is limited to a right of action in damages against the Company to the exclusion of
any other right, remedy or relief against the Company or any other person.

Chapter 6 Calls
Company may make calls
36.

The Company may:(a)make calls as the Directors determine on a Member for any or all of the amounts
unpaid on Shares held by the Member which are not payable at fixed times under theterms of issue of the Shares;(b)

make a call payable by instalments; and(c)revoke or postpone a call or extend the time for payment of the call.

Time of call
37.

A call is deemed to have been made when the resolution of the Directors authorising that callis passed or as otherwise specified in the resolution.

Notice and payment of calls
38.

The Company must give written notice of a call on a Member to the Member at least 21 days
before the amounts called are due. The notice must specify the time and a reasonable method
for payment. The non-receipt of any notice of a call by, or the accidental omission to givenotice of a call to, the Member will not invalidate the call.

Fixed payments deemed calls
39.

Any amount which, by the terms of issue of a Share, becomes payable on issue or at any fixed
date, will for the purposes of this Constitution be deemed to be a call for that amount duly
made, notified and payable on the date on which the amount is payable. In the case of nonpayment, all the provisions of this Constitution relating to non-payment of calls, including
payment of interest, costs and expenses, forfeiture and the cancellation or the sale or otherdisposal of the Member's Shares will apply as if the amount had become payable by virtue ofa call duly made and notified.

8

Interest on amounts not paid
40.

Amounts called on a Share and not paid on or before the date for payment bear interest fromthe date for payment to the time of actual payment at any reasonable rates the Directors may
determine. The Company may waive payment of interest, either in whole or in part.

Payment of calls
41.

A Member must pay the amount of each call made on them at the times and by the methods
determined by the Directors or the terms of issue of the Shares on which the call is made.

Prepayment of calls
42.

A Member may at any time pay to the Company all or any part of the amount unpaid on the
Shares held by the Member beyond the amounts actually called (if any).

Chapter 7 Transfer of Shares
Transfer document
43.

Subject to this Constitution and the Law, a Member may transfer any Shares by a transfer
document duly stamped and delivered to the Company. The transfer document must:(a)be in writing in the usual or common form or in any other form as the Directors may
determine or agree to accept;(b)

include all information required by the Law, including a declaration by the transferor
or transferee (or both of them) as to whether as a result of the transfer an overseas
corporation or other foreign person (or combination of them) will acquire or cease tohave an ownership interest in the company’s shares;(c)be signed by or on behalf of the transferor and transferee or as otherwise permitted by
the Law; and(d)be accompanied by the certificate (if required by Law and if such certificate has been
issued) for the Shares to be transferred and any other evidence the Directors may
require to prove the title of the transferor to or their right to transfer the Shares.

Registration of transfer
44.

Subject to clause 45, the Company must register each transfer of Shares which complies withclause 43 and must do so without charge.

Directors may refuse to register transfer
45.

Subject to the Law, the Directors may refuse to register any transfer of Shares if, within 21
days of receipt of the application for transfer and other documents required by this chapter 7,
the Board passes a resolution to this effect setting out the reason for refusing the transfer andthe Company then sends to the transferee and the transferor notice of this refusal, including
the reasons for such refusal, within a further 7 days of passing the resolution.

Retention and return of transfer document
46.

The Company must:
9

(a)retain all transfer documents for registered transfers of Shares for the period
determined by the Directors or otherwise required by law; and(b)

except in the case of fraud or suspected fraud, return on demand any transfer
document for a transfer of Shares which the Directors refuse to register to the person
who delivered the document.

Transfer not complete until name entered in the Register
47.

The transferor of a Share remains the holder of the Share until the name of the transferee isentered in the Register as the holder of the Share.

Chapter 8 Transmission of Shares
Death of a Member
48.

49.

If a Member dies and the Member:(a)

was a joint holder of any Shares, any surviving joint holders are the only persons theCompany will recognise as having any title to or interest in those Shares; or(b)

was the sole holder of any Shares, the legal personal representatives of the Member
are the only persons the Company will recognise as having any title to or interest in
those Shares.

Nothing in clause 48 releases the estate of a deceased Member from any liability for any
amount unpaid on, or otherwise owing to the Company for or in respect of a Share, whether
that Share was held by the deceased solely or jointly with one or more other persons.

Chapter 9 Alteration of capital
50.

The Company may alter its capital in any manner permitted by the Law. Subject to the Law,
the Directors may do anything required to give effect to any resolution which alters theCompany’s share capital.

Chapter 10 Variation or cancellation of rights or restrictions
Variation or cancellation of rights of or restrictions on class of Shares
51.

Subject to the terms of issue of any Shares and the Law, all or any of the rights andrestrictions attached to or imposed on any class of Shares may only be varied or cancelled,
including by converting or reclassifying Shares from one class to another:(a)with the written consent of holders of at least 75% of the Shares of that class; or(b)with the approval of a Special Resolution passed at a meeting of holders of the Sharesof that class.

10

No variation by issue of further Shares ranking equally52.

Subject to the terms of issue of any Shares, the rights or restrictions attaching to or imposedon the Shares of any class will not be deemed to be varied by the allotment or issue of further
Shares ranking equally in respect of those rights and restrictions.

Changes to this Constitution
53.

Each Member agrees to be bound by any modification of this Constitution made in accordancewith the Law after the date on which they become a Member.

Chapter 11 General meetings
Annual general meetings
54.

Annual general meetings must be held if required by and in accordance with the Law. The
business of an annual general meeting may include:(a)where the Company is required to prepare such reports, receiving and considering theannual financial report, directors’ report and auditor’s report;(b)electing Directors; and(c)where the company is required to appoint an auditor, the appointment of the auditor;

whether or not this is stated in the notice of meeting.
Convening general meetings
55.

Subject to the Law, any Director may convene a general meeting at a reasonable time andplace they determine.

Members may requisition general meeting
56.

Members may requisition the holding of a general meeting in accordance with the Law. The
Directors must convene a meeting so requisitioned in accordance with the time limits under
the Law.

Notice of general meeting57.

If the Company is a private company, at least 21 days' notice of a general meeting must be
given, or if the Company is a public company, at least 28 days’ notice of a general meetingmust be given.

58.

Notice of a general meeting must be given in the manner provided by this Constitution and the
Law to the Members and those persons who are otherwise entitled under this Constitution or
the Law to receive notices of general meetings, and must include or be accompanied by all
information required by the Law.

Directors entitled to notice of general meeting
59.

A Director is entitled to receive notice of, attend and speak at all general meetings.

11

Omission to give notice of general meeting or comply with notice requirements
60.

Subject to the Law:(a)the accidental omission to give notice of a general meeting (or any postponement or, if
required, adjournment of or change to the meeting) to, or non-receipt of any such
notice by, any Member or any person who is otherwise entitled under this Constitution
or the Law to receive notices of general meetings; or(b)failure to strictly comply with clause 58 in respect of a notice of a general meeting,does not invalidate any of the proceedings at the meeting.
Class meetings
61.

The provisions of this Constitution relating to general meetings apply so far as they arecapable of application and with any necessary changes to every meeting of the holders of aclass of Shares except that:
(a)

(b)

a quorum is constituted by:(i)if one person holds all of the Shares of the class, that person; or(ii)

if two or more persons hold the Shares of the class, at least two persons who
hold Shares of the class; andany holder of Shares of the class present at the meeting may demand a poll.

Chapter 12 Proceedings at general meeting
Member deemed to be present
62.

A Member may attend a general meeting, and is deemed to be present, in any of the following
ways:
(a)

in person;(b)by attorney;(c)by proxy; or(d)in the case of a Member which is a body corporate, by a corporate representative.

Attorney of Member
63.

Any Member may appoint an attorney to act on their behalf at any or all general meetings or
all general meetings during a specified period. Before the first meeting at which the attorneyacts on the Member's behalf, the power of attorney validly appointing the attorney must be
deposited at the Office or at any other place specified in the notice of the meeting for that
purpose. If requested by the chair of any general meeting to which the power of attorney
relates, the attorney must deliver to the chair a duly executed declaration of non-revocation of
the power of attorney. Subject to the Law, the chair's decision or, in the chair's absence, theDirectors' decision as to the validity of a power of attorney is final and binding.

12

Representative of body corporate
64.

Any Member that is a body corporate may, in accordance with the Law, authorise any person
to act as its representative at any or all general meetings or all general meetings during a
specified period. That corporate representative is then entitled to exercise the same powers as
the body corporate appointing the corporate representative could have exercised as a Member
at the relevant general meetings or in voting on a resolution, if it were a natural person.

Quorum for general meeting65.

No business may be transacted at any general meeting unless a quorum is present at all times
during the meeting. A quorum is constituted by:(a)if the Company has only one Member, that Member; and(b)

if the Company has two or more Members, two Members.

No quorum66.

If a quorum is not present within 30 minutes after the time appointed for a general meeting:(a)any meeting convened by Members or by the Directors on request of Members is
dissolved; and(b)

any other meeting stands adjourned to the same day in the next week at the same timeand place or to any other day, time and place as the Directors may determine and givenotice of to the Members and those persons who are otherwise entitled under thisConstitution or the Law to receive notices of general meetings. If at the adjourned
meeting a quorum is not present within 30 minutes after the time appointed for the
adjourned meeting, then those Members who are present are deemed to be a quorum
and may transact the business specified in the original notice convening the meeting.

Chair of general meeting
67.

The chair of the Directors or, in the chair's absence, the deputy chair of the Directors (if any)
will be entitled to take the chair at every general meeting. If there is no chair or deputy chairof the Directors, or if neither of them is present within 30 minutes after the time appointed forholding the meeting or willing to take the chair, the Directors present at the meeting may
choose a chair of the meeting. If the Directors do not choose a chair of the meeting, theMembers present must choose one of the Directors to be chair, and if no Director is present or
willing to take the chair, the Members must choose one of the Members (or their proxy,attorney or corporate representative) to be chair.

68.

The chair of a general meeting may, in the case of a conflict of interest or otherwise in theirdiscretion, appoint someone else (who need not be a Director) to chair one or more items ofbusiness or resolutions at the meeting. While acting as chair the appointee may exercise all of
the chair's powers and discretions conferred by this Constitution or the Law. The chair
resumes the chair after the appointment concludes.

Powers of chair
69.

The chair of a general meeting is responsible for the general conduct of and procedures at themeeting. The chair's decisions about general conduct and procedures is final and binding.

13

70.

At any general meeting, if the chair of the meeting declares that a resolution has been carried,or carried by a particular majority, or not carried and an entry to that effect is recorded in theminutes of the meeting, that declaration is conclusive evidence of the fact without proof of thenumber or proportion of votes recorded in favour of or against or abstained on that resolution.

Adjournment of general meeting71.

Subject to clause 72, the chair of a general meeting may adjourn the meeting to a different
day, time and place, but only business left unfinished at the meeting from which theadjournment took place may be transacted at the adjourned meeting.

72.

Clause 71 does not permit the chair of a general meeting to adjourn a meeting convened by asingle Director, or in accordance with the Law by Members, by the Directors on request ofMembers or by a court unless the persons who convened the meeting (or at the request ofwhom the meeting was convened) consent to the adjournment.

Notice of adjourned general meeting73.

If a general meeting is adjourned for more than 28 days, notice of the adjournment must be
given to all Members and those persons who are otherwise entitled under this Constitution or
the Law to receive notices of general meetings in the same manner in which notice was, orought to have been, given of the original meeting.

Chapter 13 Voting
Resolution determined by majority
74.

At a general meeting all proposed resolutions will be decided by a simple majority of votes
except where a greater majority is required by this Constitution or the Law.

Casting vote of chair75.

If, on a resolution at a general meeting, an equal number of votes occurs on a show of hands
or on a poll, the chair of the meeting has a casting vote in addition to any votes to which thechair may be entitled as a Member, proxy, attorney or corporate representative.

Method of voting
76.

Each proposed resolution at a general meeting will be determined by a show of hands unless,before a vote is taken or before or immediately after the declaration of the result of the vote ona show of hands, a poll is demanded as provided by the Law.

Demand for poll
77.

A poll may be demanded on any resolution at a general meeting by:(a)at least five Members present and entitled to vote on the resolution;(b)

any one or more Members present and holding Shares conferring not less than 10% of
the votes that may be cast on the resolution on a poll; or(c)the chair of the meeting.

14

Conducting a poll78.

If a poll is demanded on any resolution at a general meeting, the chair of the meeting:(a)will decide the manner in which, and the date and time at which, the poll is taken;(b)must ascertain the number of votes attaching to Shares held or represented by persons
voting in favour of the resolution and by those voting against the resolution; and(c)will determine any dispute about admitting or rejecting a vote and that determination,
made in good faith, will be final and binding.

Votes
79.

80.

Subject to this Constitution and the rights or restrictions on voting on any class of Shares:(a)on a show of hands every Member present has one vote; and(b)on a poll every Member present has:(i)

one vote for each fully paid Share held by that Member; and(ii)

a fraction of a vote for each partly paid Share, equivalent to the proportion
which the amount paid is of the total amounts paid and payable for that Share.

A person entitled to cast more than one vote on a poll need not use all their votes or cast all
the votes they use in the same way.

Voting by proxy81.

A Member who is entitled to vote on a proposed resolution at a general meeting may appoint a
person as that Member's proxy to attend the meeting and vote on that Member's behalf.

82.

A proxy may demand or join in demanding a poll.

83.

If a Member is present at any general meeting for which the Member has validly appointed a
proxy to attend and vote for the Member, the proxy's authority to:

84.

(a)

speak for the Member is suspended while the Member is present; and(b)vote for the Member on any proposed resolution is not suspended while the Member
is present but is revoked by the Member voting in person.

Subject to the Law, a proxy may vote or abstain from voting on a proposed resolution at a
general meeting as they choose. However, if the instrument appointing the proxy directs theway in which the proxy must vote or abstain from voting, then the proxy may only vote or
abstain in that way.

Validity of vote given in accordance with proxy, attorney or representative
85.

Unless the Company has received written notice of the matter before the start or resumption of
the general meeting at which a person votes as a proxy, attorney or corporate representative ofa Member, a vote cast by the person will be valid even if, before the person voted, theMember:
(a)

dies;
15

(b)

is mentally incapacitated;(c)revokes the person's appointment or authority;(d)revokes the authority under which the person was appointed by a third party; or(e)transfers the Share for which the appointment or authority was made or given.

Voting if call unpaid on Shares
86.

A Member may not, at any general meeting, vote any Share they hold if any amounts are dueand payable to the Company at the time of the meeting on, for or in respect of the Share. This
does not restrict the Member from voting any other Shares which they hold, including, subject
to clause 79(b)(ii), partly paid shares.

Voting by joint holders
87.

Subject to clause 88, a joint holder of Shares entitled to vote on a proposed resolution at a
general meeting may vote all of the Shares in respect of which they are joint holder on that
resolution.

88.

If more than one joint holder of Shares is present at any general meeting and tenders a vote ona proposed resolution, only the vote of the joint holder whose name appears first on theRegister will be counted.

Voting by transmittee
89.

If a person entitled to a Share because of the transmission of the Share to them by operation oflaw gives the Company, at least 48 hours before the time notified for a general meeting (or apostponed or adjourned meeting), evidence of the entitlement as the Directors may require,that person may exercise the rights in respect of the Share (including voting the Share) at themeeting as if that person were registered as the holder of the Share.

Ruling on entitlements and votes
90.

A person may only object to whether a purported voter is entitled to vote or a vote by any
person present and entitled (or claiming to be entitled) to vote should be admitted or rejected,
at the meeting at which the purported voter wishes to vote or the vote objected to is given or
tendered. The objection must be determined by the chair of the general meeting, whose
decision is final and binding. A vote not disallowed as a result is valid and effective for all
purposes.

Chapter 14 Resolutions without meetings
Where only one Member
91.

If the Company has only one Member, the Company may pass a resolution without a general
meeting being held if that Member (or their attorney or corporate representative) records theresolution and signs the record.

16

Where more than one Member
92.

If the Company is a private company and has more than one Member, the Company may passa resolution, other than a resolution to remove an auditor under the Law, without a general
meeting being held if all the Members entitled to vote on the resolution (or their attorneys or
corporate representatives) sign a document containing a statement that they are in favour of
the resolution set out in the document. Identical copies of the document and accompanying
information may be distributed for signing by different Members. The resolution is passed
when all of the Members have signed the document.

Chapter 15 Proxies
Instrument appointing proxy93.

An instrument appointing a proxy must be in writing and signed by the appointor and include
the Member’s name and address, the Company’s name, the proxy’s name and the meetings at
which the proxy may be used (which may be all meetings).

94.

An appointment of proxy may be a standing one.

Deposit of proxy with Company
95.

An instrument appointing a proxy and the power of attorney (if any) under which it is signed
must be received by the Company at least 48 hours before the time for holding the general
meeting to which the proxy relates and may be:(a)delivered to the Office;(b)sent by fax to the Office or to any other fax number specified in the notice of themeeting for that purpose;(c)sent by email or other means to an electronic address specified in the notice of themeeting for that purpose; or(d)otherwise received by any other means specified in the notice of meeting, notified by
the Company from time to time or otherwise permissible under the Law.

Validity of proxy96.

Subject to the Law, the decision of the chair of a general meeting or, in the chair's absence, theDirectors' decision as to the validity of an instrument appointing a proxy or the power ofattorney (if any) under which it is signed is final and binding.

Chapter 16 The Directors
Number of Directors
97.

The number of Directors must not be less than one (if the Company is a private company) or
three (if the Company is a public company).

17

Directors must be natural persons
98.

A Director must be a natural person.

Directors' tenure of office99.

Subject to the Law, each Director will hold office until they are removed under thisConstitution or automatically cease to be a Director in accordance with the Law.

No Share qualification
100.

A Director is not required to hold any Shares.

Appointment or removal of Directors
101.

Directors may be appointed or removed by Ordinary Resolution or by notice in writing to theCompany signed by or on behalf of all Members.

Directors may fill casual vacancies or appoint additional Directors
102.

The Directors also have power at any time to appoint any other person as a Director either tofill a casual vacancy or as an addition to the Board provided that the total number of Directors
must not at any time exceed the maximum number for the time being fixed by or under thisConstitution (if any).

Alternate Director
103.

Subject to the Law, each Director may, with the approval of the other Directors, appoint a
person (whether or not a Member) to act as an alternate Director in that Director’s place
during any period the appointing Director determines. The appointment must be in writing
and signed by the appointing Director and a copy of the appointment must be given to theCompany at the Office or to a meeting of the Directors.

104.

Any alternate Director:(a)may be removed or suspended from office by written notice to the Company from the
Director who appointed the alternate (appointer);(b)

is entitled to receive notice of, attend (if the appointer is not present) and be counted
towards a quorum at meetings of Directors;(c)is entitled to vote at meetings of Directors they attend on all resolutions on which theappointer could vote had that appointer attended and, where the alternate is a Director
in the alternate's own right, will have a separate vote on behalf of the appointer in
addition to the alternate's own vote;(d)

is not required to hold any Shares;(e)subject to the terms of their appointment, may exercise any powers that the appointermay exercise in the alternate's own right where the appointer is unavailable for any
reason except the power to appoint an alternate Director.

(f)will automatically vacate office if the appointer is removed or otherwise ceases to bea Director;

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(g)

while acting as a Director, is:(i)

an officer of the Company and not the appointing Director's agent; and(ii)

responsible to the Company for the alternate's own acts and defaults;(h)is not entitled to receive any remuneration from the Company but is entitled to paid or
reimbursed for reasonable travelling and other costs and expenses incurred inattending and returning from meetings of Directors, any committee of the Directors or
any general meetings or otherwise in connection with the Company's business; and(i)may act as an alternate for more than one Director.

Remuneration of Directors
105.

Directors may be paid remuneration for their services as Directors.

106.

Subject to the Law and any restriction or limit imposed by the Company in general meetingand the terms of any agreement entered into with any Director, the Board may determine:(a)the amount and form of remuneration to be paid to each Director; or(b)the aggregate amount and form of remuneration to be paid to all Directors and may
divide the aggregate remuneration among themselves in any proportions and in any
manner as they may determine. If the Directors do not or are unable to make adetermination as to the apportionment of the aggregate remuneration, it must be
divided among them equally.

Expenses of Directors
107.

In addition to any remuneration, the Directors are entitled to be paid or reimbursed all
reasonable travelling and other costs and expenses incurred by them in attending and returningfrom meetings of the Directors, any committee of the Directors or any general meetings orotherwise in connection with the Company's business.

Chapter 17 Directors' contracts
Directors not disqualified from holding office or contracting with Company
108.

Subject to the Law:(a)no Director will be disqualified by virtue of being a Director from holding any officeor position of profit with the Company or any other person;(b)no Director will be disqualified by virtue of being a Director from contracting with theCompany or any other person; and(c)no contract referred to in this chapter 17 or any contract or arrangement entered intoby or on behalf of the Company in which any Director is in any way interested can be
avoided, and no Director will be liable to account to the Company for any profit
arising from that contract or arrangement or from any office or position referred to inthis chapter 17, by reason only of that Director holding that office or position or the
Director's fiduciary relationship with the Company.

19

Director can act in professional capacity
109.

Subject to the Law, a Director or a Director's firm may act in a professional capacity for theCompany and be remunerated for doing so.

Director may vote on contract in which the Director is interested
110.

Subject to compliance with clause 111, a Director may be present and vote at a meeting of
Directors on any matter about any contract or arrangement in which the Director is interested(whether directly or indirectly) and may be counted in a quorum for the meeting at which thematter is considered and may affix the Seal to, and execute or otherwise act in respect of, that
contract or arrangement provided that the other directors pass a resolution that identifies the
director and the nature of the interest and states that those directors are satisfied that theinterest should not disqualify the director from being present at the meeting or voting.

Directors to declare interest
111.

Except where the Law does not require it, any Director who has a material personal interest ina matter that relates to the Company's affairs must give the other Directors notice of thatinterest, by giving details of the nature and extent of the interest and its relation to theCompany's affairs and by otherwise meeting the requirements of the Law, at a meeting of
Directors as soon as possible after the Director becomes aware of their interest in the matter.

Directors to declare potential conflicts
112.

Any Director who holds any office or position or possesses any property or assets incircumstances where the holding or possession might, either directly or indirectly, create
conflicting duties or interests with those duties or interests that the Director has in theircapacity as a Director, must declare the fact of holding that office or position or possessingthat property or assets, and the nature and extent of any conflict, at the first meeting of
Directors held after they become a Director or (if already a Director) at the first meeting of
Directors held after they become aware of the relevant facts which give rise to the conflict.

Chapter 18 Powers of Directors
Powers of Directors
113.

The Directors will manage or cause the management of the business of the Company and may
exercise, or cause to be exercised, all powers, authorities and discretions of the Company thatare not, by the Law or by this Constitution, required to be exercised by the Company ingeneral meeting.

114.

Except as permitted or required by the Law or this Constitution, no Member may direct theCompany or the Directors in the exercise of the powers, discretions and authorities conferredon the Company or the Directors under this Constitution.

115.

Directors powers will be exercised in the manner provided and permitted by this constitution
and the Law.

Powers to borrow or raise money and pay costs and expenses
116.

Without limiting clause 113, the Directors may:

20

(a)

borrow or raise any sum of money or obtain other financial accommodation for
Company purposes, and may grant mortgages and charges or otherwise provide
security for the repayment of that sum or financial accommodation or the payment,
performance or fulfilment of any debts, liabilities, contracts, arrangements or
obligations incurred, entered into or performed by the Company in any manner and on
any terms as they determine, including by granting any security on its uncalled or
unpaid capital for the time being; and(b)pay, or cause to be paid, all costs and expenses incurred in forming and promoting theCompany.

Directors may vote shares in other companies
117.

Subject to the Law, the Directors may exercise the voting power conferred by the shares inany company held by the Company in any manner they determine, including in circumstanceswhere a Director may be interested in the exercise, such as an exercise in favour of any
resolution appointing a Director as an officer of the other company or voting or providing forthe payment of remuneration to officers of the other company.

Agent or attorney
118.

The Directors may at any time appoint any person to be an agent or attorney of the Company
for any purpose and with any of the powers, authorities and discretions exercisable by them,any Director, the Secretary, or any officer under this Constitution or the Law, and may revoke,
vary or suspend that appointment, on any terms they determine.

Delegation of powers
119.

The Directors may delegate any of the powers, authorities and discretions exercisable by themunder this Constitution or the Law to a committee of Directors, a single Director, an employeeof the Company or any other person, and may revoke, vary or suspend that delegation, on any
terms they determine.

Chapter 19 Proceedings of Directors
Board meetings
120.

The Directors may meet:(a)in person;(b)by telephone;(c)by audiovisual linkup; or(d)by any other instantaneous communications medium,for dispatch of business, and adjourn and otherwise regulate their meetings as they determine.

21

Director to be regarded as present at Board meeting
121.

A Director is regarded as present at a meeting of Directors where the meeting is conducted by
telephone, audiovisual linkup or other instantaneous communications medium if the Director
is able to hear, and to be heard by, all other Directors attending the meeting.

Place of Board meeting
122.

A meeting of Directors conducted by telephone, audiovisual linkup or other instantaneouscommunications medium will be deemed to be held at the place agreed on by the Directors
attending the meeting, provided that at least one of the Directors present at the meeting was atthat place for the duration of the meeting. Meetings may be held outside the Republic of theUnion of Myanmar.

Convening of Board meeting
123.

A Director may at any time, and the Secretary (if any) on the request of a Director must,
convene a meeting of Directors.

Notice of Board meeting
124.

Notice of every meeting of Directors must be given to each Director, but failure to give or
receive that notice will not invalidate any meeting.

Directors may act notwithstanding vacancy
125.

The Directors may act despite there being a vacancy on the Board, but if and so long as their
number is below the number required for a quorum, they must not act except in an emergency
or to fill a vacancy or to convene a general meeting.

Quorum for Board meeting
126.

127.

No business may be transacted at any meeting of Directors unless a quorum is present at thestart of the meeting. Unless the Directors otherwise determine, a quorum is constituted by:(a)if the Company has only one Director, that Director; and(b)

if the Company has two or more Directors, two Directors.

If a quorum is present at the beginning of a meeting of Directors, it is deemed to be present
throughout the meeting even if a Director absents themselves, or abstains from voting, for any
reason.

Board meeting competent to exercise all powers
128.

A meeting of Directors at which a quorum is present will be competent to exercise all or anyof the powers, authorities and discretions exercisable by the Directors under this Constitution
or the Law.

Chair of Board meetings
129.

The Directors must elect a chair of their meetings and determine the periods for which thechair is to hold office. If no chair is elected or if at any meeting the chair is present within 15
minutes after the time appointed for the meeting, the Directors present at the meeting may
choose one of the Directors present to be chair of the meeting.
22

Questions to be decided by majority
130.

Questions arising at or proposed resolutions submitted to any meeting of Directors will bedecided by a simple majority of votes of Directors present and voting. If the votes cast are
equal, the chair will have a casting vote in addition to any vote to which the chair may beentitled as a Director.

Resolution in writing
131.

If there is only one Director, that Director may pass a resolution by recording it and signing
the record.

132.

If there is more than one Director, the Directors may pass a resolution without a meeting of
Directors being held if all of the Directors entitled to vote on the resolution sign a document
containing a statement that they are in favour of the resolution set out in the document.
Identical copies of the document and accompanying information may be distributed forsigning by all Directors. The resolution is passed when the last participating Director signs
the document.

Committee powers and meetings
133.

Any committee of Directors must exercise the powers, authorities and discretions delegated to
it in accordance with any directions that may be imposed on it by the Directors.

134.

The meetings and proceedings of any committee of Directors consisting of two or more
Directors will be governed by the provisions of this Constitution regulating the meetings andproceedings of the Directors so far as they are applicable and are not superseded by any
directions of the Directors.

Validity of acts of Directors
135.

All acts done by the Board, a committee of the Directors or any person acting as a Director
will be valid even it is discovered afterwards that there was some defect in the appointment orelection of that Director or person acting as a Director or that any Director was disqualified or
had vacated office or was otherwise not entitled to vote or act.

If Company is a wholly-owned subsidiary136.

If the Company is a wholly-owned subsidiary:(a)each Director is authorised to act in the best interests of a holding company of theCompany; and(b)a Director is taken to act in good faith in the best interests of the Company if:(i)that Director acts in good faith in the best interests of a holding company of
the Company; and(ii)

the Company is not insolvent at the time the Director acts and does not
become insolvent because of the Director's act.

23

Chapter 20 Secretary
137.

138.

The Directors may appoint a secretary of the Company in accordance with the Law. The
Directors may also appoint any person:(a)to perform the duties of secretary of the Company on a temporary basis; or(b)

to assist the Secretary of the Company.

A Secretary holds office on the terms (including as to remuneration) and with the powers,
authorities and duties, as the Directors determine. The exercise of those powers and authorities
and the performance of those duties by a Secretary is subject at all times to the control of the
Directors. A Secretary may be removed by the Directors.

Chapter 21 The Seal
139.

If the Company has a Seal:(a)the Directors must provide for the safe custody of the Seal; and(b)

the Seal may only be used with the authority of the Directors or the authority of any
person or a committee of the Directors given authority by the Directors to authorise
the use of the Seal.

Chapter 22 Financial statements
Financial records
140.

The Directors must cause financial and other records to be kept as required by any applicablelaw and this Constitution.

Financial report and Directors' report
141.

If required by the Law or the Directors so determine, the Company must prepare a financial
report and Directors' report for the last financial year of the Company in accordance with allapplicable laws.

Auditor and audit
142.

If the Company is required by the Law, or the Directors resolve, to appoint an auditor for eachfinancial year:(a)the auditor must be appointed and removed in accordance with applicable law;(b)

the Directors may agree the auditor's remuneration; and(c)the financial report of the Company for that financial year must be audited by theauditor in accordance with applicable law.

24

Chapter 23 Dividends and other distributions
Power to determine dividends vested in Directors
143.

The Directors may determine that a dividend (including an interim dividend) is payable andmay fix the amount, timing and method of payment of the dividend.

Apportionment of dividends
144.

Subject to this Constitution, the Law and the rights and restrictions attached to or imposed on
any class of Shares, dividends are to be apportioned and paid among the Members inproportion to the number of Shares held by them.

Distributions payable by distribution of assets
145.

Subject to all applicable laws, the Directors may determine that any dividend or other
distribution be paid wholly or partly by the distribution of specific property or assets,
including paid up shares, debentures or other securities of the Company or any othercompany, trust or entity.

146.

Each Member agrees and consents to the distribution to them of any property or assets underclause 145, including shares, debentures or other securities of the Company or any othercompany, trust or entity.

Directors’ discretion
147.

All matters concerning dividends or other distributions including valuations of property andassets will be determined by the Directors, and in particular the Directors may:(a)settle any difficulty, dispute or matter regarding any dividend or other distribution;(b)

fix the value for distribution of the specific property or assets or any part of thatproperty or those assets;(c)determine that cash payments will be made to, or at the direction of, any Member on
the basis of the value so fixed; and(d)vest any specific property or assets in trustees on trust for any Member.

Company not required to pay interest
148.

The Company is not required to pay any interest in respect of any dividend or other
distribution.

Company may retain certain dividends and distributions
149.

The Company may retain the dividends or other distributions payable in respect of a Share towhich any person is entitled because of the transmission of the Share to them by operation oflaw until that person or a nominated transferee is registered as the holder of the Share.

Company may deduct money payable to Company
150.

The Company may deduct from any dividends or other distributions payable to a Member allamounts presently due from the Member to the Company on account of calls or otherwise.

25

Payment
151.

The Company may pay any dividend, other distribution or other amounts payable in respect of
any Share by any method of payment the Directors determine.

Unclaimed distributions
152.

All dividends or other sums which are payable in respect of shares, and unclaimed after
having been declared or become payable, may be invested or otherwise made use of by the
directors for the benefit of the company until claimed.

Chapter 24 Winding up
Distribution of surplus
153.

Subject to this Constitution, the Law and the rights and restrictions attached to or imposed on
any class of Shares:(a)in a winding up of the Company any property and assets available for distribution toMembers will be divided amongst the Members in proportion to the number of Shares
held by them, irrespective of the amount paid up or credited as paid on the Shares;(b)

for the purposes of determining any property and assets available for distribution toMembers in a winding up of the Company, any amount unpaid on a Share is to betreated as the property and assets of the Company;(c)the amount of any property and assets available for distribution to Members thatwould otherwise be distributed to a holder of a partly paid Share must be reduced by
the amount unpaid on that Share at the date of the distribution; and(d)if the effect of the reduction under clause 153(c) would be to reduce the distribution to
the holder of a partly paid Share to a negative amount, the holder must pay thatamount to the Company.

Chapter 25 Minutes and registers to be kept
Minutes154.

The Company must enter in its minute books:
(a)

(b)

within 21 days of the relevant meeting, minutes containing details of:(i)the names of the Directors present at each meeting of Directors and of any
committee of Directors;(ii)

all declarations made or notices given by any Director under chapter 17; and(iii)

all resolutions and proceedings of general meetings, meetings of Directors andmeetings of any committee of the Directors; andresolutions passed by Members or Directors without a meeting.

26

Minutes to be signed by the chair
155.

Any minutes of any general meetings, meetings of Directors or meetings of any committee of
the Directors must be signed within a reasonable time after the meeting by the chair of themeeting or by the chair of the next succeeding meeting or by another authorised Director andonce signed will constitute prima facie evidence of the matters stated in the minutes.

Registers
156.

The Company must keep a register of Members and any other registers required to be kept
under the Law.

Chapter 26 Inspection of records
157.

Subject to the Law, the Directors may determine to what extent the documents and records of
the Company will be open to inspection by any person and any reasonable fees payable. This
chapter 26 does not limit the rights of a Member, Director or former Director under applicable
Law or any agreement with the Company.

Chapter 27 Notices
Notices by Company
158.

The Company may give a notice to any Member in any one of the following ways:(a)personally, by giving it to the Member;(b)

by leaving it addressed to the Member at the Member's address in the Register or
notified to the Company;(c)by fax to the Member at the Member's fax number in the Register or notified to theCompany;(d)by e-mail to the Member's electronic address in the Register or notified to theCompany;(e)by post by sending it addressed to the Member at the Member's address in the Registeror notified to the Company; or(f)otherwise by any method (including by advertisement) as the Directors may
determine.

Notices to joint holders
159.

The Company may give a notice to the joint holders of a Share by giving the notice to the joint
holder whose name appears first in the Register and that notice will be deemed to be sufficient
notice to all the joint holders.

Notice deemed to be given
160.

Any notice by advertisement will be deemed to have been given on the day of publication of
the newspaper containing the advertisement.

27

161.

Any notice sent by post will be deemed to have been given on the day following the day on
which the notice is posted.

162.

Any notice sent by fax or other electronic means will be deemed to have been given on thesame day that it is sent.

163.

Any notice given to a Member personally or left at the Member's address will be deemed tohave been given when delivered.

Notices binding on transferees
164.

Every person who becomes entitled to any Share by operation of law, transfer or otherwise
will be bound by every notice in respect of the Share which, before that person's name andaddress is entered on the Register, is duly given to the person from whom title to the Share isderived.

Signing notices
165.

The signature to any notice to be given by the Company may be written, printed or provided
by electronic means.

28

Schedule[Insert terms of classes of shares to be issued other than ordinary shares (if any).]

29