Exhibit 3.2



BY-LAW NO. 2



A by-law relating generally
to the transaction of the business and affairs of:



CYNAPSUS THERAPEUTICS INC.



Contents



| | One    | - | Interpretation                              
| | ------ | - | --------------------------------------------
| | Two    | - | Business of the Corporation                 
| | Three  | - | Borrowing and Security                      
| | Four   | - | Directors                                   
| | Five   | - | Committees                                  
| | Six    | - | Officers                                    
| | Seven  | - | Protection of Directors, Officers and Others
| | Eight  | - | Shares                                      
| | Nine   | - | Dividends and Rights                        
| | Ten    | - | Meetings of Shareholders                    
| | Eleven | - | Notices                                     
| | Twelve | - | Effective Date                              



BE IT ENACTED as a by-law of the Corporation
as follows:



ARTICLE 1 - INTERPRETATION



| | 1.1 | Definitions. In the by-laws of the Corporation, unless the context otherwise requires:
| | --- | --------------------------------------------------------------------------------------



"Act" means the
Canada Business Corporations Act, or any statute that may be substituted for it, as from time to time amended;



"Appoint" includes
"elect" and vice versa;



"Articles" means
the articles on which is endorsed the certificate of incorporation of the Corporation as from time to time amended or restated;



"Board" means the
board of directors of the Corporation and "director" means a member of the board;



"By-laws" means
this by-law and all other by-laws of the Corporation from time to time in force and effect;



"Cheque" includes
a draft;



"Corporation"
means the corporation incorporated under the Act by the said certificate endorsed on the articles;













"Meeting of Shareholders"
includes an annual meeting of shareholders and a special meeting of shareholders; and “special meeting of shareholders”
includes a meeting of any class or classes of shareholders and a special meeting of all shareholders entitled to vote at an annual
meeting of shareholders; and



"recorded address"
has the meaning set forth in Section 11.8.



Save as aforesaid, words
and expressions defined in the Act, including "resident Canadian", have the same meanings when used herein. Words importing
the singular number include the plural and vice versa; words importing gender include the masculine, feminine and neuter genders;
and words importing a person include an individual, sole proprietorship, partnership, unincorporated association, unincorporated
syndicate, unincorporated organization, trust, body corporate, and a natural person in his capacity as trustee, executor, administrator,
or other legal representative.



ARTICLE 2 BUSINESSOF THE
CORPORATION



2.1         Registered
Office. The registered office of the Corporation shall be in the municipality or geographic township within Ontario initially
specified in its articles and thereafter as the shareholders may from time to time determine by special resolution and at such
location therein as the board may from time to time determine.



2.2         Corporate Seal.
The Corporation may, but need not, have a corporate seal and if one is adopted it shall be in a form approved from time to time
by the board.



2.3         Financial Year.
Until changed by the board, the financial year of the Corporation shall end on the 31st day of December in each year.



2.4         Execution of
Instruments. Deeds, transfers, assignments, contracts, obligations, certificates and other instruments may be signed on behalf
of the Corporation by any two directors or any director and any officer or any other office created by by-law or by the board.
In addition, the board or the said two persons may from time to time direct the manner in which and the person or persons by whom
any particular instrument or class of instruments may or shall be signed. Any signing officer may affix the corporate seal to any
instrument requiring the same.



2.5         Banking Arrangements.
The banking business of the Corporation including, without limitation, the borrowing of money and the giving of security therefor,
shall be transacted with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated
by or under the authority of the board. Such banking business or any part thereof shall be transacted under such agreements, instructions
and delegations of powers as the board may from time to time prescribe.



2.6         Voting Rights
in Other Bodies Corporate. The signing officers of the Corporation under Section 2.4 may execute and deliver proxies and arrange
for the issuance of voting certificates or other evidence of the right to exercise the voting rights attaching to any securities
held by the Corporation. Such instruments shall be in favour of such persons as may be determined by the officers executing or
arranging for the same. In addition, the board may from time to time direct the manner in which and the persons by whom any particular
voting rights or class of voting rights may or shall be exercised.





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2.7         Divisions.
The board may cause the business and operations of the Corporation or any part thereof to be divided into one or more divisions
upon such basis, including without limitation types of business or operations, geographical territories, product lines or goods
or services, as may be considered appropriate in each case. In connection with any such division the board or, subject to any direction
by the board, the chief executive officer may authorize from time to time, upon such basis as may be considered appropriate in
each case:



| | (a) | Subdivision and Consolidation -the further division of the business and operations of any
such division into sub-units and the consolidation of the business and operations of any such divisions and sub-units;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | Name - the designation of any such division or sub-unit by, and the carrying on of the business
and operations of any such division or sub-unit under, a name other than the name of the Corporation; provided that the Corporation
shall set out its name in legible characters in all places required by law; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (c) | Officers - the appointment of officers for any such division or sub-unit, the determination
of their powers and duties, and the removal of any of such officers so appointed, provided that any such officers shall not, as
such, be officers of the Corporation.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



ARTICLE 3-BORROWING AND SECURITY



3.1         Borrowing Power.
Without limiting the borrowing powers of the Corporation as set forth in the Act, but subject to the articles, the board may from
time to time on behalf of the Corporation, without authorization of the shareholders:



| | (a) | borrow money upon the credit of the Corporation;
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| | (b) | issue, reissue, sell or pledge bonds, debentures, notes or other evidences of indebtedness or guarantee
of the Corporation, whether secured or unsecured;
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| | (c) | to the extent permitted by the Act, give directly or indirectly financial assistance to any person
by means of a loan, a guarantee on behalf of the Corporation to secure performance of any present or future indebtedness, liability
or obligation of any person, or otherwise; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (d) | mortgage, hypothecate, pledge or otherwise create a security interest in all or any currently owned
or subsequently acquired real or personal, movable or immovable, property of the Corporation including book debts, rights, powers,
franchises and undertakings, to secure any such bonds, debentures, notes or other evidences of indebtedness or guarantee or any
other present or future indebtedness, liability or obligation of the Corporation.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





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Nothing in this section
limits or restricts the borrowing of money by the Corporation on bills of exchange or promissory notes made, drawn, accepted or
endorsed by or on behalf of the Corporation.



3.2         Delegation.
Subject to the Act, the articles and any unanimous shareholder agreement the board may from time to time delegate to a committee
of the board, a director or an officer of the Corporation or any other person as may be designated by the board all or any of the
powers conferred on the board by Section 3.1 or by the Act to such extent and in such manner as the board may determine at the
time of such delegation.



ARTICLE 4 - DIRECTORS



4.1         Number of Directors.
Until changed in accordance with the Act, the board shall consist of that number of directors, being a minimum of one (1) and a
maximum of ten (10), as determined from time to time by special resolution or, if the special resolution empowers the directors
to determine the number, by resolution of the board.



4.2         Qualification.
No person shall be qualified for election or appointment as a director if he is less than 18 years of age; if he is of unsound
mind and has been so found by a court in Canada or elsewhere; if he is not an individual; or if he has the status of a bankrupt.
A director need not be a shareholder. A majority of the directors shall be resident Canadians. At least one-third of the directors
shall not be officers or employees of the Corporation or any affiliate.



4.3         Election and
Term. The election of directors shall take place at each annual meeting of shareholders and all the directors then in office
shall retire but, if qualified, shall be eligible for re-election. Subject to the Act, the number of directors to be elected at
any such meeting shall be the number of directors determined from time to time by special resolution or, if the special resolution
empowers the directors to determine the number, by resolution of the board. Where the shareholders adopt an amendment to the articles
to increase the number or minimum number of directors, the shareholders may, at the meeting at which they adopt the amendment,
elect the additional number of directors authorized by the amendment. The election shall be by resolution, or if demanded by a
shareholder or a proxyholder, by ballot. If an election of directors is not held at the proper time, the incumbent directors shall
continue in office until their successors are elected.



4.4         Removal of
Directors. Subject to the Act, the shareholders may by ordinary resolution passed at an annual or special meeting of shareholders
remove any director from office and the vacancy created by such removal may be filled at the same meeting, failing which it may
be filled by the board.





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4.5         Vacation of
Office. A director ceases to hold office when he dies; he is removed from office by the shareholders; he ceases to be qualified
for election as a director; or his written resignation is received by the Corporation, or, if a time is specified in such resignation,
at the time so specified, whichever is later.



4.6         Vacancies.
Subject to the Act, a quorum of the board may fill a vacancy in the board, except a vacancy resulting from an increase in the number
or minimum number of directors or from a failure of the shareholders to elect the number or minimum number of directors.



4.7         Action by the
Board. The board shall manage or supervise the management of the business and affairs of the Corporation. The powers of the
board may be exercised at a meeting (subject to Sections 4.8 and 4.9) at which a quorum is present or by resolution in writing
signed by all the directors entitled to vote on that resolution at a meeting of the board. Where there is a vacancy in the board,
the remaining directors may exercise all the powers of the board so long as a quorum remains in office.



4.8         Canadian Majority
at Meetings. The board shall not transact business at a meeting unless a majority of the directors present are resident Canadians,
except where:



| | (a) | a resident Canadian director who is unable to be present approves in writing or by telephone, electronic,
or other communications facilities the business transacted at the meeting;
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| | (b) | a majority of resident Canadians would have been present had that director been present at the
meeting; or
| | --- | ----------------------------------------------------------------------------------------------------------



| | (c) | the Corporation has fewer than three directors, one of the directors present is a resident Canadian.
| | --- | ----------------------------------------------------------------------------------------------------



4.9         Meeting by
Telephone. If all the directors of the Corporation consent thereto generally or in respect of a particular meeting, a director
may participate in a meeting of the board or of a committee of the board by means of such telephone, electronic or other communications
facilities as permit all persons participating in the meeting to communicate with each other, simultaneously and instantaneously,
and a director participating in such a meeting by such means is deemed to be present at the meeting. Any such consent shall be
effective whether given before or after the meeting to which it relates and may be given with respect to all meetings of the board
and of committees of the board.



4.10       Place of Meetings.
Meetings of the board may be held at any place within or outside Ontario and in any financial year of the Corporation a majority
of the meetings need not be held in Canada.





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4.11        Calling of
Meetings. Meetings of the board shall be held from time to time at such time and at such place as the board, the chairman of
the board, the managing director, the president or any two directors may determine.



4.12        Notice of
Meeting. Notice of the time and place of each meeting of the board shall be given in the manner provided in Article 11 to each
director not less than 48 hours before the time when the meeting is to be held. A notice of a meeting of directors need not specify
the purpose of or the business to be transacted at the meeting except where the Act requires such purpose or business or the general
nature thereof to be specified.



4.13        First Meeting
of New Board. Provided a quorum of directors is present, each newly elected board may without notice hold its first meeting
immediately following the meeting of shareholders at which such board is elected.



4.14        Adjourned
Meeting. Notice of an adjourned meeting of the board is not required if the time and place of the adjourned meeting is announced
at the original meeting.



4.15        Regular Meetings.
The board may appoint a day or days in any month or months for regular meetings of the board at a place and hour to be named. A
copy of any resolution of the board fixing the place and time of such regular meetings shall be sent to each director forthwith
after being passed, but no other notice shall be required for any such regular meeting except where the Act requires the purpose
thereof or the business to be transacted thereat to be specified.



4.16        Chairman.
The chairman of any meeting of the board shall be the first mentioned of such of the following officers as have been appointed
and who is a director and is present at the meeting: chairman of the board, managing director or president. If no such officer
is present, the directors present shall choose one of their number to be chairman.



4.17        Quorum.
Subject to Section 4.8, the quorum for the transaction of business at any meeting of the board shall be the greater of two-fifths
of the board, or two constitutes a quorum at any meeting of the board, or such greater number of directors as the board may from
time to time determine.



4.18        Votes to Govern.
At all meetings of the board every question shall be decided by a majority of the votes cast on the question. In case of an equality
of votes the chairman of the meeting shall be entitled to a second or casting vote.



4.19        Conflict of
Interest. A director who is a party to, or who is a director or officer of or has a material interest in any person who is
a party to, a material contract or transaction or proposed material contract or transaction with the Corporation shall disclose
to the Corporation the nature and extent of his interest at the time and in the manner provided by the Act. Such a director shall
not vote on any resolution to approve the same except as provided by the Act.



4.20        Remuneration
and Expenses. The directors shall be paid such remuneration for their services as the board may from time to time determine.
The directors shall also be entitled to be reimbursed for travelling and other expenses properly incurred by them in attending
meetings of the board or any committee thereof Nothing herein contained shall preclude any director from serving the Corporation
in any other capacity and receiving remuneration therefor.





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ARTICLE 5 - COMMITTEES



5.1         Committees
of the Board. The board may appoint from their number one or more committees of the board, however designated, and delegate
to any such committee any of the powers of the board except those which pertain to items which, under the Act, a committee of the
board has no authority to exercise. A majority of the members of any such committee shall be resident Canadians.



5.2         Transaction
of Business. The powers of a committee of the board may be exercised by a meeting at which a quorum is present or by resolution
in writing signed by all members of such committee who would have been entitled to vote on that resolution at a meeting of the
committee. Meetings of such committee may be held at any place in or outside Ontario.



5.3         Audit Committee.
The board shall select annually from among its number an audit committee to be composed of not fewer than three directors of whom
a majority shall not be officers or employees of the Corporation or its affiliates. The audit committee shall have the powers and
duties provided in the Act.



5.4         Advisory Bodies.
The board may from time to time appoint such advisory bodies as it may deem advisable.



5.5         Procedure.
Unless otherwise determined by the board, each committee and advisory body shall have power to fix its quorum at not less than
a majority of its members, to elect its chairman and to regulate its procedure.



ARTICLE 6 - OFFICERS



6.1         Appointment.
The board may from time to time appoint a president, one or more vice-presidents (to which title may be added words indicating
seniority or function), a secretary, a treasurer and such other officers as the board may determine, including one or more assistants
to any of the officers so appointed. One person may hold more than one office. The board may specify the duties of and, in accordance
with this by-law and subject to the Act, delegate to such officers powers to manage the business and affairs of the Corporation.
Subject to Sections 6.2 and 6.3, an officer may but need not be a director.



6.2         Chairman of
the Board. The board may from time to time also appoint a chairman of the board who shall be a director. If appointed, the
board may assign to him any of the powers and duties that are by any provisions of this by-law assigned to the managing director
or to the president; and he shall have such powers and duties as the board may specify.





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6.3         Managing Director.
The board may from time to time also appoint a managing director who shall be a resident Canadian and a director. If appointed,
he shall be the chief executive officer and, subject to the authority of the board, shall have general supervision of the business
and affairs of the Corporation; and he shall have such other powers and duties as the board may specify. During the absence or
disability of the president, or if no president has been appointed, the managing director shall also have the powers and duties
of that office.



6.4         President.
The president shall be the chief operating officer, and he shall have such other powers and duties as the board may specify. During
the absence or disability of the managing director, or if no managing director has been appointed, the president shall also have
the powers and duties of that office.



6.5         Secretary.
Unless otherwise determined by the board, the secretary shall be the secretary of all meetings of the board, shareholders and committees
of the board that he attends. The secretary shall enter or cause to be entered in records kept for that purpose minutes of all
proceedings at meetings of the board, shareholders and committees of the board, whether or not he attends such meetings; he shall
give or cause to be given, as and when instructed, all notices to shareholders, directors, officers, and others and members of
committees of the board; he shall be the custodian of the stamp or mechanical device generally used for affixing the corporate
seal of the Corporation and of all books, records and instruments belonging to the Corporation, except when some other officer
or agent has been appointed for that purpose; and he shall have such other powers and duties as otherwise may be specified.



6.6         Treasurer.
The treasurer shall keep proper accounting records in compliance with the Act and shall be responsible for the deposit of money,
the safekeeping of securities and the disbursement of the funds of the Corporation; he shall render to the board whenever required
an account of all his transactions as treasurer and of the financial position of the Corporation, and he shall have such other
powers and duties as otherwise may be specified.



6.7         Powers and
Duties of Officers. The powers and duties of all officers shall be such as the terms of their engagement call for or as the
board or (except for those whose powers and duties are to be specified only by the board) the chief executive officer may specify.
The board and (except as aforesaid) the chief executive officer may, from time to time and subject to the provisions of the Act,
vary, add to or limit the powers and duties of any officer. Any of the powers and duties of an officer to whom an assistant has
been appointed may be exercised and performed by such assistant, unless the board chief executive officer otherwise directs.



6.8         Term of Office.
The board, in its discretion, or the president may remove any officer of the Corporation. Otherwise each officer appointed by the
board shall hold office until his successor is appointed or until his earlier resignation.



6.9         Agents and
Attorneys. The Corporation, by or under the authority of the board, shall have power from time to time to appoint agents or
attorneys for the Corporation in or outside Canada with such powers (including the power to subdelegate) of management, administration
or otherwise as may be thought fit.





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6.10       Conflict of
Interest. An officer shall disclose his interest in any material contract or transaction or proposed material contract or transaction
with the Corporation in accordance with Section 4.19.



ARTICLE 7 - PROTECTION OF DIRECTORS, OFFICERS
AND OTHERS



7.1         Limitation
of Liability. Every director and officer of the Corporation in exercising his powers and discharging his duties shall act honestly
and in good faith with a view to the best interests of the Corporation and exercise the care, diligence and skill that a reasonably
prudent person would exercise in comparable circumstances. Subject to the foregoing, no director or officer shall be liable for
the acts, receipts, neglects or defaults of any other director, officer or employee, or for joining in any receipt or other act
for conformity, or for any loss, damage or expense happening to the Corporation through the insufficiency or deficiency of title
to any property acquired for or on behalf of the Corporation, or for the insufficiency or deficiency of any security in or upon
which any of the moneys of the Corporation shall be invested, or for any loss or damage arising from the bankruptcy, insolvency
or tortious acts of any person with whom any of the moneys, securities or effects of the Corporation shall be deposited, or for
any loss occasioned by any error of judgment or oversight on his part, or for any other loss, damage or misfortune which shall
happen in the execution of the duties of his office or in relation thereto; provided that nothing herein shall relieve any director
or officer from the duty to act in accordance with the Act and the regulations thereunder or from liability for any breach thereof.



7.2         Indemnity.Subject to the Act, the Corporation shall indemnify a director or officer, a former director or officer, or a person who acts
or acted at the Corporation’s request asa director or officer of a body corporate of which the Corporation is or
was a shareholder or creditor, and his heirs and legal representatives, against all costs, charges and expenses, including an amount
paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative
action or proceeding to which he is made a party by reason of being or having been a director or officer of the Corporation or
body corporate, if (a) he acted honestly and in good faith with a view to the best interests of the Corporation, and (b) in the
case of a criminal or administrative action or proceeding enforced by a monetary penalty, he had reasonable grounds for believing
that his conduct was lawful. The Corporation shall also indemnify that person in such other circumstances as the Act or law permits
or requires. Nothing in this by-law shall limit the right of any person entitled to indemnity to claim indemnity apart from the
provisions of this by-law.



7.3         Insurance.
Subject to the Act, the Corporation may purchase and maintain such insurance for the benefit of any person referred to in Section
7.2 hereof as the board may from time to time determine.



ARTICLE 8 - SHARES



8.1         Allotment of
Shares. Subject to the Act and the articles, the board may from time to time allot or grant options to purchase the whole or
any part of the authorized and unissued shares of the Corporation at such times and to such persons and for such consideration
as the board shall determine, provided that no share shall be issued until it is fully paid as provided by the Act.





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8.2         Commissions.
The board may from time to time authorize the Corporation to pay a reasonable commission to any person in consideration of his
purchasing or agreeing to purchase shares of the Corporation, whether from the Corporation or from any other person, or procuring
or agreeing to procure purchasers for any such shares.



8.3         Registration
of Transfers. Subject to the Act, no transfer of a share shall be registered in a securities register except on presentation
of the certificate representing the share with an endorsement which complies with the Act made on or delivered with it duly executed
by an appropriate person as provided by the Act, together with such reasonable assurance that the endorsement is genuine and effective
as the board may from time to time prescribe, on payment of all applicable taxes and any reasonable fees prescribed by the board
and on compliance with the restrictions on issue, transfer or ownership authorized by the articles.



8.4         Non-recognition
of Trusts. Subject to the Act, the Corporation may treat the registered holder of any share as the person exclusively entitled
to vote, to receive notices, to receive any dividend or other payment in respect of the share, and otherwise to exercise all the
rights and powers of an owner of the share.



8.5         Share Certificates.
Shares of the Corporation shall be represented by certificates, or shall be uncertificated shares that may be evidenced by a book-entry
system (including a non-certificated inventory system (e.g. Direct Registration System)) maintained by the registrar of such shares,
or a combination of both. To the extent that shares are represented by certificates, such certificates (and the form of stock transfer
power on the reverse side thereof) shall (subject to compliance with the Act) be in such form as the board may from time to time
by resolution approve. Unless otherwise provided by resolution of the board, such certificates may be signed manually by the Chairman
of the Board, the President or a Vice-President and the Secretary or an Assistant Secretary (if any) holding office at the time
of signing and notwithstanding any change in the persons holding such offices between the time of actual signing and the issuance
of any certificate and notwithstanding that the Chairman of the Board, the President or Vice-President or Secretary or Assistant
Secretary signing may not have held office at the date of the issuance of such certificate, any such certificate so signed shall
be valid and binding on the Corporation.



8.6         Replacement
of Share Certificates. The board or any officer or agent designated by the board may in its or his discretion direct the issue
of a new share or other such certificate in lieu of and on cancellation of a certificate that has been mutilated or in substitution
for a certificate claimed to have been lost, apparently destroyed or wrongfully taken, on payment of such reasonable fee and on
such terms as to indemnity, reimbursement of expenses and evidence of loss and of title as the board may from time to time prescribe,
whether generally or in any particular case.





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8.7         Joint Shareholders.
If two or more persons are registered as joint holders of any share, the Corporation shall not be bound to issue more than one
certificate in respect of that share and delivery of the certificate to one of those persons shall be sufficient delivery to all
of them. Any one of those persons may give effectual receipts for the certificate issued in respect of it or for any dividend,
bonus, return of capital or other money payable or warrant issuable in respect of that share.



8.8         Deceased Shareholders.
In the event of the death of a holder, or of one of the joint holders, of any share, the Corporation shall not be required to make
any entry in the securities register in respect of the death or to make any dividend or other payments in respect of the share
except on production of all such documents as may be required by law and on compliance with the reasonable requirements of the
Corporation and its transfer agents.



ARTICLE 9 - DIVIDENDS AND
RIGHTS



9.1         Dividends.
Subject to the Act, the board may from time to time declare dividends payable to the shareholders according to their respective
rights and interests in the Corporation. Dividends may be paid in money or property or by the issue of fully paid shares of the
Corporation or options or rights to acquire fully paid shares of the Corporation. Any dividend unclaimed after a period of 6 years
from the date on which it has been declared to be payable shall be forfeited and shall revert to the Corporation.



9.2         Dividend Cheques.
A dividend payable in money shall be paid by cheque to the order of each registered holder of shares of the class or series in
respect of which it has been declared, and mailed by prepaid ordinary mail to the registered holder at his recorded address, unless
the holder otherwise directs. In the case of joint holders the cheque shall, unless the joint holders otherwise direct, be made
payable to the order of all the joint holders and mailed to them at their recorded address. The mailing of the cheque, unless it
is not paid on due presentation, shall satisfy and discharge the liability for the dividend to the extent of the sum represented
by it plus the amount of any tax which the Corporation is required to and does withhold. In the event of non-receipt of any dividend
cheque by the person to whom it is sent, the Corporation shall issue a replacement cheque for a like amount on such terms as to
indemnity, reimbursement of expenses and evidence of non-receipt and of title as the board may from time to time prescribe, whether
generally or in any particular case.



9.3         Record Date
for Dividends and Rights. The board may fix in advance a date, preceding by not more than 50 days the date for the payment
of any dividend or the date for the issue of any warrant or other evidence of the right to subscribe for securities of the Corporation,
as a record date for the determination of the persons entitled to receive payment of the dividend or to exercise the right to subscribe
for those securities, and notice of any such record date shall be given not less than seven days before the record date in the
manner provided by the Act. If no record date is so fixed, the record date for the determination of the persons entitled to receive
payment of any dividend or to exercise the right to subscribe for securities of the Corporation shall be at the close of business
on the day on which the resolution relating to the dividend or right to subscribe is passed by the board.





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ARTICLE 10 - MEETINGS OF SHAREHOLDERS



10.1       Annual Meetings.
The annual meeting of shareholders shall be held at such time in each year and, subject to Section 10.3, at such place as the board,
the chairman of the board, the managing director or the president may from time to time determine, for the purpose of considering
the financial statements and reports required by the Act to be placed before the annual meeting, electing directors, appointing
auditors and for the transaction of such other business as may properly be brought before the meeting.



10.2       Special Meetings.
The board, the chairman of the board, the managing director or the president shall have power to call a special meeting of shareholders
at any time.



10.3       Place of Meetings.
Meetings of shareholders of the Corporation shall be held at such place in or outside Ontario as the directors determine or, in
the absence of such a determination, at the place where the registered office of the Corporation is located.



10.4       Notice of
Meetings. Notice of the time and place of each meeting of shareholders shall be given in the manner provided in Article 11
not less than 21 nor more than 50 days before the date of the meeting to each director, to the auditor, and to each shareholder
who at the close of business on the record date for notice is entered in the securities register as the holder of one or more shares
carrying the right to vote at the meeting. Notice of a meeting of shareholders called for any purpose other than consideration
of the minutes of an earlier meeting, financial statements and auditor’s report, election of directors and reappointment
of the incumbent auditor shall state the nature of the business in sufficient detail to permit the shareholder to form a reasoned
judgment on it and shall give the text of any special resolution or by-law to be submitted to the meeting.



10.5       List of
Shareholders Entitled to Notice. For every meeting of shareholders, the Corporation shall prepare a list of shareholders entitled
to receive notice of the meeting, arranged in alphabetical order and showing the number of shares held by each shareholder entitled
to vote at the meeting. If a record date for the meeting is fixed pursuant to Section 10.6, the shareholders listed shall be those
registered at the close of business on that record date. If no record date is fixed, the shareholders listed shall be those registered
at the close of business on the day immediately preceding the day on which notice of the meeting is given or, where no such notice
is given, on the day on which the meeting is held. The list shall be available for examination by any shareholder during usual
business hours at the registered office of the Corporation or at the place where the central securities register is maintained
and at the meeting for which the list was prepared.



10.6       Record Date
for Notice. The board may fix in advance a date, preceding the date of any meeting of shareholders by not more than 50 days
and not less than 21 days, as a record date for the determination of the shareholders entitled to notice of the meeting, and notice
of any such record date may be given not less than seven days before the record date, by newspaper advertisement in the manner
provided in the Act. If no such record date is so fixed, the record date for the determination of the shareholders entitled to
receive notice of the meeting shall be at the close of business on the day preceding the day on which the notice is given or, if
no notice is given, shall be the day on which the meeting is held.





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10.7        Meetings Without
Notice. A meeting of shareholders may be held without notice at any time and place permitted by the Act (a) if all the shareholders
entitled to vote at the meeting are present in person or duly represented or if those not present or represented waive notice of
or otherwise consent to the meeting being held, and (b) if the auditors and the directors are present or waive notice of or otherwise
consent to the meeting being held; so long as the shareholders, auditors or directors present are not attending for the express
purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. At such a meeting
any business may be transacted which the Corporation may transact at a meeting of shareholders.



10.8        Chairman,
Secretary and Scrutineers. The chairman of any meeting of shareholders shall be the first mentioned of such of the following
officers as have been appointed and who is present at the meeting: managing director, president, chairman of the board, or a vice-president
who is a shareholder. If no such officer is present within 15 minutes from the time fixed for holding the meeting, the persons
present and entitled to vote shall choose one of their number to be chairman. If the secretary of the Corporation is absent, the
chairman shall appoint some person, who need not be a shareholder, to act as secretary of the meeting. If desired, one or more
scrutineers, who need not be shareholders, may be appointed by a resolution or by the chairman with the consent of the meeting.



10.9        Persons Entitled
to be Present. The only persons entitled to be present at a meeting of shareholders shall be those entitled to vote at the
meeting, the directors and auditor of the Corporation and others who, although not entitled to vote, are entitled or required under
any provision of the Act or the articles or by-laws to be present at the meeting. Any other person may be admitted only on the
invitation of the chairman of the meeting or with the consent of the meeting.



10.10      Quorum.Subject
to the Act in respect of a majority shareholder, a quorum for the transaction of business at any meeting of shareholders shall
be two persons present in person, each being a shareholder entitled to vote at the meeting or a duly appointed proxyholder or representative
for a shareholder so entitled. If a quorum is present at the opening of any meeting of shareholders, the shareholders present or
represented may proceed with the business of the meeting even if a quorum is not present throughout the meeting. If a quorum is
not present at the time appointed for the meeting or within a reasonable time after that the shareholders may determine, the shareholders
present or represented may adjourn the meeting to a fixed time and place but may not transact any other business.



10.11      Right to
Vote. Every person named in the list referred to in Section 10.5 shall be entitled to vote the shares shown on the list opposite
his name at the meeting to which the list relates, except to the extent that (a) where the Corporation has fixed a record date
in respect of the meeting, the person has transferred any of his shares after the record date or, where the Corporation has not
fixed a record date in respect of the meeting, the person has transferred any of his shares after the date on which the list is
prepared, and (b) the transferee, having produced properly endorsed certificates evidencing the shares or having otherwise established
that he owns them, has demanded not later than 10 days before the meeting that his name be included in the list. In any such excepted
case the transferee shall be entitled to vote the transferred shares at the meeting.





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10.12     Proxyholders
and Representatives. Every shareholder entitled to vote at a meeting of shareholders may appoint a proxyholder, or one or more
alternate proxyholders, as his nominee to attend and act at the meeting in the manner and to the extent authorized and with the
authority conferred by the proxy. A proxy shall be in writing executed by the shareholder or his attorney and shall conform with
the requirements of the Act. Alternatively, every shareholder which is a body corporate or association may authorize by resolution
of its directors or governing body an individual to represent it at a meeting of shareholders and that individual may exercise
on the shareholder’s behalf all the powers it could exercise if it were an individual shareholder. The authority of such
an individual shall be established by depositing with the Corporation a certified copy of the resolution, or in such other manner
as may be satisfactory to the secretary of the Corporation or the chairman of the meeting. Any such proxyholder or representative
need not be a shareholder.



10.13     Time for
Deposit of Proxies. The board may fix a time not exceeding 48 hours, excluding Saturdays and holidays, preceding any meeting
or adjourned meeting of shareholders before which time proxies to be used at the meeting must be deposited with the Corporation
or its agent, and any time so fixed shall be specified in the notice calling the meeting. A proxy shall be acted on only if, before
the time so specified, it has been deposited with the Corporation or its agent specified in the notice or if, no such time having
been specified in the notice, it has been received by the secretary of the Corporation or by the chairman of the meeting or any
adjournment before the time of voting.



10.14     Joint Shareholders.
If two or more persons hold shares jointly, any one of them present in person or duly represented at a meeting of shareholders
may, in the absence of the other or others, vote the shares; but if two or more of those persons are present in person or represented
and vote, they shall vote as one the shares jointly held by them.



10.15     Votes to
Govern. At any meeting of shareholders every question shall, unless otherwise required by the articles or by-laws or by law,
be determined by a majority of the votes cast on the question. In case of an equality of votes either on a show of hands or on
a poll, the chairman of the meeting shall be entitled to a second or casting vote.



10.16     Show of Hands.
Subject to the Act, any question at a meeting of shareholders shall be decided by a show of hands, unless a ballot is required
or demanded as provided below, and on a show of hands every person who is present and entitled to vote shall have one vote. Whenever
a vote by show of hands has been taken on a question, unless a ballot is required or demanded, a declaration by the chairman of
the meeting that the vote on the question has been carried or carried by a particular majority or not carried and an entry to that
effect in the minutes of the meeting shall be prima facie evidence of the fact without proof of the number or proportion of the
votes recorded in favour of or against any resolution or other proceeding in respect of the question, and the result of the vote
so taken shall be the decision of the shareholders on the question.





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10.17     Ballots.
On any question proposed for consideration at a meeting of shareholders, and whether or not a show of hands has been taken on it,
the chairman may require a ballot or any person who is present and entitled to vote on the question at the meeting may demand a
ballot. A ballot so required or demanded shall be taken in such manner as the chairman shall direct. A requirement or demand for
a ballot may be withdrawn at any time before the taking of the ballot. If a ballot is taken each person present shall be entitled,
in respect of the shares which he is entitled to vote at the meeting on the question, to that number of votes provided by the Act
or the articles, and the result of the ballot so taken shall be the decision of the shareholders on the question.



10.18     Adjournment.
The chairman at a meeting of shareholders may, with the consent of the meeting and subject to such conditions as the meeting may
decide, adjourn the meeting from time to time and from place to place. If a meeting of shareholders is adjourned for less than
30 days, it will not be necessary to give notice of the adjourned meeting, other than by announcement at the earliest meeting that
is adjourned. Subject to the Act, if a meeting of shareholders is adjourned by one or more adjournments for an aggregate of 30
days or more, notice of the adjourned meeting shall be given as for an original meeting.



10.19     Action in
Writing by Shareholders. A resolution in writing signed by all the shareholders entitled to vote on that resolution at a meeting
of shareholders is as valid as if it had been passed at a meeting of the shareholders unless, in accordance with the Act, (a) in
the case of the resignation or removal of a director, or the appointment or election of another person to fill the place of that
director, a written statement is submitted to the Corporation by the director giving the reasons for his resignation or the reasons
why he opposes any proposed action or resolution for the purpose of removing him from office or the election of another person
to fill the office of that director; or (b) in the case of the removal or resignation of an auditor, or the appointment or election
of another person to fill the office of auditor, representations in writing are made to the Corporation by that auditor concerning
his proposed removal, the appointment or election of another person to fill the office of auditor, or his resignation.

ARTICLE 11 NOTICES



11.1       Method of
Giving Notices. Any notice (which term includes any communication or document) to be given (which term includes sent, delivered
or served) pursuant to the Act, the regulations, the articles, the by-laws or otherwise to a shareholder, director, officer, auditor
or member of a committee of the board shall be sufficiently given if delivered personally to the person to whom it is to be given
or if mailed to him at his recorded address by prepaid mail, or if sent to him at his recorded address by any means of prepaid
transmitted or recorded communication. A notice so delivered shall be deemed to have been given when it is delivered personally
and a notice so mailed shall be deemed to have been given on the fifth day after it is deposited in a post office or public letter
box; and a notice sent by any means of transmitted or recorded communication shall be deemed to have been given when dispatched
or delivered to the appropriate communication company or agency or its representative for dispatch. The secretary may change or
cause to be changed the recorded address of any shareholder, director, officer, auditor or member of a committee of the board in
accordance with any information believed by him to be reliable.





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11.2        Notice to
Joint Shareholders. If two or more persons are registered as joint holders of any share, any notice may be addressed to all
such joint holders, but notice addressed to one of those persons shall be sufficient notice to all of them.



11.3        Computation
of Time. In computing the period of days when notice must be given under any provision requiring a specified number of days’
notice of any meeting or other event, the period shall be deemed to begin on the day following the event that began the period
and shall be deemed to end at midnight of the last day of the period, except that if the last day of the period falls on a Sunday
or holiday the period shall end at midnight on the day next following that is not a Sunday or holiday.



11.4        Undelivered
Notices. If any notice given to a shareholder pursuant to Section 11.1 is returned on three consecutive occasions because he
cannot be found, the Corporation shall not be required to give any further notices to that shareholder until he informs the Corporation
in writing of his new address.



11.5        Omissions
and Errors. The accidental omission to give any notice to any shareholder, director, officer, auditor or member of a committee
of the board or the non-receipt of any notice by any such person or any error in any notice not affecting the substance of the
notice shall not invalidate any action taken at any meeting held pursuant to the notice or otherwise founded on it.



11.6       Persons Entitled
by Death or Operation of Law. Every person who, by operation of law, transfer, death of a shareholder or any other means whatsoever,
shall become entitled to any share, shall be bound by every notice in respect of the share which has been duly given to the shareholder
from whom he derives his title to the share before his name and address were entered on the securities register (whether the notice
was given before or after the happening of the event on which he became so entitled) and before he furnished the Corporation with
proof of authority or evidence of his entitlement prescribed by the Act.



11.7       Waiver of
Notice. Any shareholder, proxyholder or other person entitled to attend a meeting of shareholders, director, officer, auditor
or member of a committee of the board may at any time waive any notice, or waive or abridge the time for any notice, required to
be given to him under the Act, the regulations, the articles, the by-laws or otherwise, and that waiver or abridgement, whether
given before or after the meeting or other event of which notice is required to be given, shall cure any default in the giving
or in the time of the notice, as the case may be. Any such waiver or abridgement shall be in writing, except a waiver of notice
of a meeting of shareholders or of the board or a committee of the board, which may be given in any manner.



11.8       Interpretation.
In this bylaw, recorded address means in the case of a shareholder his address as recorded in the securities register; and in the
case of joint shareholders the address appearing in the securities register in respect of the joint holding or the first address
so appearing if there are more than one; in the case of an officer, auditor or member of a committee of the board, his latest address
as recorded in the records of the Corporation; and, in the case of a director, his latest address as recorded in the most recent
notice filed under the Corporations Information Act, whichever is the more current.





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ARTICLE 12 - EFFECTIVE DATE



12.1       Effective
Date. This by-law shall come into force when made by the board in accordance with the Act.



The foregoing by-law is hereby enacted by the
directors of the Corporation, effective May 13, 2015, in accordance with the provisions of the Canada Business Corporations
Act.





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