**British      Virgin Islands**

**The      BVI Business Companies Act**

**(No.      16 of 2004)**

**Memorandum      and Articles of Association**

**of**

**ORIGIN      AGRITECH LIMITED**

**Incorporated      : 10 February 2005**

**Re-Registered:      10 July 2006**

**Maples      Finance BVI Limited**

**P.O.      Box 173**

**Kingston      Chambers**

**Road      Town, Tortola**

**British      Virgin Islands**

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**TERRITORY      OF THE BRITISH VIRGIN ISLANDS**

**THE      BVI BUSINESS COMPANIES ACT, 2004**

**(the      "Act")**

**MEMORANDUM      OF ASSOCIATION**

**OF**

**ORIGIN      AGRITECH LIMITED**

| **1** | **DEFINITIONS                  AND INTERPRETATION** |
|-------|-----------------------------------------------------|

| 1.1 | In                  this Memorandum of Association and the attached Articles of Association,                  if not inconsistent with the subject or                  context: |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**"Act"**

**"Articles"**

**"Distribution"**

**"Independent      Director"**

**"Meeting      of Directors"**

**"Member"**

**"Memorandum"**

----

**"Nasdaq"**

**"Person"**

**"Registrar"**

**"Related      Party"**

**"Related      Party Transaction" **

**"Resolution      of Directors"**

**"Resolution      of Directors"**

**"Resolution      of Members"**

**"Seal"**

**"Securities"**

**"Share"**

----

**"Treasury      Share"**

**"Written"**
**in      writing**

| 1.2 | In                  the Memorandum and the Articles, unless the context otherwise requires                  a                  reference to: |
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|  | (a) | a                  **"Regulation"**is                  a reference to a regulation of the                  Articles; |
|--|-----|----------------------------------------------------------------------------------------------------------------------|

|  | (b) | a                  **"Clause"**                  is                  a reference to a clause of the                  Memorandum; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | a                  reference in these Memorandum and Articles to voting in relation                  to shares                  shall be construed as a reference to voting by members holding                  the shares                  except that it is the votes allocated to the shares that shall                  be counted                  and not the number of members who actually voted and a reference                  to shares                  being present at a meeting shall be given a corresponding                  construction; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | the                  Act, the Memorandum or the Articles is a reference to the Act or                  those                  documents as amended or, in the case of the Act, any re-enactment                  thereof;                  and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | the                  singular includes the plural and vice                  versa. |
|--|-----|------------------------------------------------------------------------------------|

| 1.3 | A                  reference to money in these Articles is, unless otherwise stated,                  a                  reference to the currency in which shares in the Company shall                  be issued                  according to the provisions of the Memorandum, currently United                  States                  dollar. |
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| 1.4 | Any                  words or expressions defined in the Act unless the context otherwise                  requires bear the same meaning in the Memorandum and the Articles                  unless                  otherwise defined herein. |
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| 1.5 | Headings                  are inserted for convenience only and shall be disregarded in interpreting                  the Memorandum and the                  Articles. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2** | **NAME** |
|-------|----------|

| **3** | **INTERNATIONAL                  BUSINESS COMPANIES                  ACT** |
|-------|----------------------------------------------------------------------------|

| **4** | **COMPANY                  LIMITED BY SHARES** |
|-------|------------------------------------------------|

----

| **5** | **REGISTERED                  OFFICE** |
|-------|----------------------------------------|

| **6** | **REGISTERED                  AGENT** |
|-------|---------------------------------------|

| **7** | **G****ENERAL                  OBJECTS AND POWERS** |
|-------|-----------------------------------------------------|

| **8** | **LIMITATIONS                  ON THE COMPANY'S                  BUSINESS** |
|-------|-----------------------------------------------------------------------------|

|  | (a) | carry                  on banking or trust business, unless it is licensed under the Banks                  and                  Trust Companies Act, 1990; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | carry                  on business as an insurance or as a reinsurance company, insurance                  agent                  or insurance broker, unless it is licensed under an enactment authorising                  it to carry on that business; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | carry                  on the business of company management unless it is licensed under                  the                  Companies Management Act,                  1990; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | carry                  on the business of providing the registered office or the registered                  agent                  for companies incorporated in the British Virgin Islands;                  or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | carry                  on the business as a mutual fund, mutual fund manager or mutual                  fund                  administrator unless it is licensed under the Mutual Funds Act,                  1996. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9** | **CURRENCY** |
|-------|--------------|

| **10** | **AUTHORIZED                  CAPITAL** |
|--------|-----------------------------------------|

| **11** | **CLASSES,                  NUMBER AND PAR VALUE OF                  SHARES** |
|--------|-------------------------------------------------------------------------------|

| 11.1 | The                  Company is authorised to issue two classes of shares as                  follows: |
|------|--------------------------------------------------------------------------------------------------------|

|  | (a) | 60,000,000                  shares in one series of no par value ("Ordinary Shares");                  and |
|--|-----|------------------------------------------------------------------------------------------------------------|

----

|  | (b) | 1,000,000                  preference shares in one series of no par value ("Preferred                  Stock"). |
|--|-----|------------------------------------------------------------------------------------------------------------------|

| 11.2 | The                  Company may issue fractional Shares and a fractional Share shall                  have the                  corresponding fractional rights, obligations and liabilities of                  a whole                  Share of the same class or series of                  shares. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **12** | **DESIGNATIONS,                  POWERS, PREFERENCES, ETC. OF                  SHARES** |
|--------|-----------------------------------------------------------------------------------------|

| 12.1 | Ordinary                  Shares |
|------|----------------------------------|

|  | (a) | have                  one vote each; and |
|--|-----|------------------------------------------|

|  | (b) | be                  subject to redemption, purchase or acquisition by the Company for                  fair                  value; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | have                  the same rights with regard to dividends and distributions upon                  liquidation of the Company. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | Preferred                  Stock |
|------|----------------------------------|

|  | (a) | the                  number of shares and series constituting that class and the distinctive                  designation of that class; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the                  dividend rate on the shares of that class, whether dividends shall                  be                  cumulative, and, if so, from which date or dates, and whether they                  shall                  be payable in preference to, or in another relation to, the dividends                  payable on any other class or classes of                  stock; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | whether                  that class shall have voting rights, in addition to the voting                  rights                  provided by law, and, if so, the terms of such voting                  rights; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | whether                  that class shall have conversion or exchange privileges, and if                  so, the                  terms and conditions of such conversion or exchange, including                  provision                  for adjustment of the conversion or exchange rate in such events                  as the                  Board of Directors shall                  determine; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | whether                  or not the shares of that class shall be redeemable, and, if so,                  the terms                  and conditions of such redemption, including the manner of selecting                  shares for redemption if less than all shares are to be redeemed,                  the date                  or dates upon or after which they shall be redeemable, and the                  amount per                  share payable in case of redemption, which amount may vary under                  different                  conditions and at different redemption                  dates; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (f) | whether                  that class shall be entitled to the benefit of a sinking fund to                  be                  applied to the purchase or redemption of shares of that class,                  and, if so,                  the terms and amounts of such sinking                  fund; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | the                    right of the shares of that class to the benefit of conditions                    and                    restrictions upon the creation of indebtedness of the Company                    or any                    subsidiary, upon the issue of any additional stock (including                    additional                    shares of such class of any other class) and upon the payment                    of dividends                    or the making of other distributions on, and the purchase, redemption                    or                    other acquisition by the Company or any subsidiary of any outstanding                    stock of the Company; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | the                  right of the shares of that class in the event of any voluntary                  or                  involuntary liquidation, dissolution or winding up of the Company                  and                  whether such rights shall be in preference to, or in another relation                  to,                  the comparable rights of any other class or classes of stock;                  and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | any                  other relative, participating, optional or other special rights,                  qualifications, limitations or restrictions of that                  class. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **13** | **RIGHTS                  NOT VARIED BY THE ISSUE OF SHARES PARI                  PASSU** |
|--------|-------------------------------------------------------------------------------------------|

*pari      passu *

| **14** | **VARIATION                  OF RIGHTS** |
|--------|------------------------------------------|

| **15** | **REGISTERED                  SHARES ONLY** |
|--------|---------------------------------------------|

| **16** | **AMENDMENTS** |
|--------|----------------|

----

----

**TERRITORY      OF THE BRITISH VIRGIN ISLANDS**

**THE      BVI BUSINESS COMPANIES ACT, 2004**

**(the      "Act")**

**ARTICLES      OF ASSOCIATION**

**OF**

**ORIGIN      AGRITECH LIMITED**

**SHARES**

| 1 | Every                  person whose name is entered as a member in the share register,                  being the                  holder of registered shares, shall without payment, be entitled                  to a                  certificate signed by a director or under the common seal of the                  Company                  with or without the signature of any director or officer of the                  Company                  specifying the share or shares held and the par value thereof,                  provided                  that in respect of shares held jointly by several persons, the                  Company                  shall not be bound to issue more than one certificate and delivery                  of a                  certificate for a share to one of several joint holders shall be                  sufficient delivery to all. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2 | If                  a                  certificate is worn out or lost it may be renewed on production                  of the                  worn out certificate, or on satisfactory proof of its loss together                  with                  such indemnity as the directors may reasonably require. Any member                  receiving a share certificate shall indemnify and hold the Company                  and its                  officers harmless from any loss or liability which it or they may                  incur by                  reason of wrongful or fraudulent use or representation made by                  any person                  by virtue of the possession of such a                  certificate. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**SHARES      AND VARIATION OF RIGHTS**

| 3 | Subject                  to the provisions of these Articles, the unissued shares of the                  Company                  (whether forming part of the original or any increased authorised                  shares)** **shall                  be at the disposal of the directors** **who                  may offer, allot, grant options over or otherwise dispose of them                  to such                  persons at such times and for such consideration, being not less                  than the                  par value of the shares being disposed of, and upon such terms                  and                  conditions as the directors may                  determine. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4 | Without                  prejudice to any special rights previously conferred on the holders                  of any                  existing shares or class of shares, any share in the Company may                  be issued                  with such preferred, deferred or other special rights or such                  restrictions, whether in regard to dividend, voting or otherwise                  as the                  directors may from time to time                  determine. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | Subject                  to the provisions of the Act in this regard, shares may be issued                  on the                  terms that they are redeemable, or at the option of the Company                  be liable                  to be redeemed on such terms and in such manner as the directors                  before or                  at the time of the issue of such shares may                  determine. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6 | The                  directors may redeem any share issued by the Company at a                  premium. |
|---|----------------------------------------------------------------------------------------------------------|

| 7 | Except                  as required by the Act, no person shall be recognised by the Company                  as                  holding any share upon any trust, and the Company shall not be                  bound by or                  be compelled in any way to recognise (even when having notice thereof)                  any                  equitable, contingent, future or partial interest in any share                  or any                  interest in any fractional part of a share or (except as provided                  by these                  Articles or by the Act) any other rights in respect of any share                  except                  any absolute right to the                  entirety thereof by the registered                  holder. |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**TRANSFER      OF SHARES**

| 8 | Shares                    in the Company shall                    be                    transferred by a written instrument of transfer signed by the                    transferor                    and containing the name and address of the transferee. The instrument                    of                    transfer shall also be signed by the transferee if registration                    as a                    holder of the shares imposes a liability to the Company on the                    transferee.                    The instrument of transfer of a registered share shall be sent                    to the                    Company for                    registration. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9 | The                  Board of Directors may, in its absolute discretion, and without                  assigning                  any reason, refuse to register a transfer of any share which is                  not fully                  paid up or upon which the Company has a lien. The Board may also                  decline                  to register any transfer of any share                  unless: |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the                  instrument of transfer is lodged with the Company, accompanied                  by the                  certificate for the shares to which it relates and such other evidence                  as                  the Board may reasonably require to show the right of the transferor                  to                  make the transfer; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the                  instrument of transfer is in respect of only one class of                  shares; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (c) | the                  instrument of transfer is properly stamped, if                  required; |
|--|-----|------------------------------------------------------------------------------------------------|

|  | (d) | in                  the case of a transfer to joint holders, the number of joint holders                  to                  whom the share is to be transferred does not exceed four;                  or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | the                  shares transferred are free of any lien in favour of the                  Company. |
|--|-----|---------------------------------------------------------------------------------------------------------|

| 10 | If                  the Directors refuse to register a transfer of any shares, they                  shall                  within two months after the date on which the transfer was lodged                  with the                  Company send to each of the transferor and the transferee notice                  of the                  refusal. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11 | The                  registration of transfers may, on 14 days' notice being given by                  advertisement in such one or more newspapers or by electronic means,                  be                  suspended and the Register of Members closed at such times and                  for such                  periods as the Directors may, in their absolute discretion, from                  time to                  time determine, provided always that such registration shall not                  be                  suspended nor the Register of Members closed for more than 30 days                  in any                  year. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12 | The                  Company shall not be required to treat a transferee of a registered                  share                  in the Company as a member until the transferee’s name has been entered in                  the share register. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13 | Subject                  to the Memorandum of Association, these Articles and to Section                  54(5) of                  the Act, the Company shall, on receipt of an instrument of transfer,                  enter                  the name of the transferee of the share in the Register of Members                  unless                  the directors resolve to refuse or delay the registration of the                  transfer                  for reasons that shall be specified in the                  resolution. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**TRANSMISSION      OF SHARES**

| 14 | Subject                  to Sections 52(2) and 53 of the Act, the executor or administrator                  of a                  deceased member, the guardian of an incompetent member or the trustee                  of a                  bankrupt member shall be the only person recognised by the Company                  as                  having any title to his share, save that and only in the event                  of death,                  incompetence or bankruptcy of any member or members of the Company                  as a                  consequence of which the Company no longer has any directors or                  members,                  then upon the production of any documentation which is reasonable                  evidence                  of the applicant being entitled                  to: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | a                  grant of probate of the deceased's will, or grant of letters of                  administration of the deceased's estate, or confirmation of the                  appointment as executor or administrator (as the case may be),                  of a                  deceased member's estate; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the                  appointment of a guardian of an incompetent member;                  or |
|--|-----|----------------------------------------------------------------------------------------------|

|  | (c) | the                  appointment as trustee of a bankrupt member;                  or |
|--|-----|---------------------------------------------------------------------------------------|

|  | (d) | upon                  production of any other reasonable evidence of the applicant's                  beneficial                  ownership of, or entitlement to the                  shares, |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | to                the Company's registered agent in the British Virgin Islands together                with                (if so requested by the registered agent) a notarised copy of the                share                certificate(s) of the deceased, incompetent or bankrupt member, an                indemnity in favour of the registered agent and appropriate legal                advice                in respect of any document issued by a foreign court, then the                administrator, executor, guardian or trustee in bankruptcy (as the                case                may be) notwithstanding that their name has not been entered in the                share                register of the Company, may by written resolution of the applicant,                endorsed with written approval by the registered agent, be appointed                a                director of the Company or entered in the share register as the legal                and                or beneficial owner of the shares. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15 | The                  production to the Company of any document which is reasonable evidence                  of: |
|----|------------------------------------------------------------------------------------------------------------------|

|  | (a) | a                  grant of probate of the will, or grant of letters of administration                  of the                  estate, or confirmation of the appointment as executor, of a deceased                  member; or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the                  appointment of a guardian of an incompetent member;                  or |
|--|-----|----------------------------------------------------------------------------------------------|

|  | (c) | the                  trustee of a bankrupt member;                  or |
|--|-----|------------------------------------------------------------------------|

|  | (d) | the                  applicant's legal and or beneficial ownership of the                  shares, |
|--|-----|----------------------------------------------------------------------------------------------------|

----

| 16 | Any                  person becoming entitled by operation of law or otherwise to a                  share or                  shares in consequence of the death, incompetence or bankruptcy                  of any                  member may be registered as a member upon such evidence being produced                  as                  may reasonably be required by the directors. An application by                  any such                  person to be registered as a member shall for all purposes be deemed                  to be                  a transfer of shares of the deceased, incompetent or bankrupt member                  and                  the directors shall treat it as                  such. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17 | Any                  person who has become entitled to a share or shares in consequence                  of the                  death, incompetence or bankruptcy of any member may, instead of                  being                  registered himself, request in writing that some person to be named                  by him                  be registered as the transferee of such share or shares and such                  request                  shall likewise be treated as if it were a                  transfer. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18 | What                  amounts to incompetence on the part of a person is a matter to                  be                  determined by the court having regard to all the relevant evidence                  and the                  circumstances of the case. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ACQUISITION      OF OWN SHARES**

| 19 | Subject                  to the provisions of the Act in this regard, the directors may,                  on behalf                  of the Company purchase, redeem or otherwise acquire any of the                  Company's                  own shares for such consideration as they consider fit, and either                  cancel                  or hold such shares as treasury shares. The directors may dispose                  of any                  shares held as treasury shares on such terms and conditions as                  they may                  from time to time determine. Shares may be purchased or otherwise                  acquired                  in exchange for newly issued shares in the                  Company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**MORTGAGES      AND CHARGES OF SHARES**

| 20 | Members                  may                  mortgage or charge their                  shares. |
|----|-------------------------------------------------------------------------------------------------|

| 21 | There                  shall be entered in the Register of Members at the written request                  of the                  member: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | a                  statement that the shares held by him are mortgaged or                  charged; |
|--|-----|-----------------------------------------------------------------------------------------------------|

|  | (b) | the                  name of the mortgagee or chargee;                  and |
|--|-----|-----------------------------------------------------------------------------|

|  | (c) | the                  date on which the particulars specified in subparagraphs (a) and                  (b) are                  entered in the Register of                  Members. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 22 | Where                  particulars of a mortgage or charge are entered in the Register                  of                  Members, such particulars may be                  cancelled: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | with                  the written consent of the named mortgagee or chargee or anyone                  authorised                  to act on his behalf; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | upon                  evidence satisfactory to the directors of the discharge of the                  liability                  secured by the mortgage or charge and the issue of such indemnities                  as the                  directors shall consider necessary or                  desirable. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 23 | Whilst                  particulars of a mortgage or charge over shares are entered in                  the                  Register of Members pursuant to Regulations 20 to                  23: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | no                  transfer of any share the subject of those particulars shall be                  effected; |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | (b) | the                  Company may not purchase, redeem or otherwise acquire any such                  share;                  and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | no                    replacement certificate shall be issued in respect of such                    shares, |
|--|-----|-------------------------------------------------------------------------------------------------------------|

**FORFEITURE**

| 24 | Shares                  that are not fully paid on issue are subject to the forfeiture                  provisions                  set forth in this Regulation 24 and for this purpose shares issued                  for a                  promissory note, other written obligation to contribute money or                  property                  or a contract for future services are deemed to be not fully                  paid. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 25 | A                  written notice of call specifying the date for payment to be made                  shall be                  served on the member who defaults in making payment in respect                  of the                  Shares. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26 | The                  written notice of call referred to in Regulation 25 shall name                  a further                  date not earlier than the expiration of 14 days from the date of                  service                  of the notice on or before which the payment required by the notice                  is to                  be made and shall contain a statement that in the event of non-payment                  at                  or before the time named in the notice the Shares, or any of them,                  in                  respect of which payment is not made will be liable to be                  forfeited. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27 | Where                  a written notice of call has been issued pursuant to Regulation                  26 and the                  requirements of the notice have not been complied with, the directors                  may,                  at any time before tender of payment, forfeit and cancel the shares                  to                  which the notice relates. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28 | The                  Company is under no obligation to refund any moneys to the member                  whose                  shares have been cancelled pursuant to Regulation 27 and that member                  shall                  be discharged from any further obligation to the                  Company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**LIEN**

| 29 | The                  Company shall have a first and paramount lien on every share issued                  for a                  promissory note or for any other binding obligation to contribute                  money or                  property or any combination thereof to the Company, and the Company                  shall                  also have a first and paramount lien on every share standing registered                  in                  the name of a member, whether singly or jointly with any other                  person or                  persons, for all the debts and liabilities of such member or his                  estate to                  the Company, whether the same shall have been incurred before or                  after                  notice to the Company of any interest of any person other than                  such                  member, and whether the time for the payment or discharge of the                  same                  shall have actually arrived or not, and notwithstanding that the                  same are                  joint debts or liabilities of such member or his estate and any                  other                  person, whether a member of the Company or not. The Company’s lien on a                  share shall extend to all dividends payable thereon. The directors                  may at                  any time either generally, or in any particular case, waive any                  lien that                  has arisen or declare any share to be wholly or in part exempt                  from the                  provisions of this Regulation                  29. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30 | In                  the absence of express provisions regarding sale in the promissory                  note or                  other binding obligation to contribute money or property, the Company                  may                  sell, in such manner as the directors may by resolution of directors                  determine, any share on which the Company has a lien, but no sale                  shall be                  made unless some sum in respect of which the lien exists is presently                  payable nor until the expiration of twenty-one days after a notice                  in                  writing, stating and demanding payment of the sum presently payable                  and                  giving notice of the intention to sell in default of such payment,                  has                  been served on the holder for the time being of the                  share. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 31 | The                  net proceeds of the sale by the Company of any shares on which                  it has a                  lien shall be applied in or towards payment of discharge of the                  promissory                  note or other binding obligation to contribute money or property                  or any                  combination thereof in respect of which the lien exists so far                  as the same                  is presently payable and any residue shall (subject to a like lien                  for                  debts or liabilities not presently payable as existed upon the                  share prior                  to the sale) be paid to the holder of the share immediately before                  such                  sale. For giving effect to any such sale the directors may authorize                  some                  person to transfer the share sold to the purchaser thereof. The                  purchaser                  shall be registered as the holder of the share and he shall not                  be bound                  to see to the application of the purchase money, nor shall his                  title to                  the share be affected by any irregularity or invalidity in the                  proceedings                  in reference to the sale. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**MEETINGS      AND CONSENTS OF MEMBERS**

| 32 | Any                  action required or permitted to be taken by the members must be                  effected                  at a duly called meeting (as described in Regulations 34 to 35)                  of the                  members entitled to vote on such action and may not be effected                  by written                  resolution. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33 | Meetings                  of members shall be held at such places as may be fixed from time                  to time                  by the directors. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 34 | An                  annual meeting of members for election of directors and for such                  other                  business as may come before the meeting shall be held each year                  at such                  date and time as may be determined by the directors, but no later                  than one                  year after the end of the Company’s fiscal year-end pursuant to relevant                  Nasdaq rules. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 35 | Special                  meetings of members (being all meetings of members which are not                  annual                  meetings) may be called only by the directors pursuant to a resolution                  of                  directors to that effect or upon the written request of members                  holding                  more than 50 percent of the votes of the outstanding voting shares                  in the                  Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 36 | Written                  notice of all meetings of members, stating the time, place and                  purposes                  thereof, shall be given not fewer than seven days before the date                  of the                  proposed meeting to those persons whose names appear as members                  in the                  share register of the Company on the date of the notice and are                  entitled                  to vote at the meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 37 | The                  directors may fix the date notice is given of a meeting of members                  as the                  record date for determining those shares that are entitled to vote                  at the                  meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 38 | A                  meeting of members may be called on short                  notice: |
|----|---------------------------------------------------------------------------------------|

|  | (a) | if                  members holding not less than 90 percent of the total number of                  shares                  entitled to vote on all matters to be considered at the meeting,                  or 90                  percent of the votes of each class or series of shares where members                  are                  entitled to vote thereon as a class or series together with not                  less than                  a 90 percent majority of the remaining votes, have agreed to short                  notice                  of the meeting, or |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (b) | if                  all members holding shares entitled to vote on all or any matters                  to be                  considered at the meeting have waived notice of the meeting and                  for this                  purpose presence at the meeting shall be deemed to constitute                  waiver. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 39 | The                  inadvertent failure of the directors to give notice of a meeting                  to a                  member, or the fact that a member has not received notice, does                  not                  invalidate the meeting. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 40 | A                  member may be represented at a meeting of members by a proxy who                  may speak                  and vote on behalf of the                  member. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 41 | The                  instrument appointing a proxy shall be produced at the place appointed                  for                  the meeting before the time for holding the meeting at which the                  person                  named in such instrument proposes to                  vote. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 42 | An                  instrument appointing a proxy shall be in substantially the following                  form                  or such other form as the Chairman of the meeting shall accept                  as properly                  evidencing the wishes of the member appointing the                  proxy: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | I/We_______________________________________________                  being                  a member of the above Company with _________________________________                  shares                  HEREBY APPOINT___________________________________________ of                  ___________________________________________ or                  failing him___________________________________ of                  __________________________________________________ to                  be my/our proxy to vote for me/us at the meeting of members to                  be held on                  the ___________ day                  of ___________________________ and                  at any adjournment thereof. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 43 | The                  following shall apply in respect of joint ownership of                  shares: |
|----|------------------------------------------------------------------------------------------------------|

|  | (a) | if                  two or more persons hold shares jointly each of them may be present                  in                  person or by proxy at a meeting of members and may speak as a                  member; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | if                  only one of the joint owners is present in person or by proxy he                  may vote                  on behalf of all joint owners,                  and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | if                  two or more of the joint owners are present in person or by proxy                  they                  must vote as one. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 44 | A                  member shall be deemed to be present at a meeting of members if                  he                  participates by telephone or other electronic means and all members                  participating in the meeting are able to hear each                  other. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 45 | A                  meeting of members is duly constituted if; at the commencement                  of the                  meeting, there are present in person or by proxy not less than                  50 percent                  of the votes of the shares or class or series of shares entitled                  to vote                  on resolutions of members to be considered at the meeting. If a                  quorum be                  present, notwithstanding the fact that such quorum may be represented                  by                  only one person then such person may resolve any matter and a certificate                  signed by such person accompanied where such person be a proxy                  by a copy                  of the proxy form shall constitute a valid resolution of                  members. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 46 | If                  within two hours from the time appointed for the meeting a quorum                  is not                  present, the meeting, if convened upon the requisition of members,                  shall                  be dissolved; in any other case it shall stand adjourned to the                  next                  business day at the same time and place or to such other time and                  place as                  the directors may determine, and if at the adjourned meeting there                  are                  present within one hour from the time appointed for the meeting                  in person                  or by proxy not less than one third of the votes of the shares                  or each                  class or series of shares entitled to vote on the resolutions to                  be                  considered by the meeting, those present shall constitute a quorum                  but                  otherwise the meeting shall be                  dissolved. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 47 | At                  any meeting of members, only such business shall be conducted as                  shall                  have been brought before such                  meeting: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | by                  or at the direction of the Chairman of the Board of Directors;                  or |
|--|-----|--------------------------------------------------------------------------------------------------------|

|  | (b) | by                  any member who is a holder of record at the time of the giving                  of the                  notice provided for in Regulation 36 who is entitled to vote at                  the                  meeting and who complies with the procedures set out in Regulation                  48. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 48 | (a) | For                  business to be properly brought to the annual meeting of members                  by a                  member, the member must have given timely written notice thereof,                  either                  by personal delivery or by prepaid registered post to the Secretary                  of the                  Company (the “Secretary”) at the principal executive offices of the                  Company. To be timely, a member’s notice must be delivered not less than                  60 days nor more than 90 days prior to the anniversary date of                  the prior                  year’s annual meeting; provided, however, that in the event that the                  date                  of the annual meeting changed by more than 30 days from such anniversary                  date, in order to be timely, notice by the member must be so received                  not                  later than the close of business on the tenth day following the                  day on                  which public disclosure is first made of the date of the annual                  meeting.                  For the purposes of this Regulation 48, any adjournment(s) or                  postponement(s) of the original meeting whereby the meeting will                  reconvene                  within 30 days from original date shall be deemed, for purposes                  of notice,                  to be a continuation of the original meeting and no business may                  be                  brought before any reconvened meeting unless such timely notice                  of such                  business was given to the Secretary for the meeting as originally                  scheduled. A member’s notice to the Secretary shall set out as to each                  matter that the member wishes to be brought before the meeting                  of                  members: |
|----|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | a                brief description of the business desired to be brought before the                meeting; |
|--------|-----|-------------------------------------------------------------------------------------------------------------|

|   | (ii) | the                name and address of record of the member proposing such                business; |
|--------|------|-----------------------------------------------------------------------------------------------------|

|   | (iii) | the                class and number of shares of the Company which are beneficially                owned by                such member; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | any                material interest of such member in such business;                and |
|--------|------|------------------------------------------------------------------------------------------|

|   | (v) | if                the member intends to solicit proxies in support of such member’s                proposal, a representation to that                effect. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Notwithstanding                the foregoing, nothing in this Regulation 48 shall be interpreted                or                construed to require the inclusion of information about any such                proposal                in any proxy statement distributed by, at the direction of, or on                behalf                of, the directors. The chairman of a meeting of members shall, if                the                facts so warrant, determine and declare to the meeting that business                was                not properly brought before the meeting in accordance with the provisions                of this Regulation 48 and, if he should so determine, he shall so                declare                to the meeting and any such business not properly brought before                the                meeting shall not be transacted. However, the notice requirements                set out                in this Regulation 48 shall be deemed satisfied by a member if the                member                has notified the Company of his intention to present a proposal at                a                meeting of members and such member’s proposal has been included in a proxy                statement that has been distributed by, at the direction of, or on                behalf                of, the directors to solicit proxies for such meeting; provided that,                if                such member does not appear or send a qualified representative, as                determined by the chairman of the meeting, to present such proposal                at                such meeting, the Company need not present such proposal for a vote                at                such meeting notwithstanding that proxies in respect of such vote                may have                been received by the Company. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 49 | At                  every meeting of members, the Chairman of the Board of Directors                  shall                  preside as chairman of the meeting. If there is no Chairman of                  the Board                  of Directors or if the Chairman of the Board of Directors is not                  present                  at the meeting, the chief executive officer shall be the chairman.                  In the                  absence of the chief executive officer, such person as shall be                  selected                  by the Board of Directors shall act as chairman of the                  meeting. |
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| 50 | The                  chairman may, with the consent of the meeting, adjourn any meeting                  from                  time to time, and from place to place, but no business shall be                  transacted                  at any adjourned meeting other than the business left unfinished                  at the                  meeting from which the adjournment took                  place. |
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| 51 | At                  any meeting of the members the chairman shall be responsible for                  deciding                  in such manner as he shall consider appropriate whether any resolution                  has                  been carried or not and the result of his decision shall be announced                  to                  the meeting and recorded in the minutes thereof. If the chairman                  shall                  have any doubt as to the outcome of any resolution put to the vote,                  he                  shall cause a poll to be taken of all votes cast upon such resolution,                  but                  if the chairman shall fail to take a poll then any member present                  in                  person or by proxy who disputes the announcement by the chairman                  of the                  result of any vote may immediately following such announcement                  demand that                  a poll be taken and the chairman shall thereupon cause a poll to                  be taken.                  If a poll is taken at any meeting, the result thereof shall be                  duly                  recorded in the minutes of that meeting by the                  chairman. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 52 | Any                  person other than an individual shall be regarded as one member                  and                  subject to the specific provisions hereinafter contained for the                  appointment of representatives of such persons the right of any                  individual                  to speak for or represent such member shall be determined by the                  law of                  the jurisdiction where, and by the documents by which, the person                  is                  constituted or derives its existence. In case of doubt, the directors                  may                  in good faith seek legal advice from any qualified person and unless                  and                  until a court of competent jurisdiction shall otherwise rule, the                  directors may rely and act upon such advice without incurring any                  liability to any member. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 53 | Any                  person other than an individual which is a member of the Company                  may by                  resolution of its directors or other governing body authorize such                  person                  as it thinks fit to act as its representative at any meeting of                  the                  Company or of any class of members of the Company, and the person                  so                  authorized shall be entitled to exercise the same powers on behalf                  of the                  person which he represents as that person could exercise if it                  were an                  individual member of the                  Company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 54 | The                  chairman of any meeting at which a vote is cast by proxy or on                  behalf of                  any person other than an individual may call for a notarially certified                  copy of such proxy or authority which shall be produced within                  7 days of                  being so requested or the votes cast by such proxy or on behalf                  of such                  person shall be disregarded. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 55 | Directors                  of the Company may attend and speak with members of the Company                  and at any                  separate meeting of the holders of any class or series of shares                  in the                  Company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 56 | No                  business of the Company shall be conducted at a meeting of members                  except                  in accordance with the provisions of Regulations 32 to                  55. |
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**DIRECTORS**

| 57 | The                  minimum number of directors shall be five and there shall be no                  maximum                  number. Unless otherwise determined by the Company in a meeting                  of members                  and subject to the requirements of the Memorandum, the directors                  may by a                  resolution of directors, amend this Regulation 57 to change the                  number of                  directors. For as long as the Company’s shares are listed on Nasdaq, the                  Directors shall include such number of independent directors as                  applicable                  law, regulations or the Nasdaq regulations require for a foreign                  private                  issuer as long as the Company is a foreign private                  issuer. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 58 | Subject                  to this Regulation 58 to change the number of directors, the continuing                  directors may act, notwithstanding any casual vacancy in their                  body, so                  long as there remain in office not less than the prescribed minimum                  number                  of directors duly qualified to act, but if the number falls below                  the                  prescribed minimum, the remaining directors shall not act except                  for the                  purpose of filling such                  vacancy. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 59 | The                  shareholding qualification for directors may be fixed, and from                  time to                  time varied, by a resolution of members and unless and until so                  fixed no                  shareholding qualification shall be required. A director must be                  an                  individual. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 60 | The                  directors shall receive such remuneration as the Board may from                  time to                  time determine. Each director shall be entitled to be repaid or                  prepaid                  all traveling, hotel and incidental expenses reasonably incurred                  or                  expected to be incurred by him in attending meetings of the Board                  or                  committees of the Board or meetings of members of the Company or                  otherwise                  in connection with the discharge of his duties as a                  Director. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**APPOINTMENT      AND RETIREMENT OF DIRECTORS**

| 61 | The                  first directors of the Company shall be appointed by the subscribers                  to                  the Memorandum, and thereafter, directors shall hold office until                  the next                  annual meeting of member or until such director’s earlier resignation,                  removal from office, death or                  incapacity. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 62 | Any                  vacancy on the Board of Directors resulting from death, resignation,                  removal or other cause and any newly created directorship resulting                  from                  any increase in the authorized number of directors between meetings                  of                  members may be filled either by the affirmative vote of a majority                  of all                  the directors then in office (even if less than a quorum) or by                  a                  resolution of members. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 63 | (a) | Nominations                    of persons for election to the Board of Directors shall be made                    only at a                    meeting of members and                    only: |
|----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | by                or at the direction of the directors;                or |
|--------|-----|---------------------------------------------------------------------------|

|   | (ii) | by                a member entitled to vote for the election of directors who complies                with                the notice procedures set out                below. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Such                nominations, other than those made by or at the direction of the                directors, shall be made pursuant to timely notice in writing to                the                Secretary. To be timely, a members’ notice shall be delivered to or mailed                and received at the principal executive offices of the Company not                less                than 60 days nor more than 90 days prior to the anniversary date                of the                prior year’s annual meeting; provided, however, that in the event that the                date of the annual meeting changed by more than 30 days from such                anniversary date, notice by the member to be timely must be so received                not later than the close of business on the tenth day following the                day on                which public disclosure is first made of the date of the annual meeting.                For the purposes of this Regulation 63, any adjournment or postponement                of                the original meeting whereby the meeting will reconvene within 30                days                from the original date shall be deemed for the purposes of this notice                to                be a continuation of the original meeting and no nominations by a                member                of persons to be elected directors of the Company may be made at                any such                reconvened meeting unless pursuant to a notice which was timely for                the                meeting on the date originally scheduled. Each such notice shall                set                out: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the                name and address of the member who intends to make the nomination                and of                the persons to be nominated; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | a                representation that the member is a holder of record of shares in                the                Company entitled to vote at such meeting and that he intends to appear                in                person or by a proxy at the meeting to nominate the persons specified                in                the notice; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | a                description of all arrangements at understandings between the member                and                each nominee and any other person (naming such person) pursuant to                which                the nominations are to be made by the                member; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | such                other information regarding each nominee proposed by such member                as would                have been required to be included in a proxy statement filed pursuant                to                the proxy rules of the United States Securities and Exchange Commission,                had each nominee been nominated, or intended to be nominated, by                the                directors; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | the                consent of each nominee to serve as a director of the Company if                so                elected; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | if                the member intends to solicit proxies in support of such member’s                nominees, a representation to that                effect. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 64 | The                  chairman of the meeting may refuse to acknowledge the nomination                  of any                  person not made in compliance with the aforegoing procedure detailed                  in                  Regulation 63. Only such persons as are nominated in accordance                  with the                  procedures set out in Regulation 63 shall be eligible to serve                  as                  directors of the Company. If at any meeting of members at which                  an                  election of directors ought to take place, the place of any retiring                  director is not filled, he shall, if willing, continue in office                  until the                  dissolution of the annual meeting of members in the next year,                  and so on                  from year to year until his place is filled, unless it shall be                  determined                  at such meeting not to fill such                  vacancy. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 65 | The                  appointment of a director shall take effect upon compliance with                  the                  requirements of the Act. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------|

**DISQUALIFICATION      AND REMOVAL OF DIRECTORS**

| 66 | Subject                  to the provisions of the Act, a director shall cease to hold office                  as                  such only: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | if                  he becomes of unsound mind;                  or |
|--|-----|---------------------------------------------------------------------|

|  | (b) | if                  (unless he is not required to hold a share qualification) he has                  not duly                  qualified himself within two months of his appointment or if he                  ceases to                  hold the required number of shares to qualify him for office;                  or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | if                  he is absent from meetings of the directors for six consecutive                  months                  without leave of the board of directors, provided that the directors                  shall                  have power to grant any director leave of absence for any or an                  indefinite                  period; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | if                  he dies; or |
|--|-----|---------------------------------|

|  | (e) | one                  month or, with the permission of the directors earlier, after he                  has given                  notice in writing of his intention to resign;                  or |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (f) | if                  he shall, pursuant to the provisions of the Act, be disqualified                  or cease                  to hold office or be prohibited from acting as director;                  or |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | if                  he is removed from office by a resolution signed by a majority                  of the                  directors; or |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | if                  he is removed from office for cause by a resolution of members.                  For the                  purposes hereof, cause means the willful and continuous failure                  by a                  director to substantially perform his duties to the Company (other                  than                  any such failure resulting from incapacity due to physical or mental                  illness) or the willful engaging by the director in gross misconduct                  materially and demonstrably injurious to the Company;                  or |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | if                    he is removed from office without cause by a resolution of the                    majority of                    the members of the Company, being for the purposes of this Regulation                    66(i) only, an affirmative vote of the holders of 662/3 percent                    or more of                    the outstanding votes of the shares entitled to vote                    thereon. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**MANAGING      DIRECTORS**

| 67 | The                  directors may from time to time and by resolution of directors                  appoint one                  or more of their number to be a managing director of joint managing                  director and may, subject to any contract between him or them and                  the                  Company, from time to time terminate his or their appointment and                  appoint                  another or others in his or their place or                  places. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 68 | A                  director appointed in terms of the provisions of Regulation 67                  to the                  office of managing director of the Company may be paid, in addition                  to the                  remuneration payable in terms of Regulation 60, such remuneration                  not                  exceeding a reasonable maximum in each year in respect of such                  office as                  may be determined by a disinterested quorum of the                  directors. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 69 | The                  directors may from time to time, by resolution of directors, entrust                  and                  confer upon a managing director for the time being such of the                  powers and                  authorities vested in them as they think fit, save that no managing                  director shall have any power or authority with respect to the                  matters                  requiring a resolution of directors under the                  Act. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**POWER      OF DIRECTORS**

| 70 | The                  business and affairs of the Company shall be managed by the directors                  who                  may exercise all such powers of the Company as are not by the Act                  or by                  the Memorandum or these Articles required to be exercised by the                  members                  of the Company, subject to any delegation of such powers as may                  be                  authorized by these Articles and to such requirements as may be                  prescribed                  by a resolution of members; but no requirement made by a resolution                  of                  members shall prevail if it be inconsistent with these Articles                  not shall                  such requirement invalidate any prior act of the directors which                  would                  have been valid if such requirement had not been                  made. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 71 | The                  directors may, by a resolution of directors, appoint any person,                  including                  a person who is a director, to be an officer or agent of the Company.                  The                  resolution of directors appointing an agent may authorize the agent                  to                  appoint one or more substitutes or delegates to exercise some or                  all of                  the powers conferred on the agent by the                  Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 72 | Every                  officer or agent of the Company has such powers and authority of                  the                  directors, including the power and authority to affix the Seal,                  as are set                  forth in these Articles or in the resolution of directors appointing                  the                  officer or agent, except that no officer or agent has any power                  or                  authority with respect to the matters requiring a resolution of                  directors                  under the Act. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 73 | The                  directors may authorize the payment of such donations by the Company                  to                  such religious, charitable, public or other bodies, clubs, funds                  or                  associations or persons as may seem to them advisable in the interests                  of                  the Company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 74 | The                  directors may by resolution of directors exercise all the powers                  of the                  Company to borrow money and to mortgage or charge its undertakings                  and                  property or any part thereof, to issue debentures, debenture stock                  and                  other securities whenever money is borrowed or as security for                  any debt,                  liability or obligation of the Company or of any third                  party. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 75 | All                  cheques, promissory notes, drafts, bills of exchange and other                  negotiable                  instruments and all receipts for moneys paid to the Company, shall                  be                  signed, drawn, accepted, endorsed or otherwise executed, as the                  case may                  be, in such manner as shall from time to time be determined by                  resolution                  of directors. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 76 | The                  Company may determine by resolution of directors to maintain at                  its                  registered office a register of mortgages, charges and other encumbrances                  in which there shall be entered the following particulars regarding                  each                  mortgage, charge and other                  encumbrance: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | the                  sum secured; |
|--|-----|-----------------------------------|

|  | (b) | the                  assets secured; |
|--|-----|--------------------------------------|

|  | (c) | the                  name and address of the mortgagee, chargee or other                  encumbrancer; |
|--|-----|---------------------------------------------------------------------------------------------------------|

|  | (d) | the                  date of creation of the mortgage, charge at other encumbrance;                  and |
|--|-----|----------------------------------------------------------------------------------------------------------|

|  | (e) | the                  date on which the particular’s specified above in** **respect                  of the mortgage, charge or other encumbrance are entered in the                  register. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 77 | The                  Company may further determine by a resolution of directors to register                  a                  copy of the register of mortgages, charges or other encumbrances                  with the                  Registrar of Companies. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**PROCEEDINGS      OF DIRECTORS**

| 78 | The                  directors of the Company or any committee thereof may meet at such                  times                  and in such manner and places within or outside the British Virgin                  Islands                  as the directors may determine to be necessary or                  desirable. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 79 | A                  director shall be deemed to be present at a meeting of directors                  if he                  participates by telephone or other electronic means and all directors                  participating in the meeting are able to hear each                  other. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 80 | A                  director shall be given not less than 3 days notice of meetings                  of                  directors, but a meeting of directors held without 3 days notice                  having                  been given to all directors shall be valid if all the directors                  entitled                  to vote at the meeting who do not attend, waive notice of the meeting                  and                  for this purpose, the presence of a director at a meeting shall                  constitute                  waiver on his part. The inadvertent failure to give notice of a                  meeting to                  a director, or the fact that a director has not received the notice,                  does                  not invalidate the meeting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 81 | A                  meeting of directors is duly constituted for all purposes if at                  the                  commencement of the meeting there are present in person not less                  than                  one-half of the total number of                  directors. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 82 | At                  every meeting of the directors the Chairman of the Board of Directors                  shall preside as chairman of the meeting. If there is no Chairman                  of the                  Board of Directors or if the Chairman of the Board of Directors                  is not                  present at the meeting the Vice-Chairman of the Board of Directors                  shall                  preside. If there is no Vice-Chairman of the Board of Directors                  or if the                  Vice-Chairman of the Board of Directors is not present at the meeting                  the                  directors present shall choose some one of their number to be chairman                  of                  the meeting. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 83 | An                  action that may be taken by the directors or a committee of directors                  at a                  meeting may also be taken by a resolution of directors or a committee                  of                  directors consented to in writing or by telex, telegram, cable,                  facsimile                  or other written electronic communication by three quarters of                  the                  directors or three quarters of the members of the committee as                  the case                  may be, provided that a copy of the proposed resolution will have                  been                  sent to all of the directors or the members of the committee, for                  their                  consent. The consent may be in the form of counterparts, each counterpart                  being signed by one or more                  directors. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 84 | The                  directors shall cause the following corporate records to be                  kept: |
|----|---------------------------------------------------------------------------------------------------------|

|  | (a) | minutes                  of all meetings of directors, members, committees of directors,                  committees                  of officers and committees of                  members; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | copies                  of all resolutions consented to by directors, members, committees                  of                  directors, committees of officers and committees of members;                  and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | such                  other accounts and records as the directors by resolution of directors                  consider necessary or desirable in order to reflect the financial                  position                  of the Company. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 85 | The                  books, records and minutes shall be kept at the registered office                  of the                  Company, its principal place of business or at such other place                  as the                  directors determine. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**COMMITTEES**

| 86 | The                  directors may, by resolution of directors, designate one or more                  committees, each consisting of one or more                  directors. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 87 | Each                  committee of directors has such powers and authorities of the directors,                  including the power and authority to affix the Seal, as are set                  forth in                  the resolution of directors establishing the committee, except                  that no                  committee has any power or authority to amend the Memorandum or                  these                  Articles, to appoint directors or fix their emoluments, or to appoint                  officers or agents of the                  Company. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 88 | The                  meetings and proceedings of each committee of directors consisting                  of 2 or                  more directors shall be governed mutatis mutandis by the provisions                  of                  these Articles regulating the proceedings of directors so far as                  the same                  are not superseded by any provisions in the resolution establishing                  the                  committee. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 89 | Without                  prejudice to the freedom of the Directors to establish any other                  committees, for so long as the shares of the Company are listed                  or quoted                  on Nasdaq, it shall establish and maintain an Audit Committee as                  a                  committee of the Board, the composition and responsibilities of                  which                  shall comply with the applicable rules of the Nasdaq Marketplace                  rules, as                  amended from time to time. The Audit Committee shall have at least                  three                  members, comprised solely of Independent Directors or such other                  Directors                  as allowed from time to time under applicable laws and                  rules. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 90 | The                  Company shall adopt a formal written audit committee charter and                  review                  and assess the adequacy of the formal written charter on an annual                  basis.                  The charter shall specify the responsibilities of the Audit Committee                  which shall include responsibility for, among other things, ensuring                  its                  receipt from the outside auditors of the Company of a formal written                  statement delineating all relationships between the auditor and                  the                  Company, and the Audit Committee's responsibility for actively                  engaging in                  a dialogue with the auditor with respect to any disclosed relationships                  or                  services that may impact the objectivity and independence of the                  auditor                  take appropriate action to oversee the independence of the outside                  auditor. In addition, the Audit Committee is responsible for reviewing                  potential conflict of interest situations and approving all Related                  Party                  Transactions. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 91 | Without                  prejudice to the freedom of the Directors to establish any other                  committees, the Board may establish a Stock Option Committee to                  administer                  the company’s stock option plans, including authority to make and modify                  awards under such plans. For so long as the shares of the Company                  are                  listed or quoted on Nasdaq, the Stock Option Committee shall have                  at least                  two independent directors. The Stock Option Committee will administer                  the                  Company’s stock option plans, including the authority to make and modify                  awards under such plans. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 92 | Without                  prejudice to the freedom of the Directors to establish any other                  committees, the Board may establish a Nominating Committee to assist                  the                  Board in identifying qualified individuals to become board members.                  For so                  long as the shares of the Company are listed or quoted on Nasdaq,                  the                  Nominating Committee shall have at least three members, who are                  independent directors. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**OFFICERS**

| 93 | The                  Company may by resolution of directors appoint officers of the                  Company at                  such times as shall be considered necessary or expedient. Such                  officers                  may consist of a Chief Executive Officer or one or more Joint Chief                  Executive Officers, a Chairman of the Board of Directors, a Vice-Chairman                  of the Board of Directors, a President or one or more Joint Presidents,                  a                  Chief Operating Officer and one or more Vice-Presidents, Secretaries                  and                  Treasurers and such other holders of any other executive office                  in the                  Company or officers as may from time to time be deemed desirable.                  Any                  number of offices may be held by the same                  person. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 94 | The                  officers shall perform such duties as shall be prescribed at the                  time of                  their appointment subject to any modification in such duties as                  may be                  prescribed thereafter by resolution of directors or resolution                  of members,                  but in the absence of any specific allocation of duties it shall                  be the                  responsibility of the Chairman of the Board of Directors to preside                  at                  meetings of directors and members, the Vice-Chairman to act in                  the absence                  of the Chairman, the President to manage the day to day affairs                  of the                  Company, the Vice-Presidents to act in order of seniority in the                  absence                  of the President but otherwise to perform such duties as may be                  delegated                  to them by the President, the Secretaries to maintain the share                  register,                  minute books and records (other than financial records) of the                  Company and                  to ensure compliance with all procedural requirements imposed on                  the                  Company by applicable law, and the Treasurer to be responsible                  for the                  financial affairs of the                  Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 95 | The                  emoluments of all officers shall be fixed by resolution of                  directors. |
|----|-------------------------------------------------------------------------------------------------------------|

| 96 | The                  officers of the Company shall hold office until their successors                  are duly                  elected and qualified, but any officer elected or appointed by                  the                  directors may be removed at any time, with or without cause, by                  resolution                  of directors. Any vacancy occurring in any office of the Company                  may be                  filled by resolution of                  directors. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CONFLICT      OF INTERESTS**

| 97 | For                  so long as the shares of the Company are listed or quoted on Nasdaq,                  the                  Company shall conduct an appropriate review of all material related                  party                  transactions on an ongoing basis and shall utilize the Audit Committee                  for                  the review and approval of potential conflicts of interest                  situations. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**INDEMNITY**

| 98 | To                  the full extent permitted by the Act or any other applicable laws                  presently or hereafter in effect, no director of the Company shall                  be                  personally liable to the Company or its members for or with respect                  to any                  acts or omissions in the performance of his or her duties as a                  director of                  the Company. Any repeal or modification of this Regulation 98 by                  a                  resolution of members shall not adversely affect the right or protection                  of a director of the Company existing at the time of such repeal                  or                  modification with respect to acts or omissions occurring prior                  to such                  repeal or modification. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99 | Subject                  to the limitations hereinafter provided the Company may indemnify                  against                  all expenses, including legal fees, and against all judgments,                  fines and                  amounts paid in settlement and reasonably incurred in connection                  with                  legal, administrative or investigative proceedings any person                  who: |
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|  | (a) | is                  or was a party or is threatened to be made a party to any threatened,                  pending or completed proceedings, whether civil, criminal, administrative                  or investigative, by reason of the fact that the person is or was                  a                  director, an officer or a liquidator of the Company;                  or |
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|  | (b) | is                  or was, at the request of the Company, serving as a director, officer                  or                  liquidator of, or in any other capacity is or was acting for, another                  company or a partnership, joint venture, trust or other                  enterprise. |
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| 100 | The                  Company may only indemnify a person if the person acted honestly                  and in                  good faith with a view to the best interests of the Company and,                  in the                  case of criminal proceedings, the person had no reasonable cause                  to                  believe that his conduct was                  unlawful. |
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| 101 | The                    decision of the directors as to whether the person acted honestly                    and in                    good faith and with a view to the best interests of the Company                    and as to                    whether the person had no reasonable cause to believe that his                    conduct was                    unlawful is, in the absence of fraud, sufficient for the purposes                    of these                    Articles, unless a question of law is                    involved. |
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| 102 | The                  termination of any proceedings by any judgment, order, settlement,                  conviction or the entering of a nolle prosequi does not, by itself,                  create                  a presumption that the person did not act honestly and in good                  faith and                  with a view to the best interests of the Company or that the person                  had                  reasonable cause to believe that his conduct was                  unlawful. |
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| 103 | If                  a person to be indemnified has been successful in defence of any                  proceedings referred to above, the person is entitled to be indemnified                  against all expenses, including legal fees, and against all judgments,                  fines and amounts paid in settlement and reasonably incurred by                  the person                  in connection with the                  proceedings. |
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| 104 | The                  Company may purchase and maintain insurance in relation to any                  person who                  is or was a director, an officer or a liquidator of the Company,                  or who at                  the request of the Company is or was serving as a director, an                  officer or                  a liquidator of, or in any other capacity is or was acting for,                  another                  company or a partnership, joint venture, trust or other enterprise,                  against any liability asserted against the person and incurred                  by the                  person in that capacity, whether or not the Company has or would                  have had                  the power to indemnify the person against the liability as provided                  in                  these Articles. |
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**SEAL**

| 105 | The                  directors shall provide for the safe custody of the common seal                  of the                  Company. The common seal when affixed to any instrument except                  as provided                  in Regulation 1, shall be witnessed by a director or officer of                  the                  Company or any other person so authorised from time to time by                  the                  directors. The directors may provide for a facsimile of the common                  seal                  and approve the signature of any director or authorised person                  which may                  be reproduced by printing or other means on any instrument and                  it shall                  have the same force and validity as if the common seal has been                  affixed to                  such instrument and the same had been signed as hereinbefore                  described. |
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**DISTRIBUTIONS**

| 106 | Subject                  to the provisions of the Act, the directors of a Company may, by                  resolution, authorise a distribution by the Company at a time,                  and of an                  amount, and to any members they think fit if they are satisfied,                  on                  reasonable grounds, that the Company will, immediately after the                  distribution, satisfy the solvency test as stipulated in Section                  56 of the                  Act. |
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| 107 | Subject                  to the rights of the holders of shares entitled to special rights                  as to                  distributions, all distributions shall be declared and paid according                  to                  the par value of the shares in issue, excluding those shares which                  are                  held by the Company as Treasury Shares at the date of declaration                  of the                  distribution. |
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| 108 | The                  directors may, before recommending any distribution, set aside                  out of the                  profits of the Company such sums as they think proper as a reserve                  or                  reserves which shall, at their discretion, either be employed in the                  business of the Company or be invested in such investments as the                  directors may from time to time think                  fit. |
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| 109 | If                  several persons are registered as joint holders of any share, any                  of them                  may give effectual receipt for any distribution or other monies                  payable on                  or in respect of the share. |
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| 110 | Notice                  of any distribution that may have been declared shall be given                  to each                  member in manner hereinafter mentioned and all distributions unclaimed                  for                  three years after having been declared may be forfeited by the                  directors                  for the benefit of the                  Company. |
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| 111 | No                  distribution shall bear interest against the                  Company. |
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**COMPANY      RECORDS**

| 112 | The                  Company shall keep records                  that: |
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|  | (a) | are                  sufficient to show and explain the Company's transactions;                  and |
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|  | (b) | will,                  at any time, enable the financial position of the Company to be                  determined                  with reasonable accuracy. |
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| 113 | The                  Company shall keep: |
|-----|------------------------------------------|

| (a)   | minutes                of all meetings of - |
|-----------------|---------------------------------------------|

|   | (i) | directors, |
|--------|-----|------------|

|  | (b) | copies                  of all resolutions consented to by                  - |
|--|-----|-------------------------------------------------------------------------------|

|   | (i) | directors, |
|--------|-----|------------|

|  | (ii) | members, |
|--|------|----------|

|  | (iii) | committees                  of directors, and |
|--|-------|-----------------------------------------------|

|  | (iv) | committees                  of members. |
|--|------|-----------------------------------------|

|  | (c) | an                  imprint of the common seal at the registered office of the                  Company. |
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| 114 | The                  Company shall keep the following records at the office of its registered                  agent or at such other place or places, within or outside the British                  Virgin Islands, as the directors may                  determine: |
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|  | (a) | minutes                  of meetings and resolutions of members and of classes of members                  maintained in accordance with Regulation 113;                  and |
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|  | (b) | minutes                    of meetings and resolutions of directors and committees of directors                    maintained in accordance with Regulation 113. |
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| 115 | The                  Company shall keep the following documents at the office of its                  registered                  agent: |
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|  | (a) | the                  Memorandum of Association and Articles of the                  Company; |
|--|-----|----------------------------------------------------------------------------------------------|

|  | (b) | the                  Register of Members maintained in accordance with Regulation 118                  or a copy                  of the Register of Members; |
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|  | (c) | the                  register of directors maintained in accordance with Regulation                  117 or a                  copy of the register of                  directors; |
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|  | (d) | copies                  of all notices and other documents filed by the Company in the                  previous                  ten years; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | a                  copy of the register of charges kept by the Company pursuant to                  Section                  162(1) of the Act. |
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| 116 | (a) | Where                  the Company keeps a copy of the Register of Members or the register                  of                  directors at the office of its registered agent, it                  shall: |
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|  | (i) | within                  15 days of any change in the register, notify the registered agent,                  in                  writing,                  of the change; and |
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|  | (ii) | provide                  the registered agent with a written record of the physical address                  of the                  place or places at which the original Register of Members or the                  original                  register of directors is                  kept. |
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|   | (b) | Where                the place at which the original Register of Members or the original                register of directors is changed, the Company shall provide the registered                agent with the physical address of the new location of the records                within                14 days of the change of location. |
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| 117 | The                  Company shall keep a register to be known as a register of directors                  containing the names and addresses of the persons who are directors                  of the                  Company, the date on which each person whose name is entered in                  the                  register was appointed as a director of the Company, the date on                  which                  each person named as a director ceased to be a director of the                  Company,                  and such other information as may be                  prescribed. |
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| 118 | The                  Company shall maintain an accurate and complete Register of Members                  showing the full names and addresses of all persons holding registered                  shares in the Company, the number of each class and series of registered                  shares held by such person, the date on which the name of each                  member was                  entered in the Register of Members and where applicable, the date                  such                  person ceased to hold any registered shares in the                  Company. |
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| 119 | The                  records, documents and registers required by Regulations 112 to                  118                  inclusive shall be open to the inspection of the directors at all                  times. |
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| 120 | The                  directors shall from time to time determine whether and to what                  extent and                  at what times and places and under what conditions the records,                  documents                  and registers of the Company or any of them shall be open to the                  inspection of members not being directors, and no member (not being                  a                  director) shall have any right of inspecting any records, documents                  or                  registers of the Company except as conferred by the Act or authorised                  by                  resolution of the directors. |
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|   | **ACCOUNTS                AND AUDIT** |
|--------|---------------------------------------|

| 121 | The                  directors shall cause to be prepared periodically a profit and                  loss                  account and a balance sheet. The profit and loss account and balance                  sheet                  shall be drawn up so as to give respectively a true and fair view                  of the                  profit and loss of the Company for the financial period and a true                  and                  fair view of the state of affairs of the Company as at the end                  of the                  financial period. |
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| 122 | The                  Company’s accounts shall be audited by an independent auditor at least                  once every year. |
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| 123 | The                  independent auditor shall be appointed by the Audit Committee and                  shall                  hold office until the Audit Committee appoint another independent                  auditor. |
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| 124 | The                  remuneration of the auditor shall be fixed by the Audit                  Committee. |
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| 125 | The                  auditor shall examine each profit and loss account and balance                  sheet                  required to be served on every member of the Company or laid before                  a                  meeting of the members of the Company and shall state in a written                  report                  whether or not: |
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|  | (a) | in                  their opinion the profit and loss account and balance sheet give                  a true                  and fair view respectively of the profit and loss for the period                  covered                  by the accounts, and of the state of affairs of the Company at                  the end of                  that period; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | all                  the information and explanations required by the auditors have                  been                  obtained. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------|

| 126 | The                  report of the auditor shall be annexed to the accounts and shall                  be read                  at the meeting of members at which the accounts are laid before                  the                  Company or shall be served on the                  members. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 127 | Every                  auditor of the Company shall have a right of access at all times                  to the                  books of account and vouchers of the Company, and shall be entitled                  to                  require from the directors and officers of the Company such information                  and explanations as he thinks necessary for the performance of                  the duties                  of the auditors. |
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**NOTICE**

| 128 | Any                  notice, information or written statement to be given by the Company                  to                  members may be served in the case of members holding registered                  shares in                  any way by which it can reasonably be expected to reach each member                  or by                  mail addressed to each member at the address shown in the share                  register. |
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| 129 | Any                  summons, notice, order, document, process, information or written                  statement to be served on the Company may be served by leaving                  it, or by                  sending it by registered mail addressed to the Company, at its                  registered                  office, or by leaving it with, or by sending it by registered mail                  to, the                  registered agent of the                  Company. |
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| 130 | Service                  of any summons, notice, circlet, document, process, information                  of written                  statement to be served on the Company may be proved by showing                  that the                  summons, notice, order, document, process, information or written                  statement was delivered to the registered office or the registered                  agent                  of the Company or that it was mailed in such time as to admit to                  its being                  delivered to the registered office or the registered agent of the                  Company                  in the normal course of delivery within the period prescribed for                  service                  and was correctly addressed and the postage was                  prepaid. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**PENSION      AND SUPERANNUATION FUND**

| 131 | The                  directors may establish and maintain or procure the establishment                  and                  maintenance of any non-contributory or contributory pension or                  superannuation funds for the benefit of, and give or procure the                  giving of                  donations, gratuities, pensions, allowances or emoluments to any                  persons                  who are or were at any time in the employment or service of the                  Company or                  any company which is a subsidiary of the Company or is allied to                  or                  associated with the Company or with any such subsidiary, or who                  are or                  were at any time directors or officers of the Company or of any                  such other                  company as aforesaid or who hold or held any salaried employment                  or office                  in the Company or such other company, or any persons in whose welfare                  the                  Company or any such other company as aforesaid is, or has been                  at any                  time, interested, and to the wives, widows, families and dependents                  of any                  such persons, and make payments for or towards the insurance of                  such                  persons as aforesaid, and may do any of the matters aforesaid either                  alone                  or in conjunction with any such other company as aforesaid. A director                  holding any such employment or office shall be entitled to participate                  in                  and retain for his own benefit any such donation, gratuity, pension,                  allowance or emolument. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**WINDING      UP**

| 132 | The                  Company may be voluntarily liquidated under Part XII of the Act                  if it has                  no liabilities and it is able to pay its debts as they become due.                  If the                  Company shall be wound up, the liquidator may, in accordance with                  a                  resolution of members, divide amongst the members in specie or                  in kind the                  whole or any part of the assets of the Company (whether they shall                  consist                  of property of the same kind or not) and may for such purpose set                  such                  value as he deems fair upon any such property to be divided as                  aforesaid                  and may determine how such division shall be carried out as between                  the                  members or different classes of members. The liquidator may vest                  the whole                  or any part of such assets in trustees upon such trust for the                  benefit of                  the contributors as the liquidator shall think fit, but so that                  no member                  shall be compelled to accept any shares or other securities whereon                  there                  is any liability. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CONTINUATION**

| 133 | The                  Company may by resolution of members or by a resolution passed                  unanimously                  by all directors of the Company continue as a company incorporated                  under                  the laws of a jurisdiction outside the British Virgin Islands in                  the                  manner provided under those                  laws. |
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**FINANCIAL      YEAR**

| 134 | The                  financial year of the Company shall be prescribed by the Board                  and may,                  from time to time, be changed by                  it. |
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