EXHIBIT 4.1


 


DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934


 


Anavex Life Sciences Corp (the “Company”) has one class
of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: the Company’s common stock, par value
$0.001 per share (the “Common Stock”)


 


Description of Common Stock


 


The following summary description sets forth some of the general terms
and provisions of the Common Stock. Because this is a summary description, it does not contain all of the information that may be important
to you. For a more detailed description of the Company’s Common Stock, you should refer to the provisions of the Company’s
Articles of Incorporation, as amended (the “Charter”) and the Company’s Bylaws (the “Bylaws”), each of which
is an exhibit to the Annual Report on Form 10-K to which this description is an exhibit.


 


Authorized Shares


 


We are authorized to issue 200,000,000 shares of Common
Stock with a par value of $0.001.


 


Voting Rights


 


The outstanding shares of our Common Stock are fully paid and non-assessable.
The holders of Common Stock are entitled to one vote per share for the election of directors and with respect to all other matters submitted
to a vote of stockholders.


 


Liquidation, Dissolution or Similar Rights


 


Upon liquidation, dissolution or winding up of the
corporation, the holders of Common Stock are entitled to share ratably in all net assets available for distribution to stockholders after
payment to creditors. The Common Stock is not convertible or redeemable and has no preemptive, subscription or conversion rights. There
are no conversion, redemption, sinking fund or similar provisions regarding the Common Stock. Each outstanding share of Common Stock is
entitled to one vote on all matters submitted to a vote of stockholders. There are no cumulative voting rights.


 


Dividend Rights


 


Each stockholder is entitled to receive the dividends
as may be declared by our board of directors out of funds legally available for dividends and, in the event of liquidation, to share pro
rata in any distribution of our assets after payment of liabilities. Our board of directors is not obligated to declare a dividend. Any
future dividends will be subject to the discretion of our board of directors and will depend upon, among other things, future earnings,
the operating and financial condition of our Company, its capital requirements, general business conditions and other pertinent factors.
It is not anticipated that dividends will be paid in the foreseeable future.


  


Nevada Anti-Takeover Law and Charter and Bylaws Provisions


 


Nevada Revised Statutes sections 78.378 to 78.3793
provide state regulation over the acquisition of a controlling interest in certain Nevada corporations unless the articles of incorporation
or bylaws of the corporation provide that the provisions of these sections do not apply. The statute creates a number of restrictions
on the ability of a person or entity to acquire control of a Nevada company by setting down certain rules of conduct and voting restrictions
in any acquisition attempt, among other things. Our bylaws provide that these sections do not apply.


 


There are no provisions in our articles of incorporation
or our bylaws that would delay, defer or prevent a change in control of our Company.


 






     


     


    

 


Indemnification Of Directors And Executive Officers And Limitation On
Liability.


 


Our Bylaws provide that any person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal,
administrative or investigative, by reason of the fact that such person is or was a director, officer, employee or agent of the Company
(or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint
venture, trust or other enterprise) shall be indemnified and held harmless by the Company to the fullest extent permitted by Nevada law
against expenses including attorneys’ fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by
such person in connection with such proceeding.


  


The Bylaws also provide that the expenses of officers
and directors incurred in defending a civil or criminal action, suit or proceeding must be paid by the Company as they are incurred and
in advance of the final disposition of the action, suit or proceeding upon receipt of an undertaking by or on behalf of the director or
officer to repay the amount if it is ultimately determined by a court of competent jurisdiction that he is not entitled to be indemnified
by the Company. Such right of indemnification shall be a contract right which may be enforced in any manner desired by such person. Such
right of indemnification shall not be exclusive of any other right which such directors, officers or representatives may have or hereafter
acquire and, without limiting the generality of such statement, they shall be entitled to their respective rights of indemnification under
any bylaw, agreement, vote of stockholders, provision of law or otherwise, as well as their rights under the Bylaws.


 


The Bylaws provide that the Board of Directors may
cause the Company to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Company, or is
or was serving at the request of the Company as a director or officer of another Company, or as its representative in a partnership, joint
venture, trust or other enterprise against any liability asserted against such person and incurred in any such capacity or arising out
of such status, whether or not the Company would have the power to indemnify such person.


 


Nevada Revised Statutes 78.751 and 78.7502 have provisions
that provide for discretionary and mandatory indemnification of officers, directors, employees, and agents of a corporation. Under these
provisions, such persons may be indemnified by a corporation against expenses, including attorney’s fees, judgment, fines and amounts
paid in settlement, actually and reasonably incurred by him in connection with the action, suit or proceeding, if he acted in good faith
and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation and with respect to any
criminal action or proceeding had no reasonable cause to believe his conduct was unlawful.


 


To the extent that a director, officer, employee or
agent has been successful on the merits or otherwise in defense of any action, suit or proceeding, or in defense of any claim, issue or
matter, the Nevada Revised Statues provide that he must be indemnified by the Company against expenses, including attorney’s fees,
actually and reasonably incurred by him in connection with the defense.


 


Section 78.7502 of the Nevada Revised Statues also
provides that any discretionary indemnification, unless ordered by a court or advanced by the Company, may be made only as authorized
in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances.


 


The determination must be made:


 


	 	● 	By the stockholders;
	 	 	 
	 	●	By the Company’s Board of Directors by majority vote of a quorum consisting of directors who were not parties to that act, suit or proceeding;
	 	 	 
	 	●	If a majority vote of a quorum consisting of directors who were not parties to the act, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion; or
	 	 	 
	 	●	If a quorum consisting of directors who were not parties to the act, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.