Document:

INDEMNITY AGREEMENT

THIS AGREEMENT made as of the 12th day of September, 2005.

BETWEEN:

            GammaCan International, Inc., a corporation incorporated under the
            State of Delaware and having a business address at 11 Ben Gurion
            Street, Givat Shmuel 54101, Israel

            (the "Indemnitor")

AND:

            Chaime Orlev, CFO of Indemnitor and of its Israeli subsidiary,
            GammaCan Ltd. (the "Subsidiary"), of 10 HaMeyasdim St, Kiryet Ono,
            Israel

            (the "Indemnitee")

WHEREAS:

A. The Indemnitee has been requested to accept and hold a position as an officer
of the Indemnitor and the Subsidiary; and

B. In consideration of $1.00 and other good and valuable consideration received,
the Indemnitor has agreed to indemnify the Indemnitee for all liability, losses,
damages, costs, charges, expenses, fines and penalties which have been or may be
sustained by the Indemnitee as a result of his acting as an officer of the
Indemnitor.

IN WITNESS THEREFORE that in consideration of the premises and subject to the
conditions hereunder and in consideration of the sum of ONE DOLLAR ($1.00) now
paid by the Indemnitee to the Indemnitor and other good and valuable
consideration (the receipt and sufficiency of which is hereby acknowledged by
the Indemnitor), the parties agree as follows:

1. General Indemnity. Subject to section 4 hereof, the Indemnitor agrees to
indemnify and save the Indemnitee harmless from and against:

      (a) any and all costs, charges, expenses, fees, damages or liabilities,
      regardless of when they arose and howsoever arising and whether arising in
      law or in equity or under statute, regulation or governmental ordinance of
      any jurisdiction, common law or otherwise (including legal or other
      professional fees), and whether incurred alone or jointly with others,
      which the Indemnitee may suffer, sustain, incur or be required to pay
      arising out of, in connection with or incidental to any action, suit,
      demand, proceeding, investigation or claim which may be brought,
      commenced, made, prosecuted or threatened against the Indemnitee (any of
      the same hereinafter being referred to as a "Claim") for or in respect of
      any act, deed, matter or thing done, made, permitted or in respect of any
      omission to do, make or permit any act, deed, matter or thing whatsoever
      required or desirable to do, make or permit, by the Indemnitee arising out
      of, in connection with or incidental to the management, operations,
      activities or affairs of the Indemnitor or the exercise by the Indemnitee
      of his powers or the performance of his duties as an officer of the
      Indemnitor, whether sustained or incurred by reason of his negligence,
      default, breach of duty, failure to exercise due diligence or otherwise in
      relation to the Indemnitor;

<PAGE>
                                     - 2 -

      (b) any and all costs, charges, expenses, fees, damages or liabilities
      which the Indemnitee may suffer, sustain or incur or be required to pay in
      connection with investigating, initiating, defending, preparing for,
      providing evidence in, instructing and receiving the advice of his own or
      other counsel, or any amount paid to satisfy any judgment made, fine
      imposed, damages or costs or any amount paid or liability incurred by the
      Indemnitee to settle any Claim, or any amount of tax assessed against the
      Indemnitee in respect of any indemnity under this Agreement;

      (c) that to the extent not satisfied, paid or reimbursed by the
      Indemnitor, the Indemnitor shall pay or reimburse the Indemnitee for any
      and all costs, charges, expenses, fees or liabilities the Indemnitee
      sustains, incurs or is required to pay in or in relation to the
      management, operations, activities or affairs of the Indemnitor in the
      Indemnitee's capacity as an officer of the Indemnitor, whether or not
      incurred in connection with any Claim.

2. Specific Indemnity for Statutory Obligations. Without limiting the generality
of the provisions of section 1 hereof and subject to section 4 hereof, the
Indemnitor agrees to indemnify and save the Indemnitee harmless from and against
any and all charges, costs, expenses, penalties, assessments and liabilities
arising by operation of statute and incurred by the Indemnitee in relation to
the management, operations, activities or affairs of the Indemnitor in the
Indemnitee's capacity as an officer of the Indemnitor, including but not limited
to all statutory obligations to employees, suppliers, contractors,
subcontractors, repairers and the like and any government or any agency or
division of any government, whether federal, provincial, state, regional or
municipal.

3. Exclusion of Liability. Subject to section 4 hereof, the Indemnitee, in his
capacity as an officer of the Indemnitor, shall not be liable for:

      (a) any act, default, omission, or neglect of any other consultant,
      employee, director of the Indemnitor;

      (b) any loss or damages incurred by the Indemnitor owing to any receipt or
      act of any consultant, employee, director of the Indemnitor in which the
      Indemnitee has concurred or joined in for conformity;

      (c) any loss or damages incurred by the Indemnitor through the
      insufficiency or deficiency of title to any property acquired by order of
      the board of directors or the officers of the Indemnitor for or on behalf
      of the Indemnitor;
<PAGE>
                                     - 3 -

      (d) the insufficiency or deficiency of any security in or upon which any
      money of the Indemnitor shall be invested or loaned;

      (e) any loss or damage arising from the bankruptcy, insolvency or tortious
      act of any person with whom any money, security or effect of the
      Indemnitor shall be deposited;

      (f) any loss, conversion, misapplication or misappropriation of or any
      damage resulting from any dealings with any money, security or other asset
      belonging to the Indemnitor;

      (g) any loss or damage occasioned by any error of judgment or oversight on
      the part of the Indemnitee; or

      (h) any other loss, damage or misfortune whatever.

4. Limitation of Indemnity and Exclusion from Liability. The indemnity provided
for in sections 1 and 2 hereof is subject to the Delaware Revised Statutes, and
will be effective unless proved that:

      (a) his failure to act constituted a breach of his fiduciary duties as
      officer, and

      (b) his breach of those duties involved intentional misconduct, fraud or a
      knowing violation of law.

5. Court Applications. The Indemnitor represents and warrants that it will in a
timely manner take all necessary steps, including without limitation any and all
necessary court applications, to discharge its obligations under this Agreement.

6. Extensions, Modifications. Except as otherwise provided herein, this
Agreement is absolute and unconditional and the obligations of the Indemnitor
shall not be affected, discharged, impaired, mitigated or released by any
extension of time, indulgence or modification which the Indemnitee may extend or
make with any person making any Claim or demand against the Indemnitee in
connection with his duty as an officer of the Indemnitor or in respect of any
liability incurred by him as an officer of the Indemnitor.

7. Other Rights and Remedies. The indemnification provided by this Agreement
shall not be deemed to derogate from or exclude any other rights to which the
Indemnitee may be entitled under any provision of any statute or otherwise at
law.

8. Insolvency. The liability of the Indemnitor under this Agreement shall not be
affected, discharged, impaired, mitigated or released by reason of the discharge
or release of the Indemnitee in any bankruptcy, insolvency, receivership or
other proceedings of creditors.

9. Multiple Proceedings. No action or proceeding brought or instituted under
this Agreement and no recovery pursuant thereto shall be a bar or defence to any
further action or proceeding which may be brought under this Agreement.
<PAGE>
                                     - 4 -

10. Modification. No modification of this Agreement shall be valid unless the
same shall be in writing and signed by the Indemnitor and the Indemnitee,
provided however that if the Indemnitee is requested to or agrees to act as an
officer of any subsidiary of the Indemnitor, the indemnity provided for herein
shall automatically be deemed to apply to the Indemnitee acting as such, mutatis
mutandis. It is hereby clarified that on the date hereof Indemnitee serves as
the CFO of the Subsidiary and that the indemnity provided for herein applies to
the Indemnitee acting in such position from and after the date hereof, mutatis
mutandis.

11. Procedure For Claims.

      (1) In the event the Indemnitee is named as a party in any action, claim,
      suit, proceeding or investigation upon which the Indemnitee intends to
      base a claim for indemnification hereunder, the Indemnitee shall give the
      Indemnitor prompt written notice of such action, claim, suit, proceeding
      or investigation (provided, however, that failure of the Indemnitee to
      provide such notice shall not relieve the Indemnitor of any liability to
      the Indemnitee the Indemnitor may have under this Agreement except to the
      extent that the Indemnitor is materially prejudiced by such failure).

      (2) The Indemnitor shall participate in and assume the defence of any such
      action, including for certainty any derivative action, claim, suit,
      proceeding or investigation all at the Indemnitor's expense, provided,
      however, that counsel retained by the Indemnitor shall be satisfactory to
      the Indemnitee in the exercise of his reasonable judgement.
      Notwithstanding the Indemnitor's assumption of the defense of such action,
      claim, suit, proceeding or investigation, the Indemnitee shall have the
      right to employ separate counsel and to participate in, but not control,
      the defense of such action, claim, suit, proceeding or investigation, and
      the Indemnitor shall bear the reasonable fees, costs and expenses of such
      separate counsel as such fees, costs and expenses are incurred (provided
      that with respect to any single action, claim, suit, proceeding or
      investigation, the Indemnitor shall not be required to bear the fees,
      costs and expenses of more than one such counsel in any single
      jurisdiction) if (a) the use of counsel chosen by the Indemnitor to
      represent the Indemnitee would present such counsel with a conflict of
      interest; (b) the defendants, respondents or other parties in any such
      action, claim, suit, proceeding or investigation include both the
      Indemnitee on the one hand and the Indemnitor on the other hand, and the
      Indemnitee has reasonably concluded that representation of both parties by
      the same counsel would be inappropriate due to actual or potential
      differing interests between them (in which case the Indemnitor shall not
      have the right to direct the defense of such action, claim, suit,
      proceeding or investigation on behalf of the Indemnitee); (c) the
      Indemnitor shall not have employed counsel satisfactory to the Indemnitee
      in the exercise of the Indemnitee's reasonable judgment to represent him,
      within a reasonable time after notice of the institution of such action,
      proceeding or investigation; or (d) the Indemnitor authorizes the
      Indemnitee to employ separate counsel at the Indemnitor's expense.

      (3) The Indemnitee shall cooperate with the Indemnitor in the Indemnitor's
      defense by providing such information and other assistance which the
      Indemnitor may reasonably request in connection with such defense.
<PAGE>
                                     - 5 -

      (4) The Indemnitor shall not, without the Indemnitee's prior written
      consent, settle, compromise, consent to the entry of any judgment in or
      otherwise seek to terminate any action, claim, suit or proceeding in
      respect of which indemnification may be sought hereunder (whether or not
      the Indemnitee is a party thereto) unless such settlement, compromise,
      consent or termination includes a release of the Indemnitee from any
      liabilities arising out of such action, claim, suit or proceeding. The
      Indemnitee shall not, without the Indemnitor's prior written consent,
      admit liability, settle, compromise, consent to the entry of any judgment
      in or otherwise seek to terminate any action, claim, suit, investigation
      or proceeding referred to in the preceding paragraph and the Indemnitee
      shall not disclose the existence of this Agreement unless required by law,
      subpoena, court order or upon the advice of counsel.

12. Resignation. Nothing in this Agreement shall prevent the Indemnitee from
resigning as an officer of the Indemnitor or from exercising any rights he may
have to terminate any consulting, management or other agreement he may have with
the Indemnitor.

13. Termination. The obligations of the Indemnitor shall not terminate or be
released upon the Indemnitee ceasing to act as an officer of the Indemnitor at
any time or times and such obligations shall survive the termination or
resignation of the Indemnitee. The Indemnitor's obligations may be terminated or
released only by a written instrument executed by the Indemnitee.

14. Tax Gross Up. The amount of any indemnity payable to the Indemnitee will be
computed in accordance with the following formula:

         (B - D)
A =      ------
         (1 - C)

where:

A = the amount of indemnity payable by the Indemnitor to the Indemnitee pursuant
to this Agreement,

B = the amount of indemnity that would otherwise be payable by the Indemnitor to
the Indemnitee pursuant to this Agreement on the assumption that such amount is
computed without reference to any increased liability of the Indemnitee under
applicable income, payroll, value added or any other tax laws arising in
consequence of such payment,

C = the aggregate of the highest effective rates of all taxes (including all
surtaxes) under such tax laws applicable to the Indemnitee in respect of such
payment, after giving effect to any applicable bilateral tax convention or
treaty, and

D = any such tax required by law to be paid by or for the account of the
Indemnitee on or with respect to the Grossed Up Amount, and which is deducted by
the Indemnitor from that amount and remitted to a lawful taxing authority for
the account of the Indemnitee.
<PAGE>
                                     - 6 -

For the purposes of this section, "Grossed Up Amount" means (B) divided by (1 -
C).

15. Advances. In any case in which the Indemnitee incurs or becomes liable to
pay any amount in respect of which he is entitled to be indemnified by the
Indemnitor pursuant to the provisions of this Agreement, the Indemnitor shall
advance such amount to the Indemnitee by way of loan forthwith upon written
demand thereof by the Indemnitee to the Indemnitor. Such notice shall be
accompanied by a written undertaking by the Indemnitee to repay the full amount
of any funds so advanced forthwith upon it being determined by the court on
application for such approval, that the Indemnitee is not entitled to
indemnification in respect thereof. In that event any amount so advanced shall
be repaid forthwith following such determination and shall bear interest at 2%
above the prime rate charged by the Indemnitor's bankers to its preferred
commercial customers from time to time during the period from the date of
advance to the date of repayment.

16. Notices. Any notice to be given by one party to the other shall be
sufficient if delivered by hand, deposited in any Post Office in Israel,
registered, postage prepaid, or sent by means of electronic transmission (in
which case any message so transmitted shall be immediately confirmed in writing
and mailed as provided above), addressed, as the case may be:

(a) To the Indemnitor:

          GammaCan International, Inc.
          11 Ben Gurion Street, Givat Shmuel 54101, Israel
          Facsimile:  972-3-5324038

          Attention: Ms. Vered Caplan, Acting CEO

(b) To the Indemnitee, at latest adddress known to the Indemnitor;

or at such other address of which notice is given by the parties pursuant to the
provisions of this section. Such notice shall be deemed to have been received
when delivered, if delivered, and if mailed, on the fifth business day
(exclusive of Saturdays, Sundays and statutory holidays) after the date of
mailing. Any notice sent by means of electronic transmission shall be deemed to
have been given and received on the day it is transmitted, provided that if such
day is not a business day then the notice shall be deemed to have been given and
received on the next business day following. In case of an interruption of the
postal service, all notices or other communications shall be delivered or sent
by means of electronic transmission as provided above, except that it shall not
be necessary to confirm in writing and mail any notice electronically
transmitted.

17. Governing Law. This Agreement shall be governed by and construed in
accordance with the State of Delaware and all disputes arising under this
Agreement shall be referred to and the parties hereto irrevocably attorn to the
jurisdiction of the courts of the State of Delaware.

18. Other Acts. The Indemnitor and the Indemnitee agree that they shall do all
such further acts, deeds or things and execute and deliver all such further
documents, instruments or certificates as may be necessary or advisable for the
purpose of assuring and confirming unto the Indemnitee the rights hereby created
or intended, and of giving effect to and carrying out the intention or
facilitating the performance of the terms of this Agreement.
<PAGE>
                                     - 7 -

19. Interpretation. Wherever the singular or masculine are used throughout this
Agreement, the same shall be construed as meaning the plural or the feminine or
body politic or corporate and whenever the plural is used throughout this
Agreement the same shall be construed as meaning the singular, where the context
or the parties hereto so require, and the liabilities and obligations of the
Indemnitor hereunder shall be joint as well as several.

20. Invalid Terms Severable. If any term, clause or provision of this Agreement
shall be held invalid or contrary to law, the validity of any other term, clause
or provision shall not be affected and such invalid term, clause or provision
shall be considered severable.

21. Entire Agreement. This Agreement shall supersede and replace any and all
prior agreements between the parties hereto respecting the matters set forth
herein, and shall constitute the entire agreement between the parties in respect
of the matters set forth herein. There are no representations, warranties,
collateral agreements, or conditions expect as set forth herein.

22. Binding Effect. All of the agreements, conditions and terms of this
Agreement shall extend to and be binding upon the Indemnitor and their heirs,
executors, administrators and other legal representatives, successors and
assigns and shall enure to the benefit of and may be enforced by the Indemnitee
and his heirs, executors, administrators and other legal representatives,
successors and assigns.

23. Independent Legal Advice. The Indemnitor acknowledges that it has been
advised by the Indemnitee to obtain independent legal advice with respect to
entering into this Agreement, that they have obtained such independent legal
advice or have expressly waived such advice, and that they are entering into
this Agreement with full knowledge of the contents hereof, of their own free
will and with full capacity and authority to do so.

24. Power and Authority of Indemnitor. The Indemnitor represents and warrants to
the Indemnitee that this Agreement when duly and validly executed and delivered
by the Indemnitor will constitute a legal, valid and binding obligation of the
Indemnitor enforceable against the Indemnitor in accordance with the terms
hereof and that the Indemnitor, if a corporation, is duly incorporated and
organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation, has the necessary corporate power, capacity and
authority to enter into this Agreement and perform its obligations hereunder and
that the execution and delivery of this Agreement by the Indemnitor has been
duly and properly authorized by all necessary corporate action and that.

25. Counterparts. This Agreement may be signed in counterparts, in writing or by
electronic facsimile transmission or by other means of electronic communication
capable of producing a printed copy, each of which will be deemed to be an
original and all such counterparts together will constitute one and the same
instrument and notwithstanding the date of execution, will be deemed to be
effective as of the date set forth above.
<PAGE>
                                     - 8 -

IN WITNESS WHEREOF the Indemnitor and the Indemnitee have hereunto set their
hands and seals as of the day and year first above written.

By the Indemnitor:

GammaCan International, INC.

Per: /s/ Vered Caplan
----------------------------
Authorized Signatory

SIGNED, SEALED and DELIVERED by     )
INDEMNITEE in the presence of:      )
                                    )

/s/ Yaron Cherny                    )
----------------------------------- )
Name                                )
                                    )  /s/ Chaime Orlev
----------------------------------- )  ----------------
Address                             )
                                    )
----------------------------------- )
Occupation                          )A
        M E N D E D   A N D   R E S T A T E D 

      

       

      B
        Y E - L A W S 

      

       

      O
        F 

      

       

      I
        N G E R S O L L - R A N D   C O M P A N Y   L
        I M I T E D

      

       

      Adopted
        June 1, 2005 

      

      

      
        
          
            

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      A
        M E N D E D   A N D   R E S T A T E D 

       

      B
        Y E - L A W S 

       

      O
        F 

       

      I
        N G E R S O L L - R   A N D   C O M P A N Y  
        L I
        M I T E D 

       

      Adopted
        June 1, 2005

       

      TABLE
        OF CONTENTS 

       

      
        

          
            
              	 	
                      Page

                    
	
                      INTERPRETATION

                    	
                      1

                    
	
                      1.    Interpretation

                    	
                      1

                    
	
                      BOARD
                        OF DIRECTORS

                    	
                      3

                    
	
                      2.    Board
                        of Directors

                    	
                      3

                    
	
                      3.    Management
                        of the Company

                    	
                      3

                    
	
                      4.    Power
                        to Authorise Specific Actions

                    	
                      3

                    
	
                      5.    Power
                        to Appoint Attorney

                    	
                      3

                    
	
                      6.    Power
                        to Delegate to a Committee

                    	
                      3

                    
	
                      7.    Power
                        to Appoint and Dismiss Employees

                    	
                      4

                    
	
                      8.    Power
                        to Borrow and Charge Property

                    	
                      4

                    
	
                      9.    Exercise
                        of Power to Purchase Shares of or Discontinue the Company

                    	
                      4

                    
	
                      10.  Election
                        of Directors

                    	
                      4

                    
	
                      11.  Defects
                        in Appointment of Directors

                    	
                      5

                    
	
                      12.  Removal
                        of Directors

                    	
                      5

                    
	
                      13.  Vacancies
                        on the Board

                    	
                      5

                    
	
                      14.  Notice
                        of Meetings of the Board

                    	
                      6

                    
	
                      15.  Quorum
                        at Meetings of the Board

                    	
                      6

                    
	
                      16.  Meetings
                        of the Board

                    	
                      6

                    
	
                      17.  Unanimous
                        Written Resolutions of Directors

                    	
                      6

                    
	
                      18.  Contracts
                        and Disclosure of Directors’ Interests

                    	
                      7

                    
	
                      19.  Remuneration
                        of Directors

                    	
                      7

                    
	
                      OFFICERS

                    	
                      7

                    
	
                      20.  Officers
                        of the Company

                    	
                      7

                    
	
                      21.  Appointment
                        and Authority of Officers

                    	
                      7

                    
	
                      22.  Duties
                        of Officers

                    	
                      8

                    
	
                      23.  Chairman
                        of Meetings

                    	
                      8

                    
	
                      24.  Register
                        of Directors and Officers

                    	
                      8

                    
	
                      MINUTES

                    	
                      8

                    
	
                      25.  Obligations
                        of Board to Keep Minutes

                    	
                      8

                    
	
                      INDEMNITY

                    	
                      8

                    
	
                      26.  Indemnification
                        of Directors and Officers of the Company

                    	
                      8

                    
	
                      MEETINGS

                    	
                      10

                    
	
                      27.  Annual
                        General Meeting

                    	
                      10

                    
	
                      28.  Special
                        General Meetings

                    	
                      10

                    
	
                      29.  Accidental
                        Omission of Notice of General Meeting

                    	
                      10

                    
	
                      30.  Meeting
                        Called on Requisition of Members

                    	
                      10

                    
	
                      31.  Short
                        Notice

                    	
                      11

                    
	
                      32.  Postponement
                        of Meetings

                    	
                      11

                    
	
                      33.  Quorum
                        for General Meeting

                    	
                      11

                    
	
                      34.  Adjournment
                        of Meetings

                    	
                      11

                    
	
                      35.  Attendance
                        at Meetings

                    	
                      11

                    
	
                      36.  Unanimous
                        Written Resolutions of Members

                    	
                      11

                    
	
                      37.  Attendance
                        of Directors

                    	
                      12

                    
	
                      38.  Presiding
                        Officer at Meetings

                    	
                      12

                    

            

             

             

            
              
                
                

              

              
                i

                
                  

                

              

              
                
                

              

            

             

            
              	
                      39.  Voting
                        at Meetings

                    	
                      12

                    
	
                      40.  Seniority
                        of Joint Holders Voting

                    	
                      12

                    
	
                      41.  Instrument
                        of Proxy

                    	
                      13

                    
	
                      42.  Representation
                        of Corporations at Meetings

                    	
                      13

                    
	
                      SHARE
                        CAPITAL AND SHARES

                    	
                      13

                    
	
                      43.  Authorised
                        Share Capital

                    	
                      13

                    
	
                      44.  Power
                        to Issue Shares

                    	
                      15

                    
	
                      45.  Variation
                        of Rights, Alteration of Share Capital and Purchase of Shares
                        of the
                        Company

                    	
                      15

                    
	
                      46.  Registered
                        Holder of Shares

                    	
                      16

                    
	
                      47.  Death
                        of a Joint Holder

                    	
                      16

                    
	
                      48.  Certificated
                        or Uncertificated Shares

                    	
                      16

                    
	
                      REGISTER
                        OF MEMBERS

                    	
                      17

                    
	
                      49.  Contents
                        of Register of Members

                    	
                      17

                    
	
                      50.  Inspection
                        of Register of Members

                    	
                      17

                    
	
                      51.  Transactions
                        with Interested Members

                    	
                      17

                    
	
                      52.  Record
                        Dates

                    	
                      17

                    
	
                      53.  Scrutineers

                    	
                      17

                    
	
                      TRANSFER
                        OF SHARES

                    	
                      18

                    
	
                      54.  Instrument
                        of Transfer

                    	
                      18

                    
	
                      55.  Restriction
                        on Transfer

                    	
                      18

                    
	
                      56.  Transfers
                        by Joint Holders

                    	
                      18

                    
	
                      TRANSMISSION
                        OF SHARES

                    	
                      18

                    
	
                      57.  Representative
                        of Deceased Member

                    	
                      18

                    
	
                      58.  Registration
                        on Death or Bankruptcy

                    	
                      18

                    
	
                      59.  Dividend
                        Entitlement of Transferee

                    	
                      18

                    
	
                      DIVIDENDS
                        AND OTHER DISTRIBUTIONS

                    	
                      19

                    
	
                      60.  Declaration
                        of Dividends by the Board

                    	
                      19

                    
	
                      CAPITALISATION

                    	
                      19

                    
	
                      61.  Issue
                        of Bonus Shares

                    	
                      19

                    
	
                      ACCOUNTS
                        AND FINANCIAL STATEMENTS

                    	
                      19

                    
	
                      62.  Records
                        of Account

                    	
                      19

                    
	
                      63.  Fiscal
                        Year

                    	
                      19

                    
	
                      64.  Financial
                        Statements

                    	
                      19

                    
	
                      AUDIT

                    	
                      20

                    
	
                      65.  Appointment
                        of Auditor

                    	
                      20

                    
	
                      66.  Remuneration
                        of Auditor

                    	
                      20

                    
	
                      67.  Vacation
                        of Office of Auditor

                    	
                      20

                    
	
                      68.  Access
                        to Books of the Company

                    	
                      20

                    
	
                      69.  Report
                        of the Auditor

                    	
                      20

                    
	
                      NOTICES

                    	
                      20

                    
	
                      70.  Notices
                        to Members of the Company

                    	
                      20

                    
	
                      SEAL
                        OF THE COMPANY

                    	
                      20

                    
	
                      71.  The
                        Seal

                    	
                      20

                    
	
                      72.  Manner
                        in Which Seal is to be Affixed

                    	
                      20

                    
	
                      WINDING-UP

                    	
                      21

                    
	
                      73.  Winding-up/Distribution
                        by Liquidator

                    	
                      21

                    
	
                      ALTERATION
                        OF BYE-LAWS

                    	
                      21

                    
	
                      74.  Alteration
                        of Bye-laws

                    	
                      21

                    

            

          

        

         

        
           

           

          
            
              
              

            

            
              ii

              
                

              

            

            
              
              

            

          

        

      

      

      AMENDED
        AND RESTATED 

       

      BYE-LAWS
        

       

      OF
        

       

      INGERSOLL-RAND
        COMPANY LIMITED 

       

      A
        Bermuda Limited Liability Company 

       

      INTERPRETATION
        

       

      1.
        Interpretation 

       

      (1)
        In
        these Bye-laws the following words and expressions shall, where not inconsistent
        with the context and not defined in the text, have the following meanings
        respectively: 

       

      (a)
        “Act”
        means
        the Companies Act 1981, as amended from time to time; 

       

      (b)
        “Auditor”
        includes any individual, general or limited partnership, corporation, firm,
        association or company (including a limited liability company); 

       

      (c)
        A
        person is a “beneficial
        owner”
        of any
        shares of the Company: 

       

      (i)
        which
        it has the right to acquire pursuant to any agreement, or upon exercise of
        conversion rights, warrants or options, or otherwise; and 

       

      (ii)
        which are beneficially owned, directly or indirectly (including shares deemed
        owned through application of clause (i) above), by any other person with
        which
        it has any agreement, arrangement or understanding with respect to the
        acquisition, holding, voting or disposition of shares or of any material
        part of
        the assets of the Company or of it, or which is its “affiliate” or “associate”
        as those terms are defined in Rule 12b-2 of the General Rules and Regulations
        under the United States Securities Exchange Act of 1934 (or any successor
        rule
        or regulation); 

       

      (d)
        “Board”
        means
        the Board of Directors appointed or elected pursuant to these Bye-laws and
        acting by resolution in accordance with the Act and these Bye-laws or the
        Directors present at a meeting of Directors at which there is a quorum;

       

      (e)
        “Business
        Combination”
        means:

       

      (i)
        any
        amalgamation, merger or consolidation of the Company or one of its subsidiaries
        with an Interested Member or with any person that is, or would be after such
        amalgamation, merger or consolidation, an affiliate or associate of an
        Interested Member; 

       

      (ii)
        any
        transfer or other disposition to or with an Interested Member or any affiliate
        or associate of an Interested Member of all or any material part of the assets
        of the Company or one of its subsidiaries; and 

       

      (iii)
        any
        issuance or transfer of shares of the Company upon conversion of or in exchange
        for the securities or assets of any Interested Member, or with any person
        that
        is, or would be after such amalgamation, merger or consolidation, an affiliate
        or associate of an Interested Member; 

       

      (f)
        “Company”
        means
        the company for which these Bye-laws are approved and confirmed; 

       

      (g)
        “Director”
        means a
        director of the Company; 

       

      (h)
        “Interested
        Member”
        means
        any Member that: 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (i)
        is
        the beneficial owner, directly or indirectly, of 10% or more of the voting
        power
        of the voting shares of the Company then in issue; or 

       

      (ii)
        is
        an affiliate or associate of the Company and at any time within the five-year
        period immediately prior to the date in question was the beneficial owner,
        directly or indirectly, of 10% or more of the voting power of the shares
        then in
        issue of the Company. For the purpose of determining whether a Member is
        an
        Interested Member, the number of voting shares of the Company then in issue
        shall include shares deemed to be beneficially owned by such Member, but
        shall
        not include any other unissued voting shares of the Company which may be
        issuable pursuant to any agreement, arrangement or understanding, or upon
        exercise of conversion rights, warrants or options, or otherwise; 

       

      (i)
        “Member”
        means
        the person registered in the Register of Members as the holder of shares
        in the
        Company and, when two or more persons are so registered as joint holders
        of
        shares, means the person whose name stands first in the Register of Members
        as
        one of such joint holders or all of such persons as the context so requires;
        

       

      (j)
        “Notice”
        means
        written notice as further defined in these Bye-laws unless otherwise
        specifically stated; 

       

      (k)
        “Officer”
        means
        any person appointed by the Board to hold an office in the Company;

       

      (l)
        “Person”
        means
        any individual, general or limited partnership, corporation, firm, association,
        trust, estate, company (including a limited liability company) or any other
        entity or organisation or bodies of persons whether corporate or otherwise,
        including a government, a political subdivision or agency or instrumentality
        thereof; 

       

      (m)
        “Register
        of Directors and Officers”
        means
        the Register of Directors and Officers referred to in these Bye-laws;

       

      (n)
        “Register
        of Members”
        means
        the Register of Members referred to in these Bye-laws; 

       

      (o)
        “Resident
        Representative”
        means
        any person appointed to act as resident representative and includes any deputy
        or assistant resident representative; and 

       

      (p)
        “Secretary”
        means
        the person appointed to perform any or all of the duties of secretary of
        the
        Company and includes any deputy or assistant secretary. 

       

      (2)
        In
        these Bye-laws, where not inconsistent with the context: 

       

      (a)
        words
        denoting the plural number include the singular number and vice versa;

       

      (b)
        words
        denoting the masculine gender include the feminine gender; 

       

      (c)
        the
        word: 

       

      (i)
“may”
        shall be construed as permissive; 

       

      (ii)
        “shall” shall be construed as imperative; and 

       

      (d)
        unless otherwise provided herein words or expressions defined in the Act
        shall
        bear the same meaning in these Bye-laws. 

       

      (3)
        Expressions referring to writing or written shall, unless the contrary intention
        appears, include cable, telex, telecopier, facsimile, printing, computer
        generated email, lithography, photography and other modes of representing
        words
        in legible and non-transitory form. 

       

      (4)
        Headings used in these Bye-laws are for convenience only and are not to be
        used
        or relied upon in the construction hereof. 

       

      
         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

      

      BOARD
        OF DIRECTORS 

       

      2.
        Board
        of Directors 

       

      The
        business of the Company shall be managed by the Board. 

       

      3.
        Management
        of the Company 

       

      (1)
        In
        managing the business of the Company, the Board may exercise all such powers
        of
        the Company as are not, by statute or by these Bye-laws, expressly required
        to
        be exercised by the Company in general meeting, subject, nevertheless, to
        these
        Bye-laws, the provisions of any statute and to such directions as may be
        prescribed by the Company in general meeting. 

       

      (2)
        No
        regulation or alteration to these Bye-laws made by the Company in general
        meeting shall invalidate any prior act of the Board which would have been
        valid
        if that regulation or alteration had not been made. 

       

      (3)
        The
        Board may procure that the Company pay all expenses incurred in promoting
        and
        organising the Company. 

       

      4.
        Power
        to Authorise Specific Actions 

       

      The
        Board
        may from time to time and at any time authorise any person or body of persons
        to
        act on behalf of the Company for any specific purpose and in connection
        therewith to execute any agreement, document or instrument on behalf of the
        Company. 

       

      5.
        Power
        to Appoint Attorney 

       

      The
        Board, or any duly authorised committee, may from time to time and at any
        time
        by power of attorney appoint any person or body of persons, whether nominated
        directly or indirectly by the Board, to be an attorney of the Company for
        such
        purposes and with such powers, authorities and discretions (not exceeding
        those
        vested in or exercisable by the Board) and for such period and subject to
        such
        conditions as it may think fit and any such power of attorney may contain
        such
        provisions for the protection and convenience of persons dealing with any
        such
        attorney as the Board may think fit and may also authorise any such attorney
        to
        sub-delegate all or any of the powers, authorities and discretions so vested
        in
        the attorney. Such attorney may, if so authorised under the seal of the Company,
        execute any deed or instrument under such attorney’s personal seal with the same
        effect as the affixation of the seal of the Company. 

       

      6.
        Power
        to Delegate to a Committee 

       

      (1)
        The
        Board may delegate any or all of its powers to a committee or committees
        appointed by the Board which may consist partly or entirely of non-Directors
        and
        every such committee shall conform to such directions as the Board shall
        impose
        on them; provided that a committee appointed by the Board shall not have
        the
        power to set its or its members’ remuneration. The meetings and proceedings of
        any such committee shall be governed by the provisions of these Bye-laws
        regulating the meetings and proceedings of the Board, so far as the same
        are
        applicable and are not superseded by directions imposed by the Board.

       

      (2)
        The
        Board, by the affirmative vote of a majority of the entire Board, may appoint
        from their number an executive committee of which committee a majority of
        committee members shall constitute a quorum; and to such extent as shall
        be
        provided in these Bye-laws and as may be permitted by law, such committee
        shall
        have and may exercise any or all of the powers of the Board. 

       

      (3)
        The
        Board, by the affirmative vote of a majority of the entire Board, may appoint
        any other standing committees and such standing committees shall have and
        may
        exercise such powers as may be conferred and authorised by these Bye-laws
        or by
        the Board and as may be permitted by law. 

       

      (4)
        Each
        committee of the Board shall keep complete, accurate minutes and records
        of all
        actions taken by such committee, prepare such minutes and records in a timely
        fashion and promptly distribute all such minutes and records to each member
        of
        the Board at the meeting of the Board next ensuing. 

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      7.
        Power
        to Appoint and Dismiss Employees 

       

      The
        Board
        may appoint, suspend or remove any Officer, manager, secretary, clerk, agent
        or
        employee of the Company and may fix their remuneration and determine their
        duties. Nothing contained in this Bye-law shall be construed to limit the
        Officers or any other Company official from being able to exercise these
        same
        powers to the extent they are duly authorised to do so. 

       

      8.
        Power
        to Borrow and Charge Property 

       

      The
        Board
        may exercise all the powers of the Company to borrow money and to mortgage
        or
        charge its undertaking and property, or any part thereof, and may issue
        debentures, debenture shares and other securities whether outright or as
        security for any debt, liability or obligation of the Company or any third
        party. Nothing contained in this Bye-law shall be construed to limit the
        Officers or any other Company official from being able to exercise these
        same
        powers to the extent they are duly authorised to do so. 

       

      9.
        Exercise
        of Power to Purchase Shares of or Discontinue the
        Company 

       

      (1)
        The
        Board may exercise all the powers of the Company to purchase all or any part
        of
        its own shares pursuant to Section 42A of the Act. 

       

      (2)
        The
        Board may exercise all the powers of the Company to discontinue the Company
        to a
        named country or jurisdiction outside Bermuda pursuant to Section 132G of
        the
        Act. 

       

      10.
        Election
        of Directors 

       

      (1)
        The
        Board shall consist of not less than three and not more than twenty Directors
        or
        such number in excess thereof as the Members may from time to time determine.
        The initial Directors shall be elected or appointed at the statutory meeting
        of
        the Company and thereafter, except in the case of casual vacancy, Directors
        shall be elected or appointed at the annual general meeting or at any special
        general meeting called for that purpose. Directors shall hold office for
        such
        term as the Members may determine or, in the absence of such determination,
        until the next annual general meeting or until their successors are elected
        or
        appointed or their office is otherwise vacated. Any general meeting may
        authorise the Board to fill any vacancy left unfilled at a general meeting.
        The
        number of Directors to be elected at any time within the minimum and maximum
        limitations specified herein shall be determined from time to time by the
        Board
        pursuant to a resolution adopted by the affirmative vote of a majority of
        the
        Board then in office. Any vacancy on the Board within the minimum and maximum
        limitations specified in this Bye-law may be filled by a majority of the
        Board
        then in office; provided that a quorum is present. During the existence of
        a
        vacancy on the Board the remaining Directors shall have full power to act;
        provided that a quorum is present. The holders of Class A Common Shares (as
        defined hereinafter) shall be entitled at all meetings of the Members at
        which
        Directors are elected to one vote for each such share held by them as described
        in this Bye-Law. The holders of Class B Common Shares (as defined hereinafter)
        shall not be entitled to vote for the election of Directors. 

       

      (2)
        Directors may be removed without cause only upon the affirmative vote of
        the
        holders of at least 80% of the shares of the Company entitled to vote for
        the
        election of Directors. Directors may be removed for cause only upon the
        affirmative vote of the holders of at least 66 2/3% of
        the shares of the Company entitled to vote for the election of Directors;
        provided that any meeting convened and held to consider the removal of a
        Director shall be convened and held in accordance with Bye-law 12. 

       

      (3)
        Notwithstanding subparagraph (1) of this Bye-law, any Member entitled to
        vote
        for the election of Directors at a meeting or to express a consent in writing
        without a meeting may nominate a person or persons for election as a Director
        only if written notice of such Member’s intent to make such nomination is given
        to the Secretary of the Company, either by personal delivery, mail or facsimile
        not later than (a) with respect to an election to be held at an annual general
        meeting of Members, 90 days in advance of the anniversary of the immediately
        preceding annual general meeting or if the date of the annual general meeting
        of
        Members occurs more than 30 days before or 60 days after the anniversary
        of such
        immediately preceding annual general meeting, not later than the close of
        business on the seventh day following the date on which notice of such meeting
        is given to Members and (b) in the case of any Member who wishes to nominate
        a
        person or persons for election as a Director pursuant to consents in writing
        by
        Members without a meeting (to the extent election by such consents is permitted
        under applicable law and these Bye-laws), 60 days in advance of the date
        on
        which materials soliciting such consents are first mailed to Members or,
        if no
        such materials are required to be mailed under applicable law, 60 days in
        advance of the date on which the first such consent in writing is executed.
        Each
        such notice shall set forth the name and address of the Member who intends
        to
        make the nomination and of the person or persons to be nominated for election
        as
        a Director, a representation that the Member is a holder of record of shares
        of
        the Company entitled to vote at such meeting or to express such consent in
        writing and intends to appear in person or by proxy at the meeting to nominate
        the person or persons specified in the notice or to execute such a consent
        in
        writing to elect such person or persons as a Director, a description of all
        arrangements or understandings between the Member and each nominee and any
        other
        person or persons (naming such person or persons) pursuant to which the
        nomination or nominations for election as a Director are to be made by the
        Member, 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 if
        such
        nominee had been nominated, or was intended to be nominated, for election
        as a
        Director by the Board, and the consent of each nominee to serve as a Director
        if
        so elected. The Board may refuse to acknowledge the nomination of any person
        not
        made in compliance with the foregoing procedures. 

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      11.
        Defects
        in Appointment of Directors 

       

      All
        bona
        fide acts taken at any meeting of the Board or by a committee of the Board
        or by
        any person acting as a Director shall, notwithstanding that it be afterwards
        discovered that there was some defect in the appointment of any Director
        or
        person acting as aforesaid, or that they or any of them were disqualified,
        be as
        valid as if every such person had been duly appointed and qualified to be
        a
        Director. 

       

      12.
        Removal
        of Directors 

       

      (1)
        Subject to Bye-law 10(4) and any provision to the contrary in these Bye-laws,
        the Members may, at any special general meeting convened and held in accordance
        with these Bye-laws, remove a Director; provided that the notice of any such
        meeting convened for the purpose of removing a Director shall contain a
        statement of the intention so to do and be served on such Director not less
        than
        fourteen days before the meeting and at such meeting such Director shall
        be
        entitled to be heard on the motion for such Director’s removal. 

       

      (2)
        A
        vacancy on the Board created by the removal of a Director under the provisions
        of subparagraph (1) of this Bye-law may be filled by the Members at the meeting
        at which such Director is removed and, in the absence of such election or
        appointment, the Board may fill the vacancy in accordance with Bye-law 13.
        

       

      13.
        Vacancies
        on the Board 

       

      (1)
        Subject to any requirements of these Bye-laws with respect to the filling
        of
        vacancies among additional Directors elected by a class or classes of shares,
        if
        the office of any Director becomes vacant, the remaining Directors may, by
        a
        majority vote, elect a successor who shall hold office until the next succeeding
        annual general meeting of the Members and until his or her successor shall
        have
        been elected and qualified. 

       

      (2)
        The
        Board may act notwithstanding any vacancy in its number but, if and so long
        as
        its number is reduced below the number fixed by these Bye-laws as the quorum
        necessary for the transaction of business at meetings of the Board pursuant
        to
        Bye-law 15, the continuing Directors or Director may act for the purpose
        of (i)
        summoning a general meeting of the Company or (ii) preserving the assets
        of the
        Company. 

       

      (3)
        The
        office of Director shall be vacated if the Director: 

       

      (a)
        is
        removed from office pursuant to these Bye-laws or is prohibited from being
        a
        Director by law; 

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (b)
        is or
        becomes bankrupt or makes any arrangement or composition with his or her
        creditors generally; 

       

      (c)
        is or
        becomes of unsound mind or dies; or 

       

      (d)
        resigns his or her office by notice in writing to the Company. 

       

      14.
        Notice
        of Meetings of the Board 

       

      (1)
        Notice of a regular meeting of the Board shall be deemed to be duly given
        to a
        Director if it is given to such Director verbally in person or by telephone
        or
        otherwise communicated or sent to such Director by mail, courier service,
        cable,
        telex, telecopier, facsimile, printing, computer generated email or other
        mode
        of representing words in a legible and non-transitory form at such Director’s
        last known address or any other address given by such Director to the Company
        for this purpose at least two days before the proposed date of the meeting,
        but
        a failure of the Secretary to send such notice shall not invalidate any
        proceedings of the Board at such meeting. 

       

      (2)
        Notice of a special meeting of the Board shall be deemed to be duly given
        to a
        Director if it is sent to such Director by mail at least two days before
        the
        proposed date of the meeting, or given to such Director verbally in person
        or by
        telephone or otherwise communicated or sent to such Director by mail, courier
        service, cable, telex, telecopier facsimile, printing, computer generated
        email
        or other mode of representing words in a legible and non-transitory form,
        at
        such Director’s last known address or any other address given by such Director
        to the Company for this purpose at least one day before the proposed date
        of the
        meeting, but such notice may be waived by any Director. At any special meeting
        at which every Director shall be present, even without notice, any business
        may
        be transacted. 

       

      15.
        Quorum
        at Meetings of the Board 

       

      The
        quorum necessary for the transaction of business at all meetings of the Board
        shall be a majority of the Directors then in office. If at any meeting of
        the
        Board there be less than a quorum present, a majority of those present or
        any
        Director solely present may adjourn the meeting from time to time without
        further notice. 

       

      16.
        Meetings
        of the Board 

       

      (1)
        Regular meetings of the Board shall be held at such times and intervals as
        the
        Board may from time to time determine. 

       

      (2)
        Special meetings of the Board shall be held on the requisition of the Chairman,
        if one is appointed, the Deputy Chairman, if one is appointed, the President,
        or
        by 33
        1/3%
        of
        the Directors then in office. 

       

      (3)
        Directors may participate in any meeting of the Board by means of such
        telephone, electronic or other communication facilities as permit all persons
        participating in the meeting to communicate with each other simultaneously
        and
        instantaneously, and participation in such a meeting shall constitute presence
        in person at such meeting. 

       

      (4)
        Unless a greater number is expressly required by law or these Bye-laws, the
        affirmative votes of a majority of the votes cast by the Directors present
        at a
        meeting at which a quorum is in attendance shall be the act of the Board
        or a
        committee thereof, as appropriate. At any time that these Bye-laws provide
        that
        Directors elected by the holders of a class or series of shares shall have
        more
        or less than one vote per Director on any matter, every reference in these
        Bye-laws to a majority or other proportion of Directors shall refer to a
        majority or other proportion of the votes of such Directors. 

       

      17.
        Unanimous
        Written Resolutions of Directors 

       

      A
        resolution in writing signed by all the Directors then in office, which may
        be
        in counterparts, shall be as valid as if it had been passed at a meeting
        of the
        Board duly called and constituted, such resolution to be effective on the
        date
        on which the last Director signs the resolution. 

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      18.
        Contracts
        and Disclosure of Directors’ Interests 

       

      (1)
        Any
        Director, or any firm, partner or any company with whom any Director is
        associated, may act in a professional capacity for the Company and such Director
        or such Director’s firm, partner or such company shall be entitled to
        remuneration for professional services as if such Director were not a Director;
        provided that nothing herein contained shall authorise a Director or Director’s
        firm, partner or such company to act as Auditor of the Company. 

       

      (2)
        A
        Director who is directly or indirectly interested in a contract or proposed
        contract or arrangement with the Company shall declare the nature of such
        interest as required by the Act. 

       

      (3)
        Following a declaration being made pursuant to this Bye-law, the Director
        concerned may be counted in the quorum at such meeting and, unless disqualified
        by the chairman of the relevant Board meeting, a Director may vote in respect
        of
        any contract or proposed contract or arrangement in which such Director is
        interested. 

       

      (4)
        Any
        contract or other transaction to which the Company or any subsidiary of the
        Company is a party and in which one or more Directors has a direct or indirect
        interest that is material to such Director or Directors shall be authorized,
        approved, or ratified by affirmative vote of a majority of the disinterested
        Directors, even though the disinterested Directors be less than a quorum;
        provided that no such contract or other transaction shall be void or voidable
        solely by reason of such interest, or solely because such Director or Directors
        are present at the meeting of the Board or committee which authorizes or
        approves the contract or transaction, or solely because his or their votes
        are
        counted for such purpose, if any one of the following is true: (A) the contract
        or other transaction is fair and reasonable as to the Company or the subsidiary
        of the Company at the time it is authorized, approved or ratified; or (B)
        the
        fact of the interest is disclosed or known to the Board or committee and
        the
        Board or committee authorizes, approves, or ratifies the contract or transaction
        by unanimous written consent, provided at least one director so consenting
        is
        disinterested, or by affirmative vote of a majority of the disinterested
        Directors, even though the disinterested Directors be less than a quorum;
        or (C)
        the fact of the interest is disclosed or known to the Members, and they
        authorize, approve or ratify the contract or transaction. 

       

      19.
        Remuneration
        of Directors 

       

      The
        remuneration (if any) of the Directors shall be determined by the Board from
        time to time. The Directors may also be paid all travel, hotel and other
        expenses properly incurred by them in attending and returning from meetings
        of
        the Board, any committee appointed by the Board, general meetings of the
        Company, or in connection with the business of the Company or their duties
        as
        Directors generally; provided that nothing contained herein shall be construed
        to preclude any Director from serving the Company in any other capacity or
        receiving compensation therefor. 

       

      OFFICERS
        

       

      20.
        Officers
        of the Company 

       

      The
        Officers of the Company shall consist of a President and a Vice President
        or a
        Chairman and a Deputy Chairman, such additional Vice Presidents or Deputy
        Chairmen as the Board may from time to time determine, a Secretary and such
        additional Officers, including a Chief Executive Officer, as the Board may
        from
        time to time determine all of whom shall be deemed to be Officers for the
        purposes of these Bye-laws. A person may hold any number of offices
        simultaneously; provided that the same person may not hold the offices of
        President and Vice President, or Chairman and Deputy Chairman, simultaneously.
        

       

      21.
        Appointment
        and Authority of Officers 

       

      (1)
        The
        Board shall, as soon as possible after the statutory meeting of Members and
        after each annual general meeting, appoint a President and a Vice President
        or a
        Chairman and a Deputy Chairman who shall be Directors. Any vacancy arising
        in
        the position of President or Chairman shall be filled by the Board at such
        time
        and in such manner as the Board shall determine. Such Vice President or Deputy
        Chairman shall have such duties and responsibilities as provided in these
        Bye-laws or as may be determined by the Board from time to time. 

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      (2)
        The
        Secretary and additional Officers, if any, shall be appointed by the Board
        from
        time to time. The Chief Executive Officer shall have the authority to appoint
        and remove assistant officers (who shall not be deemed to be Officers for
        the
        purposes
        of these Bye-laws) with such authority as the Chief Executive Officer shall
        deem
        appropriate. 

       

      22.
        Duties
        of Officers 

       

      The
        Officers shall have such powers and perform such duties in the management,
        business and affairs of the Company as may be delegated to them by the Board
        from time to time. 

       

      23.
        Chairman
        of Meetings 

       

      Unless
        otherwise agreed by a majority of those attending and entitled to attend
        and
        vote thereat, the Chairman, if one is appointed, or, in the absence of a
        Chairman, the Deputy Chairman, if one is appointed, or, in the absence of
        the
        Deputy Chairman, the President, shall act as chairman at any general meeting,
        or
        in the absence of any of the foregoing Officers, a chairman shall be appointed
        or elected by those present at the meeting and entitled to vote. 

       

      24.
        Register
        of Directors and Officers 

       

      The
        Board
        shall cause to be kept in one or more books at the registered office of the
        Company a Register of Directors and Officers and shall enter therein the
        particulars required by the Act. 

       

      MINUTES
        

       

      25.
        Obligations
        of Board to Keep Minutes 

       

      (1)
        The
        Board shall cause minutes to be duly entered in books provided for the purpose:
        

       

      (a)
        of
        all elections and appointments of Officers; 

       

      (b)
        of
        the names of the Directors present at each meeting of the Board and of any
        committee appointed by the Board; and 

       

      (c)
        of
        all resolutions and proceedings of general meetings of the Members, meetings
        of
        the Board and meetings of committees appointed by the Board. 

       

      (2)
        Minutes prepared in accordance with the Act and these Bye-laws shall be kept
        by
        the Secretary at the registered office of the Company. 

       

      INDEMNITY
        

       

      26.
        Indemnification
        of Directors and Officers of the Company 

       

      (1)
        The
        Company shall indemnify any person who was, is or is threatened to be made
        a
        party to a Proceeding (as hereinafter defined) by reason of the fact that
        he or
        she (a) is or was a Director or Officer of the Company or (b) while a Director
        or Officer of the Company, is or was serving at the request of the Company
        as a
        director, officer, partner, venturer, proprietor, trustee, employee, agent
        or
        similar functionary of another foreign or domestic corporation, general or
        limited partnership, firm, association, trust, estate, company (including
        a
        limited liability company) or any other entity or organisation or employee
        benefit plan or other enterprise, to the fullest extent permitted under Bermuda
        law, as the same exists or may hereafter be amended. Such right shall be
        a
        contract right and as such shall run to the benefit of any Director or Officer
        who is elected and accepts the position of Director or Officer of the Company
        or
        elects to continue to serve as a Director or Officer of the Company while
        this
        Bye-law is in effect. Any repeal or amendment of this Bye-law shall be
        prospective only and shall not limit the rights of any such Director or Officer
        or the obligations of the Company with respect to any claim arising from
        or
        related to the services of such Director or Officer in any of the foregoing
        capacities prior to any such repeal or amendment to this Bye-law. Such right
        shall include the right to be paid by the Company expenses incurred in defending
        any such Proceeding in advance of its final disposition to the maximum extent
        permitted under Bermuda law, as the same exists or may hereafter be amended;
        provided that to the extent required by law, such payment of expenses in
        advance
        of the final disposition of the Proceeding shall be made only upon receipt
        of an
        undertaking by the person to repay all amounts advanced if it should be
        ultimately determined that the Director or Officer is not entitled to be
        indemnified under this Bye-law or otherwise. If a claim for indemnification
        or
        advancement of expenses hereunder is not paid in full by the Company within
        60
        days after a written claim has been received by the Company, the claimant
        may at
        any time thereafter bring suit against the Company to recover the unpaid
        amount
        of the claim, and if successful in whole or in part, the claimant shall also
        be
        entitled to be paid the expenses of prosecuting such claim. It shall be a
        defense to any such action that such indemnification or advancement of costs
        of
        defense are not permitted under Bermuda law, but the burden of proving such
        defense shall be on the Company. Neither the failure of the Company (including
        the Board or any committee thereof, independent legal counsel or Members)
        to
        have made its determination prior to the commencement of such action that
        indemnification of, or advancement of costs of defense to, the claimant is
        permissible in the circumstances nor an actual determination by the Company
        (including the Board or any committee thereof, independent legal counsel
        or
        Members) that such indemnification or advancement is not permissible shall
        be a
        defense to the action or create a presumption that such indemnification or
        advancement is not permissible. In the event of the death of any person having
        a
        right of indemnification under the foregoing provisions, such right shall
        inure
        to the benefit of his or her heirs, executors, administrators and personal
        representatives. 

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Except
        as
        otherwise provided in this subparagraph (1), the Company shall be required
        to
        indemnify a Director or Officer in connection with a Proceeding (or part
        thereof) commenced by such person only if the commencement of such Proceeding
        (or part thereof) by the person was authorised by the Board. 

       

      (2)
        The
        Company may additionally indemnify any employee or agent of the Company to
        the
        fullest extent permitted by law. 

       

      (3)
        The
        rights conferred on any person indemnified by this Bye-law shall not be
        exclusive of any other rights which such person may have or hereafter acquire
        under any statute, provision of the Memorandum of Association of the Company,
        these Bye-laws, agreement, vote of the Members or disinterested Directors
        or
        otherwise. 

       

      (4)
        The
        Company’s obligation, if any, to indemnify or to advance expenses to any person
        indemnified who was or is serving at its request as a Director or Officer
        or
        otherwise of another person described in subparagraph (1) shall be reduced
        by
        any amount such person may collect as indemnification or advancement of expenses
        from such other person. 

       

      (5)
        This
        Bye-law shall not limit the right of the Company, to the extent and in the
        manner permitted by law, to indemnify and to advance expenses to persons
        other
        than persons authorised for indemnification under this Bye-law when and as
        authorised by appropriate corporate action. 

       

      (6)
        The
        indemnity provided by this Bye-law 26 shall not extend to any matter in respect
        of any fraud or dishonesty which may attach to any of said persons.

       

      (7)
        “Proceeding,”
        for
        purposes of this Bye-law 26, means any threatened, pending or completed action,
        suit, claim or proceeding, whether civil, criminal, administrative, arbitrative
        or investigative, any appeal in such an action, suit, claim or proceeding,
        and
        any inquiry or investigation that could lead to such an action, suit, claim
        or
        proceeding. 

       

      (8)
        Each
        Member agrees to exempt a Director or Officer from any claim or right of
        action
        such Member might have, whether individually or by or in the right of the
        Company, against any Director or Officer on account of any action taken by
        such
        Director or Officer, or the failure of such Director or Officer to take any
        action in the performance of his or her duties with or for the Company; provided
        that such waiver shall not extend to any matter in respect of any fraud or
        dishonesty which may attach to such Director or Officer. 

       

      
        
          
             

          

          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      MEETINGS
        

       

      27.
        Annual
        General Meeting 

       

      (1)
        The
        annual general meeting of the Company shall be held in each year other than
        the
        year of organisation at such time and place as the Board shall appoint. Notice
        of such meeting shall be given to each Member not less than five nor more
        than
        sixty days prior to such meeting stating the date, place and time at which
        the
        meeting is to be held, that the election of Directors will take place thereat,
        and as far as practicable, the other business to be conducted at the meeting.
        

       

      (2)
        At
        any annual general meeting only such business shall be conducted as shall
        have
        been brought before the meeting (a) by or at the direction of the Board or
        (b)
        by any Member entitled to vote at such meeting who complies with the procedures
        set forth in this Bye-law. Any Member entitled to vote at such meeting may
        propose business to be included in the agenda of such meeting only if written
        notice of such Member’s intent is given to the Secretary of the Company, either
        by personal delivery or mail or by facsimile, not later than 90 days in advance
        of the anniversary of the immediately preceding annual general meeting or
        if the
        date of the annual general meeting of Members occurs more than 30 days before
        or
        60 days after the anniversary of such immediately preceding annual meeting,
        not
        later than the close of business on the seventh day following the date on
        which
        notice of such meeting is given to Members. A Member’s notice to the Secretary
        shall set forth in writing as to each matter such Member proposes to bring
        before the annual general meeting (a) a brief description of the business
        desired to be brought before the annual general meeting and the reasons for
        conducting such business at the annual general meeting, (b) the name and
        address, as they appear on the Company’s books, of the Members proposing such
        business, (c) the class and number of shares of the Company which are
        beneficially owned by the Member and (d) any material interest of the Member
        in
        such business. Notwithstanding anything in these Bye-laws to the contrary,
        no
        business shall be conducted at an annual general meeting except in accordance
        with the procedures set forth in this subparagraph. The Officer of the Company
        or other person presiding at the annual general meeting 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
        subparagraph, and, if such Officer or other person should so determine, he
        or
        she shall so declare to the meeting and any such business not properly brought
        before the meeting shall not be transacted. 

       

      28.
        Special
        General Meetings 

       

      The
        Chairman, if one is appointed, the President or the Board by vote of a majority
        of the Board may convene a special general meeting of the Company whenever
        in
        its judgement such a meeting is necessary. Notice of such meeting shall be
        given
        to each Member not less than five nor more than sixty days prior to such
        meeting
        stating the date, time, place and the nature of the business to be considered
        at
        the meeting. Special general meetings may be held at such place as may from
        time
        to time be designated by the Board and stated in the notice of the meeting.
        In
        any special general meeting of the Company only such business shall be conducted
        as is set forth in the notice thereof. 

       

      29.
        Accidental
        Omission of Notice of General Meeting 

       

      The
        accidental omission to give notice of a general meeting to, or the non-receipt
        of notice of a general meeting by, any person entitled to receive notice
        shall
        not invalidate the proceedings at that meeting. 

       

      30.
        Meeting
        Called on Requisition of Members 

       

      Notwithstanding
        anything herein, the Board shall, on the requisition of Members holding at
        the
        date of the deposit of the requisition not less than one-tenth of such of
        the
        paid-up capital of the Company as at the date of the deposit carries the
        right
        to vote in general meetings of the Company, forthwith proceed to convene
        a
        special general meeting of the Company and the provisions of Section 74 of
        the
        Act shall apply; provided that for any question proposed for consideration
        at
        any such special general meeting to be approved shall require the affirmative
        vote of the holders of not less than 66 2/3%
        of the shares entitled to vote thereon. 

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      31.
        Short
        Notice 

       

      A
        general
        meeting of the Company shall, notwithstanding that it is called by shorter
        notice than that specified in these Bye-laws, be deemed to have been properly
        called if it is so agreed by (i) all the Members entitled to attend and vote
        thereat in the case of an annual general meeting and (ii) a majority in number
        of the Members having the right to attend and vote at the meeting, being
        a
        majority together holding not less than 95% in nominal value of the shares
        giving a right to attend and vote thereat in the case of a special general
        meeting. 

       

      32.
        Postponement
        of Meetings 

       

      The
        Secretary may postpone any general meeting called in accordance with the
        provisions of these Bye-laws (other than a meeting requisitioned under Bye-law
        30 of these Bye-laws); provided that notice of postponement is given to each
        Member before the time for such meeting. Fresh notice of the date, time and
        place for the postponed meeting shall be given to each Member in accordance
        with
        the provisions of these Bye-laws. 

       

      33.
        Quorum
        for General Meeting 

       

      (1)
        In
        any general meeting of the Company, except as otherwise expressly required
        by
        the Act or by these Bye-laws, two or more persons present in person and
        representing in person or by proxy a majority of the shares then in issue
        entitled to vote at any meeting shall form a quorum for the transaction of
        business; provided that if the Company shall at any time have only one Member,
        one Member present in person or by proxy shall form a quorum for the transaction
        of business in any general meeting of the Company held during such time.
        If the
        holders of the number of shares necessary to constitute a quorum shall fail
        to
        attend in person or by proxy at the time and place fixed by these Bye-laws
        for
        an annual general meeting, a majority in interest of the Members present,
        in
        person or by proxy, may adjourn from time to time without notice other than
        announcement at the meeting until the holders of the amount of shares requisite
        to constitute a quorum shall attend. At any such adjourned meeting at which
        a
        quorum shall be present, any business may be transacted which might have
        been
        transacted at the meeting as originally notified. 

       

      (2)
        Whenever the holders of any class or series of shares are entitled to vote
        separately on a specified item of business, the presence in person or by
        proxy
        of the holders of record of the shares of such class or series entitled to
        cast
        a majority of the votes thereon shall constitute a quorum for the transaction
        of
        such specified item of business. 

       

      34.
        Adjournment
        of Meetings 

       

      The
        chairman of a general meeting may, with the consent of a majority of the
        Members, in any general meeting at which a quorum is present (and shall if
        so
        directed), adjourn the meeting. Unless the meeting is adjourned to a specific
        date and time, fresh notice of the date, time and place for the resumption
        of
        the adjourned meeting shall be given to each Member in accordance with the
        provisions of these Bye-laws. 

       

      35.
        Attendance
        at Meetings 

       

      Members
        may participate in any general meeting by means of such telephone, electronic
        or
        other communication facilities as permit all persons participating in the
        meeting to communicate with each other simultaneously and instantaneously,
        and
        participation in such a meeting shall constitute presence in person at such
        meeting. 

       

      36.
        Unanimous Written Resolutions of Members 

       

      (1)
        Subject to subparagraph (6), any action which may be done by resolution of
        the
        Company in general meeting or by resolution of a meeting of any class of
        the
        Members of the Company, may, without a meeting and without any previous notice
        being required, be done by resolution in writing signed by, or, in the case
        of a
        Member that is a corporation whether or not a company within the meaning
        of the
        Act, on behalf of, all the Members who at the date of the resolution would
        be
        entitled to attend the meeting and vote on the resolution. 

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      (2)
        A
        resolution in writing may be signed by, or, in the case of a Member that
        is a
        corporation whether or not a company within the meaning of the Act, on behalf
        of, all the Members, or any class thereof, in as many counterparts as may
        be
        necessary. 

       

      (3)
        For
        the purposes of this Bye-law, the date of the resolution is the date when
        the
        resolution is signed by, or, in the case of a Member that is a corporation
        whether or not a company within the meaning of the Act, on behalf of, the
        last
        Member to sign and any reference in any Bye-law to the date of passing of
        a
        resolution is, in relation to a resolution made in accordance with this Bye-law,
        a reference to such date. 

       

      (4)
        A
        resolution in writing made in accordance with this Bye-law is as valid as
        if it
        had been passed by the Company in a general or special meeting or by a meeting
        of the relevant class of Members, as the case may be, and any reference in
        any
        Bye-law to a meeting at which a resolution is passed or to Members voting
        in
        favour of a resolution shall be construed accordingly. 

       

      (5)
        A
        resolution in writing made in accordance with this Bye-law shall constitute
        minutes for the purposes of Sections 81 and 82 of the Act. 

       

      (6)
        This
        Bye-law shall not apply to: 

       

      (a)
        a
        resolution passed pursuant to Section 89(5) of the Act; or 

       

      (b)
        a
        resolution passed for the purpose of removing a Director before the expiration
        of his or her term of office under these Bye-laws. 

       

      37.
        Attendance
        of Directors 

       

      The
        Directors of the Company shall be entitled to receive notice of, and to attend
        and be heard in any general meeting. 

       

      38.
        Presiding
        Officer at Meetings 

       

      At
        all
        meetings of Members, unless otherwise determined by the Board, the Chairman,
        if
        one is appointed, or, in the absence of a Chairman, the Deputy Chairman,
        if one
        is appointed, or, in the absence of the Deputy Chairman, the President, shall
        preside and the Secretary shall act as secretary of the meeting. 

       

      39.
        Voting
        at Meetings 

       

      Except
        as
        otherwise expressly required by the Act or these Bye-laws, any question proposed
        for the consideration of the Members at any general meeting at which a quorum
        is
        in attendance shall be decided by the affirmative vote of a majority of the
        votes cast by ballot by the Members in person or by proxy appointed by
        instrument in writing subscribed by such Member or by his or her duly authorised
        attorney and delivered to the chairman of the meeting. In the case of an
        equality of votes the resolution shall fail. Directors shall be elected as
        set
        forth in Bye-law 10. 

       

      Without
        limiting the generality of the foregoing, any amalgamation, merger or
        consolidation of the Company with another entity or the sale, lease or exchange
        of all or substantially all of the assets of the Company shall, except as
        otherwise expressly provided in these Bye-laws, require the approval of Members
        by way of an affirmative vote of a majority of the votes cast by the Members
        in
        person or by proxy appointed by instrument in writing subscribed by such
        Member
        or by his or her duly authorised attorney and delivered to the chairman of
        the
        meeting. Prior to any votes being cast in connection with such resolutions,
        the
        chairman of the meeting may demand a poll which shall be by way of ballot.
        

       

      40.
        Seniority
        of Joint Holders Voting 

       

      In
        the
        case of joint holders the vote of the senior who tenders a vote, whether
        in
        person or by proxy, shall be accepted to the exclusion of the votes of the
        other
        joint holders, and for this purpose seniority shall be determined by the
        order
        in which the names stand in the Register of Members. 

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      41.
        Instrument
        of Proxy 

       

      The
        instrument appointing a proxy shall be in writing in the form as may be
        prescribed by the Board from time to time, under the hand of the appointor
        or of
        the appointor’s attorney duly authorised in writing, or if the appointor is a
        corporation, either under its seal, or under the hand of a duly authorised
        officer or attorney. The decision of the chairman of any general meeting
        as to
        the validity of any instrument of proxy shall be final. 

       

      42.
        Representation
        of Corporations at Meetings 

       

      A
        corporation which is a Member may, by written instrument, authorise such
        person
        as it thinks fit to act as its representative at any meeting of the Members
        and
        the person so authorised shall be entitled to exercise the same powers on
        behalf
        of the corporation which such person represents as that corporation could
        exercise if it were an individual Member. Notwithstanding the foregoing,
        the
        chairman of the meeting may accept such assurances as he or she thinks fit
        as to
        the right of any person to attend and vote in general meetings on behalf
        of a
        corporation that is a Member. 

       

      

      SHARE
        CAPITAL AND SHARES 

       

      43.
        Authorised
        Share Capital 

       

      (1)
        The
        authorised share capital of the Company is US$1,175,010,000, consisting of
        (1)
        1,175,000,000 common shares of the par value of US$1.00 per share, which
        common
        shares consist of (a) 600,000,000 Class A common shares (“Class
        A Common Shares”)
        and
        575,000,000 Class B common shares (“Class
        B Common Shares”),
        and
        (2) 10,000,000 preference shares of the par value of US$0.001 per share
        (“Preference
        Shares”),
        with
        any series of Preference Shares being designated from time to time pursuant
        to
        subparagraph (4) of this Bye-law. 

       

      (2)
        Subject to these Bye-laws, the holders of Class A Common Shares shall:

       

      (a)
        subject to Bye-law 43(3)(b), be entitled to such dividends as the Board may,
        in
        its discretion, from time to time declare and pay out of funds legally available
        for the payment of dividends; 

       

      (b)
        in
        the event of a liquidation, dissolution or winding-up of the Company, whether
        voluntary or involuntary or for the purpose of a reorganisation or otherwise
        or
        upon any distribution of capital, after payment in full has been made to
        the
        holders of the Preference Shares of the amounts to which they are respectively
        entitled or sufficient sums have been set apart for the payment thereof,
        be
        entitled to receive ratably any and all surplus assets remaining to be paid
        or
        distributed; 

       

      (c)
        subject to any required Preference Share class votes, be entitled to one
        vote
        per Class A Common Share held by them and shall vote together as a single
        class
        on all matters submitted to a vote of the Members with the holders of (i)
        Preference Shares (but only to the extent the holders of Preference Shares
        shall
        be entitled to vote with respect to the applicable series of Preference Shares
        or under the Act) and (ii) Class B Common Shares (but only to the extent
        the
        holders of Class B Common Shares shall be entitled to vote under the Act);
        

       

      (d)
        generally be entitled to enjoy all of the rights attaching to Class A Common
        Shares; and 

       

      (e)
        not
        be entitled to any preemptive or preferential rights to subscribe for or
        purchase any shares of any class or series of shares of the Company, now
        or
        hereafter authorised, or any series convertible into, or warrants or other
        evidences of optional rights to purchase or subscribe for, shares of any
        class
        or series of the Company, now or hereafter authorised. 

       

      (3)
        Subject to these Bye-laws, the holders of Class B Common Shares shall have
        all
        of the rights of the holders of Class A Common Shares, except that:

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      (a)
        the
        holders of Class B Common Shares shall not be entitled to vote, except as
        to
        matters for which the Act specifically requires voting rights for otherwise
        nonvoting shares; 

       

      (b)
        if a
        dividend or other distribution in cash, shares or other property is declared
        or
        paid on Class A Common Shares, a like dividend or other distribution in kind
        and
        amount shall also be declared and paid on Class B Common Shares; 

       

      (c)
        the
        holders of Class B Common Shares shall have the right to convert their shares
        into Class A Common Shares on a one-for-one basis in the following
        circumstances: 

       

      (i)
        to
        satisfy the obligations of the Company or its subsidiaries or affiliated
        companies to issue Class A Common Shares with regard to the exercise of share
        options, grants or purchases of shares pursuant to share incentive plans,
        employee share purchase plans, dividend reinvestment plans or other stock-based
        compensation, retirement or deferred compensation plans sponsored by the
        Company
        or its subsidiaries or affiliated companies; or 

       

      (ii)
        as
        consideration for any acquisition of stock or assets of a third party;

       

      (d)
        in
        the event of the transfer of Class B Common Shares to any person other than
        a
        wholly-owned, direct or indirect, subsidiary of the Company, Class B Common
        Shares so transferred shall automatically be converted into Class A Common
        Shares on a one-for-one basis, subject to adjustment for share divisions
        or
        other recapitalization events; and 

       

      (e)
        the
        holders of Class B Common Shares shall have the right upon written notice
        to
        require the Company, subject to Section 42A of the Act, to purchase for cash
        the
        number of Class B Common Shares stated in such notice at the fair market
        value
        per Class A Common Share on the date of such notice. Any such purchase shall
        be
        settled within 180 calendar days of the day such notice is given and shall
        include simple interest from the date of the notice to but not including
        the
        payment date at a rate equal to the prime rate charged by the Chase Manhattan
        Bank or its successor. For purposes of this paragraph, the fair market value
        per
        Class A Common Share, as of any date, means the average of the high and low
        sales prices of a Class A Common Share as reported on the New York Stock
        Exchange composite tape on the applicable date, or if no sales of Class A
        Common
        Shares were made on the New York Stock Exchange on that date, the average
        of the
        high and low prices as reported on the composite tape for the most recent
        preceding day on which sales of Class A Common Shares were made. No dividends
        shall be declared on any Class B Common Shares for which notice has been
        given
        under this paragraph. 

       

      (4)
        The
        Board is empowered to cause the Preference Shares to be issued from time
        to time
        as shares of one or more series of Preference Shares, and in the resolution
        or
        resolutions providing for the issue of shares of each particular series,
        before
        issuance, the Board is expressly authorised to fix: 

       

      (a)
        the
        distinctive designation of such series and the number of shares which shall
        constitute such series, which number may be increased (except as otherwise
        provided by the Board in creating such series) or decreased (but not below
        the
        number of shares thereof then in issue) from time to time by resolution of
        the
        Board; 

       

      (b)
        the
        rate of dividends payable on shares of such series, whether or not and upon
        what
        conditions dividends on shares of such series shall be cumulative and, if
        cumulative, the date or dates from which dividends shall accumulate;

       

      (c)
        the
        terms, if any, on which shares of such series may be redeemed, including
        without
        limitation, the redemption price or prices for such series, which may consist
        of
        a redemption price or scale of redemption prices applicable only to redemption
        in connection with a sinking fund (which term as used herein shall include
        any
        fund or requirement for the periodic purchase or redemption of shares), and
        the
        same or a different redemption price or scale of redemption prices applicable
        to
        any other redemption; 

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      (d)
        the
        terms and amount of any sinking fund provided for the purchase or redemption
        of
        shares of such series; 

       

      (e)
        the
        amount or amounts which shall be paid to the holders of shares of such series
        in
        case of liquidation, dissolution or winding up of the Company, whether voluntary
        or involuntary; 

       

      (f)
        the
        terms, if any, upon which the holders of shares of such series may convert
        shares thereof into shares of any other class or classes or of any one or
        more
        series of the same class or of another class or classes; 

       

      (g)
        the
        voting rights, full or limited, if any, of the shares of such series; and
        whether or not and under what conditions the shares of such series (alone
        or
        together with the shares of one or more other series having similar provisions)
        shall be entitled to vote separately as a single class, for the election
        of one
        or more additional Directors of the Company in case of dividend arrearages
        or
        other specified events, or upon other matters; 

       

      (h)
        whether or not the holders of shares of such series, as such, shall have
        any
        preemptive or preferential rights to subscribe for or purchase shares of
        any
        class or series of shares of the Company, now or hereafter authorised, or
        any
        securities convertible into, or warrants or other evidences of optional rights
        to purchase or subscribe for, shares of any class or series of the Company,
        now
        or hereafter authorised; 

       

      (i)
        whether or not the issuance of additional shares of such series, or of any
        shares of any other series, shall be subject to restrictions as to issuance,
        or
        as to the preferences, rights and qualifications of any such other series;
        and

       

      (j)
        such
        other rights, preferences and limitations as may be permitted to be fixed
        by the
        Board of the Company under the laws of Bermuda as in effect at the time of
        the
        creation of such series. 

       

      (5)
        Subject to these Bye-laws and except to the extent otherwise provided for
        in a
        series of Preference Shares in its designation, the Preference Shares shall
        be
        of equal rank and be identical in all respects. The Board is authorised to
        change the designations, rights, preferences and limitations of any series
        of
        Preference Shares theretofore established, no shares of which have been issued.
        

       

      44.
        Power
        to Issue Shares 

       

      (1)
        Subject to these Bye-laws and without prejudice to any special rights previously
        conferred on the holders of any existing shares or class of shares, the Board
        shall have the power to issue any unissued shares of the Company on such
        terms
        and conditions as it may determine and any shares or class of shares may
        be
        issued with such preferred, deferred or other special rights or such
        restrictions, whether in regard to dividend, voting, return of capital or
        otherwise as the Board may from time to time prescribe. 

       

      (2)
        The
        Board shall, in connection with the issue of any share, have the power to
        pay
        such commission and brokerage as may be permitted by law. 

       

      (3)
        Unless otherwise permitted by law, the Company shall not give, whether directly
        or indirectly, whether by means of loan, guarantee, provision of security
        or
        otherwise, any financial assistance for the purpose of a purchase or
        subscription made or to be made by any person of or for any shares in the
        Company, but nothing in this Bye-law shall prohibit transactions mentioned
        in
        Sections 39A, 39B and 39C of the Act. 

       

      45.
        Variation
        of Rights, Alteration of Share Capital and Purchase of Shares of the
        Company 

       

      (1)
        Subject to the provisions of Sections 42 and 43 of the Act and except as
        otherwise expressly set forth in these Bye-laws, any Preference Shares may
        be
        issued or converted into shares that, at a determinable date or at the option
        of
        the Company, are liable to be redeemed on such terms and in such manner as
        the
        Company before the issue or conversion may by resolution of the Members
        determine. 

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      (2)
        If at
        any time the share capital is divided into different classes of shares, the
        rights attached to any class (unless otherwise provided by the terms of issue
        of
        the shares of that class) may, whether or not the Company is being wound-up,
        be
        varied with the consent in writing of the holders of 75% of the shares then
        in
        issue of that class or with the sanction of a resolution passed by a majority
        of
        the votes cast in a separate general meeting of the holders of the shares
        of the
        class in accordance with Section 47(7) of the Act. The rights conferred upon
        the
        holders of the shares of any class issued with preferred or other rights
        shall
        not, unless otherwise expressly provided by the terms of issue of the shares
        of
        that class, be deemed to be varied by the creation or issue of further shares
        ranking pari passu therewith. 

       

      (3)
        The
        Company may from time to time by resolution of the Members change the currency
        denomination of, increase, alter or reduce its share capital in accordance
        with
        the provisions of Sections 45 and 46 of the Act. Where, on any alteration
        of
        share capital, fractions of shares or some other difficulty would arise,
        the
        Board may deal with or resolve the same in such manner as it thinks fit
        including, without limiting the generality of the foregoing, the issue to
        Members, as appropriate, of fractions of shares and/or arranging for the
        sale or
        transfer of the fractions of shares of Members. 

       

      (4)
        The
        Company may from time to time purchase its own shares in accordance with
        the
        provisions of Section 42A of the Act. 

       

      46.
        Registered
        Holder of Shares 

       

      (1)
        The
        Company shall be entitled to treat the registered holder of any share as
        the
        absolute owner thereof and accordingly shall not be bound to recognise any
        equitable or other claim to, or interest in, such share on the part of any
        other
        person. 

       

      (2)
        Any
        dividend, interest or other moneys payable in cash in respect of shares may
        be
        paid by direct deposit to the bank account designated by the Member for such
        purpose and cheque or draft sent through the post directed to the Member
        at such
        Member’s address in the Register of Members or, in the case of joint holders, to
        such address of the holder first named in the Register of Members, or to
        such
        person and to such address as the holder or joint holders may in writing
        direct.
        If two or more persons are registered as joint holders of any shares any
        one can
        give an effectual receipt for any dividend paid in respect of such shares.
        

       

      47.
        Death
        of a Joint Holder 

       

      Where
        two
        or more persons are registered as joint holders of a share or shares then
        in the
        event of the death of any joint holder or holders the remaining joint holder
        or
        holders shall be absolutely entitled to the said share or shares and the
        Company
        shall, subject to Bye-law 58, recognise no claim in respect of the estate
        of any
        joint holder except in the case of the last survivor of such joint holders.
        

       

      48.
        Certificated
        or Uncertificated Shares 

       

      (1)
        The
        shares of the Company may be issued in certificated or uncertificated form.
        The
        Board shall have power and authority to make such rules and regulations as
        it
        may deem expedient concerning the issue, transfer and registration of such
        certificated or uncertificated shares of the Company. 

       

      (2)
        Promptly after uncertificated shares have been registered as issued, the
        Company
        or its transfer agent shall send to the registered owner thereof a written
        statement containing a description of the issue of which such shares are
        a part,
        the number of shares registered, the date of registration and such other
        information as may be required or appropriate. 

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      REGISTER
        OF MEMBERS 

       

      49.
        Contents
        of Register of Members 

       

      (1)
        The
        Board shall cause to be kept in one or more books a Register of its Members
        and
        shall enter therein the particulars required by the Act which are as follows:
        

       

      (a)
        the
        name and address of each Member, the number and, where appropriate, the class
        or
        series of shares held by such Member and the amount paid on such shares;
        

       

      (b)
        the
        date on which each person was entered in the Register as a Member; and

       

      (c)
        the
        date on which any person ceased to be a Member. 

       

      (2)
        Subject to the Act, the Company may keep an overseas or local or other branch
        register of Members resident in any place, and the Board may make and vary
        such
        regulations as it determines in respect of the keeping of any such register
        and
        maintaining a registration office in connection therewith. 

       

      50.
        Inspection
        of Register of Members 

       

      The
        Register of Members and, if applicable, any branch register of Members shall
        be
        open to inspection at the registered office of the Company and, if applicable,
        any registration office, on every business day, subject to such reasonable
        restrictions as the Board may impose, so that not less than two hours in
        each
        business day be allowed for inspection. The Register of Members and, if
        applicable, any branch register of Members may, after notice has been given
        by
        advertisement in an appointed newspaper to that effect, be closed for any
        time
        or times not exceeding in the whole thirty days in each year. 

       

      51.
        Transactions
        with Interested Members 

       

      (1)
        The
        Company may not engage, at any time, in any Business Combination with any
        Interested Member unless the Business Combination receives the affirmative
        vote
        of the holders of 80% of the shares then in issue of all classes of shares
        of
        the Company entitled to vote, considered for the purposes of this provision
        as
        one class. 

       

      (2)
        Interested Member status of a Member is determined as of the date of any
        action
        taken by the Board with respect to such transaction or as of any record date
        for
        the determination of Members entitled to notice and to vote with respect
        thereto
        or immediately prior to the consummation of such transaction. Any determination
        made in good faith by the Board, on the basis of information at the time
        available to it, as to whether any person is an Interested Member, shall
        be
        conclusive and binding for all purposes of these Bye-laws. 

       

      (3)
        The
        provisions of subparagraph (1) of this Bye-law shall not apply to (a) any
        Business Combination with an Interested Member that has been approved by
        the
        Board or (b) any agreement for the amalgamation, merger or consolidation
        of any
        subsidiary of the Company with the Company or with another subsidiary of
        the
        Company if (i) the provisions of this subparagraph shall not be changed or
        otherwise affected by or by virtue of the amalgamation, merger or consolidation
        and (ii) the holders of greater than 50% of the voting power of the Company
        or
        the subsidiary, as appropriate, immediately prior to the amalgamation, merger
        or
        consolidation continue to hold greater than 50% of the voting power of the
        amalgamated company immediately following the amalgamation, merger or
        consolidation. 

       

      52.
        Record
        Dates 

       

      Notwithstanding
        any other provision of these Bye-laws, the Board may fix any date as the
        record
        date for: 

       

      (a)
        determining the Members entitled to receive any dividend; and 

       

      (b)
        determining the Members entitled to receive notice of and to vote in any
        general
        meeting of the Company; provided, that such record date shall not be more
        than
        sixty days before the date of such dividend or such general meeting, as the
        case
        may be. 

       

      53.
        Scrutineers 

       

      (1)
        One
        or more scrutineers may be appointed by the Board to act at any meeting of
        Members, or, if the Board fails to act, the chairman of the meeting may appoint
        a scrutineer or scrutineers. A scrutineer may or may not be a Member, but
        shall
        not be a candidate for the office of Director. 

       

      (2)
        The
        scrutineer or scrutineers shall determine the number of shares then in issue
        and
        the voting power of each, the shares represented at the meeting, the existence
        of a quorum, the validity and effect of proxies, and shall receive votes,
        ballots or consents, hear and determine all challenges and questions arising
        in
        connection with the right to vote, count and tabulate all votes, ballots
        or
        consents, determine the result, and do such acts as are proper to conduct
        the
        election or vote with fairness to all Members. 

       

      (3)
        Each
        scrutineer, before entering upon the discharge of the duties described in
        Bye-law 53(2), shall be sworn faithfully to execute the duties of a scrutineer
        at such meeting with strict impartiality, and according to the best of such
        person’s ability. 

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      TRANSFER
        OF SHARES 

       

      54.
        Instrument
        of Transfer 

       

      An
        instrument of transfer shall be in the form as may be prescribed by the Board
        from time to time. The Board may accept the instrument signed by or on behalf
        of
        the transferor alone. The transferor shall be deemed to remain the holder
        of
        such share until the same has been transferred to the transferee in the Register
        of Members. 

       

      55.
        Restriction
        on Transfer 

       

      (1)
        The
        Board shall refuse to register the transfer of a share unless such transfer
        is
        in accordance with the Bye-laws and all applicable consents, authorisations
        and
        permissions of any governmental body or agency in Bermuda have been obtained.
        

       

      (2)
        If
        the Board refuses to register a transfer of any share, the Secretary shall,
        within three months after the date on which the transfer was lodged with
        the
        Company, send to the transferor and transferee notice of the refusal.

       

      56.
        Transfers
        by Joint Holders 

       

      The
        joint
        holders of any share or shares may transfer such share or shares to one or
        more
        of such joint holders, and the surviving holder or holders of any share or
        shares previously held by them jointly with a deceased Member may transfer
        any
        such share to the executors or administrators of such deceased Member.

       

      TRANSMISSION
        OF SHARES 

       

      57.
        Representative
        of Deceased Member 

       

      In
        the
        case of the death of a Member, the survivor or survivors where the deceased
        Member was a joint holder, and the legal personal representatives of the
        deceased Member where the deceased Member was a sole holder (as set forth
        in
        Bye-law 58), shall be the only persons recognised by the Company as having
        any
        title to the deceased Member’s interest in the shares. Subject to the provisions
        of Section 52 of the Act, for the purpose of this Bye-law, legal personal
        representative means the executor or administrator of a deceased Member or
        such
        other person as the Board may in its absolute discretion decide as being
        properly authorised to deal with the shares of a deceased Member. 

       

      58.
        Registration
        on Death or Bankruptcy 

       

      Any
        person becoming entitled to a share in consequence of the death or bankruptcy
        of
        any Member may be registered as a Member upon such evidence as the Company
        may
        deem sufficient or may elect to nominate some person to be registered as
        a
        transferee of such share, and in such case the person becoming entitled shall
        execute in favour of such nominee an instrument of transfer in the form as
        may
        be prescribed by the Board. On the presentation thereof to the Company,
        accompanied by such evidence as the Company may require to prove the title
        of
        the transferor, the transferee shall be registered as a Member but the Company
        shall, in either case, have the same right to decline or suspend registration
        as
        it would have had in the case of a transfer of the share by that Member before
        such Member’s death or bankruptcy, as the case may be. 

       

      59.
        Dividend
        Entitlement of Transferee 

       

      A
        person
        becoming entitled to a share by reason of the death or bankruptcy or winding-up
        of a Member shall be entitled to the same dividends and other advantages
        to
        which he or she would be entitled if he or she were the registered holder
        of the
        share. However, the Company may determine to withhold the payment of any
        dividend payable or other advantages in respect of such share until such
        person
        shall become the registered holder of the share or shall have effectually
        transferred such share, but, subject to the requirements of these Bye-laws
        being
        met, such a person may vote at meetings. 

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      DIVIDENDS
        AND OTHER DISTRIBUTIONS 

       

      60.
        Declaration
        of Dividends by the Board 

       

      The
        Board
        may, subject to these Bye-laws and in accordance with Section 54 of the Act,
        declare a dividend to be paid to the Members, in proportion to the number
        of
        shares held by them or the class or series of shares held by them, and such
        dividend may be paid in cash or wholly or partly in specie in which case
        the
        Board may fix the value for distribution in specie of any assets. 

       

      CAPITALISATION
        

       

      61.
        Issue
        of Bonus Shares 

       

      The
        Board
        may resolve to capitalise any part of the amount for the time being standing
        to
        the credit of any of the Company’s share premium or other reserve accounts or to
        the credit of the profit and loss account or otherwise available for
        distribution by applying such sum in paying up unissued shares to be allotted
        as
        fully paid bonus shares pro rata to the Members. 

       

      ACCOUNTS
        AND FINANCIAL STATEMENTS 

       

      62.
        Records
        of Account 

       

      The
        Board
        shall cause to be kept proper records of account with respect to all
        transactions of the Company and in particular with respect to: 

       

      (a)
        all
        sums of money received and expended by the Company and the matters in respect
        of
        which the receipt and expenditure relates; 

       

      (b)
        all
        sales and purchases of goods by the Company; and 

       

      (c)
        the
        assets and liabilities of the Company. 

       

      Such
        records of account shall be kept at the registered office of the Company
        or,
        subject to Section 83(2) of the Act, at such other place as the Board thinks
        fit
        and shall be available for inspection by the Directors during normal business
        hours. 

       

      63.
        Fiscal
        Year 

       

      The
        financial year end of the Company may be determined by resolution of the
        Board
        and failing such resolution shall be 31st December in each year. 

       

      64.
        Financial
        Statements 

       

      Subject
        to any rights to waive laying of accounts pursuant to Section 88 of the Act,
        financial statements as required by the Act shall be laid before the Members
        in
        general meeting. 

       

      
        
          
             

          

          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      AUDIT
        

       

      65.
        Appointment
        of Auditor 

       

      Subject
        to Section 88 of the Act, in the annual general meeting or in a subsequent
        special general meeting in each year, an independent representative of the
        Members shall be appointed by them as Auditor of the accounts of the Company.
        Such Auditor may be a Member but no Director, Officer or employee of the
        Company
        shall, during his or her continuance in office, be eligible to act as an
        Auditor
        of the Company. 

       

      66.
        Remuneration
        of Auditor 

       

      The
        remuneration of the Auditor shall be fixed by the Company in general meeting
        or
        in such manner as the Members may determine. 

       

      67.
        Vacation
        of Office of Auditor 

       

      If
        the
        office of Auditor becomes vacant by the resignation or death of the Auditor,
        or
        by the Auditor becoming incapable of acting by reason of illness or other
        disability at a time when the Auditor’s services are required, the Board shall,
        as soon as practicable, convene a special general meeting to fill the vacancy
        thereby created. 

       

      68.
        Access
        to Books of the Company 

       

      The
        Auditor shall at all reasonable times have access to all books kept by the
        Company and to all accounts and vouchers relating thereto, and the Auditor
        may
        call on the Directors or Officers of the Company for any information in their
        possession relating to the books or affairs of the Company. 

       

      69.
        Report
        of the Auditor 

       

      (1)
        Subject to any rights to waive laying of accounts or appointment of an Auditor
        pursuant to Section 88 of the Act, the accounts of the Company shall be audited
        at least once in every year. 

       

      (2)
        The
        financial statements provided for by these Bye-laws shall be audited by the
        Auditor in accordance with generally accepted auditing standards. The Auditor
        shall make a written report thereon in accordance with generally accepted
        auditing standards and the report of the Auditor shall be submitted to the
        Members in general meeting pursuant to Bye-law 64. 

       

      (3)
        The
        generally accepted auditing standards referred to in subparagraph (2) of
        this
        Bye-law may be those of a country or jurisdiction other than Bermuda. If
        so, the
        financial statements and the report of the Auditor must disclose this fact
        and
        name such country or jurisdiction. 

       

      NOTICES
        

       

      70.
        Notices
        to Members of the Company 

       

      A
        notice
        may be given by the Company to any Member either by delivering it to such
        Member
        in person or by sending it to such Member’s address in the Register of Members
        or to such other address given for the purpose. For the purposes of this
        Bye-law, a notice may be sent by mail, courier service, cable, telex,
        telecopier, facsimile, printing, computer generated email or other mode of
        representing words in a legible and non-transitory form. 

       

      SEAL
        OF THE COMPANY 

       

      71.
        The
        Seal 

       

      The
        seal
        of the Company shall be in such form as the Board may from time to time
        determine. The Board may adopt one or more duplicate seals for use outside
        Bermuda. 

       

      72.
        Manner
        in Which Seal is to be Affixed 

       

      The
        seal
        of the Company shall not be affixed to any instrument except attested by
        the
        signature of a Director and the Secretary or any two Directors, or any person
        appointed by the Board for the purpose; provided that any Director, Officer
        or
        Resident Representative, may affix the seal of the Company attested by such
        Director, Officer or Resident Representative’s signature to any authenticated
        copies of these Bye-laws, the organisation documents of the Company, the
        minutes
        of any meetings or any other documents required to be authenticated by such
        Director, Officer or Resident Representative. 

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      WINDING-UP
        

       

      73.
        Winding-up/Distribution
        by Liquidator 

       

      If
        the
        Company shall be wound up, the liquidator may, with the sanction of a resolution
        of the 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 or she
        deems
        fair upon any property to be divided as aforesaid and may determine how such
        division shall be carried out as between the Members or different classes
        of
        Members. The liquidator may, with the like sanction, vest the whole or any
        part
        of such assets in trustees upon such trusts for the benefit of the Members
        as
        the liquidator shall think fit, but so that no Member shall be compelled
        to
        accept any shares or other securities or assets whereon there is any liability.
        

       

      ALTERATION
        OF BYE-LAWS 

       

      74.
        Alteration
        of Bye-laws 

       

      No
        Bye-law shall be rescinded, altered or amended and no new Bye-law shall be
        made
        until the same has been approved by a resolution of the Board and by a
        resolution of the Members. 

       

      * * * * * *
        

       

      

      
        
          
          

        

        
          21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]