Document:

Exhibit 4.3

 

BY-LAW NO. 1

 

OF

 

CORREVIO PHARMA CORP.

 

TABLE OF CONTENTS

 

	Part	 	Page
	 	 	 
	1.	INTERPRETATION	2
	 	 	 
	2.	DIRECTORS	3
	 	 	 
	3.	MEETING OF DIRECTORS	9
	 	 	 
	4.	REMUNERATION OF DIRECTORS	11
	 	 	 
	5.	SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL	11
	 	 	 
	6.	FOR THE PROTECTION OF DIRECTORS AND OFFICERS	12
	 	 	 
	7.	INDEMNITIES TO DIRECTORS AND OFFICERS	12
	 	 	 
	8.	OFFICERS	12
	 	 	 
	9.	SHAREHOLDERS' MEETINGS	14
	 	 	 
	10.	SHARES	20
	 	 	 
	11.	TRANSFER OF SECURITIES	22
	 	 	 
	12.	DIVIDENDS	24
	 	 	 
	13.	VOTING SHARES AND SECURITIES IN OTHER COMPANIES	26
	 	 	 
	14.	INFORMATION AVAILABLE TO SHAREHOLDERS	26
	 	 	 
	15.	NOTICES	26
	 	 	 
	16.	CHEQUES, DRAFTS AND NOTES	28
	 	 	 
	17.	CUSTODY OF SECURITIES	28
	 	 	 
	18.	EXECUTION OF INSTRUMENTS	28
	 	 	 
	19.	FINANCIAL YEAR	30
	 	 	 
	20.	BORROWING	30
	 	 	 
	21.	DISCLOSURE OF INTEREST OF DIRECTORS	31

 

     

     

    

 

BY-LAW NO. 1

 

A by-law relating generally to the conduct
of

the affairs of Correvio Pharma Corp.

 

BE IT ENACTED AND IT IS HEREBY ENACTED
as a by-law of Correvio Pharma Corp. (hereinafter called the "Corporation") as follows:

 

		1.	INTERPRETATION

 

1.1           Definitions.
In this by-law and all other by-laws of the Corporation, unless the context otherwise specifies or requires:

 

		(a)	"Act" means the Canada Business Corporations
Act, R.S.C. 1985, c. C-44 as from time to time amended and every statute that may be substituted therefor and, in the case of
such substitution, any references in the by-laws of the Corporation to provisions of the Act shall be read as references to the
substituted provisions therefor in the new statute or statutes;

 

		(b)	"Regulations" means the Regulations under the
Act as published or from time to time amended and every regulation that may be substituted therefor and, in the case of such substitution,
any references in the by-laws of the Corporation to provisions of the Regulations shall be read as references to the substituted
provisions therefor in the new regulations;

 

		(c)	"by-law" means any by-law of the Corporation
from time to time in force and effect;

 

		(d)	"registered owner" or "registered holder"
when used with respect to a share in the authorized capital of the Corporation means the person registered in the register of
shareholders or a branch register of shareholders in respect of such share;

 

		(e)	"shareholder" means those persons defined as
such in the Act and includes any person who owns shares in the capital of the Corporation and whose name is entered in the register
of shareholders or a branch register of shareholders;

 

		(f)	"writing", "in writing" and like expressions
include all modes of representing, or reproducing and recording words in visible form, including: printing; lithographing; typewriting;
and photostatic, electrostatic and mechanical copying;

 

		(g)	all terms which are contained in the by-laws of the Corporation
and which are defined in the Act or the Regulations shall have the meanings given to such tams in the Act or the Regulations;
and

 

		(h)	the singular shall include the plural and the plural shall
include the singular; the masculine shall include the feminine; and the word "person" shall include bodies corporate,
corporations, companies, partnerships, syndicates, trusts and any number or aggregate of persons.

 

    	 	2	 

     

    

 

		2.	DIRECTORS

 

2.1          Number.
The number of directors shall, subject to the articles of the Corporation and any unanimous shareholder agreement, be fixed by
the directors or if not so fixed, shall be the number of directors elected or continued as directors at the immediately preceding
annual meeting of the Corporation. The business and affairs of the Corporation shall be managed by a board of directors of whom
at least twenty-five percent shall be resident Canadians and of whom, if any of the issued securities of the Corporation are or
were a part of a distribution to the public, at least two shall not be officers or employees of the Corporation or any affiliate
of the Corporation.

 

2.2           Election
and Removal. At each annual meeting of the Corporation, all the directors shall retire and the shareholders entitled to
vote thereat shall elect a board of directors consisting of the number of directors for the time being fixed pursuant to the by-laws.

 

		2.2.1	Advance Notice of Meetings of Shareholders

 

	(a)	Nomination Procedures. Subject only to the
Act, Regulations, Applicable Securities Law and the Articles of the Corporation, only persons who are nominated in accordance
with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons for election
to the board may be made at any annual general meeting of shareholders, or at any special meeting of shareholders if the election
of directors is a matter specified in the notice of meeting,

 

		(i)	by or at the direction of the board, including pursuant
to a notice of meeting;

 

		(ii)	by or at the direction or request of one or more shareholders
pursuant to a proposal made in accordance with the provisions of the Act, or a requisition of the shareholders made in accordance
with the provisions of the Act; or

 

		(iii)	by any person (a "Nominating Shareholder")
who (A) at the close of business on the date of the giving of the notice provided for in this-by-law 2.2.1 and on the record
date for notice of such meeting, is entered in the central securities register as a holder of one or more shares carrying the
right to vote at such meeting or who beneficially owns shares that are entitled to be voted at such meeting and provides evidence
of such beneficial ownership to the Corporation, and (B) complies with the notice procedures set forth below in this by-law 2.2.1.

 

(b)         Timely
notice.  In addition to any other applicable requirements, for a nomination to be made by a Nominating
Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the secretary of the
Corporation in accordance with this by-law 2.2.1.

 

(c)         Manner
of timely notice. To be timely, a Nominating Shareholder's notice must be given:

 

    	 	3	 

     

    

 

(i)         in
the case of an annual general meeting (including an annual and special meeting) of shareholders, not less than 30 nor more than
60 days prior to the date of the meeting; provided, however, that in the event that the meeting is to be held on a date that is
less than 60 days after the date (the "Notice Date") on which the first public announcement of the date of the
meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the tenth (10th) day
following the Notice Date; and

 

(ii)         in
the case of a special meeting (which is not also an annual meeting) of shareholders called for the purpose of electing
directors (whether or not called for other purposes), not later than the close of business on the tenth (10th) day following
the day on which the first public announcement of the date of the meeting was made.

 

In no event shall any adjournment,
postponement, or reconvening of a meeting, or the announcement thereof commence a new time period for the giving of a Nominating
Shareholder's notice as described above.

 

(d)          Proper
form of notice.  To be in proper written form, a Nominating
Shareholder's notice must set forth:

 

(i)          as
to each person whom the Nominating Shareholder proposes to nominate for election as a director, (A) the name, age, province or
state, and country of residence of the person, (B) the principal occupation, business or employment of the person, both present
and within the five years preceding the notice, (C) whether the person is a resident Canadian within the meaning of the Act, (D)
the number of securities of each class of voting securities of the Corporation or any of its subsidiaries beneficially owned, or
controlled or directed, directly or indirectly, by such person, as of the record date for the meeting of shareholders (if such
date shall then have been made publicly available and shall have occurred) and as of the date of such notice, and (E) any other
information relating to the person that would be required to be disclosed in a dissident's proxy circular in connection with solicitations
of proxies for election of directors pursuant to the Act or any Applicable Securities Laws; and

 

(ii)         as
to the Nominating Shareholder, (A) the number of securities of each class of voting securities of the Corporation or any of its
subsidiaries beneficially owned, or controlled or directed, directly or indirectly, by such person or any joint actors, as of the
record date for the meeting (if such date shall then have been made publicly available and shall have occurred) and as of the date
of such notice, (B) full particulars regarding any proxy, contract, arrangement, agreement, understanding or relationship pursuant
to which such Nominating Shareholder has a right to vote or to direct or to control the voting of any shares of the Corporation
and (C) any other information relating to such Nominating Shareholder that would be required to be made in a dissident's proxy
circular in connection with solicitations of proxies for election of directors pursuant to the Act or any Applicable Securities
Laws.

 

    	 	4	 

     

    

  

	 	 	References to "Nominating
Shareholder in this by-law 2.2.1 shall be deemed to refer to each shareholder that nominates a person for election as director
in the case of a nomination proposal where more than one shareholder is involved in making such nomination proposal.
	 	 	 
		(e)	Other Information. The Corporation may require
any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility
of such proposed nominee to serve as an independent director of the Corporation or that would reasonably be expected to be material
to a reasonable shareholder's understanding of the independence and/or qualifications, or lack thereof, of such proposed nominee.

 

		(f)	Notice to be updated. In addition, to be
considered timely and in proper written form, a Nominating Shareholder's notice shall be promptly updated and supplemented, if
necessary, so that the information provided or required to be provided in such notice shall be true and correct as of the record
date for the meeting.

 

		(g)	Power of the chairman. The chairman of the
meeting shall have the power and duty to determine whether a nomination was made in accordance with the procedures set forth in
the foregoing provisions and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that
such defective nomination shall be disregarded.

 

		(h)	Delivery of notice. Notwithstanding any other
provision of these by-laws, notice given to the secretary of the Corporation pursuant to this by-law 2.2.1 may only be given by
personal delivery, facsimile transmission or by email (provided that the secretary of the Corporation has stipulated an email
address for purposes of this notice), and shall be deemed to have been given and made only at the time it is served by personal
delivery, email (at the address as aforesaid) or sent by facsimile transmission (provided that receipt of the confirmation of
such transmission has been received) to the secretary of the Corporation at the address of the principal executive offices of
the Corporation; provided that if such delivery or electronic communication is made on a day which is not a business day or later
than .5:00 p.m. (Vancouver time) on a day which is a business day, then such delivery or electronic communication shall be deemed
to have been made on the subsequent day that is a business day.

 

		(i)	Increase in number of directors to be elected.
Notwithstanding any provisions in this by-law to the contrary, in the event that the number of directors to be elected at a meeting
is increased effective after the time period for which the Nominating Shareholder's notice would otherwise be due under this section,
a notice with respect to nominees for the additional directorships required by this section shall be considered timely if it shall
be given not later than the close of business on the tenth (10th) day following the day on which the first public announcement
of such increase was made by the Corporation.

 

		(j)	Notwithstanding the foregoing, the board may, in its sole
discretion, waive any requirement in this by-law 2.2.1.

 

		(k)	Definitions. For purposes of this by-law
2.2.1,

 

    	 	5	 

     

    

 

(i)        "Affiliate",
when used to indicate a relationship with a specific person, shall mean a person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with, such specified person;

 

(ii)        "Applicable
Securities Laws" means the applicable securities legislation of each relevant province and territory of Canada, as amended
from time to time, the written rules, regulations and forms made or promulgated under any such statute and the published national
instruments, multilateral instruments, policies, bulletins and notices of the securities commissions and similar regulatory authorities
of each province and territory of Canada;

 

(iii)       "Associate",
when used to indicate a relationship with a specified person, shall mean (i) any body corporate or trust of which such person
beneficially owns, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting
securities of such body corporate or trust for the time being outstanding, (ii) any partner of that person, (iii) any trust or
estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar
capacity, (iv) a spouse of such specified person, (v) any person of either sex with whom such specified person is living in conjugal
relationship outside marriage or (vi) any relative of such specified person or of a person mentioned in clauses (iv) or (v) of
this definition if that relative has the same residence as the specified person;

 

(iv)        "beneficially
owns" or "beneficially owned" means, in connection with the ownership of shares in the capital of the
Corporation by a person, (i) any such shares as to which such person or any of such person's Affiliates or Associates owns at
law or in equity, or has the right to acquire or become the owner at law or in equity, where such right is exercisable immediately
or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment,
upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to any agreement,
arrangement, pledge or understanding whether or not in writing; (ii) any such shares as to which such person or any of such person's
Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately
or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment,
pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (iii) any such shares which are beneficially
owned, directly or indirectly, by a Counterparty (or any of such Counterparty's Affiliates or Associates) under any Derivatives
Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such person
or any of such person's Affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person
beneficially owns pursuant to this clause (iii) in connection with a particular Derivatives Contract shall not exceed the number
of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities owned beneficially
by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of
this clause be deemed to include all securities that are owned beneficially, directly or indirectly, by any other Counterparty
(or any of such other Counterparty's Affiliates or Associates) under any Derivatives Contract to which such first Counterparty
(or any of such first Counterparty's Affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive
Counterparties as appropriate; and (iv) any such shares which are owned beneficially within the meaning of this definition by
any other person with whom such person is acting jointly or in concert with respect to the Corporation or any of its securities;

 

    	 	6	 

     

    

 

(v)        "close
of business" means 5:00 p.m. (Vancouver time) on a business day in British Columbia, Canada;

 

(vi)       "Derivatives
Contract" shall mean a contract between two parties (the "Receiving Party" and the "Counterparty")
that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership
by the Receiving Party of a number of shares in the capital of the Corporation or securities convertible into such shares specified
or referenced in such contract (the number corresponding to such economic benefits and risks, the "Notional Securities"),
regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash,
shares in the capital of the Corporation or securities convertible into such shares or other property, without regard to any short
position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in broad-based index options,
broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental
authority shall not be deemed to be Derivatives Contracts; and

 

(vii)      "public
announcement" shall mean disclosure in a press release reported by a national news service in Canada, or in a document
publicly filed by the Corporation under its profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

 

2.3          Retiring.
A retiring director shall be eligible for re-election.

 

2.4          No
Meeting. Where the Corporation fails to hold an annual meeting in accordance with the Act, the directors then in office
shall be deemed to have been elected or appointed as directors on the last day on which the annual meeting could have been held
pursuant to the Act and the by-laws and they may hold office until other directors are appointed or elected or until the day on
which the next annual meeting is held, whichever shall first occur.

 

2.5          Continued.
If at any meeting at which there should be an election of directors the places of any of the retiring directors are not filled
by such election, such of the retiring directors who are not re-elected as may be requested by the newly-elected directors shall,
if willing to do so, continue in office to complete the number of directors for the time being fixed pursuant to the by-laws until
further new directors are elected at a general meeting convened for the purpose. If any such election or continuance of directors
does not result in the election or continuance of the number of directors for the time being fixed pursuant to the by-laws, such
number shall be fixed at the number of directors actually elected or continued in office.

 

    	 	7	 

     

    

 

2.6          Casual
Vacancy. The remaining directors or director shall have the power from time to time to appoint any person as a director
to fill any casual vacancy occulting in the board of directors.

 

2.7          Additional
Directors. Between successive annual meetings the directors shall have power to appoint one or more additional directors
but the number of additional directors shall not be more than one-third of the number of directors elected or appointed at the
last annual meeting. Any director so appointed shall hold office only until the next following annual meeting of the Corporation,
but shall be eligible for election at such meeting and, so long as he is an additional diredor, the number of directors shall be
increased accordingly.

 

2.8          Alternate
Directors. Any director may by instrument in writing delivered to the Corporation appoint any person to be his alternate
to act in his place at meetings of the directors at which he is not present unless the directors shall have reasonably disapproved
the appointment of such person as an alternate director and shall have given notice to that effect to the director appointing the
alternate director within a reasonable time after delivery of such instrument to the Corporation. Every such alternate shall be
entitled to notice of meetings of the directors and to attend and vote as a director at a meeting at which the person appointing
him is not personally present, and, if he is a director, to have a separate vote on behalf of the director he is representing in
addition to his own vote. A person may be appointed as an alternate for more than one director and shall have a separate vote for
each director so represented. A director may at any time in writing by instrument, telegram, telex, facsimile or any method of
transmitting legibly recorded messages delivered to the Corporation revoke the appointment of an alternate appointed by him. The
remuneration payable to such an alternate shall be payable out of the remuneration of the director appointing him.

 

2.9          Vacation
of Office. The office of a director shall ipso facto be vacated: (a) if he becomes bankrupt or suspends payments of his
debts generally or compromises with his creditors or makes an authorized assignment or is declared insolvent; (b) if he is found
to be a mentally incompetent person; or (c) if by notice in writing to the Corporation he resigns his office.

 

2.10        Ceasing.
A director ceases to hold office when he:

 

		(a)	dies;

 

		(b)	resigns his office by notice in writing delivered to the
Corporation;

 

		(c)	is convicted of an indictable offence and the other directors
shall have resolved to remove him;

 

		(d)	ceases to be qualified to act as a director pursuant to
the Act; or

 

		(e)	is removed in accordance with the Act and this by-law.

 

2.11        Resignation.
Every resignation of a director becomes effective at the time a written resignation is delivered to the Corporation or at the time
specified in the resignation, whichever is later.

 

    	 	8	 

     

    

 

2.12        Removal.
Subject to the Act, the Corporation may by ordinary resolution remove any director before the expiration of his period of office
and may by an ordinary resolution appoint another person in his stead.

 

2.13        Powers.
The directors shall manage or supervise the management of the affairs and business of the Corporation and shall have the authority
to exercise all such powers of the Corporation as are not, by the Act or by the articles or by-laws, required to be exercised by
the Corporation in general meeting.

 

2.14        Attorney.
The directors may from time to time by power of attorney or other instrument under seal appoint any person to be the attorney of
the Corporation for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable
by the directors under this by-law and excepting the powers of the directors relating to the constitution of the Board and of any
of its committees and the appointment or removal of officers and the power to declare dividends) and for such period, with such
remuneration and subject to such conditions as the directors may think fit, and any such appointment may be made in favour of any
of the directors or any of the shareholders of the Corporation or in favour of any corporation, or of any of the shareholders,
directors, nominees or managers of any corporation, firm or joint venture and any such power of attorney may contain such provisions
for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized
by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him.

 

2.15        Committee
of Directors. The directors may appoint from among their number a committee of directors and subject to the Act may delegate
to such committee any of the powers of the directors.

 

2.16        Shareholder
Qualification. A director shall not be required to hold a share in the capital of the Corporation as qualification for
his office but shall be qualified as required by the Act to become or act as a director. Any director who is not a shareholder
shall be deemed to have agreed to be bound by the provisions of the articles and by-laws of the Corporation to the same extent
as if he were a shareholder of the Corporation.

 

		3.	MEETING OF DIRECTORS

 

3.1          Place
of Meeting. Meetings of the board of directors and of a committee of directors (if any) may be held within or outside of
Canada.

 

3.2          Call.
A director may, and the Secretary or an Assistant Secretary upon request of a director shall, call a meeting of the board at any
time. Reasonable notice shall be given for any meeting specifying the place, day and hour of such meeting and shall be given by
mail, postage prepaid, addressed to each of the directors and alternate directors at his address as it appears on the books of
the Corporation or by leaving it at his usual business or residential address or by telephone, telex, facsimile, email or any method
of transmitting legibly recorded messages. Accidental omission to give notice of a meeting of directors to, or by the non-receipt
of notice by, any director shall not invalidate the proceedings at that meeting.

 

3.3          Waive
Notice. Any director of the Corporation may file with the Secretary a document executed by him waiving notice of any past,
present or future meeting or meetings of the directors being, or required to have been, sent to him and may at any time withdraw
such waiver with respect to meetings held thereafter. After the filing of such waiver with respect to future meetings, and until
such waiver is withdrawn, no notice of any meeting of the directors need be given to such director or, unless the director otherwise
requires in writing to the Secretary, to his alternate director, and all meetings of the directors so held shall be deemed not
to be improperly called or constituted by reason of notice not having been given to such director or alternate director.

 

    	 	9	 

     

    

 

3.4          No
Notice. It shall not be necessary to give notice of a meeting of directors to any director or alternate director if such
meeting is to be held immediately following a general meeting at which such director shall have been elected or is the meeting
of directors at which such director is appointed.

 

3.5          Chair.
The Chairman of the Board, if any, or in his absence the President, shall preside as chairman at every meeting of the directors,
or if neither the Chairman of the Board nor the President is present within fifteen minutes of the time appointed for holding the
meeting or is willing to act as chairman, or, if the Chairman of the Board, if any, and the President have advised the Secretary
that they will not be present at the meeting, the directors present shall choose one of their number to be chairman of the meeting.
With the consent of the meeting, the solicitor of the Corporation may act as chairman of a meeting of the directors.

 

3.6          Vacancy.
The directors may act notwithstanding any vacancy in their body, but, if and so long as their number is reduced below the number
fixed pursuant to the by-laws of the Corporation as the necessary quorum of directors, the directors may act for the purpose of
increasing the number of directors to that number, or to summon a special meeting of the Corporation, but for no other purpose.
If the directors fail to call a meeting or if there are no directors then in office, the meeting may be called by any shareholder.

 

3.7          Defect.
Subject to the provisions of the Act, all acts done at any meeting of the directors or of a committee of directors, or by any person
acting as a director, shall, notwithstanding that it be afterwards discovered that there was some defect in the qualification,
election or appointment of any such directors or of the members of such committee 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 elected or appointed and was qualified to be a
director.

 

3.8          Quorum.
The board of directors may from time to time fix the quorum required for the transaction of business at a meeting of the board
of directors and until so fixed the quorum will be a majority of the then current number of directors, or if the number of directors
is fixed at one, shall be one director.

 

3.9          Meetings
by Telephone or Electronic Conference. A director may participate in a meeting of the board or of any committee of the
directors by means of conference telephones or other communications facilities by means of which all directors participating in
the meeting can hear each other. A director participating in a meeting in accordance with this by-law shall be deemed to be present
at the meeting and to have so agreed and shall be counted in the quorum therefor and be entitled to speak and vote thereat.

 

3.10        Voting.
The directors may meet together for the dispatch of business, adjourn and otherwise regulate their meetings, as they think fit.
Questions arising at any meeting shall be decided by a majority of votes. In case of an equality of votes the chairman shall not
have a second or casting vote. Meetings of the board held at regular intervals may be held at such place, at such time and upon
such notice (if any) as the board may by resolution from time to time determine.

 

    	 	10	 

     

    

 

3.11        Resolution
in Lieu of Meeting. Notwithstanding any of the foregoing provisions of this by-law, a resolution consented to in writing,
whether by document, telegram, telex, facsimile or any method of transmitting legibly recorded messages, by all of the directors
or their alternates shall be as valid and effectual as if it had been passed at a meeting of the directors duly called and held.
Such resolution may be in two or more counterparts which together shall be deemed to constitute one resolution in writing. Such
resolution shall be filed with the minutes of the proceedings of the directors and shall be effective on the date stated thereon
or on the latest day stated on any counterpart. A resolution may be consented to by a director or alternate director who has an
interest in the subject matter of the resolution provided that he has otherwise complied with the provisions of the articles, by-laws
and the Act.

 

3.12        Seconds.
No resolution proposed at a meeting of directors need be seconded, and the chairman of any meeting may move or propose a resolution.

 

		4.	REMUNERATION OF DIRECTORS

 

4.1          Remuneration.
The remuneration of the directors may from time to time be determined by the directors or, if the directors so decide, by ordinary
resolution of the shareholders. Such remuneration may be in addition to any salary or other remuneration paid to any director in
his capacity as officer or employee of the Corporation. The directors shall be reimbursed for reasonable travelling, hotel and
other expenses they incur in and about the business of the Corporation and if any director shall perform any professional or other
services for the Corporation that in the opinion of the directors are outside the ordinary duties of a director or shall otherwise
be specially occupied in or about the Corporation's business, he may be paid a remuneration to be fixed by the board, or, at the
option of such director, by the Corporation in general meeting, and such remuneration may be either in addition to, or in substitution
for any other remuneration that he may be entitled to receive. The directors on behalf of the Corporation, unless otherwise determined
by ordinary resolution, may pay a gratuity or pension or allowance on retirement to any director who has held any office or position
with the Corporation or to his spouse or dependants and may make contributions to any fund and pay premiums for the purchase or
provision of any such gratuity, pension or allowance.

 

		5.	SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS
FOR APPROVAL

 

5.1          Ratification.
The board of directors in its discretion may submit any contract, act or transaction for approval or ratification at any annual
meeting of the shareholders or at any special meeting of the shareholders called for the purpose of considering the same and, subject
to the Act, any such contract, act or transaction that shall be approved or ratified or confirmed by a resolution passed by a majority
of the votes cast at any such meeting (unless any different or additional requirement is imposed by the Act or by the Corporation's
articles or any other by-law) shall be as valid and as binding upon the Corporation and upon all the shareholders as though it had
been approved, ratified or confirmed by every shareholder of the Corporation.

 

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		6.	FOR THE PROTECTION OF DIRECTORS AND OFFICERS

 

6.1          Conflicts.
In supplement of and not by way of limitation upon any rights conferred upon directors by the Act, it is declared that no director
shall be disqualified from his office or vacate his office by reason of holding any office or place of profit under the Corporation
or under any body corporate in which the Corporation shall be a shareholder or by reason of being otherwise in any way directly
or indirectly interested or contracting with the Corporation either as vendor, purchaser or otherwise or being concerned in a contract
or arrangement made or proposed to be entered into with the Corporation in which he is in any way directly or indirectly interested
either as vendor, purchaser or otherwise, nor shall any director be liable to account to the Corporation or any of its shareholders
or creditors for any profit arising from any such office or place of profit; and, subject to the Act, no contract or arrangement
entered into by or on behalf of the Corporation in which any director shall be in any way directly or indirectly interested shall
be avoided or voidable and no director shall be liable to account to the Corporation or any of its shareholders or creditors for
any profit realized by or from any such contract or arrangement by reason of any fiduciary relationship. Subject to the Act, no
director or officer shall be obliged to make any declaration of interest in respect of a contract or proposed contract with the
Corporation in which such director or officer is in any way directly or indirectly interested nor shall any director be obliged
to refrain from voting in respect of any such contract.

 

		7.	INDEMNITIES TO DIRECTORS AND OFFICERS

 

7.1          Indemnity.
Subject to the Act, the Corporation may indemnify a director or officer or former director or officer of the Corporation or of
a corporation of which the Corporation is or was a shareholder or creditor and the heirs and legal representatives of any such
person against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by him or them in respect of any civil, criminal or administrative action or proceeding to which he is or they are made
a party by reason of his being or having been a director or officer of the Corporation or a director of officer of such corporation,
including any action brought by the Corporation or any such corporation. Each director or officer of the Corporation on being elected
or appointed shall be deemed to have contracted with the Corporation on the terms of the foregoing indemnity.

 

7.2          Failure.
The failure of a director or officer of the Corporation to comply with the provisions of the Act or of the articles or the by-laws
shall not invalidate any indemnity to which he is entitled under the by-laws.

 

7.3          Insurance,
The directors may cause the Corporation to purchase and maintain insurance for the benefit of any person who is or was serving
as a director, officer, employee or agent of the Corporation or as a director, officer, employee or agent of any corporation of
which the Corporation is or was a shareholder and his heirs or personal representatives, against any liability incurred by him
as such director, officer, employee or agent.

 

		8.	OFFICERS

 

8.1          Appointment.
The board of directors shall annually or as often as may be required appoint a President and a Secretary and, if deemed advisable,
may annually or as often as may be required appoint a Chairman of the Board, a Vice-Chairman of the Board, a Managing Director,
one or more Vice-Presidents, a Treasurer, one or more Assistant Secretaries and/or one or more Assistant Treasurers. A director
may be appointed to any office of the Corporation but none of the officers except the Chairman of the Board, the Vice-Chairman
of the Board and the Managing Director need be a member of the board of directors. Two or more of the aforesaid offices may be
held by the same person. In case and whenever the same person holds the offices of Secretary and Treasurer he may, but need not
be, known as the Secretary-Treasurer. The board of directors may from time to time appoint such other officers and agents as it
shall deem necessary who shall have such authority and shall perform such duties as may from time to time be prescribed by the
board of directors.

 

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8.2          Vacancies.
If the office of any officer of the Corporation shall be or become vacant by reason, of death, resignation, disqualification or
otherwise, the directors by resolution shall, in the case of the President, and may, in the case of any other office, appoint a
person to fill such vacancy.

 

8.3          Remuneration
and Removal. The remuneration of all officers appointed by the board of directors shalt be determined from time to time
by resolution of the board of directors. The fact that any officer or employee is a director or shareholder of the Corporation
shall not disqualify him from receiving such remuneration as may be determined. All officers, in the absence of agreement to the
contrary, shall be subject to removal by resolution of the board of directors at any time, with or without cause.

 

8.4          Powers
and Duties. All officers shall sign such contracts, documents or instruments in writing as require their respective signatures
and shall respectively have and perform all powers and duties incident to their respective offices and such other powers and duties
respectively as may from time to time be assigned to them by the board of directors.

 

8.5          Duties
may be Delegated. In case of the absence or inability to act of any officer of the Corporation, or for any other reason
that the board of directors may deem sufficient, the board of directors may delegate all or any of the powers of such officer to
any other officer or to any director for the time being.

 

8.6          Chairman
of the Board. The Chairman of the Board (if any) shall, when present, preside at all meetings of the board of directors,
the executive committee of directors (if any) and the shareholders.

 

8.7          Vice-Chairman
of the Board. If the Chairman of the Board is absent or is unable or refuses to act, the Vice-Chairman of the Board (if
any) shall, when present, preside at all meetings of the board of directors, the executive committee of directors (if any) and
the shareholders.

 

8.8          Managing
Director, The Managing Director shall be a resident Canadian and shall exercise such powers and have such authority as
may be delegated to him by the board of directors in accordance with the Act.

 

8.9          President.
Unless the Board determines otherwise, the President shall be the Chief Executive Officer of the Corporation. He shall be vested
with and may exercise all the powers and shall perform all the duties of the Chairman of the Board and/or Vice-Chairman of the
Board if none be appointed or if the Chairman of the Board and the Vice-Chairman of the Board are absent or are unable or refuse
to act; provided, however, that unless he is a director he shall not preside as chairman at any meeting of directors or of the
executive committee of directors (if any) or, subject to paragraph 9.9 of this by-law, at any meeting of shareholders.

 

8.10        Vice-President.
The Vice-President or, if more than one, the Vice-Presidents, in order of seniority, shall be vested with all the powers and shall
perform all the duties of the President in the absence or inability or refusal to act of the President; provided, however, that
a Vice-President who is not a director shall not preside as chairman at any meeting of directors or of the executive committee
of directors (if any) or, subject to paragraph 9.9 of this by-law, at any meeting of shareholders.

 

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8.11        Secretary.
The Secretary shall give or cause to be given notices for all meetings of the board of directors, the executive committee of directors
(if any) and the shareholders when directed to do so and shall have charge of the minute books of the Corporation and, subject
to the provisions of this by-law, of the records (other than accounting records) referred to in the Act.

 

8.12        Treasurer.
Subject to the provisions of any resolution of the board of directors, the Treasurer shall have the care and custody of all the
funds and securities of the Corporation and shall deposit the same in the name of the Corporation in such bank or banks or with
such other depositary or depositaries as the board of directors may direct. He or she shall keep or cause to be kept the accounting
records referred to in the Act. He or she may be required to give such bond for the faithful performance of his duties as the board
of directors in its uncontrolled discretion may require but no director shall be liable for failure to require any such bond or
for the insufficiency of any such bond or for any loss by reason of the failure of the Corporation to receive any indemnity thereby
provided.

 

8.13        Assistant
Secretary and Assistant Treasurer. The Assistant Secretary or, if more than one, the Assistant Secretaries in order of
seniority, and the Assistant Treasurer or, if more than one, the Assistant Treasurers in order of seniority, shall respectively
perform all the duties of the Secretary and the Treasurer, respectively, in the absence or inability or refusal to act of the Secretary
or the Treasurer, as the case may be.

 

8.14         General
Manager or Manager. The board of directors may from time to time appoint one or more General Managers or Managers and may
delegate to him or them full powers to manage such matters and duties as by law must be transacted or performed by the board of
directors and/or by the shareholders and to employ and discharge agents and employees of the Corporation or may delegate to him
or them any lesser authority. A General Manager or Manager shall conform to all lawful orders given to him by the board of directors
of the Corporation and shall at all reasonable times give to the directors or any of them all information they may require regarding
the affairs of the Corporation. Any agent or employee appointed by a General Manager or Manager shall be subject to discharge by
the board of directors.

 

8.15        Conflicts.
Every officer of the Corporation who holds any office or possesses any property whereby, whether directly or indirectly, duties
or interests might be created in conflict with his duties or interests as an officer of the Corporation shall, in writing, disclose
to the President the fact and the nature, character and extent of the conflict in accordance with the provisions of the Act.

 

		9.	SHAREHOLDERS' MEETINGS

 

9.1          Annual
Meeting. Subject to the Act and the Articles, the annual meeting of the shareholders shall be held on such day in each
year and at such time as the directors may by resolution determine at any place within Canada or, if all the shareholders entitled
to vote at such meeting so agree, outside Canada.

 

9.2          Special
Meetings. Subject to the Act and the Articles, special meetings of the shareholders may be convened by order of the board
of directors at any date and time and at any place within Canada or, if all the shareholders entitled to vote at such meeting so
agree, outside Canada.

 

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9.3          Meetings
by Telephone or Electronic Conference, A shareholder may participate in a meeting of the shareholders by means of conference
telephones or other communications facilities by means of which all shareholders participating in the meeting can hear each other.
A person participating in a meeting by such means in accordance with this bylaw shall be deemed to be present at the meeting and
to have so agreed shall be entitled to vote by means of telephonic, electronic or other communication facility that the Corporation
has made available for that purpose.

 

9.4          Notice.
A notice stating the day, hour and place of meeting shall be given by serving such notice on such persons as are entitled by law
or under this by-law to receive such notice from the Corporation in the manner specified in paragraph 15.1 of this by-law or in
such manner as may be prescribed by the directors, not less than twenty-one days or more than fifty days (in each case exclusive
of the day on which the notice is delivered or sent and of the day for which notice is given) before the day of the meeting. Notice
of a meeting at which special business is to be transacted shall state: (a) the nature of that business in sufficient detail to
permit the shareholder to form a reasoned judgment thereon; and (b) the text of any special resolution to be submitted to the meeting.
Except as otherwise provided by the Act, where any special business at a general meeting includes considering, approving, ratifying,
adopting or authorizing any document or the execution thereof or the giving of effect thereto, the notice convening the meeting
shall, with respect to such document, be sufficient if it states that a copy of the document or proposed document is or will be
available for inspection by shareholders at the registered office or records office of the Corporation or at some other place designated
in the notice during usual business hours up to the date of such general meeting.

 

9.5          Waiver
of Notice. A shareholder and any other person entitled to attend a meeting of shareholders may in any manner waive notice
or reduce the period of notice of a meeting of shareholders and attendance of any such person at a meeting of shareholders shall
constitute a waiver of notice of the meeting except where such person attends a meeting for the express purpose of objecting to
the transaction of any business on the grounds that the meeting is not lawfully called.

 

9.6          Omission
of Notice. The accidental omission to give notice of any meeting or any irregularity in the notice of any meeting or the
non-receipt of any notice by any shareholder or shareholders, director or directors or the auditor of the Corporation shall not
invalidate any resolution passed or any proceedings taken at any meeting of shareholders.

 

9.7          Votes.
Subject to the Act, every question submitted to any meeting of shareholders shall be decided in the first instance by a show of
hands unless (before or on the declaration of the result of the show of hands) a poll is directed by the Chairman or a shareholder
or proxyholder entitled to vote at the meeting has demanded a ballot and in the case of an equality of votes the chairman of the
meeting shall on a show of hands or on a ballot not have a second or casting vote in addition to the vote or votes to which he
may be otherwise entitled as a member or proxyholder and this provision shall apply notwithstanding the Chairman is interested
in the subject matter of the resolution,

 

9.8          Declaration.
At any meeting, unless a ballot is demanded, a declaration by the chairman of the meeting that a resolution has been carried or
carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of
the fact.

 

    	 	15	 

     

    

 

9.9          Chair.
The Chairman of the Board, if any, or in his absence the President of the Corporation or in his absence a Vice-President of the
Corporation, if any, shall be entitled to preside as chairman at every meeting of shareholders of the Corporation. Notwithstanding
the foregoing, with the consent of the meeting, which consent may be expressed by the failure to object of any person present and
entitled to vote, the solicitor of the Corporation may act as chairman of the meeting of shareholders. If at any meeting of shareholders
neither the Chairman of the Board nor President nor a Vice-President is present within fifteen minutes after the time appointed
for holding the meeting or is willing to act as chairman, the Directors present, shall choose someone of their number, or the solicitor
of the Corporation, to be chairman. If all the Directors present, and the solicitor of the Corporation, decline to take the chair
or fail to so choose or if no Director be present, the persons present and entitled to vote shall choose some person in attendance,
who need not be a shareholder, to be chairman.

 

9.10        Ballot.
A ballot may be demanded either before or after any vote by a show of hands by any person entitled to vote at the meeting.
No poll may be demanded on the election of the chairman. If at any meeting a ballot is demanded on the question of adjournment
it shall be taken forthwith without adjournment. If at any meeting a ballot is demanded on any other question or as to the election
of directors, the vote shall be taken by ballot in such manner and either at once, later in the meeting or after adjournment as
the chairman of the meeting directs but in no event later than seven days after the meeting. The result of a ballot shall be deemed
to be the resolution of the meeting at which the ballot was demanded. Any business other than that upon which the poll has been
demanded may be proceeded with pending the taking of the poll. A demand for a ballot may be withdrawn.

 

9.11        Determination.
In the case of any dispute as to the admission or rejection of a vote, whether by show of hands or on a poll, the chairman shall
determine the same, and his determination made in good faith is final and conclusive.

 

9.12        Action.
Unless the Act, the articles or the by-laws otherwise provide, any action to be taken by a resolution of the shareholders may be
taken by an ordinary resolution.

 

9.13        Votes.
Subject to any special voting rights or restrictions attached to any class of shares and the restrictions on joint registered holders
of shares:

 

(a)          on
a show of hands:

 

(i)         every
shareholder who is present in person and entitled to vote shall have one vote; and

 

(ii)         a
proxyholder duly appointed by a holder of a share who would have been entitled to vote shall have one vote; and

 

(b)          on
a poll, every shareholder shall have one vote for each share of which he is the registered holder and may exercise such vote either
in person or by proxy.

 

9.14        Not
Registered. Any person who is not registered as a shareholder but is entitled to vote at any meeting in respect of a share,
may vote the share in the same manner as if he were a shareholder, but, unless the directors have previously admitted his right
to vote at that meeting in respect of the share, he shall satisfy the directors of his right to vote the share before the time
for holding the meeting, or adjourned meeting, as the case may be, at which he proposes to vote.

 

    	 	16	 

     

    

 

9.15        Corporate
Representative. Any corporation not being a subsidiary which is a shareholder of the Corporation may by resolution of its
directors or other governing body authorize such person as it thinks fit to act as its representative at any general meeting or
class meeting. The person so authorized shall be entitled to exercise in respect of and at such meeting the same powers on behalf
of the corporation which he represents as that corporation could exercise if it were an individual shareholder of the Corporation
personally present, including, without limitation, the right, unless restricted by such resolution, to appoint a proxyholder to
represent such corporation, and shall be counted for the purpose of forming a quorum if present at the meeting. Evidence of the
appointment of any such representative may be sent to the Corporation in writing by written instrument, telegram, telex, facsimile
or any method of transmitting legibly recorded messages. Notwithstanding the foregoing, a corporation being a shareholder may appoint
a proxyholder.

 

9.16        Unsound
Mind. A shareholder of unsound mind entitled to attend and vote, in respect of whom an order has been made by any court
having jurisdiction, may vote, whether on a show of hands or on a poll, by his committee or curator bonus or other person in the
nature of a committee or curator baths appointed by that court, and any such committee or curator bonus, or other person may appoint
a proxyholder. The chairman may require such proof of such appointment as he sees fit.

 

9.17        Joint
Registered Holders, In the case of joint registered holders of a share, the vote of the senior who exercises a vote, whether
in person or by proxyholder, shall be accepted to the exclusion of the votes of the other joint registered holders; and for this
purpose, seniority shall be determined by the order in which the names stand in the register of shareholders. Several legal personal
representatives of a deceased shareholder whose shares are registered in his sole name shall, for the purpose of this by-law, be
deemed joint registered holders.

 

9.18        Proxyholders.
A shareholder holding more than one share in respect of which he is entitled to vote shall be entitled to appoint one or more (but
not more than five) proxyholders to attend, act and vote for him on the same occasion. If such a shareholder should appoint more
than one proxyholder for the same occasion he shall specify the number of shares each proxyholder shall be entitled to vote. A
shareholder may also appoint one or more alternate proxyholders to act in the place and stead of an absent proxyholder.

 

9.19        Proxyholders.
Any person, having attained the age of majority, may act as proxyholder whether or not he is entitled on his own behalf to be present
and to vote at the meeting at which he acts as proxyholder. The proxy may authorize the person so appointed to act as proxyholder
for the appointor for the period, at any meeting or meetings, and to the extent permitted by the Act.

 

9.20        Proxyholder.
A person appointed by proxy need not be a shareholder.

 

9.21        Proxies.
A proxy shall be in writing under the hand of the appointor or of his attorney duly authorized in writing, or, if the appointor
is a corporation, either under the seal of the corporation or under the hand of a duly authorized officer or attorney of that corporation.

 

9.22        Deposit
of Proxies, Unless the directors fix some other time by which proxies must be deposited, a proxy and the power of attorney
or other authority, if any, under which it is signed, or a notarially certified copy thereof, shall be deposited at the registered
office of the Corporation or at such other place as is specified for that purpose in the notice convening the meeting or form of
proxy, not less than 48 hours (excluding Saturdays and holidays) before the time for holding the meeting in respect of which the
person named in the instrument is appointed.

 

    	 	17	 

     

    

 

9.23        Deposit
of Proxies. In addition to any other method of depositing proxies provided for in the by-laws, the directors may by resolution
make regulations relating to the depositing of proxies at any place or places and fixing the time for depositing the proxies. If
the Corporation is or becomes a reporting company, the time so fixed shall not exceed 48 hours (excluding Saturdays and holidays)
preceding the meeting or adjourned meeting specified in the notice calling a meeting of shareholders and providing for particulars
of such proxies to be sent to the Corporation or any agent of the Corporation in writing or by letter, telegram, telex, facsimile
or any method of transmitting legibly recorded messages so as to arrive before the commencement of the meeting or adjourned meeting
at the office of the Corporation or of any agent of the Corporation appointed for the purpose of receiving such particulars and
providing that proxies so deposited may be acted upon as though the proxies themselves were deposited as required by this Part.

 

9.24        Death
or Incapacity. A vote given in accordance with the terms of a proxy is valid notwithstanding the previous death or incapacity
of the shareholder giving the proxy or the revocation of the proxy or of the authority under which the form of proxy was executed
or the transfer of the share in respect of which the proxy is given, provided that no notification in writing of such death, incapacity,
revocation or transfer shall have been received at the registered office of the Corporation or by the chairman of the meeting or
adjourned meeting for which the proxy was given before the vote was taken.

 

9.25        Retain
Ballots. Every ballot cast upon a poll and every proxy appointing a proxyholder who casts a ballot upon a poll shalt be
retained by the Secretary for such period and be subject to such inspection as the Act may provide.

 

9.26        Votes
on Poll. On a poll a person entitled to cast more than one vote need not, if he votes, use all his votes or cast all the
votes he uses in the same way.

 

9.27        Determinations.
The chairman of the meeting may determine whether or not a proxy, deposited for use at such meeting, which may not strictly comply
with the requirements of this Part as to form, execution, accompanying documentation, time of filing, or otherwise, shall be valid
for use at such meeting and any such determination made in good faith shall be final, conclusive and binding upon such meeting.

 

9.28        Form
of Proxy. Subject to the provisions of Part IV of the Regulations, a proxy may be in the following form or in any other
form that the directors or the chairman of the meeting shall approve or accept:

 

"The undersigned shareholder of_________________hereby
appoints, ________________________of __________________or failing him, _________________________, of ______________________as the nominee of the undersigned to attend, act and vote for the undersigned and on behalf of the undersigned at the ____________
meeting of the shareholders of the said corporation to be held on the ________ day of ______and at any adjournment or
adjournments thereof in the same manner, to the same extent and with the same powers as if the undersigned were present at the
said meeting or such adjournment or adjournments thereof.

 

DATED this_______day of________, •

 

	 	 	 
	 	Signature of Shareholder"	 

 

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9.29        Revocation.
Every proxy may be revoked by an instrument in writing:

 

		(a)	executed by the shareholder giving the same or by his attorney
authorized in writing or, where the shareholder is a corporation, by a duly authorized officer or attorney of the corporation;
and

 

		(b)	delivered either at the registered office of the Corporation
at any time up to and including the last business day preceding the day of the meeting, or any adjournment thereof at which the
proxy is to be used, or to the chairman of the meeting on the day of the meeting or any adjournment thereof before any vote in
respect of which the proxy is to be used shall have been taken,

 

or in any other manner provided by law.

 

9.30        Adiournment.
The chairman of any meeting may and shall, if so directed by the meeting, adjourn the same from time to time to a fixed time and
place and no notice of such adjournment need to be given to the shareholders unless the meeting is adjourned by one or more adjournments
for an aggregate of thirty days or more in which case notice of the adjourned meeting shall be given as for an original meeting.
Any business may be brought before or dealt with at any adjourned meeting for which no notice is required which might have been
brought before or dealt with at the original meeting in accordance with the notice calling the same.

 

9.31        Seconds.
No motion proposed at a general meeting need be seconded and the chairman may propose a motion.

 

9.32        Quorum,
Save as herein otherwise provided, a quorum for the transaction of business at any meeting of shareholders of the Corporation shall
be shareholders present in person or represented by proxy, holding not less than 20% of the shares of the Corporation entitled
to be voted at such meeting. If there is only one shareholder the quorum is one person present and being, or representing by proxy,
such shareholder. The directors, the Secretary, or, in his absence, an Assistant Secretary, and the solicitor of the Corporation
shall be entitled to attend at any meeting of shareholders but no such person shall be counted in the quorum or be entitled to
vote at any meeting of shareholders unless he shall be a shareholder or proxyholder entitled to vote thereat.

 

9.33        Quorum.
If a quorum is not present within thirty minutes after the time appointed for a meeting of shareholders, the meeting, if convened
upon requisition by the shareholders shall be dissolved. In any other case, if a quorum is not present within thirty minutes after
the time appointed for a meeting, then the meeting shall be adjourned to such date being not less than seven days later. At such
adjourned meeting the holders of shares carrying voting rights of not less than 10% of the shares of the Corporation who are present
in person or represented by proxy shall constitute a quorum thereat and may transact the business for which the meeting was originally
called notwithstanding that such quorum is not present throughout the meeting.

 

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9.34        Opening
Quorum. No business other than the election of the chairman or the adjournment of the meeting shall be transacted at any
general meeting unless a quorum of shareholders entitled to attend and vote is present at the commencement of the meeting, but
the quorum need not be present throughout the meeting.

 

9.35        Resolution
in lieu of Meeting. Notwithstanding any of the foregoing provisions of this by-law, a resolution in writing signed by all
the shareholders entitled to vote on that resolution at a meeting of the shareholders is, subject to the Act, as valid as if it
had been passed at a meeting of the shareholders. Such resolution may be in two or more counterparts which together shall be deemed
to constitute one resolution in writing. Such resolution shall be filed with the minutes of the proceedings of the shareholders
and shall be effective on the date stated thereon or on the latest day stated on any counterpart.

 

9.36        Class
Meetings. Unless the Act, the articles or by-laws otherwise provide, the provisions of this by-law relating to meetings
shall apply with the necessary changes, and so far as they are applicable, to a class meeting of shareholders holding a particular
class of shares.

 

		10.	SHARES

 

10.1        Allotment
and Issuance. Subject to the provisions of the Act, the shares shall be under the control of the directors who may, subject
to the rights of the holders of the shares of the Corporation for the time being outstanding, issue, allot, sell or otherwise dispose
of, and/or grant options on or otherwise deal in, shares authorized but not outstanding, and outstanding shares held by the Corporation,
at such times, to such persons (including directors), in such manner, upon such terms and conditions and at such price or for such
consideration, as the directors, in their absolute discretion, may determine.

 

10.2        Fully
Paid. No share may be issued until it is fully paid and the Corporation shall have received the full consideration therefor
in cash, property or past services actually performed for the Corporation. The value of property or services for the purposes of
this by-law shall be the value determined by the directors by resolution to be, in all circumstances of the transaction, the fair
market value thereof, and the full consideration received for a share issued by way of dividend shall be the amount declared by
the directors to be the amount of the dividend.

 

10.3        Discounts.
Subject to the Act, the Corporation or the directors on behalf of the Corporation, may pay a commission or allow a discount to
any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, for any shares, debentures,
share rights, warrants or debenture stock in the Corporation, or procuring or agreeing to procure subscriptions, whether absolutely
or conditionally, for any such shares, debentures, share rights, warrants or debenture stock, provided that the rate of the commission
and discount shall not in the aggregate exceed 25 per cent of the amount of the subscription price of such shares. The Corporation
may also pay such brokerage fees as may be lawful.

 

10.4        Certificates.
Every shareholder is entitled, without charge, to one certificate representing the share or shares of each class or series held
by him; provided that, in respect of a share or shares held jointly by several persons, the Corporation shall not be bound to issue
more than one certificate, and delivery of a certificate for a share to one of several joint registered holders or to his duly
authorized agent shall be sufficient delivery to all; and provided further that the Corporation shall not be bound to issue certificates
representing redeemable shares, if such shares are to be redeemed within one month of the date on which they were allotted. Any
share certificate may be sent through the mail by prepaid mail to the shareholder entitled thereto, and neither the Corporation
nor any transfer agent shall be liable for any loss occasioned to the shareholder owing to any such share certificate so sent being
lost in the mail or stolen.

 

    	 	20	 

     

    

 

10.5        Certificates.
Every share certificate issued by the Corporation shall be in such form as the directors approve and shall comply with the Act.

 

10.6        Replacement
Certificates. If a share certificate:

 

		(a)	is worn or defaced, the directors shall, upon production
to them of the said certificate and upon such other terms, if any, as they may think fit, order the said certificate to be cancelled
and shall issue a new certificate in lieu thereof;

 

		(b)	is lost, stolen or destroyed, then, upon proof thereof
to the satisfaction of the directors and upon such indemnity, if any, as the directors deem adequate being given, a new share
certificate in lieu thereof shall be issued to the person entitled to such lost, stolen or destroyed certificate; or

 

		(c)	represents more than one share and the registered owner
thereof surrenders it to the Corporation with a written request that the Corporation issue in his name two or more certificates
each representing a specified number of shares and in the aggregate representing the same number of shares as the certificate
so surrendered, the Corporation shall cancel the certificate so surrendered and issue in lieu thereof certificates in accordance
with such request.

 

There shall be paid to the Corporation
such sum as the directors may from time to time fix, for each certificate to be issued under this by-law.

 

10.7        Trust.
Except as required by law, statute or the by-laws, no person shall be recognized by the Corporation as holding any share upon any
trust, and the Corporation shall not be bound by or compelled in any way to recognize (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or in any fractional part of a share or (except only as by law, statute or
the by-laws provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute
right to the entirety thereof in its registered holder.

 

10.8        Two
Names. The certificate representing shares registered in the name of two or more persons shall be delivered to the person
first named on the register of shareholders.

 

10.9        Redemption
of Shares. Subject to the Act, the articles and the special rights and restrictions attached to any class of shares of
the Corporation, the Corporation may, by a resolution of the directors and in compliance with the Act, purchase any of its shares
in accordance with the special rights and restrictions attaching thereto. No such purchase or redemption shall be made if the Corporation
is insolvent at the time of the proposed purchase or redemption or if the proposed purchase or redemption would render the Corporation
insolvent. Subject to the Act, any shares purchased or redeemed by the Corporation may be sold or, if cancelled, reissued by it,
but while such shares are held by the Corporation, it shall not exercise any vote in respect of such shares and no dividend or
other distribution shall be paid or made thereon. If the Corporation proposes at its option to redeem sonic but not all of the
shares of any class or series, the directors may, subject to the special rights and restrictions attached to such shares, decide
the manner in which the shares to be redeemed shall be selected and such redemption may or may not be made pro rata among every
shareholder holding any such shares as the directors may determine.

 

    	 	21	 

     

    

 

10.10      Signatures.
Subject to the Act, the signature of the Chairman of the Board, the Vice-Chairman of the Board, the Managing Director, the President,
a Vice-President or any other director or officer of the Corporation may be printed, engraved, lithographed or otherwise mechanically
reproduced upon certificates for shares of the Corporation. Certificates so signed shall be deemed to have been manually signed
by the Chairman of the Board, the Vice-Chairman of the Board, the Managing Director, the President, the Vice-President, the director
or the officer whose signature is so printed, engraved, lithographed or otherwise mechanically reproduced thereon and shall be
as valid to all intents and purposes as if they have been signed manually. Where the Corporation has appointed a registrar, transfer
agent, branch registrar or branch transfer agent for the shares (or for the shares of any class or classes) of the Corporation,
the signature of the Secretary or Assistant Secretary may also be printed, engraved, lithographed or otherwise mechanically reproduced
on certificates representing the shares (or the shares of the class or classes in respect of which any such appointment has been
made) of the Corporation and when countersigned by or on behalf of a registrar, transfer agent, branch registrar or branch transfer
agent, such certificates so signed shall be as valid to all intents and purposes as if they had been signed manually. A share certificate
containing the signature of a person which is printed, engraved, lithographed or otherwise mechanically reproduced thereon may
be issued notwithstanding that the person has ceased to be an officer of the Corporation and shall be as valid as if he were an
officer at the date of its issue.

 

		11.	TRANSFER OF SECURITIES

 

11.1        Transfer
of Shares. Subject to the restrictions, if any, set forth in the articles and the by-laws, any shareholder may transfer
any of his shares by instrument in writing executed by or on behalf of such shareholder and delivered to the Corporation or its
transfer agent. The instrument of transfer of any share of the Corporation shall be in the form, if any, on the back of the Corporation's
share certificates or in such other form as the directors may from time to time approve or accept. If the directors so determine,
each instrument of transfer shall be in respect of only one class of share. Except to the extent that the Act may otherwise provide,
the transferor shall be deemed to remain the holder of the shares until the name of the transferee is entered in the register of
shareholders or a branch register of shareholders in respect thereof.

 

11.2        Signature.
The signature of the registered owner of any shares, or of his duly authorized attorney, upon an authorized instrument of transfer
shall constitute a complete and sufficient authority to the Corporation, its directors, officers and agents to register, in the
name of the transferee as named in the instrument of transfer, the number of shares specified therein or, if no number is specified,
all the shares of the registered owner represented by share certificates deposited with the instrument of transfer. If no transferee
is named in the instrument of transfer, the instrument of transfer shall constitute a complete and sufficient authority to the
Corporation, its directors, officers and agents to register, in the name of the person on whose behalf any certificate for the
shares to be transferred is deposited with the Corporation for the purpose of having the transfer registered, the number of shares
if specified in the instrument of transfer or, if no number is specified, all the shares represented by all share certificates
deposited with the instrument of transfer.

 

    	 	22	 

     

    

 

11.3        Transferee.
Neither the Corporation nor any director, officer or agent thereof shall be bound to enquire into the title of the person named
in the form of transfer as transferee, or, if no person is named therein as transferee, of the person on whose behalf the certificate
is deposited with the Corporation for the purpose of having the transfer registered or be liable to any claim by such registered
owner or by any intermediate owner or holder of the certificate or of any of the shares represented thereby or any interest therein
for registering the transfer, and the transfer, when registered, shall confer upon the person in whose name the shares have been
registered a valid title to such shares.

 

11.4        Instrument
of Transfer. Every instrument of transfer shall be executed by the transferor and left at the registered office of the
Corporation or at the office of its transfer agent or registrar for registration together with the share certificate for the shares
to be transferred and such other evidence, if any, as the directors or the transfer agent or registrar may require to prove the
title of the transferor or his right to transfer the shares and the right of the transferee to have the transfer registered. All
instruments of transfer, where the transfer is registered, shall be retained by the Corporation or its transfer agent or registrar
and any instrument of transfer, where the transfer is not registered, shall be returned to the person depositing the same together
with the share certificate which accompanied the same when tendered for registration.

 

11.5        Fees.
There shall be paid to the Corporation in respect of the registration of any transfer such sum, if any, as the directors may from
time to time determine.

 

11.6        Restriction
on Transfers. Notwithstanding any other provision of the by-laws, while the Corporation is, or becomes a corporation which
is not a reporting issuer as defined in the Securities Act (British Columbia), then no shares shall be transferred and entered
on the register of shareholders without the previous consent of the directors expressed by a resolution of the board and the directors
shall not be required to give any reason for refusing to consent to any such proposed transfer. The consent of the board required
by this by-law may be in respect of a specific proposed trade or trades or trading generally, whether or not over a specified period
of time, or by specific persons or with such other restrictions or requirements as the directors may determine.

 

11.7        Transmission
of Shares. In the case of the death of a shareholder, the survivor or survivors, where the deceased was a joint registered
holder, and the legal personal representative of the deceased, where he was the sole holder, shall be the only persons recognized
by the Corporation as having any title to his interest in the shares. Before recognizing any legal personal representative the
directors may require him to deliver to the Corporation the original or a court-certified copy of a grant of probate or letters
of administration in British Columbia or such other evidence and documents as the directors consider appropriate to establish the
right of the personal representative to such title to the interest in the shares of the deceased shareholder.

 

11.8        Death
or Bankruptcy. Upon the death or bankruptcy of a shareholder, his personal representative or trustee in bankruptcy, although
not a shareholder, shall have the same rights, privileges and obligations that attach to the shares formerly held by the deceased
or bankrupt shareholder if the documents required by the Act shall have been deposited with the Corporation. This by-law does not
apply on the death of a shareholder with respect to shares registered in his name and the name of another person in joint tenancy.

 

    	 	23	 

     

    

 

11.9        Death
or Bankruptcy. Any person becoming entitled to a share in consequence of the death or bankruptcy of a shareholder shall,
upon such documents and evidence being produced to the Corporation as the Act requires, or who becomes entitled to a share as a
result of an order of a Court of competent jurisdiction or a statute, has the right either to be registered as a shareholder in
his representative capacity in respect of such share, or, if he is a personal representative, instead of being registered himself,
to make such transfer of the shares as the deceased or bankrupt person could have made; but the directors shall, as regards a transfer
by a personal representative or trustee in bankruptcy, have the same right, if any, to decline or suspend registration of a transferee
as they would have in the case of a transfer of a share by the deceased or bankrupt person before the death or bankruptcy.

 

11.10      Transfer
Agent and Registrar. The directors may from time to time by resolution appoint or remove one or more transfer agents and/or
branch transfer agents and/or registrars and/or branch registrars (which may or may not be the same individual or body corporate)
for the securities issued by the Corporation in registered form (or for such securities of any class or classes) and may provide
for the registration of transfers of such securities (or such securities of any class or classes) in one or more places and such
transfer agents and/or branch transfer agents and/or registrars and/or branch registrars shall keep all necessary books and registers
of the Corporation for the registering of such securities (or such securities of the class or classes in respect of which any
such appointment has been made). In the event of any such appointment in respect of the shares (or the shares of any class or
classes) of the Corporation, all share certificates issued by the Corporation in respect of the shares (or the shares of the class
or classes in respect of which such appointment has been made) of the Corporation shall be countersigned by or on behalf of one
of the said transfer agents and/or branch transfer agents or by or on behalf of one of the said registrars and/or branch registrars,
if any.

 

11.11      Securities
Registrars. A central securities register of the Corporation shall be kept at the registered office of the Corporation
or at such other office or place in Canada as may from time to time be designated by resolution of the board of directors and a
branch securities register or registers may be kept at such office or offices of the Corporation or other place or places, either
in or outside Canada, as may from time to time be designated by resolution of the directors.

 

11.12      Shareholder
Indebted to the Corporation. If so provided in the articles or by-laws of the Corporation, the Corporation has a lien on
a share registered in the name of a shareholder or his legal representative for a debt of that shareholder to the Corporation.
By way of enforcement of such hen the directors may refuse to permit the registration of a transfer of such share.

 

		12.	DIVIDENDS

 

12.1        Dividends.
The directors may from time to time declare and authorize payment of such dividends, if any, as they may deem advisable and need
not give notice of such declaration to any shareholder. No dividend shall be paid otherwise than out of funds and/or assets properly
available for the payment of dividends and a declaration by the directors as to the amount of such funds or assets available for
dividends shall be conclusive. The Corporation may pay any such dividend wholly or in part by the distribution of specific assets,
and in particular by paid up shares, bonds, debentures or other securities of the Corporation or any other corporation, or in any
one or more such ways as may be authorized by the Corporation or the directors, and where any difficulty arises with regard to
such a distribution the directors may settle the same as they think expedient, and in particular may fix the value for distribution
of such specific assets or any part thereof, and may determine that cash payments in substitution for all or any part of the specific
assets to which any shareholders are entitled shall be made to any shareholders on the basis of the value so fixed to adjust the
rights of all parties, and may vest any such specific assets in trustees for the persons entitled to the dividend as may seem expedient
to the directors.

 

    	 	24	 

     

    

 

12.2        Payment
Date. Any dividend declared on shares of any class by the directors may be made payable on such date as is fixed by the
directors.

 

12.3        Declaration.
Subject to the rights of shareholders (if any) holding shares with specific rights as to dividends, all dividends on shares of
any class shall be declared and paid according to the number of such shares held.

 

12.4        Funds.
The directors may, before deckling any dividend, set aside out of the funds properly available for the payment of dividends
such sums as they think proper as a reserve or reserves, which shall, at the discretion of the directors, be applicable for meeting
contingencies, or for equalizing dividends, or for any other purpose to which such funds of the Corporation may be properly applied,
and pending such application may, at the like discretion, either be employed in the business of the Corporation or be invested
in such investments as the directors may from time to time think fit. The directors may also, without placing the same in reserve,
carry forward such funds which they think prudent not to divide.

 

12.5        Joint
Holders. If several persons are registered as joint holders of any share, any one of them may give an effective receipt
for any dividend, bonus or other moneys payable in respect of the share.

 

12.6        No
Interest. No dividend shall bear interest against the Corporation. Where the dividend to which a shareholder is entitled
includes a fraction of a cent, such fraction shall be disregarded in malting payment thereof and such payment shall be deemed to
be payment in full.

 

12.7        Delivery.
Any dividend, bonus or other moneys payable in cash in respect of shares may be paid by cheque or warrant sent through the post
directed to the registered address of the holder, or in the case of joint holders, to the registered address of that one of the
joint holders who is first named on the register, or to such person and to such address as the holder or joint holders may direct
in writing. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. The mailing of such
cheque or warrant shall, to the extent of the sum represented thereby (plus the amount of any tax required by law to be deducted)
discharge all liability for the dividend, unless such cheque or warrant shall not be paid on presentation or the amount of tax
so deducted shall not be paid to the appropriate taxing authority.

 

12.8        Surplus.
Notwithstanding anything contained in the by-laws, the directors may from time to time capitalize any undistributed surplus on
hand of the Corporation and may from time to time issue as fully paid and non-assessable any unissued shares, or any bonds, debentures
or debt obligations of the Corporation as a dividend representing such distributed surplus on hand or any part thereof.

 

12.9        Fractions.
Notwithstanding any other provisions of the by-laws, should any dividend result in any shareholders being entitled to a fractional
part of a share of the Corporation, the directors shall have the right to pay such shareholders in place of that fractional share,
the cash equivalent thereof calculated on the par value thereof or, in the case of shares without par value, calculated on the
price or consideration for which such shares were or were deemed to be issued, and shall have the further right and complete discretion
to carry out such distribution and to adjust the rights of the shareholders with respect thereon on as practical and equitable
a basis as possible including the right to arrange through a fiscal agent or otherwise for the sale, consolidation or other disposition
of those fractional shares on behalf of those shareholders of the Corporation.

 

    	 	25	 

     

    

 

		13.	VOTING SHARES AND SECURITIES IN OTHER COMPANIES

 

13.1        Voting
Other Securities. All of the shares or other securities carrying voting rights of any other body corporate held from time
to time by the Corporation may be voted at any and all meetings of shareholders, bondholders, debenture holders or holders of other
securities (as the case may be) of such other body corporate and in such manner and by such person or persons as the board of directors
of the Corporation shall from time to time determine. The proper signing officers of the Corporation may also from time to time
execute and deliver for and on behalf of the Corporation proxies and/or arrange for the issuance of voting certificates and/or
other evidence of the right to vote in such names as they may determine without the necessity of a resolution or other action by
the board of directors.

 

		14.	INFORMATION AVAILABLE TO SHAREHOLDERS

 

14.1        Information.
Except as provided by the Act, no shareholder shall be entitled to discovery of any information respecting any details or conduct
of the Corporation's business which in the opinion of the directors it would be inexpedient in the interests of the Corporation
to communicate to the public.

 

14.2        Inspection.
The directors may from time to time, subject to rights conferred by the Act, determine whether and to what extent and at what time
and place and under what conditions or regulations the documents, books and registers and accounting records of the Corporation
or any of them shall be open to the inspection of shareholders and no shareholder shall have any right to inspect any document
or book or register or accounting record of the Corporation except as conferred by statute or authorized by the board of directors
or by a resolution of the shareholders.

 

		15.	NOTICES

 

15.1        Service.
Any notice or other document required by the Act, the Regulations, the articles or the by-laws to be sent to any shareholder or
director or to the auditor shall be delivered personally or sent by prepaid mail, fax, email, cable, telegram or telex to any such
shareholder at his latest address as shown in the records of the Corporation or its transfer agent and to any such director at
his latest address as shown in the records of the Corporation or in the last notice filed under section 106 or 113 of the Act,
and to the auditor at his business address; provided always that notice may be waived or the time for the notice may be waived
or abridged at any time with the consent in writing of the person entitled thereto. If a notice or document is sent to a shareholder
by prepaid mail in accordance with this paragraph and the notice or document is returned on three consecutive occasions because
the shareholder cannot be found, it shall not be necessary to send any further notices or documents to the shareholder until he
informs the Corporation in writing of his new address.

 

15.2        Shares
Registered in More than One Name. All notices or other documents with respect to any shares registered in more than one
name shall be given to whichever of such persons is named first in the records of the Corporation and any notice or other document
so given shall be sufficient notice or delivery to all the holders of such shares.

 

    	 	26	 

     

    

 

15.3        Persons
Becoming Entitled by Operation of Law. Subject to the Act, every person who by operation of law, transfer or by any other
means whatsoever shall become entitled to any share or shares shall be bound by every notice or other document in respect of such
share or shares which, previous to his name and address being entered in the records of the Corporation, shall be duly given to
the person or person from who he derives his title to such share or shares.

 

15.4        Deceased
Shareholders. Subject to the Act, any notice or other document delivered or sent by post, fax, email, cable, telegram or
telex or left at the address of any shareholder as the same appears in the records of the Corporation shall, notwithstanding that
such shareholder be then deceased, and whether or not the Corporation has notice of his decease, be deemed to have been duly served
in respect of the shares held by such shareholder (whether held solely or with any other person or person) until some other person
be entered in his stead in the records of the Corporation as the holder or one of the holders thereof and such service shall for
all purposes be deemed a sufficient service of such notice or document on his heirs, executors or administrators and on all persons,
if any, interested with him in such shares.

 

15.5        Signature
to Notices. The signature of any director or officer of the Corporation to any notice or document to be given by the Corporation
may be written, stamped, typewritten or printed or partly written, stamped, typewritten or printed.

 

15.6        Computation
of Time. Where a given number of days' notice or notice extending over a period is required to be given under any provisions
of the articles or by-laws of the Corporation the day of service or posting of the notice or document shall, unless it is otherwise
provided, be counted in such number of days or other period.

 

15.7        Proof
of Service. With respect to every notice or other document sent by post it shall be sufficient to prove that the envelope
or wrapper containing the notice or other document was properly addressed as provided in paragraph 15.1 of this by-law and put
into a post office or into a letter box. A certificate of an officer of the Corporation in office at the time of the making of
the certificate or of a transfer officer of any transfer agent or branch transfer agent of shares of any class of the Corporation
as to facts in relation to the sending or delivery of any notice or other document to any shareholder, director, officer or auditor
or publication of any notice or other document shall be conclusive evidence thereof and shall be binding on every shareholder,
director, officer or auditor of the Corporation as the case may be.

 

15.8        Record
Dates. The directors may fix in advance a date, which shall not be more than the maximum number of days permitted by the
Act, preceding the date of any meeting of shareholders, including class and series meetings, or of the payment of any dividend
or to participate in a liquidation distribution or of the proposed taking of any other proper action requiring the determination
of shareholders, as the record date for the determination of the shareholders entitled to notice of, or to attend and vote at,
any such meeting and any adjournment thereof, or entitled to receive payment of any such dividend or for any other proper purpose
and, in such case, notwithstanding anything elsewhere contained in the by-laws, only shareholders of record on the date so fixed
shall be deemed to be shareholders for the purposes aforesaid.

 

    	 	27	 

     

    

 

15.9        Record
Date. Where no record date is so fixed for the determination of shareholders as provided in the preceding by-law, the record
date of the determination of shareholders entitled to receive notice of a meeting of shareholders shall be.

 

		(a)	at the close of business on the day immediately preceding
the day on which the notice is given; or

 

		(b)	if no notice is given, the day on which the meeting is
held; and

 

the record date for the determination of
shareholders for any purpose other than to establish a shareholders' right to receive notice of a meeting or to vote shall be at
the close of business on the day on which the directors pass the resolution relating thereto.

 

		16.	CHEQUES, DRAFTS AND NOTES

 

16.1        Cheques.
All cheques, drafts or orders for the payment of money and all notes and acceptances and bills of exchange shall be signed by such
officer or officers or person or person, whether or not officers of the Corporation, and in such manner as the board of directors
may from time to time designate by resolution.

 

		17.	CUSTODY OF SECURITIES

 

17.1        Custody.
All shares and securities owned by the Corporation may be lodged (in the name of the Corporation) with a chartered bank or trust
company or in a safety deposit box or, if so authorized by resolution of the board of directors, with such other depositaries or
in such other manner as may be determined from time to time by the board of directors.

 

17.2        Nominees.
All share certificates, bonds, debentures, notes or other obligations belonging to the Corporation may be issued or held in the
name of a nominee or nominees of the Corporation (and if issued or held in the name of more than one nominee shall be held in the
names of the nominees jointly with the right of survivorship) and shall be endorsed in blank with endorsement guaranteed in order
to enable transfer to be completed and registration to be effected.

 

		18.	EXECUTION OF INSTRUMENTS

 

18.1        Execution.   Contracts,
documents or instruments in writing requiring the signature of the Corporation may be signed by:

 

		(a)	the Chairman of the Board, the Vice-Chairman of the Board,
the Managing Director, the President or a Vice-President together with the Secretary or the Treasurer, or

 

		(b)	any two directors

 

and all contracts, documents and instruments
in writing so signed shall be binding upon the Corporation without any further authorization or formality. The board of directors
shall have power from time to time by resolution to appoint any director or directors, officer or officers, or any person or person,
on behalf of the Corporation either to sign contracts, documents and instruments in writing generally or to sign specific contracts,
documents or instruments in writing.

 

    	 	28	 

     

    

 

18.2        Seal.
The corporate seal (if any) of the Corporation may be affixed to contracts, documents and instruments in writing signed as aforesaid
or by any officer or officers, person or persons, appointed as aforesaid by resolution of the board of directors, but any such
contract, document or instrument is not invalid merely because the corporate seal is not affixed thereto.

 

18.3        Definition.
The term "contracts, documents or instruments in writing" as used in this by-law shall include deeds, mortgages, hypothecs,
charges, conveyances, transfers and assignments of property real or personal, immovable or movable, agreements, releases, receipts
and discharges for the payment of money or other obligations, conveyances, transfers and assignments of shares, share warrants,
stocks, bonds, debentures or other securities and all paper writings.

 

18.4        Securities.
In particular without limiting the generality of the foregoing:

 

		(a)	the Chairman of the Board, the Vice-Chairman of the Board,
the Managing Director, the President or a Vice-President together with the Secretary or the Treasurer, or

 

		(b)	any two directors; or

 

		(c)	any director or directors, officer or officers, or any
person or person, on behalf of the Corporation appointed from time to time by resolution of the board of directors;

 

shall have authority to sell, assign, transfer,
exchange, convert or convey any and all shares, stocks, bonds, debentures, rights, warrants or other securities owned by or registered
in the name of the Corporation and to sign and execute (under the seal of the Corporation or otherwise) all assignments, transfers,
conveyances, powers of attorney and other instruments that may be necessary for the purpose of selling, assigning, transferring,
exchanging, converting or conveying any such shares, stocks, bonds, debentures, rights, warrants or other securities.

 

18.5        Signatures.
The signature or signatures of the Chairman of the Board, the Vice-Chairman of the Board, the Managing Director, the President,
a Vice-President, the Secretary, the Treasurer, an Assistant Secretary or an Assistant Treasurer or any director of the Corporation
and/or of any other officer or officers, person or person, appointed as aforesaid by resolution of the board of directors may,
if specifically authorized by resolution of the directors, be printed, engraved, lithographed or otherwise mechanically reproduced
upon any contracts, documents or instruments in writing or bonds, debentures or other securities of the Corporation executed or
issued by or on behalf of the Corporation and all contracts, documents or instruments in writing or bonds, debentures or other
securities of the Corporation on which the signature or signatures of any of the foregoing officers or persons authorized as aforesaid
shall be so reproduced pursuant to special authorization by resolution of the directors shall be deemed to have been manually signed
by such officers or persons whose signature or signatures is or are so reproduced and shall be as valid to all intents and purposes
as if they had been signed manually and notwithstanding that the officers or persons whose signature or signatures is or are so
reproduced may have ceased to hold office at the date of the delivery or issue of such contracts, documents or instruments in writing
or bonds, debentures or other securities of the Corporation.

 

    	 	29	 

     

    

 

		19.	FINANCIAL YEAR

 

19.1        Year
End. The financial year of the Corporation shall terminate on such date in each year as the directors may from time to
time by resolutions determine.

 

		20.	BORROWING

 

20.1        Borrowing.
Subject to the provisions of the Act, the directors may from time to time authorize the Corporation to;

 

		(a)	borrow money on the credit of the Corporation;

 

		(b)	issue, resell, sell or pledge debt obligations of the Corporation;

 

		(c)	give a guarantee on behalf of the Corporation to secure
performance of an obligation of any person;

 

		(d)	mortgage, charge, hypothecate, pledge or otherwise create
a security interest on all or any property of the Corporation, owned or subsequently acquired to secure any obligation of the
Corporation; and

 

		(e)	give financial assistance to any person, directly or indirectly,
by way of loan, guarantee, the provision of security or otherwise.

 

20.2        The
directors may make any bonds, debentures or other debt obligations issued by the Corporation by their terms assignable free from
any equities between the Corporation and the person to whom they may be issued or any other person who lawfully acquires them by
assignment, purchase or otherwise.

 

20.3        The
directors may authorize the issue of any bonds, debentures or other debt obligations of the Corporation at a discount, premium
or otherwise and with special or other rights or privileges as to redemption, surrender, drawings, allotment of or conversion
into or exchange for shares, attending and voting at general meetings of the Corporation and otherwise as the directors may determine
at or before the time of issue.

 

20.4        The
Corporation shall keep or cause to be kept at its registered office in accordance with the Act a register of its debentures and
a register of debentureholders, which registers may be combined, and, subject to the provisions of the Act, may keep or cause to
be kept one or more branch registers of its debentureholders at such place or places as the directors may from time to time determine
and the directors may by resolution, regulation or otherwise make such provisions as they think fit respecting the keeping of such
branch registers.

 

20.5        Every
bond, debenture or other debt obligation of the Corporation shall be signed manually by at least one director or officer of the
Corporation or by or on behalf of a trustee, registrar, branch registrar, transfer agent or branch transfer agent for the bond,
debenture or other debt obligations appointed by the Corporation or under any instrument under which the bond, debenture or other
debt obligation is issued and any additional signatures may be printed or otherwise mechanically reproduced thereon and, in such
event, a bond, debenture or other debt obligation so signed is as valid as if signed manually notwithstanding that any person whose
signature is so printed or mechanically reproduced shall have ceased to hold the office that he is stated on such bond, debenture
or other debt obligation to hold at the date of the issue thereof.

 

    	 	30	 

     

    

 

20.6        The
Corporation shall keep or cause to be kept a register of its indebtedness to every director or officer of the Corporation or an
associate of any of them in accordance with the provisions of the Act.

 

		21.	DISCLOSURE OF INTEREST OF DIRECTORS

 

21.1        Conflicts.
A director who is in any way, directly or indirectly, interested in an existing or proposed contract or transaction with the Corporation
or who holds any office or possesses ally property whereby, directly or indirectly, a duty or interest might be created to conflict
with his duty or interest as a director shall declare the nature and extent of his interest in such contract or transaction or
of the conflict or potential conflict with his duty and interest as a director, as the case may be, in accordance with the provisions
of the Act.

 

21.2        A
director shall not vote in respect of any such contract or transaction with the Corporation in which he is interested and if he
shall do so his vote shall not be counted, but he shall be counted in the quorum present at the meeting at which such vote is taken.
Subject to the provisions of the Act, the prohibitions contained in this by-law shall not apply to:

 

		(a)	any contract or transaction relating to a loan to the Corporation,
the repayment of all or part of which a director or a specified corporation or a specified firm in which he has an interest has
guaranteed or joined in guaranteeing;

 

		(b)	any contract or transaction made, or to be made, with or
for the benefit of an affiliated corporation of which a director is a director or officer;

 

		(c)	any contract by a director to subscribe for or underwrite
shares or debentures to be issued by the Corporation or a subsidiary of the Corporation, or any contract, arrangement or transaction
in which a director is, directly or indirectly interested if all the other directors are also, directly or indirectly interested
in the contract, arrangement or transaction;

 

		(d)	determining the remuneration of the directors in that capacity;

 

		(e)	purchasing and maintaining insurance to cover directors
against liability incurred by them as directors; or

 

the indemnification of any director by the Corporation.

 

These exceptions may from time to time
be suspended or amended to any extent approved by the Corporation in general meeting and permitted by the Act, either generally
or in respect of any particular contract or transaction or for any particular period.

 

21.3        The
interest of a director in any matter described in this by-law or otherwise shall not affect such director's alternate director
and such alternate director may be counted in a quorum and may vote upon such matter notwithstanding disqualification of the director,
nor shall a disqualification of an alternate director affect the ability of a director to be counted in a quorum or to vote on
a matter in which such director's alternate director shall be disqualified.

 

    	 	31	 

     

    

 

21.4        A
director may hold any office or position with the Corporation, other than the office of auditor of the Corporation, in
conjunction with his office of director for such period and on such terms, as to remuneration or otherwise, as the directors
may determine and no director or intended director shall be disqualified by his office from contracting with the Corporation
either with regard to his tenure of any such other office or position or as vendor, purchaser or otherwise, and, subject to
compliance with the provisions of the Act, no contact or transaction entered into by or on behalf of the Corporation in which
a director is in any way interested shall be liable to be voided by reason thereof.

 

21.5        Subject
to compliance with the provisions of the Act, a director or his film may act in a professional capacity for the Corporation
and he or his firm shall be entitled to remuneration for professional services as if he were not a director.

 

21.6        A
director may be or become a director or other officer or employee of, or otherwise interested in, any corporation or firm in which
the Corporation may be interested as a shareholder or otherwise, and, subject to compliance with the provisions of the Act, such
director shall not be accountable to the Corporation for any remuneration or other benefits received by him as director, officer
or employee of, or from his interest in, such other corporation or firm.

 

The foregoing by-law was made by the directors
of the Corporation on March 7 , 2018, and was confirmed without variation by the shareholders of the Corporation on
March 7, 2018.

 

	 	/s/ William
    Hunter
	 	Name: William Hunter
	 	Title: President & CEO

 

[Signature Page to By-law No. 1]

 

    	 	32PRECISION
OPINION, INC

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
PRECISION OPINION, INC EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into, as of the 1st day of January,
2014, (“Effective Date”), by and between PRECISION OPINION, INC, a Nevada corporation (“PO”) with its
principal place of business in Las Vegas, NV and Guthrie Rebel , an individual whose present residential address is 437
Fynn Valley Dr, LV, NV 89148
(“Employee” and together with
PO, the “Parties”).

 

In
consideration of the covenants, representations and warranties set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

I.
Employment and Duties

 

Employee
shall be employed by PO in the position of Executive Vice President as of the Effective Date, and shall report directly to PO’s
President. Employee shall have and fulfill all duties and responsibilities normal and customary for the position of Vice President
Operations as well as perform all other duties reasonably requested of him by PO’s President.

 

2.
Salary and Bonus

 

Throughout
the Employment Term, Employee shall receive an annual salary of One Hundred Ninety Eight Thousand Dollars ($198,000) (“Salary”)
payable bi-weekly, which is subject to applicable employment, state and federal tax withholding. In addition, Employee shall be
eligible for annual bonus and salary increase pursuant to be determined by PO’s President.

 

3.
Benefits

 

Employee
shall be eligible to participate in those benefits available to all employees of PO, subject to the same terms, conditions and
eligibility requirements as other employees, including, without limitation health insurance and retirement/profit sharing plans.
Employee shall receive an automobile allowance of up to $2,000 a month.

 

4.
Expense Reimbursement

 

Employee
shall be entitled to reasonable business expense reimbursements; provided, however, that no business expense reimbursements shall
exceed $200 per item per month without prior written approval from PO’s President.

 

5.
Employment Term

 

The
term of this agreement is for 5-years and is automatically renewed unless a separate agreement is agreed to by the employee and
the company. Employee’s employment term shall be for the Employment Term, subject to the following termination events (each
a “Termination Event”):

 

5.1.
Employee commits an act of fraud against PO.

 

5.2.
Employee fails to perform the services contemplated by this Agreement with diligence or competence.

 

5.3.
Employee materially breaches this Agreement.

 

5.4.
Employee and PO mutually agree to terminate this Agreement.

 

    	 

     

    

 

5.5.
Employee provides PO with 14 days’ written notice of voluntary termination.

 

6.
Vacation

 

Employee
shall initially be entitled to two (2) weeks of paid time off per year. Commencing on the first (1st) anniversary of
the Effective Date. Employee shall submit her proposed vacation schedule to the President. Up to one (1) weeks of unused vacation
time may be carried over to the following anniversary year; the remainder of unused vacation time will be forfeited. Any unused
vacation time at the end of the employment relationship will be paid out to Employee based on his then applicable Salary.

 

ATTORNEY
REVIEW

 

EMPLOYEE
UNDERSTANDS THAT THIS AGREEMENT SETS FORTH IMPORTANT RIGHTS AND LIABILITIES THAT IMPOSE SUBSTANTIAL OBLIGATIONS, RESPONSIBILITIES
AND COVENANTS UPON EMPLOYEE. WHILE EMPLOYEE HEREBY COVENANTS, REPRESENTS AND WARRANTS THAT EMPLOYEE HAS FULLY READ AND HAS FULLY
UNDERSTOOD THE NATURE, SPIRIT AND SCOPE OF THIS AGREEMENT, EMPLOYEE ALSO UNDERSTANDS THAT IT IS IMPORTANT FOR EMPLOYEE TO SEEK
THE ADVICE OF LEGAL COUNSEL WHEN ENTERING INTO SUCH AN AGREEMENT AND EMPLOYEE HAS TAKEN THE OPPORTUNITY TO EVALUATE THE NEED FOR
LEGAL COUNSEL, AND HAS EITHER OBTAINED LEGAL COUNSEL’S ADVICE WITH RESPECT TO THIS AGREEMENT OR HAS DETERMINED, IN EMPLOYEE’S
OWN BEST INTEREST, THAT IT IS UNNECESSARY FOR EMPLOYEE TO TAKE THE TIME TO OBTAIN SUCH LEGAL COUNSEL’S ADVICE.

 

	EMPLOYEE:	 	 	PO:
     
	 	 	 	 	 
	 	 	 	PRECISION
                                         OPINION, INC

                                                                     a
                                         Nevada corporation

		 	 	 
	/s/
    Guthrie Rebel	 	By:	/s/
    James T Medick 
	Guthrie
    Rebel	 	Name:	James
    T Medick 
	Date: 	1/1/14 	 	Title:	President
	 	 	 	Date:	1/1/14

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