Document:

Exhibit 4.1 - Memorandum and Articles of Association of Elan

     

    EXHIBIT
      4.1

    

    

    COMPANIES
      ACTS, 1963 to 2005

    

    ______________

    

    PUBLIC
      LIMITED COMPANY

    

    ______________

    

    

    

    

    M
      E M O R
      A N D U M

    

    and

    

    A
      R T I C
      L E S O F A S S O C I A T I O N

    

    of

    

    ELAN
      CORPORATION, plc

    ______________

    

    (As
      amended by all Special Resolutions up to and

    including
      the 25th
      of May,
      2006)

    

    

    

    

    

    _________________________________________

    

    Incorporated
      18th December, 1969

    _________________________________________

    

    

    

    

    

    Elan
      Corporation, plc

    Treasury
      Building

    Lower
      Grand Canal Street

    Dublin
      2

    Ireland

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    

    THE
      COMPANIES ACTS, 1963 to 2005

    _______________

    

    PUBLIC
      LIMITED COMPANY

    ____________

    

    

    

    MEMORANDUM
      OF ASSOCIATION

    

    of

    

    ELAN
      CORPORATION, plc

    

    (As
      amended by all Special Resolutions up to and

    including
      the 19th
      of
      August, 2002)

    

    _____________

    

    1. The
      name
      of the Company is "Elan Corporation, plc".

    

    2. The
      Company is to be a public limited company.

    

    3. The
      objects for which the Company is established are:-

    

    
      	 	
              (1)

            	
              To
                carry on all or any of the businesses of manufacturers, buyers, sellers,
                and distributing agents of and dealers in all kinds of patent,
                pharmaceutical, medicinal, and medicated preparations, patent medicines,
                drugs, herbs, perfumes, creams, unguents, hairdressings, washes,
                pomades,
                dyes, cosmetics, skin preparations, soaps, oils, oleaginous and
                vaporaceous substances, beauty specialties, preparations and accessories
                of every description, and of and in pharmaceutical, medicinal, proprietary
                and industrial preparations, compounds, and articles of all kinds,
                chemists, druggists, and chemical manufacturers, merchants and dealers;
                and to manufacture, make up, prepare, buy, sell, and deal in all
                articles,
                substances, and things commonly or conveniently used in or for making
                up,
                preparing, or packing any of the products in which the Company is
                authorised to deal, or which may be required by customers of or persons
                having dealings with the Company. 

            

    

    

    
      	 	
              (2)

            	
              To
                establish, maintain and operate laboratories and shops for the purpose
                of
                carrying on chemical, physical and other research in medicine, chemistry,
                pharmacy, dentistry, industry or other unrelated or related fields.
                

            

    

    

    
      	 	
              (3)

            	
              To
                carry on any other business except the issuing of policies of insurance,
                which may seem to the Company capable of being conveniently carried
                on in
                connection with the above, or calculated directly or indirectly to
                enhance
                the value of or render profitable any of the Company's property or
                rights.

            

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (4)

            	
              As
                an object of the Company and as a pursuit in itself or otherwise,
                and
                whether for the purpose of making a profit or avoiding a loss or
                for any
                other purpose whatsoever (whether or not the Company derives any
                benefit
                therefrom), to engage in currency exchange and interest rate transactions
                and any other financial or other transactions of whatever nature,
                including (without limiting the foregoing) any transaction for the
                purposes of, or capable of being for the purposes of, avoiding, reducing,
                minimising, hedging against or otherwise managing the risk of any
                loss,
                cost, expense or liability existing, or which may arise, directly
                or
                indirectly, from a change or changes in any interest rate or currency
                exchange rate or in the price or value of any property, asset, commodity,
                index or liability or from any other risk of factor, including but
                not
                limited to dealings, whether involving purchases, sales or otherwise,
                in
                foreign and Irish currency, spot and forward exchange rate contracts,
                forward rate agreements, caps, floors and collars, futures, options,
                swaps, and any other currency interest rate and other hedging arrangements
                and such other instruments as are similar to, or derivatives of,
                any of
                the foregoing.

            

    

    

    
      	 	
              (5)

            	
              To
                invest any monies of the Company in such investments (including shares
                in
                the Company) and in such manner as may from time to time be determined,
                and to hold, sell or deal with such investments and generally to
                purchase,
                take on lease or in exchange or otherwise acquire any real and personal
                property and rights or privileges.

            

    

    

    
      	 	
              (6)

            	
              To
                develop and turn to account any land acquired by the Company or in
                which
                it is interested and in particular by laying out and preparing the
                same
                for building purposes, constructing, altering, pulling down, decorating,
                maintaining, fitting up and improving buildings and conveniences,
                and by
                planting, paving, draining, farming, cultivating, letting on building
                lease or building agreement and by advancing money to and entering
                into
                contracts and arrangements of all kinds with builders, tenants and
                others.

            

    

    

    
      	 	
              (7)

            	
              To
                lend money to such persons or companies either with or without security
                and upon such terms as may seem
                expedient.

            

    

    

    
      	 	
              (8)

            	
              To
                borrow or raise or secure the payment of money in such manner as
                the
                Company shall think fit, and in particular by the issue of debentures
                or
                debenture stock, perpetual or otherwise, charged upon all or any
                of the
                Company's property, both present and future, including its uncalled
                capital, and to purchase, redeem or pay off any such
                securities.

            

    

    

    
      	 	
              (9)

            	
              To
                adopt such means of making known the Company and its products and
                services
                as may seem expedient.

            

    

    

    
      	 	
              (10)

            	
              To
                sell, improve, manage, develop, exchange, lease, mortgage, enfranchise,
                dispose of, turn to account or otherwise deal with all or any part
                of the
                property, undertaking, rights or assets of the Company and for such
                consideration as the Company might think fit. Generally to purchase,
                take
                on lease or in exchange or otherwise acquire any real and personal
                property and rights or
                privileges.

            

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (11)

            	
              To
                guarantee, support or secure, whether by personal covenant or by
                mortgaging or charging all or any part of the undertaking, property
                and
                assets (present and future) and uncalled capital of the Company,
                or by
                both such methods, the performance of the obligations of and the
                repayment
                or payment of the principal amounts of and premiums, interest and
                dividends on any securities of any person, firm or company, including
                (without prejudice to the generality of the foregoing) any company
                which
                is for the time being the Company's holding company as defined by
                Section
                155 of the Companies Act, 1963, or another subsidiary as defined
                by the
                said Section of the Company's holding company or otherwise associated
                with
                the Company in business and to grant indemnities of all kinds whether
                with
                or without any such security as above
                mentioned.

            

    

    

    (12) To
      amalgamate with any other company.

    

    
      	 	
              (13)

            	
              To
                apply for, purchase or otherwise acquire any patents, brevets d'invention,
                licences, trade marks, technology and know-how and the like conferring
                any
                exclusive or non-exclusive or limited right to use or any secret
                or other
                information as to any invention or technology which may seem capable
                of
                being used, for any of the purposes of the Company or the acquisition
                of
                which may seem calculated directly or indirectly to benefit the Company,
                and to use, exercise, develop or grant licences in respect of or
                otherwise
                turn to account the property rights or information so
                acquired.

            

    

    

    
      	 	
              (14)

            	
              To
                enter into partnership or into any arrangement for sharing profits,
                union
                of interests, co-operation, joint venture or otherwise with any person
                or
                company or engage in any business or transaction capable of being
                conducted so as directly or indirectly to benefit the
                Company.

            

    

    

    
      	 	
              (15)

            	
              To
                grant pensions or gratuities (to include death benefits) to any officers
                or employees or ex-officers or ex-employees of the Company, or its
                predecessors in business or the relations, families or dependants
                of any
                such persons, and to establish or support any non-contributory or
                contributory pension or superannuation funds, any associations,
                institutions, clubs, buildings and housing schemes, funds and trusts
                which
                may be considered calculated to benefit any such persons or otherwise
                advance the interests of the Company or of its
                members.

            

    

    

    
      	 	
              (16)

            	
              To
                promote any company or companies for the purpose of acquiring all
                or any
                of the property and liabilities of this Company or for any other
                purpose
                which may seem directly or indirectly calculated to benefit this
                Company.

            

    

    

    
      	 	
              (17)

            	
              To
                remunerate any person or company for services rendered or to be rendered
                in placing or assisting to place or guaranteeing the placing of any
                of the
                shares in the Company's capital or any debentures, debenture stock
                or
                other securities of the Company, or in or about the formation or
                promotion
                of the Company or the conduct of its
                business.

            

    

    

    
      	 	
              (18)

            	
              To
                draw, make, accept, endorse, discount, execute and issue promissory
                notes,
                bills of exchange, bills of lading, warrants, debentures, letters
                of
                credit and other negotiable or transferable
                instruments.

            

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (19)

            	
              To
                undertake and execute any trusts the undertaking whereof may seem
                desirable, whether gratuitously or
                otherwise.

            

    

    

    
      	 	
              (20)

            	
              To
                procure the Company to be registered or recognised in any country
                or
                place.

            

    

    

    
      	 	
              (21)

            	
              To
                promote freedom of contract and to counteract and discourage interference
                therewith, to join any trade or business federation, union or association,
                with a view to promoting the Company's business and safeguarding
                the
                same.

            

    

    

    
      	 	
              (22)

            	
              To
                do all or any of the above things in any part of the world as principal,
                agent, contractor, trustee or otherwise, and by or through trustees,
                agents or otherwise and either alone or in conjunction with
                others.

            

    

    

    
      	 	
              (23)

            	
              To
                distribute any of the property of the Company in specie among the
                members.

            

    

    

    
      	 	
              (24)

            	
              To
                do all such other things as the Company may think incidental or conducive
                to the attainment of the above objects or any of
                them.

            

    

    

    NOTE
      A: The
      objects specified in each paragraph of this clause shall, except where otherwise
      expressed in such paragraph, be in no wise limited or restricted by reference
      to, or inference from, the terms of any other paragraph. 

    

    NOTE
      B: It
      is
      hereby declared that the word "company" in this clause (except where it refers
      to this Company) shall be deemed to include any partnership or other body of
      persons, whether or not incorporated and whether formed in Ireland or
      elsewhere.

    

    
      	
              4.

            	
              The
                liability of the members is
                limited.

            

    

    

    
      	
              5.

            	
              The
                capital of the Company is €33,502,500
                divided into 670,000,000 Ordinary Shares of €0.05
                each, 1,000 non-voting Executive Shares of €1.25
                each and 25,000 “B” Executive Shares of €0.05
                each.

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    

    We,
      the
      several persons whose names, addresses and descriptions are subscribed, wish
      to
      be formed into a Company in pursuance of this Memorandum of Association, and
      we
      agree to take the number of shares in the capital of the Company set opposite
      our respective names.

    

    ____________________________________________________________

    

    
      	
              Names,
                Addresses and Descriptions

            	
              Number
                of Shares

            
	
              of
                Subscribers

            	
              taken
                by each Subscriber

            

    

    ____________________________________________________________

    

    

    

    

    
      	
              Donald
                M. Pratt,

            	
              One

            
	
              32
                Kildare Street,

            	 
	
              Dublin
                2.

            	 

    

    

    Solicitor

    

    

    

    

    

    
      	
              Heather
                Johnston,

            	
              One

            
	
              32
                Kildare Street,

            	 
	
              Dublin
                2.

            	 

    

    

    Secretary

    

    ____________________________________________________________

    

    
      	
              Total
                Shares taken:-

            	
              Two

            

    

    ____________________________________________________________

    

    

    Dated
      the
      15th day of December, 1969.

    

    Witness
      to the above signatures:-

    

    
      	 	
              Simon
                C. K. Quick,

            
	 	
              32
                Kildare Street,

            
	 	
              Dublin
                2.

            
	 	 
	 	
              Solicitor

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    

    COMPANIES
      ACTS, 1963 to 2005

    _______________

    

    

    PUBLIC
      LIMITED COMPANY

    ____________

    

    

    ARTICLES
      OF ASSOCIATION

    

    of

    

    ELAN
      CORPORATION, plc

    

    (Adopted
      by Special Resolution passed the 25th
      of
      August, 1987 and subsequently amended by Special Resolutions passed the
      25th
      of
      August 1988, the 24th
      of
      August 1989, the 27th
      of
      August 1991, the 2nd
      of July
      1992, the 6th
      of July
      1995, the 27th
      of June
      1996, the 20th
      of June
      1997, the 24th
      of April
      1998, the 14th
      of May
      1999, the 19th
      of
      August 2002, the 17th
      of June
      2004 and the 25th
      of May
      2006.)

    

    _____________

    

    PRELIMINARY

    

    
      	
              1.

            	
              The
                regulations in Table A in the First Schedule to the Companies Act,
                1963
                shall not apply to the Company.

            

    

    

    
      	
              2.

            	
              In
                these Articles the words standing in the first column of the table
                next
                hereinafter contained shall bear the meanings set opposite to them
                respectively in the second column thereof, if not inconsistent with
                the
                subject or context -

            

    

     

     

      
        

      

    

    

    
      	
              WORDS

            	
              MEANINGS

            

    

     

      
        

      

    

     

    
      	
              The
                Act

            	
              The
                Companies Act, 1963.

            
	 	 
	
              The
                Acts

            	
              The
                Companies Acts, 1963 to 2005 and every statutory modification or
                re-enactment thereof for the time being in force.

            
	 	 
	
              These
                Articles

            	
              These
                Articles of Association as originally framed or as altered from time
                to
                time by Special Resolution.

            
	 	 
	
              Address

            	
              Includes
                any number or address used for the purposes of communication by way
                of
                electronic mail or other Electronic Communication.

            
	 	 
	
              Advanced
                Electronic

            	 
	
              Signature

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            

    

     

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
       

    

    
      	 	 
	
              Electronic
                

            	 
	
              Communication

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            
	 	 
	
              Electronic
                Signature

            	
              Has
                the same meaning as under the Electronic Commerce Act, 2000 (as amended
                or
                supplemented from time to time).

            
	 	 
	
              The
                Office

            	
              The
                registered office for the time being of the Company.

            
	 	 
	
              The
                Seal

            	
              The
                Common Seal of the Company.

            
	 	 
	
              Paid
                Up

            	
              Paid
                up and/or credited as paid up.

            
	 	 
	
              Dividend

            	
              Dividend
                and/or bonus.

            
	 	 
	
              In
                writing

            	
              Written,
                printed, photographed or lithographed or visibly expressed in all
                or any
                of those or any other modes of representing or reproducing words
                provided
                that it shall not include writing in electronic form except as provided
                in
                these Articles and/or where it constitutes writing in electronic
                form sent
                to either the Company or a member of the Company, the Company or
                member of
                the Company has agreed to receipt in such form.

            
	 	 
	
              Class
                Meeting

            	
              Meeting
                of holders of one class of Shares in the Company.

            
	 	 
	
              Secretary

            	
              means
                any person appointed to perform the duties of the Secretary of the
                Company
                and shall, if there is no Secretary capable of acting, include an
                Assistant Secretary or Acting Secretary for the time
                being.

            
	 	 
	
              The
                Register

            	
              means
                the Register of Members to be kept as required by Section 116 of
                the
                Act.

            

    

    

    Words
      importing the singular number only shall include the plural number, and vice
      versa.

    

    Words
      importing the masculine gender only shall include the feminine gender and vice
      versa.

    

    Words
      importing persons shall include corporations.

    

    "Ordinary
      Shares" shall include all categories of Ordinary Shares.

    

    Subject
      as aforesaid, any words or expressions defined in the Acts shall, if not
      inconsistent with the subject or context, bear the same meanings in these
      Articles.

    

    

    CAPITAL

    

    
      	
              3.

            	
              (i)

            	
              The
                capital of the Company is €33,502,500
                divided into 670,000,000 Ordinary Shares of €0.05
                each, 1,000 non-voting Executive Shares of €1.25
                each and 25,000 “B” Executive Shares of €0.05
                each;

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (ii)

            	
              The
                said non-voting Executive Shares shall confer on the holders thereof
                neither the right to receive notice of or to attend or vote at any
                meetings of the Company, nor the right to be paid a dividend out
                of the
                profits of the Company save such dividend as the Directors may from
                time
                to time determine. The holders of such non-voting Executive Shares
                shall
                rank in a winding up of the Company as regards return of capital
                in
                priority to the Ordinary Shares, but shall not be entitled to any
                participation in the profits or assets of the
                Company.

            

    

    

    
      	 	
              (iii)

            	
              The
                said “B” Executive Shares shall rank pari passu in all respects with the
                said Ordinary shares except, that the said “B” Executive Shares shall not
                confer on the holders thereof the right to be paid a dividend out
                of the
                profits of the company save such dividend as the Directors may from
                time
                to time determine. On a winding up the said “B” Executive Shares will
                confer on the holders thereof the right to a return of capital paid
                up
                thereon pari passu with the holders of the Ordinary shares but shall
                confer no right to participate in any
                surplus.

            

    

    

    
      	
              4.

            	
              Without
                prejudice to any special rights for the time being conferred on the
                holders of any shares or class of shares any share in the Company
                may be
                issued with such preferred, deferred or other special rights or such
                restrictions as the Company may by Special Resolution determine,
                and any
                Preference Share may be issued on the terms that it is, or at the
                option
                of the Company is to be liable, to be redeemed on such terms and
                in such
                manner as the Company may by Special Resolution
                determine.

            

    

    

    
      	
              5.

            	
              (i)

            	
              Subject
                to the provisions of and to the extent permitted by the Acts and
                the
                Companies Act, 1990, to any rights conferred on the holders of any
                class
                of shares and to the following paragraph of this Article, the Company
                may
                purchase any of its shares of any class and may cancel any shares
                so
                purchased or hold them as treasury shares, with liberty to reissue
                any
                such shares as shares of any class or
                classes;

            

    

    

    
      	 	
              (ii)

            	
              The
                Company shall not be required to select the shares to be purchased
                on a
                pro rata basis or in any particular manner whether as between the
                holders
                of the shares of the same class or as between the holders of shares
                of
                different classes or otherwise.

            

    

    

    

    VARIATION
      OF RIGHTS

    

    
      	
              6.

            	
              Whenever
                the capital of the Company is divided into different classes of shares
                the
                special rights attached to any class may subject to the provisions
                of the
                Acts be varied or abrogated, either whilst the Company is a going
                concern
                or during or in contemplation of a winding-up, with the sanction
                of a
                Special Resolution passed at a Class Meeting of the holders of the
                shares
                of that class but not otherwise. To every Class Meeting all the provisions
                of these Articles relating to General Meetings of the Company or
                to the
                proceedings thereat shall, mutatis mutandis, apply, except that the
                necessary quorum shall be two or more persons holding or representing
                by
                proxy at least a majority in nominal amount of the issued shares
                of the
                class (but so that if at any adjourned meeting of such holders a
                quorum as
                above defined is not present those members who are present in person
                or by
                proxy shall be a quorum) and that the holders of shares of the class
                shall, on a poll, have one vote in respect of every share of the
                class
                held by them respectively. 

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    

    
      	
              7.

            	
              The
                special rights attached to any class of shares in the capital of
                the
                Company shall not (unless otherwise expressly provided by these Articles
                or the conditions of issue of such shares) be deemed to be varied
                by the
                creation or issue of further shares ranking pari passu therewith
                or
                subordinate thereto.

            

    

    

    SHARES

    

    
      	
              8.

            	
              Subject
                as regards new shares to the provisions of these Articles, the shares
                shall be under the control of the Directors who may, subject to the
                provisions of the Acts allot, grant options over or otherwise deal
                with or
                dispose of them to such persons at such times and generally on such
                terms
                and conditions as they think proper, but so that no shares shall
                be issued
                at a discount except in accordance with the provisions of the Acts
                and so
                that, in the case of all shares issued by the Company, the amount
                payable
                on application on each share shall not be less than the nominal amount
                of
                the share and the whole of any premium
                thereon.

            

    

    

    
      	
              9.

            	
              The
                Company shall not give, whether directly or indirectly, and whether
                by
                means of a loan, guarantee, the provision of security or otherwise,
                any
                financial assistance for the purpose of or in connection with a purchase
                or subscription made or to be made by any person of or for any shares
                in
                the Company or in its holding company (if any) nor shall the Company
                make
                a loan for any purpose whatsoever on the security of its shares or
                those
                of its holding company (if any), but nothing in this Article shall
                prohibit transactions permitted by the
                Acts.

            

    

    

    
      	
              10.

            	
              The
                Company may exercise the powers conferred by the Acts of paying
                commissions to persons subscribing or procuring subscriptions for
                shares
                of the Company or agreeing so to do, whether absolutely or conditionally,
                and any such commission may be satisfied by the payment of cash or
                the
                allotment of fully or partly paid shares of the Company, or partly
                in the
                one way and partly in the other: Provided that the rate per cent.
                of the
                amount of the commission paid or agreed to be paid shall be disclosed
                in
                the manner required by the Acts and shall not exceed 10 per cent.
                of the
                price at which the shares in respect whereof the commission is paid
                are
                issued or an amount equivalent thereto. The Company may also, on
                any issue
                of shares, pay such brokerage as may be
                lawful.

            

    

    

    
      	
              11.

            	
              Except
                as required by law, no person shall be recognised by the Company
                as
                holding any share upon any trust, and the Company shall not be bound
                by or
                compelled in any way to recognise (even when having notice thereof)
                any
                equitable, contingent, future or partial interest in any share or
                any
                interest in any fraction or part of a share or (except only as by
                these
                Articles or by law otherwise provided) any other rights in respect
                of any
                share except an absolute right to the entirety thereof in the registered
                holder; this shall not preclude the Company from requiring the members
                or
                the transferee of shares to furnish the Company with information
                as to the
                beneficial ownership of any share when such information is reasonably
                required by the Company.

            

    

    

    
      	
              12.

            	
              Every
                person whose name is entered as a member in the Register of Members
                shall
                be entitled without payment to one certificate for all his shares
                of each
                class and, if he transfers part of his holding, to one certificate
                for the
                balance. Upon payment of such sum, not exceeding ten pence for every
                certificate after the first, as the Directors shall from time to
                time
                determine, he shall also be entitled to several certificates, each
                for one
                or more of his shares. Every certificate shall be issued within two
                months
                after allotment or the 

            

    

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    lodgement
      with the Company of the transfer of the shares, unless the conditions of issue
      of such shares otherwise provide, and shall be under the Seal or under the
      official seal kept by the Company by virtue of section 3 of the Companies
      (Amendment) Act, 1977 and bear the signatures of one Director and the Secretary
      and shall specify the number and class and distinguishing numbers (if any)
      of
      the shares to which it relates and the amount paid up thereof; but so that
      the
      Directors may by resolution determine, either generally or in any particular
      case, that the signature of the Secretary or any Director may be affixed by
      some
      mechanical means or that such certificate shall bear no signatures, provided
      that the method is used only for certificates which have first been approved
      in
      writing for sealing by the Auditors, Transfer Auditors or Bankers of the
      Company. The Company shall not be bound to register more than four persons
      as
      the joint holders of any share (except in the case of executors or trustees
      of a
      deceased member) and in any case, not until such holders have supplied the
      Company with one address for the service of notices pursuant to Regulation
      105
      hereof and in the case of a share held jointly by several persons the Company
      shall not be bound to issue more than one certificate therefor and delivery
      of a
      certificate for a share to one of several joint holders shall be sufficient
      delivery to all.

    

    
      	
              13.

            	
              If
                any such certificate shall be worn out, defaced, destroyed or lost,
                it may
                be renewed on such evidence being produced as the Directors shall
                require,
                and, in case of wearing out or defacement, on delivery up of the
                old
                certificate and, in case of destruction or loss, on execution of
                such
                indemnity (if any) as the Directors may from time to time require.
                In case
                of destruction or loss, the member to whom such renewed certificate
                is
                given shall also bear and pay to the Company all expenses incidental
                to
                the investigation by the Company of the evidence of such destruction
                or
                loss and to such indemnity.

            

    

    

    

    TRANSFER
      OF SHARES

    

    
      	
              14.

            	
              All
                transfers of shares shall be effected by transfer in writing in any
                usual
                or common form or in any other form which the Directors may approve,
                but
                need not be under seal.

            

    

    

    
      	
              15.

            	
              The
                instrument of transfer of a fully paid share shall be signed by or
                on
                behalf of the transferor and in the case of a share not fully paid
                the
                instrument of transfer shall also be signed by or on behalf of the
                transferee. The transferor shall be deemed to remain the holder of
                the
                share until the name of the transferee is entered in the Register
                of
                Members in respect thereof.

            

    

    

    
      	
              16.

            	
              Every
                instrument of transfer shall be left at the Office for registration
                accompanied by the certificate of the shares to be transferred and
                such
                other evidence as the Company may require to prove the title of the
                transferor and his right to transfer the
                shares.

            

    

    

    
      	
              17.

            	
              The
                registration of transfers may be suspended at such times and for
                such
                periods (not exceeding thirty days in any year) as the Directors
                may from
                time to time determine.

            

    

    

    
      	
              18.

            	
              No
                fee shall be charged for registration of transfers or other documents
                relating to or affecting the title to any
                shares.

            

    

    

    
      	
              19.

            	
              All
                instruments of transfer which shall be registered shall be retained
                by the
                Company.

            

    

    

    
      	
              20.

            	
              Nothing
                in these Articles shall preclude the Directors from recognising a
                renunciation of the allotment of any shares by the allottee in favour
                of
                some other person.

            

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    

    TRANSMISSION
      OF SHARES

    

    
      	
              21.

            	
              In
                the case of the death of a member, the survivors or survivor where
                the
                deceased was joint holder, and the legal personal representatives
                of the
                deceased where he was a sole or only surviving holder, shall be the
                only
                persons recognised by the Company as having any title to his interest
                in
                the shares, but nothing in this Article shall release the estate
                of a
                deceased joint holder from any liability in respect of any share
                jointly
                held by him.

            

    

    

    
      	
              22.

            	
              Any
                person becoming entitled to a share in consequence of the death or
                bankruptcy of a member may, upon producing such evidence of title
                as may
                from time to time be properly required by the Directors and subject
                as
                hereinafter provided, elect either to be registered himself as the
                holder
                of the share or to have some person nominated by him registered as
                the
                transferee thereof, but the Directors shall in either case have the
                same
                right to suspend registration as they would have had in the case
                of a
                transfer of the share by that member before the event upon which
                transmission took place.

            

    

    

    

    
      	
              23.

            	
              If
                the person so becoming entitled shall elect to be registered himself,
                he
                shall deliver or send to the Company a notice in writing signed by
                him
                stating that he so elects. If he shall elect to have another person
                registered, he shall testify his election by executing to that person
                a
                transfer of such share. All the limitations, restrictions and provisions
                of these Articles relating to the right to transfer, and the registration
                of transfers of, shares shall be applicable to any such notice or
                transfer
                as if the event upon which the transmission took place had not occurred
                and the notice or transfer executed by the person from whom the title
                by
                transmission is derived.

            

    

    

    
      	
              24.

            	
              A
                person becoming entitled to a share by transmission shall be entitled
                to
                receive and give a discharge for any dividends or other moneys payable
                on
                or in respect of the share, but he shall not be entitled to receive
                notices of, or to attend or vote at, meetings of the Company or (save
                as
                aforesaid) to exercise any of the rights or privileges of a member
                in
                respect of the share, unless and until he shall be entered in the
                Register
                of Members as the holder thereof; however, the Directors may at any
                time
                give notice requiring any person to elect either to be registered
                himself
                or to transfer the share and, if the notice is not complied with
                within 90
                days, the Directors may thereupon withhold payment of all dividends
                or
                other moneys payable in respect of the share until the requirements
                of the
                notice have been complied with.

            

    

    

    

    INCREASE
      OF CAPITAL

    

    
      	
              25.

            	
              The
                Company may from time to time by Ordinary Resolution increase its
                share
                capital by such sum to be divided into shares of such amount as the
                resolution shall prescribe.

            

    

    

    
      	
              26.

            	
              Subject
                to the provisions of the Acts, the new shares shall be issued to
                such
                persons, upon such terms and conditions and with such rights and
                privileges annexed thereto as the General Meeting resolving upon
                the
                creation thereof shall direct and, if no direction be given, as the
                Directors shall determine and in particular such shares may be issued
                with
                a preferential or qualified right to dividends and in the distribution
                of
                the assets of the Company and with a special, or without any, right
                of
                voting.

            

    

    

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    

    
      	
              27.

            	
              Except
                so far as otherwise provided by the conditions of issue or by these
                presents, any capital raised by the creation of new shares shall
                be
                considered part of the pre-existing ordinary capital and shall be
                subject
                to the provisions herein contained with reference to transfer,
                transmission and otherwise.

            

    

    

    

    ALTERATION
      OF CAPITAL

    

    28. The
      Company from time to time may by Ordinary Resolution:-

    

    
      	 	
              (a)

            	
              consolidate
                and divide all or any of its share capital into shares of larger
                amount
                than its existing shares,

            

    

    

    
      	 	
              (b)

            	
              sub-divide
                its shares, or any of them, into shares of smaller amount, so however
                that
                the resolution whereby the share is sub-divided may determine that,
                as
                between the holders of the shares resulting from such sub-division,
                one or
                more of the shares may have such preferred or other special rights
                over,
                or may have such deferred rights or be subject to such restrictions
                as
                compared with, the others as the Company has power to attach to any
                unissued or new shares,

            

    

    

    
      	 	
              (c)

            	
              cancel
                shares which, at the date of the passing of the Resolution in that
                behalf,
                have not been taken or agreed to be taken by any person and diminish
                the
                amount of its share capital by the amount of the shares so
                cancelled

            

    

    

    and
      may
      by Special Resolution reduce its share capital, any capital redemption reserve
      fund and any share premium account in any manner authorised by the
      Acts.

    

    

    GENERAL
      MEETINGS

    

    
      	
              29.

            	
              The
                Company shall in each year hold a General Meeting as its Annual General
                Meeting in addition to any other meetings in that year and not more
                than
                fifteen months shall elapse between the date of one Annual General
                Meeting
                and that of the next.

            

    

    

    
      	
              30.

            	
              (a)

            	
              The
                Annual General Meeting shall be held at such time and place as the
                Directors shall determine. All General Meetings other than Annual
                General
                Meetings shall be called Extraordinary General
                Meetings.

            

    

    

    
      	 	
              (b)

            	
              Every
                Annual General Meeting shall be held in the Republic of Ireland unless
                either all the members entitled to attend and vote at such meetings
                consent in writing to its being held elsewhere or a resolution providing
                that it be held elsewhere shall have been passed at the preceding
                Annual
                General Meeting.

            

    

    

    
      	
              31.

            	
              The
                Directors may at any time call an Extraordinary General Meeting.
                Extraordinary General Meetings shall also be convened on such requisition,
                or in default may be convened by such requisitionists, as is provided
                by
                the Act.

            

    

    

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    

    NOTICE
      OF
      GENERAL MEETINGS

    

    
      	
              32.

            	
              In
                the case of an Annual General Meeting or of a meeting for the passing
                of a
                Special Resolution twenty-one clear-days' notice at the least, and
                in any
                other case 14 clear days' notice at the least, shall be given in
                writing
                (including writing in electronic form) in manner hereinafter mentioned
                to
                all the members (other than those who under the provisions of these
                Articles or the conditions of issue of the shares held by them are
                not
                entitled to receive the notice) and to the Auditors for the time
                being of
                the Company.

            

    

    

    33. Such
      notice shall state:-

    

    
      	 	
              (a)

            	
              the
                place, the day and the hour of the
                meeting,

            

    

    

    
      	 	
              (b)

            	
              in
                any case where there is to be special business, the general nature
                of such
                business,

            

    

    

    
      	 	
              (c)

            	
              that
                the meeting is the Annual General Meeting, where such is the case
                and

            

    

    

    
      	 	
              (d)

            	
              in
                reasonable prominence, that a member entitled to attend and vote
                is
                entitled to appoint one or more proxies to attend, speak and vote
                in his
                place and that a proxy need not be a member of the
                Company.

            

    

    

    
      	
              34.

            	
              Where,
                by any provision contained in the Acts, extended notice is required
                of a
                resolution, the resolution shall not be effective (except where the
                Directors of the Company have resolved to submit it) unless notice
                of the
                intention to move it has been given to the Company not less than
                twenty-eight days (or such shorter period as the Acts permit) before
                the
                meeting at which it is moved, and the Company shall give to the members
                notice of any such resolution as required by and in accordance with
                the
                provisions of the Acts.

            

    

    

    
      	
              35.

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

            

    

    

    

    PROCEEDINGS
      AT GENERAL MEETINGS

    

    
      	
              36.

            	
              All
                business shall be deemed special that is transacted at an Extraordinary
                General Meeting. All business that is transacted at an Annual General
                Meeting shall also be deemed special, with the exception of declaring
                a
                dividend, the consideration of the accounts, balance sheets and reports
                of
                the Directors and Auditors, the election of Directors in the place
                of
                those retiring, the re-appointment of the retiring Auditors and the
                fixing
                of the remuneration of the
                Auditors.

            

    

    

    
      	
              37.

            	
              No
                business shall be transacted at any General Meeting unless a quorum
                is
                present at the time when the meeting proceeds to business. Three
                or more
                members present in person or by proxy being holders of not less than
                one
                third of the Issued Ordinary Shares shall be a
                quorum.

            

    

    

    
      	
              38.

            	
              If
                within half an hour from the time appointed for the meeting a quorum
                is
                not present, the meeting, if convened on the requisition of or by
                members,
                shall be dissolved. In any other

            

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    case
      it
      shall stand adjourned to the same day in the next week at the same time and
      place or to such other day and at such other time and place as the Directors
      may
      determine, and, if at such adjourned meeting a quorum is not present within
      fifteen minutes from the time appointed for holding the meeting, the meeting
      shall be dissolved.

    

    
      	
              39.

            	
              The
                Chairman may, with the consent of any meeting at which a quorum is
                present, and shall, if so directed by the meeting, adjourn the meeting
                from time to time and from place to place. Whenever a meeting is
                adjourned
                for fourteen days or more, seven clear days' notice at the least,
                specifying the place, the day and the hour of the adjourned meeting
                shall
                be given as in the case of the original meeting, but it shall not
                be
                necessary to specify in such notice the nature of the business to
                be
                transacted at the adjourned meeting. Save as aforesaid, no member
                shall be
                entitled to any notice of an adjournment. No business shall be transacted
                at any adjourned meeting other than the business which might have
                been
                transacted at the meeting from which the adjournment took
                place.

            

    

    

    
      	40.
                	
              The
                Chairman (if any) of the Board of Directors, or in his absence the
                Deputy
                Chairman (if any) of the Board of Directors, or in his absence some
                other
                Director nominated by the Directors, shall preside at every General
                Meeting, but if at any meeting neither the Chairman, nor the Deputy
                Chairman, nor such other Director be present within fifteen minutes
                after
                the time appointed for holding the same, or if none of them be willing
                to
                act as Chairman, the Directors present shall choose some Director
                present
                to be Chairman, or if no Director be present or if all the Directors
                present decline to take the chair, the members present shall choose
                some
                member present to be Chairman.

            

    

    

    
      	
              41.

            	
              At
                any General Meeting, a resolution put to the vote of the meeting
                shall be
                decided on a show of hands unless, before or upon the declaration
                of the
                result of the show of hands, a poll is demanded in accordance with
                the
                provisions hereinafter contained. Unless a poll be so demanded, a
                declaration by the Chairman that a resolution has been carried, or
                carried
                unanimously or by a particular majority, or lost, or not carried
                by a
                particular majority, and an entry to that effect in the book containing
                the minutes of proceedings of the Company, shall be conclusive evidence
                of
                the fact without proof of the number or proportion of the votes recorded
                in favour of or against such
                resolution.

            

    

    

    
      	
              42.

            	
              (i)

            	
              A
                poll may be demanded by the Chairman,
                or

            

    

    

    
      	 	
              (a)

            	
              by
                not less than three members having the right to vote at the meeting,
                or
                

            

    

    

    
      	 	
              (b)

            	
              by
                a member or members representing not less than one-tenth of the total
                voting rights of all the members having the right to vote at the
                meeting.

            

    

    

    
      	 	
              (ii)

            	
              The
                demand for a poll shall not prevent the continuance of a meeting
                for the
                transaction of any business other than the question on which a poll
                has
                been demanded.

            

    

    

    (iii) The
      demand for a poll may be withdrawn.

    

    
      	 	
              (iv)

            	
              The
                instrument appointing a proxy to vote at a meeting shall be deemed
                also to
                confer authority to demand or join in demanding a poll, and for the
                purposes of this Article a demand by a person as proxy for a member
                shall
                be the same as a demand by the
                member.

            

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (v)

            	
              A
                poll demanded on the election of a Chairman or on a question of
                adjournment shall be taken forthwith. A poll demanded on any other
                question shall be taken either immediately or at such time (not being
                more
                than thirty days from the date of a meeting or adjourned meeting
                at which
                the poll was demanded) and place as the Chairman shall direct and
                shall be
                taken in such manner (including the use of ballot or voting papers)
                as the
                Chairman shall direct. The result of a poll shall be deemed to be
                the
                resolution of the meeting at which the poll was
                demanded.

            

    

    

    
      	 	
              (vi)

            	
              If
                any vote shall be counted which ought not to have been counted or
                might
                have been rejected, the error shall not vitiate the result of the
                voting
                unless it be pointed out at the meeting or adjourned meeting at which
                the
                vote is given and not in that case unless it shall in the opinion
                of the
                Chairman of the meeting be of sufficient magnitude to vitiate the
                result
                of the voting.

            

    

    

    
      	 	
              (vii)

            	
              On
                a poll a member entitled to more than one vote need not use all his
                votes
                or cast all the votes he uses in the same
                way.

            

    

    

    

    VOTES
      OF
      MEMBERS

    

    
      	
              43.

            	
              Votes
                may be given either personally or by proxy. Subject to any special
                rights
                or restrictions as to voting attached to any class of shares, on
                a show of
                hands every member who is present in person and entitled to vote
                and every
                proxy shall have one vote, so, however, that no individual shall
                have more
                than one vote and upon a poll every member present in person or by
                proxy
                shall have one vote for every share of which he is the
                holder.

            

    

    

    
      	
              44.

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

            

    

    

    
      	
              45.

            	
              A
                member of unsound mind, or in respect of whom an order has been made
                by
                any court having jurisdiction in lunacy, may vote, whether on a show
                of
                hands or on a poll, by his committee, receiver, curator bonis or
                other
                person in the nature of a committee, receiver or curator bonis appointed
                by such court, and such committee, receiver, curator bonis or other
                person
                may on a poll vote by proxy, provided that such evidence as the Directors
                may require of the authority of the person claiming to vote shall
                have
                been deposited at the Office not less than forty-eight hours before
                the
                time for holding the meeting or adjourned meeting at which such person
                claims to vote.

            

    

    

    
      	
              46.

            	
              In
                the case of joint holders of a share, if only one votes, his act
                binds all
                the joint holders, if more than one vote, the act of the majority
                so
                voting binds all; and, if more than one vote, but the vote is evenly
                split
                on any particular matter, each fraction may vote the shares in question
                proportionately. Any of such votes may be exercisable in person or
                by
                proxy.

            

    

    

    
      	
              47.

            	
              No
                objection shall be raised to the qualification of any voter except
                at the
                meeting or adjourned meeting at which the vote objected to is given
                or
                tendered and every vote not 

            

    

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    disallowed
      at such meeting shall be valid for all purposes. Any such objection made in
      due
      time shall be referred to the Chairman of the meeting, whose decision in the
      absence of manifest error, shall be final and conclusive.

    

    
      	
              48.

            	
              The
                instrument appointing a proxy shall be in writing under the hand
                of the
                appointor or of his attorney duly authorised in writing, or, if the
                appointor is a corporation, either under its common seal or under
                the hand
                of an officer or attorney so authorised. An instrument of proxy may
                be in
                any common form or in such other form as the Directors shall approve.
                Instruments of proxy need not be
                witnessed.

            

    

    

    
      	
              49.

            	
              Any
                person (whether a member of the Company or not) may be appointed
                to act as
                a proxy. A member may appoint more than one proxy as alternates to
                attend
                on the same occasion.

            

    

    

    
      	
              50.

            	
              Any
                proxy shall be delivered to the secretary of the meeting at or prior
                to
                the time designated in the order of business for so delivering such
                proxies. In the case of two or more proxies for the same shares the
                most
                recently dated of such proxies shall be
                controlling.

            

    

    

    
      	
              51.

            	
              The
                Directors may at the expense of the Company send, by post or otherwise,
                to
                the members instruments of proxy (with or without stamped envelopes
                for
                their return) for use at any General Meeting or at any Class Meeting,
                either in blank or nominating any one or more of the Directors or
                any
                other persons, in the alternative. If for the purpose of any meeting
                invitations to appoint as proxy a person or one of a number of persons
                specified in the invitations are issued at the expense of the Company,
                such invitations shall be issued to all (and not to some only) of
                the
                members entitled to be sent a notice of the meeting and to vote thereat
                by
                proxy.

            

    

    

    
      	
              52.

            	
              A
                vote given in accordance with the terms of an instrument of proxy
                shall be
                valid notwithstanding the death or insanity of the principal, or
                the
                revocation of the proxy or of the authority under which the instrument
                of
                proxy was executed, or the transfer of the share in respect of which
                the
                instrument of proxy is given, provided that no intimation in writing
                of
                such death, insanity, revocation or transfer shall have been received
                by
                the Company at the Office before the commencement of the meeting
                or
                adjourned meeting at which the instrument of proxy is
                used.

            

    

    

    

    DIRECTORS

    

    
      	
              53.

            	
              Unless
                otherwise determined by the Company by Ordinary Resolution, the number
                of
                Directors shall be not less than three and not more than
                fifteen.

            

    

    

    
      	
              54.

            	
              A
                Director shall not require a share qualification but nevertheless
                shall be
                entitled to attend and speak at any General Meeting and at any Class
                Meeting.

            

    

    

    
      	
              55.

            	
              The
                Directors shall be entitled by way of remuneration to such sum (if
                any) as
                shall from time to time be voted to them by the Company by Ordinary
                Resolution, and any such sum (unless otherwise determined by the
                resolution by which it is voted) shall be divided amongst the Directors
                as
                they shall agree or, failing agreement, equally. The Directors'
                remuneration shall be deemed to accrue from day to
                day.

            

    

    

    
      	
              56.

            	
              The
                Directors shall also be entitled to be paid all travelling, hotel
                and
                other expenses 

            

    

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    incurred
      by them respectively in and about the performance of their duties as Directors,
      including their expenses of travelling to and from meetings of the Directors
      or
      Committees of the Directors or General Meetings or Class Meetings.

    

    
      	
              57.

            	
              Any
                Director who serves on any Committee or who devotes special attention
                to
                the business of the Company or who otherwise performs services which
                in
                the opinion of the Directors are outside the scope of the ordinary
                duties
                of a Director may be paid such extra remuneration by way of salary,
                commission, participation in profits or otherwise as the Directors
                may
                determine.

            

    

    

    APPOINTMENT,
      ROTATION, DISQUALIFICATION AND 

    REMOVAL
      OF DIRECTORS

    

    
      	
              58.

            	
              Directors
                shall serve for a term of three years expiring at the Annual General
                Meeting in the third year following their appointment or as the case
                may
                be, their re-appointment at Annual General
                Meeting.

            

    

    

    
      	
              59.

            	
              A
                Director retiring at an Annual General Meeting shall retain office
                until
                the close or adjournment of the
                meeting.

            

    

    

    
      	
              60.

            	
              The
                Company may by Ordinary Resolution at the meeting at which any Director
                retires in manner aforesaid fill up the vacated office by appointing
                a
                person thereto and, in default, the retiring Director, if willing
                to act,
                shall be deemed to have been re-appointed unless at such meeting
                it is
                expressly resolved not to fill such vacated office or a resolution
                of the
                re-appointment of such Director shall have been put to the meeting
                and
                lost.

            

    

    

    
      	
              61.

            	
              At
                a General Meeting a motion for the appointment of two or more persons
                as
                Directors of the Company by a single resolution shall not be put
                unless a
                resolution that it shall be so put has been first agreed to by the
                meeting
                without any vote being given against
                it.

            

    

    

    
      	
              62.

            	
              No
                person shall, unless recommended by the Directors for appointment
                or, as
                the case may be, reappointment, be eligible for appointment or
                re-appointment to the office of Director at any General Meeting unless,
                within the prescribed time before the day appointed for the meeting,
                there
                shall have been given to the Company notice in writing by some member
                duly
                qualified to be present and vote at the meeting of his intention
                to
                propose such person for appointment and also notice in writing, signed
                by
                the person to be proposed, of his willingness to be appointed. The
                prescribed time above mentioned shall be such that, between the date
                when
                the notice is served or deemed to be served and the day appointed
                for the
                meeting, there shall be not less than seven nor more than forty-two
                days.

            

    

    

    
      	
              63.

            	
              The
                Company may by Ordinary Resolution increase or reduce the number
                of
                Directors.

            

    

    

    
      	
              64.

            	
              The
                Directors may from time to time and at any time appoint any person
                to be a
                Director either to fill a casual vacancy or as an additional Director
                provided that the total number of Directors shall not exceed the
                maximum
                number fixed by or in accordance with these Articles. Subject to
                the
                provisions of the Act, a Director so appointed shall hold office
                only
                until the conclusion of the Annual General Meeting following next
                after
                his appointment, when he shall retire. A Director who retires under
                this
                Article shall be eligible for re-appointment at the meeting at which
                he
                retires but shall not be taken into account in determining the rotation
                or
                retirement of Directors or the number of Directors to retire at such
                meeting.

            

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    65. The
      office of a Director shall be vacated forthwith:

    

    
      	 	
              (a)

            	
              If
                a receiving order be made against him or he make any arrangement
                or
                composition with his creditors
                generally;

            

    

    

    
      	 	
              (b)

            	
              If
                he become of unsound mind;

            

    

    

    
      	 	
              (c)

            	
              If
                he cease to be a Director, or be prohibited from being a Director
                by an
                Order made, under any provisions of the
                Acts;

            

    

    

    
      	 	
              (d)

            	
              If
                he (not being a Director holding for a fixed term an executive office
                in
                his company as a Director) resign his office by notice in writing
                to the
                Company; or

            

    

    

    
      	 	
              (e)

            	
              If
                he be absent from meetings of the Directors for twelve successive
                months
                without leave and his alternate Director (if any) shall not during
                such
                period have attended in his stead and the Directors resolve that
                his
                office be vacated.

            

    

    

    
      	
              66.

            	
              The
                Company may, by Ordinary Resolution, of which extended notice has
                been
                given in accordance with the provisions of the Acts, remove any Director
                before the expiry of his period of office notwithstanding anything
                in
                these Articles or in any agreement between the Company and such Director
                and may, if thought fit, by Ordinary Resolution appoint another Director
                in his stead. The person appointed shall be subject to retirement
                at the
                same time as if he had become a Director on the date on which the
                Director
                in whose place he is appointed was last appointed a Director. Nothing
                in
                this Article shall be taken as depriving a person removed thereunder
                of
                compensation or damages payable to him in respect of the termination
                of
                his appointment as Director or of any appointment terminating with
                that of
                Director.

            

    

    

    
      	
              67.(1)

            	
              (a)

            	
              The
                Directors may from time to time appoint one or more of their body
                to be
                the holder of any executive office on such terms and for such period
                as
                they think fit and, subject to the terms of any agreement entered
                into in
                any particular case, may revoke such
                appointment.

            

    

    

    
      	 	
              (b)

            	
              In
                the case of a Director so appointed to the office of Managing Director
                his
                appointment shall be automatically terminated if he cease from any
                cause
                to be a Director (without prejudice to any claim he may have for
                damages
                for breach of any contract of service between him and the Company).
                

            

    

    

    
      	 	
              (c)

            	
              A
                Director so appointed to any executive office shall be subject to
                retirement in accordance with these
                Articles.

            

    

    

    
      	 	
              (d)

            	
              A
                Director holding any such executive office shall receive such
                remuneration, whether in addition to or in substitution for his ordinary
                remuneration as a Director and whether by way of salary, commission,
                participation in profits or otherwise or partly in one way and partly
                in
                another, as the Directors may
                determine.

            

    

    

    
      	 	
              (e)

            	
              The
                Directors may confer upon a Director holding any such executive office
                any
                of the powers exercisable by them as Directors (save the control
                of
                shares) upon such terms and conditions and with such restrictions
                as they
                think fit and either collaterally with or to the exclusion of their
                own
                powers, and may from time to 

            

    

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    time
      revoke, withdraw or vary all or any such powers.

    

    (2)          
      A
      Director may from time to time appoint another Director or any other person
      to
      be his alternate. Every such alternate shall be entitled to notice of meetings
      of the Directors and to attend and vote as a Director (having an additional
      vote
      for each Director for whom he acts as alternate) at any such meeting at which
      the Director appointing him is not personally present and generally at such
      meeting to have and exercise all the powers, rights, duties and authorities
      of
      the Director appointing him. Every such alternate shall also be entitled in
      the
      absence of the Director appointing him to sign on his behalf a resolution in
      writing of the Directors. Every such alternate shall be an officer of the
      Company and shall not be deemed to be the agent of the Director appointing
      him.
      The remuneration of an alternate shall be payable out of the remuneration
      payable to the Director appointing him, and shall consist of such portion of
      the
      last mentioned remuneration as shall be agreed between such alternate and the
      Director appointing him. If a Director shall die or cease to hold the office
      of
      Director the appointment of his alternate shall thereupon cease and determine:
      Provided that if any Director retires by rotation but is re-appointed by the
      meeting at which such retirement took effect, any appointment made by him
      pursuant to this Article which was in force immediately prior to his retirement
      shall continue to operate after his re-appointment as if he had not so retired.
      All appointments and revocations of appointments of alternate Directors shall
      be
      in writing under the hand of the Appointer left at or sent by telex or facsimile
      to the office.

    

    POWERS
      OF
      DIRECTORS

    

    
      	
              68.

            	
              The
                business of the Company shall be managed by the Directors, who may
                pay all
                expenses incurred in promoting and registering the Company and may
                exercise all such powers of the Company as are not, by the Acts or
                by
                these regulations, required to be exercised by the Company in general
                meeting, subject, nevertheless, to any of these regulations, to the
                provisions of the Acts and to such directions, being not inconsistent
                with
                the aforesaid regulations or provisions, as may be given by the Company
                in
                general meeting; but no direction given by the Company in general
                meeting
                shall invalidate any prior act of the Directors which would have
                been
                valid if that direction had not been
                given.

            

    

    

    69. Without
      prejudice to the generality of the foregoing provisions:-

    

    
      	 	
              (a)

            	
              The
                Directors may make such arrangements as may be thought fit for the
                management of the Company's affairs in the Republic of Ireland or
                abroad
                and may for this purpose appoint local boards, attorneys and agents
                and
                fix their remuneration and delegate to them such powers as may be
                deemed
                requisite or expedient.

            

    

    

    
      	 	
              (b)

            	
              The
                Directors may establish and maintain or procure the establishment
                and
                maintenance of any non-contributory or contributory pension or
                superannuation funds for the benefit of, and give or procure the
                giving of
                donations, gratuities, pensions, allowances or emoluments to any
                persons
                who are or were at any time in the employment or service of the Company
                or
                of any company which is a subsidiary of the Company or is allied
                to or
                associated with
                the Company
                or
                with any such subsidiary or who are or were at any time Directors or
                officers of the Company or of any such other company as aforesaid
                and
                holding, or who held, any salaried employment, office or place of
                profit
                in the Company or such other company, and the wives, widows, families
                and
                dependants of any such persons, and

            

    

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

    may
      make
      payments for or towards the insurance of any such persons as aforesaid, and
      may
      do any of the matters aforesaid either alone or in conjunction with any such
      other company as aforesaid, subject always, if the Acts shall so require, to
      particulars with respect thereto being disclosed to the members and to the
      proposal being approved by the Company by Ordinary Resolution. A Director
      holding any such employment or office shall be entitled to participate in and
      retain for his own benefit any such donation, gratuity, pension, allowance
      or
      emolument.

    

    (c)          
      Subject
      as provided in Part III of the Companies (Amendment) Act, 1983 and subject
      as
      hereinafter provided the Board may exercise all the powers of the Company to
      borrow money, and to mortgage or charge its undertaking property, assets and
      uncalled capital or any part thereof, and subject to Section 20 of the Companies
      (Amendment) Act, 1983 to issue debentures, debenture stock and other securities,
      whether outright or as collateral security for any debt, liability or obligation
      of the Company or of any third party.

    

    

    
      	
              70.

            	
              (a)

            	
              A
                Director may hold any other office or place of profit under the Company
                (except that of Auditor) in conjunction with his office of Director,
                and
                may act in a professional capacity to the Company on such terms as
                to
                remuneration and otherwise as the Directors shall
                arrange.

            

    

    

    
      	 	
              (b)

            	
              A
                Director may be or become a director or officer of, or otherwise
                interested in, any company holding shares in the Company, any associated
                company or any company promoted by the Company or in which the Company
                may
                be interested as a member or otherwise and no such Director shall
                be
                accountable for any remuneration or other benefits received by him
                as a
                director or officer of or from his interest in such other company.
                The
                Directors may also exercise the voting power conferred by the shares
                in
                any other company held or owned by the Company in such manner in
                all
                respects as they think fit, including the exercise thereof in favour
                of
                any resolution appointing them or any of their number directors or
                officers of such other company or voting or providing for the payment
                of
                remuneration to the directors or officers of such other company;
                provided
                always that a Director may not vote in favour of the exercise of
                such
                voting power in manner aforesaid if he has an interest which (together
                with any interest of any person connected with him (within the meaning
                of
                Section 26 of the Companies Act 1990)) is a material interest (other
                than
                by virtue of his interest in shares or debentures or other securities
                of,
                or otherwise in or through, the Company) save where such interest
                arises
                in respect of a resolution relating to another company in which he
                does
                not hold an interest in shares (as that term is used in Part IV,
                Chapter 2
                of the Companies Act, 1990) representing one per cent or more of
                either
                any class of the equity share capital, or the voting rights, in such
                company. For the purposes of this paragraph "equity share capital"
                means,
                in relation to a company, its issued share capital excluding any
                part of
                that capital which, neither as respects dividend nor as respects
                capital,
                carries any right to participate beyond a specified amount in a
                distribution.

            

    

    

    

    
      	 	
              (c)

            	
              A
                Director who is in any way, whether directly or indirectly interested
                in a
                contract or arrangement or proposed contract or arrangement with
                the
                Company shall declare the nature of his interest at the meeting of
                the
                Directors at which the 

            

    

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

    question
      of entering into the contract or arrangement is first taken into consideration,
      if his interest then exists, or in any other case at the first meeting of the
      Directors after he becomes so interested. A general notice given by a Director
      to the effect that he is a member of a specified company or firm and is to
      be
      regarded as interested in all transactions with such company or firm shall
      be
      sufficient declaration of interest under this Article, and after such general
      notice it shall not be necessary to give any special notice relating to any
      subsequent transaction with such company or firm, provided that either the
      notice is given at a meeting of the Directors or the Director giving the same
      takes reasonable steps to secure that it is brought up and read at the next
      meeting of Directors after it is given.

    

    
      	 	
              (d)

            	
              (i)

            	
              Save
                as herein provided, a Director shall not vote in respect of any contract
                or arrangement or any other proposal whatsoever in which he has an
                interest which (together with any interest of any person connected
                with
                him (within the meaning of Section 26 of the Companies Act, 1990))
                is a
                material interest otherwise than by virtue of his interest in shares
                or
                debentures or other securities of, or otherwise in or through, the
                Company. A Director shall be counted in the quorum at a meeting in
                relation to any resolution on which he is debarred from
                voting.

            

    

    

    
      	 	 	
              (ii)

            	
              Where
                proposals are under consideration concerning the appointment (including
                fixing or varying the terms of appointment) of two or more Directors
                to
                offices or employments with the Company or any company in which the
                Company is interested, such proposals may be divided and considered
                in
                relation to each Director separately and in such cases each of the
                Directors concerned shall be entitled to vote and be counted in the
                quorum
                in respect of each resolution except that concerning his own
                appointment.

            

    

    

    
      	 	 	
              (iii)

            	
              If
                any question shall arise at any meeting as to the materiality of
                a
                Director's interest or as to the entitlement of any Director to vote
                and
                such question is not resolved by his voluntarily agreeing to abstain
                from
                voting, such question shall be referred to the members of the Board
                whose
                votes are not in question.

            

    

    

    
      	 	 	
              (iv)

            	
              The
                Company may by Ordinary Resolution ratify any transaction not duly
                authorised by reason of a contravention of this
                Article.

            

    

    
      
        
        

      

      
        22

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              71.

            	
              A
                copy of every declaration made and notice given under the preceding
                Article shall within three days after the making or giving thereof
                be
                entered in a book kept for this purpose. Such book shall be open
                for
                inspection without charge by any Director, Secretary, Auditor or
                member of
                the Company at the Office and shall be produced at every General
                Meeting
                of the Company and at any meeting of the Directors if any Director
                so
                requests in sufficient time to enable the book to be available at
                the
                meeting.

            

    

    

    
      	
              72.

            	
              All
                cheques, promissory notes, drafts, bills of exchange and other negotiable
                or transferable instruments and all receipts for moneys paid to the
                Company shall be signed, drawn, accepted, endorsed or otherwise executed,
                as the case may be, in such manner and by such persons, whether Directors
                or not, as the Directors shall from time to time
                determine.

            

    

    

    

    PROCEEDINGS
      OF DIRECTORS

    

    
      	
              73.

            	
              The
                Directors may meet together for the despatch of business and adjourn
                and
                otherwise regulate their meetings as they think fit. A Director who
                is
                also an alternate Director shall be entitled in the absence of the
                Director by whom he was appointed to a separate vote on behalf of
                such
                Director in addition to his own vote. Questions arising at any meeting
                shall be decided by a majority of votes. In the case of an equality
                of
                votes, the Chairman of the meeting shall have a second or casting
                vote.

            

    

    

    
      	
              74.

            	
              The
                Chairman may, and on the request of a Director the Secretary shall,
                at any
                time summon a meeting of the Directors.

            

    

    

    
      	
              75.

            	
              The
                quorum necessary for the transaction of the business of the Directors
                shall be one third or such higher proportion as from time to time
                may be
                fixed by the Directors. An alternate Director shall be counted in
                a
                quorum.

            

    

    

    
      	
              76.

            	
              The
                continuing Directors or Director may at any time act notwithstanding
                any
                vacancy in their body: Provided that, in case the Directors shall
                at any
                time be reduced in number to less than the minimum number fixed by
                or in
                accordance with these Articles, the continuing Directors or Director
                may
                act for the purpose of appointing an additional Director or Directors
                to
                make up such minimum, or of summoning a General Meeting of the Company,
                but for no other purpose.

            

    

    

    
      	
              77.

            	
              The
                Directors may from time to time appoint and remove a Chairman and
                a Deputy
                Chairman. The Chairman shall preside at all meetings of the Directors
                but,
                if at any meeting the Chairman be not present, the Deputy Chairman
                shall
                preside. If no Deputy Chairman shall have been appointed or if the
                Deputy
                Chairman be not present, the Directors present shall choose one of
                their
                number to be Chairman of such
                meeting.

            

    

    

    
      	
              78.

            	
              The
                Directors may delegate any of their powers to Committees as they
                think
                fit; any Committee may consist of one or more Directors, and the
                Directors
                shall be entitled to appoint such other persons as they consider
                expedient
                to a Committee, and to fix the remuneration of any such persons;
                provided
                that a majority of the members of a Committee shall at all times
                be
                Directors. Any Committee so formed shall be in the exercise of any
                power
                so delegated conform to any regulations that may from time to time
                be
                imposed upon it by the
                Directors.

            

    

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

    

    
      	
              79.

            	
              The
                meetings and proceedings of any such Committee consisting of two
                or more
                members shall be governed by the provisions of these Articles regulating
                the meetings and proceedings of the Directors, so far as the same
                are
                applicable and are not superseded by any regulations made by the
                Directors
                under the last preceding Article.

            

    

    

    
      	
              80.

            	
              All
                acts bona fide done by any meeting of 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
                appointment of any such Director or person acting as aforesaid or
                that
                they or any of them were disqualified or had vacated office or were
                not
                entitled to vote, be as valid as if every such person had been duly
                appointed and was qualified and had continued to be a Director and
                had
                been entitled to vote provided such action is subsequently duly
                ratified.

            

    

    

    
      	
              81.

            	
              The
                Directors shall cause proper minutes to be made of all proceedings
                of
                General Meetings and Class Meetings of the Company and of meetings
                of
                Directors and Committees of Directors and of the attendances thereat
                and
                of all appointments of officers made by the
                Directors.

            

    

    

    
      	
              82.

            	
              A
                resolution in writing signed by all the Directors shall be as effective
                for all purposes as a resolution duly passed at a meeting of the
                Directors
                duly convened and held and may consist of several documents in the
                like
                form each signed by one or more
                Directors.

            

    

    

    
      	
              83.

            	
              (a)

            	
              For
                the purpose of these Articles the contemporaneous linking together
                by
                telephone or other means of communication of a number of the Directors
                not
                less than the quorum, shall be deemed to constitute a meeting of
                the
                Directors and all the provisions in these Articles as to the meetings
                of
                the Directors shall apply to such meetings so long as the following
                conditions are met:-

            

    

    

    
      	 	 	
              (i)

            	
              All
                the Directors for the time being entitled to receive notice of a
                meeting
                of the Directors (including any alternate for any Director) shall
                be
                entitled to notice of any meeting of the Directors to be held by
                way of
                telephone communication or otherwise. Notice of any such meeting
                may be
                given by telephone or any other means of communication;
                

            

    

    

    
      	 	 	
              (ii)

            	
              Each
                of the Directors taking part in the meeting by telephone or other
                means of
                communication and, if in attendance, the Secretary, must be able
                to hear
                each of the other Directors taking part at the commencement of the
                meeting;

            

    

    

    
      	 	 	
              (iii)

            	
              At
                the commencement of the meeting each Director must acknowledge his
                presence for the purpose of a meeting of the Directors of the Company
                to
                all the other Directors taking
                part.

            

    

    

    
      	 	
              (b)

            	
              A
                Director may not leave the meeting by disconnecting his telephone
                or other
                means of communication, unless he has obtained the prior express
                consent
                of the Chairman of the meeting, and a Director shall be conclusively
                presumed to have been present and to have formed part of the quorum
                at all
                time during the meeting by telephone or other means of communication
                unless he had previously obtained the express consent of the Chairman
                of
                the meeting to leave the meeting
                aforesaid).

            

    

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    

    
      	 	
              (c)

            	
              A
                minute of the proceedings at such meeting by telephone or other means
                of
                communication shall be sufficient evidence of such proceedings and
                of the
                observance of all necessary formalities, if certified as a correct
                minute
                by the Chairman of the meeting.

            

    

    

    

    SECRETARY

    

    
      	
              84.

            	
              The
                Secretary shall be appointed by the Directors and any Secretary so
                appointed may be removed by them. The Directors may also appoint
                one or
                more Assistant Secretaries. An Assistant Secretary may carry out
                any of
                the functions of a Secretary which is required or authorised to be
                done by
                a Secretary under the Act. Anything by the Act required or authorised
                to
                be done by the Secretary or an Assistant Secretary may, if both offices
                are vacant or there is for any other reason no Secretary or Assistant
                Secretary capable of acting, be done by any officer of the Company
                authorised generally or specially on that behalf by the Directors:
                provided that any provision of the Act or these Articles requiring
                or
                authorising a thing to be done by a Director and the Secretary shall
                not
                be satisfied by its being done by the same person acting both as
                a
                Director and as, or in the place of, the
                Secretary.

            

    

    

    

    REGISTER
      OF DIRECTORS' SHARE AND DEBENTURE HOLDINGS

    

    
      	
              85.

            	
              A
                register of Directors' share and debenture holdings when required
                by the
                Acts shall be kept at the same office as that at which the Register
                of
                Members is kept and shall be open to the inspection of any member
                or
                holder of debentures of the Company on each day during which the
                same is
                bound to be open for inspection pursuant to the
                Acts.

            

    

    

    

    THE
      SEAL

    

    
      	
              86.

            	
              The
                Directors shall provide for the safe custody of the Seal and the
                Seal
                shall never be used except by the authority of the Directors or of
                a
                committee of Directors authorised by the Directors and (subject to
                the
                provisions of these Articles in relation to share certificates) every
                instrument to which the Seal shall be affixed shall be signed by
                a
                Director and shall be countersigned by the Secretary or by a second
                Director or by some other person appointed by the Directors for the
                purpose.

            

    

    

    
      	
              87.

            	
              The
                Company may have an official seal for use abroad under the provisions
                of
                the Acts where and as the Directors shall determine and the Company
                may by
                writing under the Seal appoint any agent or committee abroad to be
                the
                duly authorised agent of the Company for the purpose of affixing
                and using
                such official seal and may impose such restrictions on the use thereof
                as
                shall be thought fit. Wherever in these Articles reference is made
                to the
                Seal, the reference shall, when and so far as may be applicable,
                be deemed
                to include any such official seal as
                aforesaid.

            

    

    

    
      	
              88.

            	
              The
                Company may have, for use for sealing securities issued by the Company
                and
                for sealing documents creating or evidencing securities so issued,
                an
                official seal which is a facsimile of the Seal with the addition
                on its
                face of the word "Securities".

            

    

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    

    

    DIVIDENDS

    

    
      	
              89.

            	
              Subject
                to any preferential or other special rights for the time being attached
                to
                any class of shares, the profits of the Company available for distribution
                which it shall from time to time be determined to distribute by way
                of
                dividend shall be applied in payment of dividends upon the shares
                of the
                Company in proportion to the amount paid up thereon respectively
                otherwise
                than in advance of calls. All dividends shall be apportioned and
                paid pro
                rata according to the amounts for the time being paid up on the shares
                during the period in respect of which the dividend is paid except
                that if
                any share is issued on terms providing that it shall rank for dividend
                as
                if paid up (in whole or in part) as from a particular date such share
                shall rank for dividend
                accordingly.

            

    

    

    
      	
              90.

            	
              The
                Company in General Meeting may from time to time declare dividends,
                but no
                dividend shall be payable otherwise than out of the profits of the
                Company
                which it is lawful to distribute. No higher dividend shall be paid
                than is
                recommended by the Directors.

            

    

    

    
      	
              91.

            	
              Subject
                to the provisions of the Acts, the Directors may if they think fit
                from
                time to time pay to the members such interim dividends as appear
                to the
                Directors to be justified by the profits of the Company. If at any
                time
                the share capital of the Company is divided into different classes
                the
                Directors may pay such interim dividends in respect of those shares
                in the
                capital of the Company which confer on the holders thereof deferred
                or
                non-preferred rights as well as in respect of those shares which
                confer on
                the holders thereof preferential rights with regard to dividend and
                provided that the Directors act bona fide they shall not incur any
                responsibility to the holders of shares conferring a preference for
                any
                damage that they may suffer by reason of the payment of an interim
                dividend on any shares having deferred or non-preferred rights. The
                Directors may also pay half-yearly or at other suitable intervals
                to be
                settled by them any dividend which may be payable at a fixed rate
                if they
                are of opinion that the profits justify the
                payment.

            

    

    

    
      	
              92.

            	
              The
                Directors may deduct from any dividend or other moneys payable on
                or in
                respect of any shares held by a member all sums of money (if any)
                immediately payable by him to the Company on account of calls or
                otherwise
                in relation to shares of the
                Company.

            

    

    

    
      	
              93.

            	
              All
                unclaimed dividends may be invested or otherwise made use of by the
                Directors for the benefit of the Company until claimed. No dividend
                shall
                bear interest as against the
                Company.

            

    

    

    
      	
              94.

            	
              Any
                dividend or other moneys payable on or in respect of a share may
                be paid
                by cheque or warrant sent through the post to the registered address
                of
                the member or person entitled thereto and, in the case of joint holders,
                to the first named of such joint holders or to such person and such
                address as the holder or joint holders may direct. Every such cheque
                or
                warrant shall be made payable to the order of the person to whom
                it is
                sent or to such person as the holder or joint holders may direct
                and
                payment of the cheque or warrant shall be a good discharge to the
                Company.
                Every such cheque or warrant shall be sent at the risk of the persons
                entitled to the money represented
                thereby.

            

    

    

    
      	
              95.

            	
              If
                several persons are registered as joint holders of any share, any
                one of
                them may give effectual receipts for any dividend or other moneys
                payable
                on or in respect of the share.

            

    

    

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    

    
      	
              96.

            	
              A
                General Meeting declaring a dividend may direct payment of such dividend
                wholly or in part by the distribution of specific assets (in particular,
                of paid up shares or debentures of any other company) and the Directors
                shall give effect to such resolution. Where any difficulty arises
                in
                regard to the distribution, the Directors may settle the same as
                they
                think expedient and in particular may issue fractional certificates
                and
                may fix the value for distribution of such specific assets or any
                part
                thereof and may determine that cash payments shall be made to any
                members
                upon the footing of the value so fixed in order to adjust the rights
                of
                members and may vest any specific assets in trustees upon trust for
                the
                persons entitled to the dividend as the Directors think expedient
                and
                generally may make such arrangements for the allotment, acceptance
                and
                sale of such specific assets or fractional certificates, or any part
                thereof, and otherwise as they think
                fit.

            

    

    

    

    RESERVES

    

    
      	
              97.

            	
              The
                Directors may before recommending any dividend, whether preferential
                or
                otherwise, carry to reserve out of the profits of the Company (including
                any premiums received upon the issue of debentures or other securities
                of
                the Company) such sums as they think proper as a reserve or reserves
                which
                shall, at the discretion of the Directors, be applicable for any
                purpose
                to which the profits of the Company may be properly applied and pending
                such application may, at the like discretion, either be employed
                in the
                business of the Company or be invested in such investments as the
                Directors may from time to time think fit. The Directors may also
                without
                placing the same to reserve carry forward any profits which they
                may think
                it prudent not to divide.

            

    

    

    

    CAPITALISATION
      OF PROFITS

    

    
      	
              98.

            	
              The
                Company may by Ordinary Resolution on the recommendation of the Directors
                resolve that it is desirable to capitalise the whole or any part
                of the
                amounts for the time being standing to the credit of any of the Company's
                reserves or reserve accounts (including any capital redemption reserve
                fund or share premium account) or to the credit of the profit and
                loss
                account (whether or not such amounts are available for distribution)
                and
                accordingly that the Directors be authorised and directed to appropriate
                the amounts resolved to be capitalised to the members in proportion
                in
                which such amounts would have been divisible amongst them had the
                same
                been applied or been applicable in paying dividends and to apply
                such
                amounts on their behalf, either in or towards paying up the amounts
                (if
                any) for the time being unpaid on any shares or debentures held by
                such
                members respectively or in paying up in full unissued shares or debentures
                of the Company of a nominal amount equal to such amounts, or partly
                in one
                way and partly in the other, such shares or debentures to be allotted
                and
                distributed, credited as fully paid up, to and amongst such members
                in the
                proportion aforesaid.

            

    

    

    
      	
              99.

            	
              Whenever
                such a resolution as aforesaid shall have been passed, the Directors
                shall, subject to the provisions of the Acts, make all appropriations
                and
                applications of the amounts or sum resolved to be capitalised thereby
                and
                all allotments and issues of fully paid shares or debentures (if
                any) and
                generally shall do all acts and things required to give effect thereto,
                with full power to the Directors to make such provision by the issue
                of
                fractional certificates or by payment in cash or otherwise as they
                think
                fit for the case of shares or debentures becoming distributable in
                fractions, and also to authorise any person to enter, on behalf of
                all the
                members entitled to the benefit of such appropriations and applications,
                

            

    

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    into
      an
      agreement with the Company providing for the allotment to them respectively,
      credited as fully paid up, of any further shares or debentures to which they
      may
      be entitled upon such capitalisation, and any agreement made under such
      authority shall be effective and binding on all such members.

    

    

    

    ACCOUNTS

    

    
      	
              100.

            	
              The
                Directors shall cause proper accounts to be kept in accordance with
                the
                provisions of the Acts.

            

    

    

    
      	
              101.

            	
              The
                books of account shall be kept at the Office or (subject to the provisions
                of the Acts) at such other place as the Directors shall think fit
                and
                shall always be open to the inspection of the Directors. No member
                (not
                being a Director) shall have any right of inspecting any account
                or book
                or document of the Company except as conferred by statute or authorised
                by
                the Directors.

            

    

    

    
      	
              102.

            	
              The
                Directors shall from time to time, in accordance with the provisions
                of
                the Act, cause to be prepared and to be laid before the Company in
                General
                Meeting such profit and loss accounts, balance sheets, group accounts
                (if
                any) and reports as are specified in the
                Acts.

            

    

    

    
      	
              103.

            	
              A
                copy of the Directors' and Auditors' reports, accompanied by copies
                of the
                balance sheet, profit and loss account and other documents required
                by the
                Acts to be annexed to the balance sheet, shall, twenty-one days at
                the
                least before the Annual General Meeting, be delivered or sent by
                post to
                the registered address of every member and every holder of debentures
                of
                the Company (whether or not they are entitled to receive notice of
                meetings) and to the Auditors, provided that, if copies of such documents
                are sent less than twenty-one days before the date of the meeting,
                they
                shall, notwithstanding that fact, be deemed to have been duly sent
                if it
                is so agreed by all the members entitled to attend and vote at the
                meeting.

            

    

    

    
      	
              104.

            	
              The
                Auditors' Report shall be read before the Company in General Meeting
                and
                shall be open to inspection by any
                member.

            

    

    

    
      	
              105.

            	
              Every
                account of the Directors when audited and approved by an Annual General
                Meeting shall be conclusive except as regards any error discovered
                therein
                within three months next after the approval thereof. Whenever such
                an
                error is discovered within that period, the account shall forthwith
                be
                corrected and thereupon shall be
                conclusive.

            

    

    

    

    AUDIT

    

    106.         
      The
      provisions of the Acts in regard to audit and Auditors shall be
      observed.

    

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    NOTICES

    

    
      	
              107.

            	
              A
                notice or other document may be served by the Company upon any member
                either personally or by sending it through the post in a prepaid
                letter
                addressed to such member at his address as appearing in the Register
                of
                Members or by sending the same by electronic mail or other form of
                Electronic Communication approved by the Directors to the address
                of any
                member notified to the Company by the member for such purpose. In
                the case
                of joint holders of a share, all notices shall be sent to the address
                appearing in the Register of Members in respect of the joint holding
                (or
                in the case of a notice sent by electronic mail, to the address in
                respect
                of the joint holding notified to the Company by the joint holders
                for such
                purpose) and notice so given shall be sufficient notice to all the
                joint
                holders.

            

    

    

    

    
      	
              108.

            	
              Any
                member described in the Register of Members by an address not within
                the
                Republic of Ireland or the United States of America who shall from
                time to
                time give the Company an address within the Republic of Ireland or
                the
                United States of America at which notices may be served upon him
                shall be
                entitled to have notices served upon him at such address or shall
                be
                entitled to receive notices by electronic mail, or other form of
                Electronic Communication approved by the Directors, to be sent to
                an
                address notified to the Company by the member for such
                purpose.

            

    

    

    
      	
              109.

            	
              Every
                legal personal representative, committee, receiver curator bonis
                or other
                legal curator, assignee in bankruptcy or liquidator of a member shall
                be
                bound by a notice given as aforesaid if sent to the last registered
                address of such member or, in the event of a notice given or delivered
                by
                electronic mail, or other form of Electronic Communication approved
                by the
                Directors, if sent to the address notified by the member to the Company
                for such purpose, notwithstanding that the Company may have notice
                of the
                death, lunacy, bankruptcy, liquidation or disability of such
                member.

            

    

    

    
      	
              110.

            	
              Any
                notice or other document if served personally shall be deemed to
                have been
                served upon delivery and if served by post shall be deemed to have
                been
                served on the day following that on which the envelope or wrapper
                containing the same was posted, and in proving such service it shall
                be
                sufficient to prove that the envelope or wrapper containing the notice
                was
                properly addressed and put into the post office. A certificate in
                writing
                signed by the Secretary or any other officer of the Company that
                the
                envelope or wrapper containing the notice was so addressed and posted
                shall be conclusive evidence thereof. Where a notice or other document
                is
                served by electronic mail, or other form of Electronic Communication
                approved by the Directors, such notice or other document shall be
                deemed
                to have been served forty-eight (48) hours after the despatch of
                the
                Electronic Communication and a transmission report shall be conclusive
                evidence thereof.

            

    

    

    
      	
              111.

            	
              The
                signature to any notice to be given by the Company may be written
                or
                printed or in the case of a notice in electronic form the signature
                may be
                an Electronic Signature, Advanced Electronic Signature or otherwise
                as the
                Directors may approve.

            

    

    

    
      	
              112.

            	
              Where
                a given number of days' notice, or notice extending over any other
                period,
                is required to be given, the day of service shall, unless it is otherwise
                provided, be counted in such number of days or other
                period.

            

    

    

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    

    

    WINDING-UP

    

    
      	
              113.

            	
              If
                the Company shall be wound up (whether the liquidation is voluntary
                or by
                the court) the Liquidator may, with the authority of a Special Resolution,
                divide among the members in specie the whole or any part of the assets
                of
                the Company, whether such assets shall consist of property of one
                kind or
                of properties of different kinds, and may for such purpose set such
                value
                as he deems fair upon each kind of property and may determine subject
                to
                the rights of the holders of any class of preferential shares, how
                such
                division shall be carried out as between the members or different
                classes
                of members. The Liquidator may, with the like authority, vest any
                part of
                the assets in trustees upon such trusts for the benefit of members
                and for
                contributories as the Liquidator, with the like authority, shall
                think fit
                and the liquidation of the Company may be closed and the Company
                dissolved, but so that no member shall be compelled to accept any
                shares
                in respect of which there is a
                liability.

            

    

    

    
      	
              114.

            	
              Without
                prejudice to the rights of holders of shares issued upon special
                terms and
                conditions if the Company shall be wound up and the assets available
                for
                distribution among the members shall be insufficient to repay the
                whole of
                the paid up capital, such assets shall be distributed so that, as
                nearly
                as may be, the losses shall be borne by the members in proportion
                to the
                nominal amount of the share capital held by them but, if the assets
                available for distribution among the members shall be sufficient
                or more
                than sufficient to repay the whole of the paid up capital, such assets
                shall be applied first in paying off the whole of the paid up capital
                and
                secondly, in distributing the balance amount the members in proportion
                to
                the nominal share capital held by
                them.

            

    

    

    

    INDEMNITY
      

    

    
      	
              115.

            	
              Every
                Director and other officer of the Company (other than an Auditor)
                shall be
                indemnified out of the assets of the Company against any cost, expense,
                liability or other matter incurred by him in defending any proceedings,
                whether civil or criminal, in relation to his acts while acting in
                such
                office in which judgment is given in his favour or in which he is
                acquitted or in connection with any application in which relief is
                granted
                to him by the Court under the Acts.

            

    

    

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    

    

    NAMES,
      ADDRESSES AND DESCRIPTIONS OF SUBSCRIBERS

    ___________________________________________________________

    

    

    

    

    

    

    
      	 	
              Donald
                Pratt,

            	 
	 	
              32
                Kildare Street,

            	 
	 	
              Dublin
                2.

            	 
	 	 	 
	 	 	
              Solicitor.

            

    

    

    

    

    

    

    
      	 	
              Heather
                Johnston,

            	 
	 	
              32
                Kildare Street,

            	 
	 	
              Dublin
                2.

            	 
	 	 	 
	 	 	
              Secretary

            

    

    

    

    

    ___________________________________________________________

     

    

    Dated
      the
      15th day of December 1969.

    

    

    Witness
      to the above Signatures:-

     

    
      	 	
              Simon
                C.K. Quick,

            
	 	
              32
                Kildare Street,

            
	 	
              Dublin
                2.

            
	 	
              Solicitor

            
	 	 

    

    
 

     

    31Exhibit 4.2 - Employee Equity Purchase Plan (2006 Amendment)

     

    EXHIBIT
      4.2

    ELAN
      CORPORATION, PLC

    

    EMPLOYEE
      EQUITY PURCHASE PLAN

    (2006
      Restatement)

    

    

    

    ARTICLE
      I

    

    INTRODUCTION 

    

    Section
      1.1 Purpose. The purpose of the Elan Corporation, plc (the "Company") Employee
      Equity Purchase Plan is to provide employees with an opportunity to acquire
      Shares of the Company through accumulated payroll deductions. 

    

    Section
      1.2 Rules of Interpretation and Governing Law. (a) It is the intention of the
      Company to have the Plan qualify as an "employee stock purchase plan" under
      Section 423 of the Internal Revenue Code of 1986 of the United States of
      America, as amended (the "Code") and the Plan and/or any schedule may qualify
      as
      an employees' share scheme for the purposes of Section 2 of the Companies
      (Amendment) Act, 1983. The provisions of the Plan shall be construed so as
      to
      extend and limit participation in a manner consistent with the requirements
      of
      Section 423 of the Code. 

    

    (b)
      This
      Plan will be construed in accordance with and governed by the laws of Ireland.
      Any schedule to the Plan setting out the rules of an employees’ share scheme
      established pursuant to Section 1.3 may be construed in accordance with the
      law
      of another jurisdiction, if so specified in that schedule. 

    

    Section
      1.3 Further Plans. The Board may operate the Plan for Employees in any country
      it deems appropriate and may modify the operation of the Plan or establish
      further share schemes based on the Plan but modified, to take account of local
      tax, exchange control, securities or other applicable laws in overseas
      territories, provided that any Shares made available under such further schemes
      are treated as counting against the limits set out in Section 4.1 of the Plan.
      Such further schemes may be established as schedules to the Plan, or otherwise
      as the Board determines and may be treated as separate plans and construed
      separately from the Plan. 

    

    Section
      1.4 Plan Operation. The Board has discretion to determine when the Plan will
      be
      operated. 

    

    

    ARTICLE
      II

    

    DEFINITIONS

    

    Section
      2.1 "Board" means the Board of Directors of the Company. 

    

    Section
      2.2 "Compensation" means all base, straight-time, gross earnings exclusive
      of
      payments for overtime, incentive compensation, incentive payment, bonuses and
      other compensation. 

    

    Section
      2.3 "Committee" means the Leadership Development and Compensation

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Committee
      of the Company (formerly known as the Compensation Committee), or such other
      committee of the Board as the Board shall direct. 

    

    Section
      2.4 "Designated Company" means any company within the Group which has been
      designated by the Board to participate in the Plan. 

    

    Section
      2.5 "Employee" means any individual who (i) is customarily employed by a
      Designated Company on a full-time or part-time basis, (ii) has been so employed
      for at least one month prior to the relevant Offering Period Commencement Date
      and (iii) unless otherwise provided by the Committee, is regularly scheduled
      to
      work more than 20 hours per week and more than five months in any calendar
      year.
      For the purposes of this Plan, the employment relationship shall be treated
      as
      continuing intact while the individual is on sick leave or another leave of
      absence approved by the Company or the Designated Company or required by the
      relevant local law to constitute continuous service. Where the period of leave
      exceeds 90 days and the individual's right to employment is not guaranteed
      either by statute or by contract, the employment relationship shall be deemed
      to
      have terminated on the 91st day of such leave. 

    

    Section
      2.6 "Effective Date" means January 1, 2005, subject to the provisions of Section
      12.8 hereof. 

    

    Section
      2.7 "Enrollment Date" means the first Offering Period Commencement Date on
      which
      the Employee shall have satisfied the eligibility requirements of Article III
      of
      this Plan. 

    

    Section
      2.8 "Exercise Date" means the last day of each Offering Period. 

    

    Section
      2.9 "Fair Market Value" means, as of any date, the value of a Share determined
      as follows: 

    

    
      	
              (a)
                

            	
              if
                the Shares are listed on a national securities exchange or quotation
                system, the closing sales price on such exchange or quotation system
                on
                such date or, in the absence of reported sales price on such date,
                the
                closing sales price on the immediately preceding date on which sales
                were
                reported,

            

    

    

    
      	
              (b)
                

            	
              if
                the Shares are not listed on a national securities exchange or quotation
                system, the mean between the high bid and low offered prices as quoted
                by
                the National Association of Securities Dealers, Inc. Automated Quotation
                System ("NASDAQ") for such date, or

            

    

    

    
      	
              (c)
                

            	
              if
                the Shares are neither listed on a national securities exchange or
                quotation system nor quoted by NASDAQ, the fair value as determined
                by
                such other method as the Committee determines in good faith to be
                reasonable.

            

    

    

    Whenever
      possible the determination of Fair Market Value shall be determined by reference
      to the prices quoted on the New York Stock Exchange. 

    

    Section
      2.10 "Group" means the Company and its Subsidiaries. 

    

    Section
      2.11 "Offering Period" means each quarter described in Section 4.2 during which
      an option granted under Section 6.1 of this Plan may be exercised. 

    

    Section
      2.12 "Offering Period Commencement Date" means the first day of the applicable
      Offering Period. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Section
      2.13 "Option Price" means the amount described in Section 6.2 of the Plan.
      

    

    Section
      2.14 "Participant" means an Employee who has satisfied the eligibility
      requirements of Article III of this Plan and has elected to participate in
      this
      Plan pursuant to Section 3.3. 

    

    Section
      2.15 "Plan" means the Elan Corporation, plc Employee Equity Purchase Plan as
      set
      out in these rules. 

    

    Section
      2.16 "Plan Administrator" means the person designated by the Committee pursuant
      to Section 11.1(b) hereof to take certain administrative actions under the
      Plan.

    

    Section
      2.17 "Share" or "Shares" means a share in the Company with a par value of 5
      Euro
      cents as represented by one American Depositary Share and evidenced by one
      American Depositary Receipt. 

    

    Section
      2.18 "Subsidiary" means any company, if the Company and/or one or more other
      Subsidiaries own not less than 50% of the total combined voting power of all
      classes of outstanding stock of such company. A company that attains the status
      of a Subsidiary on a date after the adoption of the Plan shall be considered
      a
      Subsidiary commencing as of such date. 

    

    

    ARTICLE
      III

    

    ELIGIBILITY
      AND PARTICIPATION

    

    Section
      3.1 Eligibility. 

    

    
      	
              (a)
                

            	
              Subject
                to the provisions of Section 3.2, an Employee will be eligible to
                participate in this Plan on any Enrollment
                Date.

            

    

    

    
      	
              (b)
                

            	
              Each
                Employee who becomes eligible to participate in this Plan shall be
                furnished with a summary of the Plan and enrolment materials. All
                Shares
                acquired under the Plan that are held in an individual brokerage/custody
                account shall be subject to, and governed
                by,

            

    

    
      	 	
              the
                terms and conditions of the applicable individual brokerage/custody
                account agreement.

            

    

    

    Section
      3.2 Restrictions on Participation. Notwithstanding any provision of the Plan
      to
      the contrary, no Employee shall be eligible to participate in the Plan and
      receive an option to acquire Shares to the extent that, immediately after the
      grant, such Employee would own Shares and/or hold outstanding options to
      purchase Shares amounting to 5% or more of the total combined voting power
      or
      value of all classes of stock of the Company or of any Subsidiary (for purposes
      of this paragraph, the rules of Section 424(d) of the Code shall apply in
      determining stock ownership of any Employee). 

    

    Section
      3.3 Commencement of Participation. 

    

    
      	
              (a)
                

            	
              An
                Employee may become a Participant by completing an authorization
                for
                payroll deductions on the form provided by the Committee and filing
                the
                completed form with the Plan Administrator prior to the applicable
                Enrollment Date and in such time and
                manner

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              as
                the Committee shall prescribe.

            

    

    

    
      	
              (b)
                

            	
              Payroll
                deductions for a Participant shall commence on the first day of the
                first
                full payroll period following the Participant's Enrollment Date and
                shall
                end on the last day of the payroll period ending within the Offering
                Period to which the authorization
                is

            

    

    
      	 	
              applicable,
                unless sooner terminated by the Participant as provided in Article
                VIII or
                as reduced by the Plan Administrator as described in Section
                5.4.

            

    

    

    Section
      3.4 Code Limitations. In addition to any other limitations set forth in the
      Plan, no Employee may be granted an option under the Plan which permits his
      or
      her rights to purchase stock under the Plan, and any other stock purchase plan
      of his or her employer corporation and its Parent (within the meaning of Section
      424(e) of the Code) and Subsidiary corporations that is qualified under Section
      423 of the Code, to accrue at a rate which exceeds US$25,000 of the Fair Market
      Value of such stock (determined at the time such option is granted) for each
      calendar year in which the option is outstanding at any time. 

    

    

    

    ARTICLE
      IV

    

    SHARES
      SUBJECT TO THE PLAN AND OFFERINGS

    

    

    Section
      4.1 Shares Subject to the Plan. 

    

    (a)
       Subject
      to the provisions of Section 12.4 of the Plan, the aggregate number of Shares
      that may be issued or delivered pursuant to the Plan shall not exceed 3,000,000
      shares. These Shares may be authorized but unissued Shares, issued Shares held
      in or acquired for the Company's treasury or Shares reacquired by the Company
      upon purchase in the open market. The Company may, at its discretion, set a
      maximum number of Shares which may be delivered in an Offering

    Period.

    

    (b) If,
      on
      any Exercise Date, the number of Shares with respect to which options are to
      be
      exercised exceeds the number of Shares available for purchase during the
      Offering Period, then the Company shall make a pro rata allocation of the Shares
      remaining available for purchase in as uniform a manner as shall be practicable
      and as the Committee shall determine to be equitable and in accordance with
      the
      requirements of Section 423 of the Code. 

    

    Section
      4.2 Offering Periods. Shares will be available for acquisition by Participants
      during each of the four Offering Periods to be held during each calendar year
      that the Plan is in effect. Except as provided in Section 12.4(b), the first
      Offering Period will begin on January 1st and end on March 31st, the second
      Offering Period will begin on April 1st and end on June 30th, the third Offering
      Period will begin on July 1st and end September 30th and the fourth Offering
      Period will begin on October 1st and end on December 31st. The Plan
      Administrator may make changes to the Offering Periods, provided such changes
      are not inconsistent with Section 423 of the Code. 

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      V

    

    PAYROLL
      DEDUCTIONS 

    

    Section
      5.1 Amount of Deduction. Subject to the limitations mandated in Section 3.4,
      a
      Participant may elect to have payroll deductions made in whole percentages
      of up
      to 100% of the Participant's Compensation (exclusive of applicable taxes and
      payroll deductions and other contributions) for each payroll period in an
      Offering Period, but the amount deducted for any Participant for an Offering
      Period may not exceed an amount equal to (i) the "applicable dollar amount"
      (as
      defined in Section 402(g)(1)(B) of the Code) for the applicable calendar year,
      divided by (ii) 4. 

    

    Section
      5.2 Participant's Memorandum Account. All payroll deductions made for a
      Participant shall be credited to a memorandum account established for such
      Participant for purposes of recording, as a bookkeeping entry, the payroll
      deductions made by the Participant under this Plan. A Participant may not make
      any separate cash payment with respect to such memorandum account. 

    

    Section
      5.3 Changes in Payroll Deductions. During any Offering Period, a Participant
      may
      discontinue his participation in this Plan for that Offering Period as provided
      in Section 8.1 hereof or, not more than once during any Offering Period, he
      or
      she may decrease the rate of his payroll deductions during that Offering Period
      by completing and filing with the Plan Administrator a new payroll deduction
      authorization form specifying the new payroll deduction rate. The new payroll
      deduction authorization election shall become effective as of the first day
      of
      the first full payroll period immediately following five (5) business days
      after
      the Plan Administrator's receipt of the new payroll deduction authorization
      form. 

    

    Section
      5.4 Certain Adjustments to Payroll Deduction Authorizations. 

    

    
      	
              (a)
                

            	
              To
                the extent necessary to comply with (i) the limitations contained
                in the
                Plan on the number of shares available to any Participant and (ii)
                the
                limitations in Section 3.4, a Participant's payroll deductions may
                be
                reduced to zero percent (0%) by the Plan Administrator without the
                Participant's consent, at any time during an Offering Period.
                

            

    

    

    
      	
              (b)
                

            	
              In
                the event that a Participant's payroll deductions are reduced pursuant
                to
                Section 5.4(a) above, payroll deductions shall recommence for such
                Participant at the rate specified in
                the

            

    

    
      	 	
              Participant's
                payroll deduction authorization form then on file with the Plan
                Administrator effective as of the beginning of the first Offering
                Period
                which is scheduled to end in the immediately succeeding calendar
                year,
                unless the payroll deduction
                authorization

            

    

    
      	 	
              election
                is terminated by the Participant, as provided in Section 8.1
                hereof.

            

    

    

    

    ARTICLE
      VI

    

    GRANTING
      OF OPTION 

    

    Section
      6.1 Maximum Number of Option Shares. On each Offering Period Commencement Date,
      each Participant in the Plan shall be granted an option to acquire, at the
      applicable Option Price, up to the number of Shares determined by dividing
      such
      Participant's 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    payroll
      deductions accumulated prior to such Exercise Date during the applicable
      Offering Period and credited to the Participant's memorandum account as of
      such
      Exercise Date by the applicable Option Price; provided, however, that such
      option grant shall also be subject to the limitations contained in Sections
      3.2,
      3.4, 4.1, 5.1 and 8.1 of the Plan; provided further, however that in no event
      shall the number of Shares that may be purchased under any such option exceed
      1,000 Shares or such higher or lower number of Shares as the Committee may
      have
      specified in advance of such Offering Period as the maximum amount of Shares
      which may be purchased by a Participant in such Offering Period. 

    

    Section
      6.2 Option Price. Unless the Committee determines before the first day of an
      Offering Period that a higher price that complies with Section 423 of the Code
      shall apply with respect to such Offering Period, the Option Price for Shares
      to
      be acquired with accumulated payroll deductions during any Offering Period
      shall
      be the lower of 85% of the Fair Market Value of a Share on the applicable (a)
      Offering Period Commencement Date, or (b) Exercise Date. 

    

    

    ARTICLE
      VII

    

    EXERCISE
      OF OPTION 

    

    Section
      7.1 Automatic Exercise. Unless the Participant withdraws from the Plan as
      provided in Section 8.1, the option granted to the Participant pursuant to
      Section 6.1 of the Plan during the applicable Offering Period shall be exercised
      automatically on the applicable Exercise Date for the purchase of the number
      of
      full Shares which the accumulated payroll deductions credited to the
      Participant's memorandum account at such time will acquire at the applicable
      Option Price; provided, however, that in no event shall the accumulated payroll
      deductions credited to the Participant's memorandum account as of the Exercise
      Date be used to acquire Shares that exceed the maximum number of Shares
      available for acquisition after the application of Sections 3.2, 3.4, 4.1 and/or
      5.1. Any amounts remaining to the credit of such Participant in the memorandum
      account following an applicable Exercise Date as a result of the application
      of
      Sections 3.2, 3.4, 4.1 and/or 5.1 shall be promptly refunded to the Participant,
      without interest. 

    

    Section
      7.2 Fractional Shares. Fractional Shares will not be issued under the Plan.
      Any
      accumulated payroll deductions which would have been used to purchase fractional
      Shares, unless refunded pursuant to Section 8.1, will be held for the purchase
      of Shares in the next immediately succeeding Offering Period, without
      interest.

    

    Section
      7.3 Exercise of Options. An option granted to a Participant under this Plan
      may
      be exercised only during the Participant's lifetime and only by such
      Participant. 

    

    Section
      7.4 Delivery of Shares. As promptly as practicable after each Exercise Date
      on
      which an acquisition of Shares occurs, the Company shall arrange for the
      delivery to each Participant, as appropriate, of the Shares purchased in the
      Offering Period upon the exercise of such Participant's option hereunder. At
      the
      Company's election, this delivery may occur through a transfer agent or
      brokerage account established for this purpose, and the Company may require
      as a
      condition to participation in the Plan that each Participant establish an
      account with a brokerage firm selected by the Company. 

    

    Section
      7.5 Section 423 Transfer Restrictions. 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
               

            	
              The
                Plan is intended to satisfy the requirements of Section 423 of the
                Code. A
                Participant will not obtain the benefits of this provision if such
                Participant disposes of Shares acquired pursuant to the Plan within
                two
                (2) years after the Offering Period Commencement Date or within one
                (1)
                year after the date such Shares are acquired by the Participant on
                the
                applicable Exercise Date, whichever is
                later.

            

    

    

    Section
      7.6 Taxes. At the time an option is granted or exercised under this Plan, in
      whole or in part, or at the time some or all of the Shares issued under the
      Plan
      are delivered to a Participant, or are disposed of, the Company or any
      Subsidiary, in its sole discretion, shall be entitled to withhold the amount
      it
      determines necessary to satisfy any United States federal, state, local,
      foreign, or other tax or social security withholding obligations arising, or
      to
      require as a condition of the grant or exercise of an option or the delivery
      of
      Shares that the Participant remit, when due, the amount necessary to satisfy
      such tax or social security withholding obligations. 

    

    

    

    ARTICLE
      VIII

    

    WITHDRAWAL 

    

    Section
      8.1 In General. A Participant may withdraw all, but not less than all, of the
      payroll deductions credited to his or her memorandum account that have not
      yet
      been used to exercise his or her option under the Plan at any time before the
      end of the Offering Period by giving written notice to the Plan Administrator.
      All of the payroll deductions credited to the Participant's memorandum account
      shall be paid to such Participant promptly after the Plan Administrator's
      receipt of such notice of withdrawal, without interest, and the Participant's
      option for the Offering Period shall be automatically terminated and no further
      payroll deductions for the purchase of shares shall be made on behalf of such
      Participant for such Offering Period. If a Participant withdraws from the Plan
      during an Offering Period, payroll deductions shall not resume at the beginning
      of the next immediately succeeding Offering Period unless the Participant files
      a new payroll deduction authorization form with the Plan Administrator prior
      to
      the applicable Offering Period Commencement Date and in such time and manner
      as
      the Committee shall prescribe. 

    

    Section
      8.2 Effect on Subsequent Participation. An Employee's withdrawal from
      participation in the Plan pursuant to Section 8.1 hereof will not have any
      effect upon the Employee's eligibility to participate in the Plan during any
      succeeding Offering Period or in any similar plan which may hereafter be adopted
      by the Company and for which such Employee is otherwise eligible; provided,
      however, in order to resume participation in this Plan, the Employee must
      satisfy the requirements of Article III. 

    

    Section
      8.3 Termination of Employment. Upon the termination of a Participant's
      employment for any reason, including retirement or death, the Participant shall
      be deemed to have withdrawn from the Plan and the payroll deductions that have
      accumulated for such Participant prior to such termination, if any, shall be
      promptly returned, without interest, to the Participant or, in the case of
      the
      Participant's death, to the person or persons entitled thereto under Section
      12.1 hereof, and such Participant's option shall be automatically terminated,
      and no further payroll deductions for the purchase of Shares shall be made
      for
      the Participant with respect to such Offering Period. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    ARTICLE
      IX

    

    INTEREST
      

    

    Section
      9.1 Payment of Interest. No interest will accrue or be paid or allowed on any
      money paid into the Plan, credited to the memorandum account, or distributed
      to
      a Participant. 

    

    

    ARTICLE
      X

    

    SHARES
      

    

    Section
      10.1 Participant's Interest in Option Shares. No Participant will have any
      interest in Shares covered by any option held by the Participant until the
      Shares have been delivered as provided in Section 7.4 above. 

    

    Section
      10.2 Registration of Shares. Shares acquired by a Participant under the Plan
      will be registered in the name of the Participant, or, if the Participant so
      directs by written notice to the Plan Administrator at least five business
      days
      prior to the applicable Exercise Date, in the names of the Participant and
      one
      such other person as may be designated by the Participant, as joint tenants
      with
      rights of survivorship or as tenants by the entireties, to the extent permitted
      by applicable law, provided that such designation is not treated as a
      disposition under the Code. 

    

    Section
      10.3 Restrictions on Exercise. The Committee may, in its discretion, require
      as
      conditions to the exercise of any option that the Shares due to be delivered
      upon the exercise of such option shall have been duly listed, upon official
      notice of issuance, upon a stock exchange or market, and that a registration
      statement under the Securities Act of 1933, as amended (the "Securities Act"),
      with respect to said Shares shall be effective. 

    

    

    ARTICLE
      XI

    

    ADMINISTRATION
      

    

    Section
      11.1 Administration. 

    

    
      	
              (a)
                

            	
              The
                Plan shall be administered by the Committee. The Committee shall
                operate
                in accordance with the charter setting out the terms of reference
                and
                rules of procedure for the Leadership Development and Compensation
                Committee (formerly the Compensation Committee) established 31 May
                2002.
                If the Board determines that
                another

            

    

    
      	 	
              Committee
                will administer the Plan, it will determine the terms of reference
                and
                procedures to apply to such
                Committee.

            

    

    

    
      	
              (b)
                

            	
              Subject
                to the provisions of the Plan and the specific duties delegated by
                the
                Board to the Committee, the Committee may delegate, to any executive
                or
                other delegate of the Company (any such person, a "Plan Administrator"),
                the following authority: 

            

    

    

    
      	 	
              (i)
                

            	
              to
                determine the Fair Market Value of Shares in accordance with Section
                2.9
                and the option price in accordance with Section 6.2 of the Plan;
                

            

    

    

    
      	 	
              (ii)

            	
              to
                determine whether and to what extent options are
                granted;

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    
      	 	
              (iii)

            	
              to
                approve forms of agreement for use under the
                Plan;

            

    

    

    
      	 	
              (iv)

            	
              to
                construe and interpret the terms of the
                Plan;

            

    

    

    
      	 	
              (v)
                

            	
              to
                prescribe, amend and rescind rules and regulations relating to the
                Plan;
                and 

            

    

    

    
      	 	
              (vi)

            	
              to
                make all other determinations deemed necessary or advisable for
                administering the Plan.

            

    

    

    Section
      11.2 Interpretation. The Committee shall have full power and authority to
      interpret the provisions of the Plan and any agreement evidencing options
      granted under the Plan, to administer the Plan in all jurisdictions in which
      the
      Plan is effective or where there are Participants who are participating in
      the
      Plan, to determine how and as of what date any currencies other than United
      States dollars will be converted into United States Dollars, and to determine
      any and all questions arising under the Plan. The Committee's decisions shall
      be
      final and binding on all Participants in or other persons claiming under the
      Plan. 

    

    Section
      11.3 Indemnity. No member of the Board or the Committee shall be liable for
      any
      action or determination made in good faith with respect to the Plan or any
      option granted under it. The Company shall indemnify each member of the Board
      and the Committee to the fullest extent permitted by law with respect to any
      claim, loss, damage or expense (including counsel fees) arising in connection
      with their responsibilities under this Plan. 

    

    

    ARTICLE
      XII

    

    MISCELLANEOUS
      

    

    Section
      12.1 Designation of Beneficiary. Where permitted by local law, a Participant
      may
      file a written designation of a beneficiary who is to receive the Shares and
      cash, if any, credited to the Participant's memorandum account under the Plan
      in
      the event of the Participant's death subsequent to an Exercise Date on which
      the
      option is exercised but prior to the delivery to such Participant of such Shares
      and cash. In addition, where permitted by local law, a Participant may file
      a
      written designation of a beneficiary who is to receive any cash that has been
      credited to the Participant's memorandum account under the Plan in the event
      of
      the Participant's death prior to the exercise of the option; provided, however,
      in no event shall such beneficiary be entitled to authorize the exercise of
      such
      option. In the event of the death of a Participant and in the absence of a
      beneficiary validly designated under the Plan who is living at the time of
      such
      Participant's death, or where the designation of a beneficiary is unlawful,
      the
      Company shall deliver any Shares or cash credited to the Participant's
      memorandum account to the executor or administrator of the estate of the
      Participant. 

    

    Section
      12.2 Non-Transferability. Neither payroll deductions credited to any
      Participant's memorandum account nor any option or rights with regard to the
      exercise of an option or the right to receive Shares under the Plan may be
      assigned, transferred, pledged, or otherwise disposed of in any way by the
      Participant, other than by will or the laws of descent and distribution. Any
      such attempted assignment, transfer, pledge or other disposition shall be
      without effect, except that the Designated Company, may, in its discretion,
      treat such act as an election to withdraw from participation in the Plan in
      accordance with Section 8.1. 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    Section
      12.3 Use of Funds. All payroll deductions received or held by a Designated
      Company, under the Plan may be used by the Designated Company for any corporate
      purpose. The Designated Company shall not be obligated to segregate such payroll
      deductions. At all times prior to an Exercise Date, Participants' rights
      hereunder shall be equivalent to those of a general unsecured creditor.

    

    Section
      12.4 Changes in Capitalization. 

    

    
      	
              (a)
                

            	
              If,
                while any options are outstanding under the Plan, the outstanding
                Shares
                of the Company have increased, decreased, changed into, or been exchanged
                for a different number or kind of shares or securities of the Company
                through any reorganization, merger, recapitalization, reclassification,
                stock split, reverse stock split or similar transaction, appropriate
                and
                proportionate adjustments may be made by the Committee in the number
                and/or kind of shares which are subject to purchase under outstanding
                options and in the Option Price or Prices applicable to such outstanding
                options and in the number and/or kind of shares which may be offered
                in
                the Offering Periods described in Section 4.2. No such adjustments
                shall
                be made for dividends payable in cash.

            

    

    

    (b)
       Upon
      the
      dissolution or liquidation of the Company, or upon a reorganization, merger
      or
      consolidation of the Company with one or more corporations as a result of which
      the Company is not the surviving corporation or survives only as a wholly owned
      subsidiary, or upon a sale of substantially all of the property or capital
      stock
      of the Company to another corporation, the Committee shall provide either (i)
      that notwithstanding anything to the contrary in Section 4.2, the Offering
      Period that last commenced prior to the effective date of such transaction
      will
      end, and the Exercise Date for such Offering Period will occur, either on the
      last business day or such earlier date as determined in the sole discretion
      of
      the Committee before the effective date of such transaction, or (ii) that the
      holder of each option then outstanding under the Plan will thereafter be
      entitled to receive at the next Exercise Date, upon the exercise of such option,
      for each Share as to which such option shall be exercised, as nearly as
      reasonably may be determined, the cash, securities and/or property which a
      holder of one Share was entitled to receive upon and at the time of such
      transaction. The Board shall take such steps in connection with such
      transactions as the Board shall deem necessary to assure that the provisions
      of
      this Section 12.4(b) shall thereafter be applicable, as nearly as reasonably
      may
      be determined, in relation to said cash, securities and/or property as to which
      each such holder of any such option might hereafter be entitled to receive.
      

    

    Section
      12.5 Governmental Regulation. The Company's obligation to sell and deliver
      Shares under this Plan is subject to the approval of any governmental authority
      required in connection with the authorization, issuance or sale of such Shares.
      

    

    Section
      12.6 Amendment. 

    

    
      	 	
              (a)

            	
              Amendments
                in General. The Board may amend, modify or alter the Plan by resolution
                at
                any time provided that (i) no amendment may be made that would adversely
                affect the right of a Participant to his payroll deductions as of
                the date
                of such amendment, and (ii) subject to 12.6(b) no amendment, modification
                or alteration may be made to Articles III, IV or VI or Sections 5.1,
                8.3
                or 9.1 of the Plan to the advantage of Participants without the prior
                approval of the shareholders of the Company in general meeting.
                

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              (b)
                

            	
              Minor
                Amendments. The Board may, by resolution, make minor amendments to
                benefit
                the administration of the Plan, to take account of a change in legislation
                or to obtain or maintain favourable tax, exchange control or regulatory
                treatment for Participants, the Company or any Subsidiaries without
                being
                required to seek the sanction of shareholders of the Company in general
                meeting pursuant to Section
                12.6(a)(ii).

            

    

    

    Section
      12.7 Termination. The Board may terminate the Plan at any time, provided that
      no
      termination will adversely affect the right of a Participant to his or her
      payroll deductions as of the date of such termination. 

    

    Section
      12.8 Effective Date. The Plan became effective as of January 1, 2005, having
      been approved by shareholders at the annual general meeting of the Company
      on
      Thursday 17th June 2004. The Plan, as restated, shall become effective upon
      approval by shareholders at the annual general meeting of the Company on May
      25,
      2006.

    

    Section
      12.9 Right to Terminate Employment. Nothing in the Plan or in the agreement
      evidencing any award granted under the Plan shall confer upon any Participant
      the right to continue as an employee or a director of the Company or any
      Subsidiary or affect the right of the Company or any of its Subsidiaries to
      terminate the Participant's employment at any time, subject, however, to the
      provisions of any agreement of employment between the Participant and the
      Company, or any of its Subsidiaries. 

    

    Section
      12.10 Transfer, Leave of Absence. For purposes of this Plan, neither a transfer
      of an Employee from the Company to a Subsidiary of the Company, or vice versa,
      or from one Subsidiary of the Company to another, shall be deemed a termination
      of employment. 

    

    Section
      12.11 Effect of Plan. The provisions of the Plan shall, in accordance with
      its
      terms, be binding upon, and inure to the benefit of, all successors of each
      Participant in the Plan, including, without limitation, such Participant's
      estate and the executors, administrators or trustees thereof, heirs and
      legatees, and any receiver, trustee in bankruptcy or representative of creditors
      of such Participant.

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