Document:

Exhibit 4.19

	
  

 
	
 THE COMPANIES LAW (2010 REVISION)

 
	
 OF THE CAYMAN ISLANDS

 
	
 Company Limited by Shares

 
	
  

 
	
 AMENDED AND RESTATED

 
	
  

 
	
 MEMORANDUM OF ASSOCIATION

 
	
  

 
	
 OF

 
	
  

 
	
 XL GROUP LTD.

 
	
  

 
	
 (Adopted by Special Resolution dated 19
 November 2010)

 

	
  

 	
  

 
	
 1)

 	
 The name of the Company is XL Group Ltd..

 
	
  

 	
  

 
	
 2)

 	
 The Registered Office of the Company shall
 be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland
 House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within
 the Cayman Islands as the Directors may from time to time decide.

 
	
  

 	
  

 
	
 3)

 	
 The objects for which the Company is
 established are unrestricted and the Company shall have full power and
 authority to carry out any object not prohibited by the laws of the Cayman
 Islands.

 
	
  

 	
  

 
	
 4)

 	
 The liability of each Member is limited to
 the amount from time to time unpaid on such Member’s shares.

 
	
  

 	
  

 
	
 5)

 	
 The authorised share capital of the Company
 is US$9,999,900 divided into 999,990,000 Ordinary Shares of a nominal or par
 value of US$0.01 each with power for the Company insofar as is permitted by
 law, to redeem or purchase any of its shares and to increase or reduce said
 capital subject to the provisions of the Companies Law (2010 Revision) and
 the Articles of Association and to issue any part of its capital, whether
 original, redeemed or increased with or without any preference, priority or
 special privilege or subject to any postponement of rights or to any
 conditions or restrictions and so that unless the conditions of issue shall
 otherwise expressly declare every issue of shares whether declared to be
 preference or otherwise shall be subject to the powers hereinbefore
 contained.

 
	
  

 	
  

 
	
 6)

 	
 The operations of the Company will be
 carried on subject to the provisions of Section 165 of the Companies Law
 (2010 Revision) and, subject to the provisions of the Companies Law (2010
 Revision) and the Articles of Association, it shall have the power to
 register by way of continuation as a body corporate limited by shares under
 the laws of any jurisdiction outside the Cayman Islands and to be
 deregistered in the Cayman Islands.

 
	
  

 	
  

 
	
 7)

 	
 Capitalised terms that are not defined in
 this Memorandum of Association bear the respective meanings given to them in
 the Articles of Association of the CompanyExhibit
4.20

	
  

 
	
 THE COMPANIES LAW (2010 REVISION)

 
	
 OF THE CAYMAN ISLANDS

 
	
 Company Limited by Shares

 
	
  

 
	
 AMENDED AND RESTATED

 
	
  

 
	
 ARTICLES OF ASSOCIATION

 
	
  

 
	
 OF

 
	
  

 
	
 XL GROUP LTD.

 
	
  

 
	
 (Adopted by Special Resolution dated 19
 November 2010)

 

	
  

 	
  

 
	
 1.

 	
 In these Articles, Table A in the Schedule
 to the Statute does not apply and, unless there be something in the subject
 or context inconsistent therewith, 

 
	
  

 	
  

 
	
  

 	
 “Articles” means these Articles as
 originally framed or as from time to time altered by Special Resolution. 

 
	
  

 	
  

 
	
  

 	
 “The Auditors” means the persons for the
 time being performing the duties of auditors of the Company. 

 
	
  

 	
  

 
	
  

 	
 “The Company” means the above-named
 Company. 

 
	
  

 	
  

 
	
  

 	
 “Debenture” means debenture stock,
 mortgages, bonds and any other such securities of the Company, whether
 constituting a charge on the assets of the Company or not. 

 
	
  

 	
  

 
	
  

 	
 “The Directors” means the directors for the
 time being of the Company. 

 
	
  

 	
  

 
	
  

 	
 “Dividend” includes bonus. 

 
	
  

 	
  

 
	
  

 	
 “Electronic Record” has the same meaning as
 in the Electronic Transactions Law.

 
	
  

 	
  

 
	
  

 	
 “Electronic Transactions Law” means the
 Electronic Transactions Law (2003 Revision) of the Cayman Islands.

 
	
  

 	
  

 
	
  

 	
 “Exchange Act” means the Securities
 Exchange Act of 1934, as amended, of the United States of America.

 
	
  

 	
  

 
	
  

 	
 “Member” shall bear the meaning ascribed to
 it in Section 35 of the Statute. 

 
	
  

 	
  

 
	
  

 	
 “Month” means calendar month. 

 

– 2 –

	
  

 	
  

 
	
  

 	
 “Paid-up” means paid-up and/or credited as
 paid-up. 

 
	
  

 	
  

 
	
  

 	
 “The Registered Office” means the
 registered office for the time being of the Company. 

 
	
  

 	
  

 
	
  

 	
 “Seal” means the common seal of the Company
 and includes every official seal. 

 
	
  

 	
  

 
	
  

 	
 “Secretary” includes an Assistant Secretary
 and any person appointed to perform the duties of Secretary of the Company. 

 
	
  

 	
  

 
	
  

 	
 “Special Resolution” has the same meaning
 as in the Statute. 

 
	
  

 	
  

 
	
  

 	
 “Statute” means the Companies Law of the
 Cayman Islands, as amended, and every statutory modification or re-enactment
 thereof for the time being in force. 

 
	
  

 	
  

 
	
  

 	
 “Written” and “In Writing” include all
 modes of representing or reproducing words in visible form, including in the
 form of an Electronic Record. 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
 Words importing the masculine gender only
 include the feminine gender. 

 
	
  

 	
  

 
	
  

 	
 Words importing persons only include
 corporations.

 
	
  

 	
  

 
	
  

 	
 Section 8 of the Electronic Transactions
 Law shall not apply. 

 

CERTIFICATES FOR SHARES

	
  

 	
  

 	
  

 
	
 2.

 	
 Certificates representing shares of the
 Company shall be in such form and may bear such legends (reflecting the terms
 of issue of the shares thereby represented, or any of these Articles or other
 relevant matters), as shall be determined by the Directors. Such certificates
 shall be under seal signed by a Director and countersigned by the Secretary
 or another Director or other authorised person. All certificates for shares
 shall be consecutively numbered or otherwise identified and shall specify the
 shares to which they relate. 

 
	
  

 	
  

 
	
 3.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 4.

 	
 The Directors may authorise certificates to
 be issued with the seal and authorised signatures affixed by some method or
 system of electronic process. 

 
	
  

 	
  

 
	
 5.

 	
 Notwithstanding Article 3 of these
 Articles, if a share certificate be defaced, lost or destroyed, it may be
 renewed on such terms (if any) as to evidence and indemnity and the payment
 of the expenses incurred by the Company in investigating evidence, as the
 Directors may prescribe. 

 

– 3 –

	
  

 	
  

 	
  

 
	
 SHARE CAPITAL; ISSUE OF SHARES

 
	
  

 
	
 6.

 	
 (a)

 	
 [Not used].

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Directors may allot, issue or grant
 shares, options, warrants or other convertible or exchangeable securities
 over or with respect to, or otherwise dispose of, shares of the Company at
 such times and on such terms as they think proper. Without prejudice to any
 special rights previously conferred on the holders of existing shares, any
 share may be issued with such preferred, deferred or other special rights,
 terms or conditions, or such restrictions, whether in regard to dividends,
 voting, return of share capital, exchange for other classes of shares,
 exchangeability for other securities or otherwise, as the Directors may from
 time to time determine. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 All shares shall be non-assessable and no
 Member shall be liable to make any additional payment to the Company in
 respect thereof beyond the initial consideration agreed and paid to the
 Company at or before the time of issue. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Subject to the provisions of the Statute,
 any issued and outstanding shares may be purchased or redeemed by the Company
 out of profits or from the proceeds of a fresh issue of shares or out of
 capital or the share premium account, in such circumstances and on such terms
 as shall be agreed by the Directors and the holder thereof.

 
	
  

 	
  

 	
  

 
	
 7.

 	
 The Company shall maintain a register of
 its Members in which the name and address of the person to whom the shares
 represented thereby are issued, with the number of shares and date of issue,
 shall be entered. Every person whose name is entered as a Member in the
 register of Members shall be entitled with payment to receive within two
 months after allotment or lodgement of transfer (or within such other period
 as the conditions of issue shall provide) one certificate for all his shares
 or several certificates each for one or more of his shares upon payment of
 US$0.50 or such lesser sum for every certificate after the first as the Directors
 shall from time to time determine provided that in respect of a share or
 shares held jointly by several persons the Company shall not be bound to
 issue more than one certificate and delivery of a certificate for a share to
 one of the several joint holders shall be sufficient delivery to all such
 holders. All certificates surrendered to the Company for transfer shall be
 cancelled and no new certificate shall be issued until the former certificate
 for a like number of shares shall have been surrendered and cancelled

 

TRANSFER OF SHARES

	
  

 	
  

 	
  

 
	
 8.

 	
 The instrument of transfer of any share
 shall be in writing and shall be executed by or on behalf of the transferor;
 and the transferor shall be deemed to remain the holder of a share until the
 name of the transferee is entered in the register in respect thereof. 

 

– 4 –

	
  

 	
  

 	
  

 
	
 9.

 	
 [Not used].

 
	
  

 	
  

 
	
 10.

 	
 The Directors shall have an absolute
 discretion to decline to register any transfer of shares without assigning
 any reason therefor. 

 
	
  

 	
  

 
	
 11.

 	
 The registration of transfers may be
 suspended at such time and for such periods as the Directors may from time to
 time determine, provided always that such registration shall not be suspended
 for more than 45 days in any year except as may be required by applicable
 law. 

 
	
  

 	
  

 
	
 12.

 	
 [Not used].

 
	
  

 	
  

 
	
 VARIATION OF RIGHTS OF SHARES

 
	
  

 	
  

 	
  

 
	
 13.

 	
 (a)

 	
 If at any time the share capital is divided
 into different classes or series of shares, the rights attached to any class
 or series (unless otherwise provided by the terms of issue of the shares of that
 class or series) may be varied by the holder(s) of issued shares of that
 class or series by Special Resolution at a separate meeting of the holders of
 shares of such class or series. The provisions of these Articles relating to
 general meetings and the provisions of Article 41 shall apply, mutatis
 mutandis, to every such separate general meeting, except that the
 necessary quorum shall be any one or more persons present in person or by
 proxy holding not less than fifty percent (50%) of the issued shares of the
 class. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The rights conferred upon the holders of
 the shares of any class issued with preferred or other rights shall not,
 unless otherwise expressly provided by the terms of issue of the shares of
 that class, be deemed to be varied by the creation or issue of further shares
 ranking pari
 passu therewith. 

 
	
  

 	
  

 	
  

 
	
 14.

 	
 [Not used]. 

 
	
  

 	
  

 	
  

 
	
 NON-RECOGNITION OF TRUSTS

 
	
  

 
	
 15.

 	
 No person shall be recognised by the
 Company as holding any share upon any trust and the Company shall not be
 bound by or be compelled in any way to recognise (even when having notice
 thereof) any equitable, contingent, future, or partial interest in any share,
 or any interest in any fractional part of a share, or (except only as is
 otherwise provided by these Articles or the Statute) any other rights in
 respect of any share except an absolute right to the entirety thereof in the
 registered holder, but the Company may, in accordance with the Statute, issue
 fractions of shares. 

 
	
  

 	
  

 	
  

 
	
 LIEN ON SHARES

 
	
  

 	
  

 	
  

 
	
 16.

 	
 The Company shall have a first and
 paramount lien and charge on all shares registered in the name of a Member
 (whether solely or jointly with others) for all

 

– 5 –

	
  

 	
  

 	
  

 
	
  

 	
 debts, liabilities or engagements to or
 with the Company (whether presently payable or not) by such Member or his
 estate, either (alone or jointly with any other person, whether a Member or
 not, but the Directors may at any time declare any share to be wholly or in
 part exempt from the provisions of this Article. The registration of a
 transfer of any such share shall operate as a waiver of the Company’s lien
 (if any) thereon. The Company’s lien (if any) on a share shall extend to all
 dividends or other monies payable in respect thereof.

 
	
  

 	
  

 
	
 17.

 	
 The Company may sell, in such manner as the
 Directors think fit, any shares on which the Company has a lien, but no sale
 shall be made unless a sum in respect of which the lien exists is presently
 payable, nor until the expiration of fourteen days after a notice in writing
 stating and demanding payment of such part of the amount in respect of which
 the lien exists as is presently payable, has been given to the registered
 holder or holders for the time being of the share, or the person, of which
 the Company has notice, entitled thereto by reason of his death or
 bankruptcy. 

 
	
  

 	
  

 
	
 18.

 	
 To give effect to any such sale, the
 Directors may authorise some person to transfer the shares sold to the
 purchaser thereof. The purchaser shall be registered as the holder of the
 shares comprised in any such transfer, and he shall not be bound to see to
 the application of the purchase money, nor shall his title to the shares be
 affected by any irregularity or invalidity in the proceedings in reference to
 the sale. 

 
	
  

 	
  

 
	
 19.

 	
 The proceeds of such sale shall be received
 by the Company and applied in payment of such part of the amount in respect
 of which the lien exists as is presently payable and the residue, if any,
 shall (subject to a like lien for sums not presently payable as existed upon
 the shares before the sale) be paid to the person entitled to the shares at
 the date of the sale. 

 
	
  

 	
  

 
	
 20.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 TRANSMISSION OF SHARES

 
	
  

 
	
 21.

 	
 [Not used]. 

 
	
  

 	
  

 	
  

 
	
 22.

 	
 (a)

 	
 Any person becoming entitled to a share in
 consequence of the bankruptcy of a Member (or in any other way than by
 transfer) may, upon such evidence being produced as may from time to time be
 required by the Directors and subject as hereinafter provided, elect either
 to be registered himself as holder of the share or to make such transfer of
 the share to such other person nominated by him as the bankrupt person could
 have made and to have such person registered as the transferee thereof, but
 the Directors shall, in either case, have the same right to decline or
 suspend registration as they would have had in the case of a transfer of the
 share by that Member before its bankruptcy. 

 

– 6 –

	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 If the person so becoming entitled shall
 elect to be registered himself as holder, he shall deliver or send to the
 Company a notice in writing signed by him stating that he so elects. 

 
	
  

 	
  

 	
  

 
	
 23.

 	
 A person becoming entitled to a share by
 reason of the bankruptcy of the holder (or in any case other than by
 transfer) shall be entitled to the same dividends and other advantages to
 which he would be entitled if he were the registered holder of the share, except
 that he shall not, before being registered as a Member in respect of the
 share, be entitled in respect of it to exercise any right conferred by
 Membership in relation to meetings of the Company, PROVIDED HOWEVER that the
 Directors may at any time give notice requiring any such person to elect
 either to be registered himself or to transfer the share and if the notice is
 not complied with within ninety days, the Directors may thereafter withhold
 payment of all dividends, bonuses or other monies payable in respect of the
 shares until the requirements of the notice have been complied with. 

 

AMENDMENT OF MEMORANDUM OF ASSOCIATION,
CHANGE OF

LOCATION OF REGISTERED OFFICE & ALTERATION OF CAPITAL

	
  

 	
  

 	
  

 	
  

 
	
 24.

 	
 (a)

 	
 Subject to and in so far as permitted by
 the provisions of the Statute, the Company may from time to time by Special
 Resolution alter or amend its Memorandum of Association and may, without
 restricting the generality of the foregoing: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 increase the share capital by such sum to
 be divided into shares of such amount or without nominal or par value as the
 resolution shall prescribe and with such rights, priorities and privileges
 annexed thereto, as the Company in general meeting may determine. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 by subdivision of its existing shares or
 any of them divide the whole or any part of its share capital into shares of
 smaller amount than is fixed by the Memorandum of Association or into shares
 without nominal or par value. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iv)

 	
 cancel any shares which at the date of the
 passing of the resolution have not been taken or agreed to be taken by any
 person. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 All new shares created hereunder shall be
 subject to the same provisions with reference to liens, transfer,
 transmission and otherwise as the shares in the original share capital.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Subject to the provisions of the Statute
 the Company may by Special Resolution reduce its share capital, any capital
 redemption reserve fund, or any share premium account. 

 

– 7 –

	
  

 	
  

 	
  

 
	
 25.

 	
 Subject to the provisions of the Statute
 the Company may by Special Resolution change its name or alter its objects.

 
	
  

 	
  

 
	
 26.

 	
 Subject to the provisions of the Statute
 the Company may by resolution of the Directors change the location of its
 registered office. 

 
	
  

 	
  

 
	
 CLOSING REGISTER OF MEMBERS OR FIXING
 RECORD DATE

 
	
  

 
	
 27.

 	
 For the purpose of determining Members
 entitled to notice of or to vote at any meeting of Members or any adjournment
 thereof, or Members entitled to receive payment of any dividend, or in order
 to make a determination of Members for any other proper purpose, the
 Directors of the Company may provide that the register of Members shall be
 closed for transfers for a stated period but not to exceed in any case 40
 days. If the register of Members shall be so closed for the purpose of
 determining Members entitled to notice of or to vote at a meeting of Members
 such register shall be so closed for at least ten days immediately preceding
 such meeting and the record date for such determination shall be the date of
 the closure of the register of Members. 

 
	
  

 	
  

 
	
 28.

 	
 In lieu of or apart from closing the
 register of Members, the Directors may fix in advance a date as the record
 date for any such determination of Members entitled to notice of or to vote
 at a meeting of the Members and for the purpose of determining the Members
 entitled to receive payment of any dividend. For the purpose of determining
 the Members entitled to receive payment of any dividend, the Directors may,
 at or within 90 days prior to the date of declaration of such dividend fix a
 subsequent date no later than the date of declaration as the record date for
 such determination. 

 
	
  

 	
  

 
	
 29.

 	
 If the register of Members is not so closed
 and no record date is fixed for the determination of Members entitled to
 notice of or to vote at a meeting of Members or Members entitled to receive
 payment of a dividend, the date on which notice of the meeting is mailed or
 the date on which the resolution of the Directors declaring such dividend is
 adopted, as the case may be, shall be the record date for such determination
 of Members. When a determination of Members entitled to vote at any meeting
 of Members has been made as provided in this section, such determination
 shall apply to any adjournment thereof. 

 
	
  

 	
  

 
	
 GENERAL MEETING

 
	
  

 
	
 30.

 	
 (a)

 	
 The Company shall in each year of its
 existence hold a general meeting as its Annual General Meeting and shall
 specify the meeting as such in the notices calling it. The Annual General
 Meeting shall be held at such time and place as the Directors shall appoint. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 At these meetings the financial statements
 of the Company and the reports of the Directors and Auditors shall be
 presented and the Directors and Auditors for the ensuing year shall be
 elected. 

 

– 8 –

	
  

 	
  

 	
  

 
	
 31.

 	
 (a)

 	
 The Directors may whenever they think fit,
 and they shall on the requisition of Members of the Company holding at the
 date of the deposit of the requisition not less than fifteen percent (15%) of
 the voting power of the issued shares of the Company which at the date of the
 deposit carry the right of voting at general meetings of the Company, proceed
 to convene a general meeting of the Company. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The requisition must state the objects of
 the meeting and must be signed by the requisitionists and deposited at the
 Registered Office of the Company and may consist of several documents in like
 form each signed by one or more requisitionists.

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 If the Directors do not within 21 days from
 the date of the deposit of the requisition duly proceed to convene a general
 meeting, the requisitionists, or any of them representing more than one-half
 of the total voting rights of all of them, may themselves convene a general
 meeting, but any meeting so convened shall not be held after the expiration
 of three months after the expiration of the said 21 days. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 A general meeting convened as aforesaid by
 requisitionists shall be convened in the same manner as nearly as possible as
 that in which general meetings are to be convened by Directors. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 If at any such general meeting a resolution
 requiring confirmation at another meeting is passed, the Directors shall
 forthwith convene a further general meeting to be held not less than ten days
 nor later than one month after the passing of the first resolution for the
 purpose of considering the resolution and if the Directors do not give notice
 of so convening such further general meeting prior to the date of the passing
 of the first resolution the requisitionists or any of them representing more
 than one-half of the total voting rights of all the requisitionists may
 themselves give notice and convene the general meeting. 

 
	
  

 	
  

 	
  

 
	
 NOTICE OF GENERAL MEETING

 
	
  

 
	
 32.

 	
 At least 30 days’ notice shall be given of
 an Annual General Meeting or any other general meeting. Every notice shall be
 exclusive of the day on which it is given or deemed to be given and of the
 day for which it is given and shall specify the place, the day and the hour
 of the meeting and the general nature of the business and shall be given in
 the manner hereinafter mentioned or in such other manner if any as may be
 prescribed by the Company provided that a general meeting of the Company
 shall, whether or not the notice specified in this regulation has been given,
 be deemed to have been duly called if it is so agreed by all the Members
 entitled to attend and vote thereat or their proxies. 

 

– 9 –

	
  

 	
  

 	
  

 
	
 33.

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

 
	
  

 	
  

 
	
 PROCEEDINGS AT GENERAL MEETINGS

 
	
  

 
	
 34.

 	
 No business shall be transacted at any
 general meeting unless a quorum of Members is present at the time when the
 meeting proceeds to business. One or more Members present in person or by
 proxy holding at least fifty percent (50%) of the voting power of the issued
 shares of the Company for the time being shall be a quorum provided however
 that no quorum shall exist for the purpose of considering or passing any
 Special Resolution unless the Member or Members present in person or by proxy
 shall hold at least sixty-six and two-thirds percent (66- 2/3%) of the voting
 power of the issued shares for the time being. 

 
	
  

 	
  

 
	
 35.

 	
 Subject and without prejudice to any
 provisions of the Statute, a resolution in writing (in one or more
 counterparts) signed by all Members for the time being entitled to receive
 notice of and to attend and vote at general meetings (or being corporations
 by their duly authorised representatives) shall be as valid and effective as
 if the same had been passed at a general meeting of the Company duly convened
 and held. 

 
	
  

 	
  

 
	
 36.

 	
 If within one hour after the time appointed
 for the meeting a quorum is not present, the meeting shall be dissolved. 

 
	
  

 	
  

 
	
 37.

 	
 The Chairman, if any, of the Board of
 Directors shall preside as Chairman at every general meeting of the Company,
 or if there is no such Chairman, or if he shall not be present within thirty
 minutes after the time appointed for the holding of the meeting, or is
 unwilling to act, the Directors present shall elect one of their number to be
 Chairman of the meeting. 

 
	
  

 	
  

 
	
 38.

 	
 If at any general meeting no Director is
 willing to act as Chairman or if no Director is present within thirty minutes
 after the time appointed for holding the meeting, the Members present shall
 choose one of their number to be Chairman of the meeting. 

 
	
  

 	
  

 
	
 39.

 	
 The Chairman may, with the consent of any
 general meeting duly constituted hereunder, and shall if so directed by the
 meeting, adjourn the meeting from time to time and from place to place, but
 no business shall be transacted at any adjourned meeting other than the
 business left unfinished at the meeting from which the adjournment took
 place. When a general meeting is adjourned for thirty days or more, notice of
 the adjourned meeting shall be given as in the case of an original meeting;
 save as aforesaid it shall not be necessary to give any notice of an
 adjournment or of the business to be transacted at an adjourned general
 meeting. 

 
	
  

 	
  

 
	
 40.

 	
 At any General Meeting a resolution put to
 the vote at the meeting shall be decided on a poll taken in such manner as
 the Chairman directs. 

 

– 10 –

	
  

 	
  

 	
  

 
	
 VOTES OF MEMBERS

 
	
  

 
	
 41.

 	
 (a)

 	
 Every Member of record owning shares
 conferring the right to vote present in person or by proxy shall have one
 vote, or such other number of votes as may be specified in the terms of the
 issue and rights and privileges attaching to such shares or in these Articles,
 for each such share registered in such Member’s name in the register,
 provided that if and so long as the votes conferred by the Controlled Shares
 of any person constitute ten percent (10%) or more of the votes conferred by
 the issued shares of the Company, each issued share comprised in such
 Controlled Shares shall confer only a fraction of a vote that would otherwise
 be applicable according to the following formula: 

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 [(T divided by 10) - 1] divided by C. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Where: “T” is the aggregate number of votes
 conferred by all the issued shares of the Company; and “C” is the number of
 votes conferred by the Controlled Shares of such person.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “Controlled Shares” in reference to any
 person means: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 all shares of the Company directly,
 indirectly or constructively owned by such person within the meaning of
 Section 958 of the Internal Revenue Code of 1986, as amended, of the United
 States of America; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 all shares of the Company directly,
 indirectly or constructively owned by any person or “group” of persons within
 the meaning of Section 13(d)(3) of the Exchange Act and the rules and
 regulations promulgated thereunder. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 For the purposes of this Article, “person”
 shall mean any individual, firm, partnership, corporation, association, or
 other entity, or any “group” of persons within the meaning of Section
 13(d)(3) of the Exchange Act and the rules and regulations
 thereunder. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Any public shares acquired by J.P. Morgan
 Securities Inc. in the course of its maintaining a market in the public
 shares shall have no voting rights for so long as J.P. Morgan Securities Inc.
 or any of its affiliates beneficially owns such shares within the meaning of
 Section 13(d) of the Exchange Act; provided that upon any disposition
 thereof to any other person such shares shall be entitled to the voting
 rights otherwise provided by the Statute and these Articles. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 If, as a result of giving effect to the
 foregoing provisions of Article 41 or otherwise, the votes conferred by
 the Controlled Shares of any person would otherwise represent more than 10%
 of the votes conferred by all the issued shares of the Company, the votes
 conferred by the Controlled Shares of such

 

– 11 –

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 person shall be reduced in accordance with
 the foregoing provisions of Article 41. Such process shall be repeated until
 the votes conferred by the Controlled Shares of each person represent no more
 than 10% of the votes conferred by all the issued shares of the Company.

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Notwithstanding the foregoing
 Article 41, after having applied the provisions thereof as best as they
 consider reasonably practicable, the Directors may make such final
 adjustments to the aggregate number of votes conferred by the Controlled
 Shares of any person that they consider fair and reasonable in all the
 circumstances to ensure that such votes represent less than 10% of the
 aggregate voting power of the votes conferred by all the issued shares of the
 Company. 

 
	
  

 	
  

 	
  

 
	
 42.

 	
 [Not used].

 
	
  

 	
  

 
	
 43.

 	
 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 that court, and any such committee, receiver,
 curator bonis or other persons may vote by proxy. 

 
	
  

 	
  

 
	
 44.

 	
 No Member shall be entitled to vote at any
 general meeting unless he is registered as a shareholder of the Company on
 the record date for such meeting. 

 
	
  

 	
  

 
	
 45.

 	
 No objection shall be raised to the
 qualification of any voter except at the general meeting or adjourned general
 meeting at which the vote objected to is given or tendered and every vote not
 disallowed at such general meeting shall be valid for all purposes. Any such
 objection made in due time shall be referred to the Chairman of the general
 meeting whose decision shall be final and conclusive. Notwithstanding the
 foregoing, however, the Chairman of the general meeting may, in his discretion,
 whether or not an objection has been raised, and if the Chairman considers
 that such action is necessary to determine accurately the vote count, defer
 until after the conclusion of the general meeting a decision as to the proper
 application of Article 41 to any vote at such meeting. If the decision
 has been so deferred, then the Chairman of the general meeting or, failing
 such decision within ninety (90) days of the general meeting, the Board of
 Directors, shall make such decision and such decision shall be final and
 conclusive. 

 
	
  

 	
  

 
	
 46.

 	
 Votes may be given either personally or by
 proxy. 

 
	
  

 	
  

 
	
 47.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 48.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 49.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 50.

 	
 [Not used]. 

 

– 12 –

	
  

 	
  

 	
  

 	
  

 
	
 51.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 DIRECTORS

 
	
  

 
	
 52.

 	
 There shall be a Board of Directors
 consisting of not less than three or more than 24 persons, subject to the
 power of the Company by ordinary resolution to increase or reduce the limits
 in the number of Directors. 

 
	
  

 	
  

 
	
 53.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 54.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 55.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 56.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 57.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 58.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 59.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 60.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 61.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 POWERS AND DUTIES OF DIRECTORS

 
	
  

 	
  

 	
  

 	
  

 
	
 62.

 	
 The business of the Company shall be
 managed by the Directors, who may pay all expenses incurred in promoting,
 registering and setting up the Company, and may exercise all such powers of
 the Company as are not, from time to time by the Statute, or by these
 Articles, or such regulations, being not inconsistent with the aforesaid, as
 may be prescribed by the Company in general meeting, required to be exercised
 by the Company in general meeting. No regulations made by the Company in
 general meeting shall invalidate any prior act of the Directors which would
 have been valid if that regulation had not been made. 

 
	
  

 	
  

 
	
 63.

 	
 The Directors may from time to time and at
 any time by power of attorney or otherwise appoint any company, firm, person
 or body of persons, whether nominated directly or indirectly by the
 Directors, to be the attorney or authorised signatory of the Company for such
 purpose and with such powers, authorities and discretions (not exceeding
 those vested in or exercisable by the Directors under these Articles) and for
 such period and subject to such conditions as they may think fit, and any
 such powers of attorney or other appointment may contain such provisions for
 the protection and convenience of persons dealing with any such attorneys or
 authorised signatories as the Directors may think fit and may also

 

– 13 –

	
  

 	
  

 	
  

 
	
  

 	
 authorise any such attorney or authorised signatory to delegate all or any
 of the powers, authorities and discretions vested in him.

 
	
  

 	
  

 
	
 64.

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

 
	
  

 	
  

 
	
 65.

 	
 The directors shall cause Minutes to be
 made in books, such books to be maintained in Ireland, provided for the
 purpose:

 
	
  

 	
  

 
	
  

 	
 a)

 	
 of all appointments of officers made by the
 Directors;

 
	
  

 	
  

 	
  

 
	
  

 	
 b)

 	
 of the names of the Directors (including
 those represented thereat by proxy) present at each meeting of the Directors
 and of any committee of the Directors;

 
	
  

 	
  

 	
  

 
	
  

 	
 c)

 	
 of all resolutions and proceedings at all
 meetings of the Company and of the Directors and of Committees of Directors. 

 
	
  

 	
  

 	
  

 
	
 66.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 BORROWING POWERS

 
	
  

 
	
 67.

 	
 (a)

 	
 The Directors may exercise all the powers
 of the Company to borrow money and to mortgage or charge its undertaking,
 property and uncalled capital or any part thereof and to issue debentures,
 debenture stock and other securities whether outright or as security for any
 debt, liability or obligation of the Company or of any third party. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Directors may raise or secure the
 payment or repayment of such sum or sums in such manner and upon such terms
 and conditions in all respects as they think fit and, in particular, by the
 issue of debentures, debenture stock, bonds or other securities of the
 Company, whether outright or as collateral security for any debts, liability
 or obligations of the Company or of any third party. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Debentures, debenture stock, bonds and
 other securities may be made assignable free from any equities between the
 Company and the person to whom the same may be issued. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Any debentures, debenture stock, bonds or other securities may be
 issued at a discount, premium or otherwise and with any special privileges as
 to redemption, surrender, drawings, convertibility into shares of the
 Company, allotment of shares, attending and voting at general meetings of the
 Company, appointment of Directors and otherwise. 

 

– 14 –

	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 The Directors shall cause a proper register to be kept, in accordance
 with the provisions of the Statute, of all mortgages and charges specifically
 affecting the property of the Company and shall duly comply with the
 requirements of the Statute in regard to the registration of mortgages and
 charges therein specified and otherwise. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 If the Company issues a series of debentures or debenture stock or
 similar securities, whether or not transferable by delivery, the Directors
 shall cause a proper register to be kept of the holders of such debentures or
 securities. 

 

MANAGEMENT

	
  

 	
  

 
	
 68.

 	
 The Directors may from time to time provide for the management of the
 affairs of the Company in such manner as they shall think fit and the
 provisions contained in the next following Article shall be without prejudice
 to the general powers conferred by this Article. 

 
	
  

 	
  

 
	
 69.

 	
 The Directors from time to time and at any time may establish any
 committees, local boards or agencies for managing any of the affairs of the
 Company and may appoint any persons to be members of such committees or local
 boards or any managers or agents. 

 

PROCEEDINGS OF DIRECTORS

	
  

 	
  

 
	
 70.

 	
 Except as otherwise provided by these Articles, the Directors shall
 meet together for the despatch of business, convening, adjourning and
 otherwise regulating their business as they think fit. Questions arising at
 any meeting shall be decided by a majority of votes of the Directors present
 at a meeting at which there is a quorum. In the case of any equality of
 votes, the Chairman shall not have a casting vote. 

 
	
  

 	
  

 
	
 71.

 	
 A Director may, and the Secretary on the requisition of a Director
 shall, at any time summon a meeting of the Directors by at least five days’
 notice in writing to every Director which notice shall set forth the general
 nature of the business to be considered unless notice is waived by all the
 Directors either at, before or after the meeting is held and if notice is
 given in person, by e-mail or other electronic means the same shall be deemed
 to have been given on the day it is delivered to the Directors or
 transmitting organisation as the case may be. The provisions of Article 33
 shall apply mutatis mutandis with respect to notices of meetings of
 Directors. 

 
	
  

 	
  

 
	
 72.

 	
 The quorum necessary for the transaction of the business of the
 Directors may be fixed by the Directors and unless so fixed shall be two if
 there are two or more Directors, and shall be one if there is only one
 Director. 

 
	
  

 	
  

 
	
 73.

 	
 The continuing Directors may act notwithstanding any vacancy in their
 body, but if and so long as their number is reduced below the number fixed by
 or pursuant to these Articles as the necessary quorum of Directors the
 continuing Directors or 

 

– 15 –

	
  

 	
  

 	
  

 
	
  

 	
 Director may act for the purpose of increasing the number of
 Directors to that number, or of summoning a general meeting of the Company,
 but for no other purpose. 

 
	
  

 	
  

 
	
 74.

 	
 The Directors may elect a Chairman of their Board and determine the
 period for which he is to hold office; but if no such Chairman is elected, or
 if at any meeting the Chairman is not present within thirty minutes after the
 time appointed for holding the same, the Directors present may choose one of
 their number to be Chairman of the meeting. 

 
	
  

 	
  

 
	
 75.

 	
 The Directors may delegate any of their powers to committees
 consisting of such member or members of the Board of Directors as they think
 fit; any committee so formed shall in the exercise of the powers so delegated
 conform to any regulations that may be imposed on it by the Directors. 

 
	
  

 	
  

 
	
 76.

 	
 A committee may meet and adjourn as it thinks proper. Questions
 arising at any meeting shall be determined by a majority of votes of the
 members present. 

 
	
  

 	
  

 
	
 77.

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

 
	
  

 	
  

 
	
 78.

 	
 Members of the Board of Directors or of any committee thereof may
 participate in a meeting of the Board or of such committee by means of
 conference telephone or other electronic means by means of which all persons
 participating in the meeting can hear each other and participation in a
 meeting pursuant to this provision shall constitute presence in person at
 such meeting. A resolution in writing (in one or more counterparts), signed
 by all the Directors for the time being or all the members of a committee of Directors
 shall be as valid and effectual as if it had been passed at a meeting of the
 Directors or committee as the case may be duly convened and held. 

 
	
  

 	
  

 
	
 79.

 	
 (a)

 	
 A Director may be represented at any meetings of the Board of
 Directors by a proxy appointed by him and approved by the Board in which
 event the presence or vote of the proxy shall for all purposes be deemed to
 be that of the Director. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The
 provisions of Articles 47-50 shall mutatis
 mutandis apply to the appointment of proxies by Directors. 

 
	
  

 	
  

 	
  

 
	
 VACATION OF OFFICE OF DIRECTOR

 
	
  

 	
  

 	
  

 
	
 80.

 	
 The office
 of a Director shall be vacated: 

 

– 16 –

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 if he gives notice in writing to the Company that he resigns the
 office of Director; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 if he dies, becomes bankrupt or makes any arrangement or composition
 with his creditors generally; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 if he is found a lunatic or becomes of unsound mind; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 in the circumstances described in the next following Article; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 if he ceases to be a Director by virtue of, or becomes prohibited
 from being a Director by reason of, an order made under any provisions of any
 law or enactment. 

 
	
  

 	
  

 	
  

 
	
 APPOINTMENT AND REMOVAL OF DIRECTORS

 
	
  

 
	
 81.

 	
 (a)

 	
 The Directors shall be divided into three classes designated Class I,
 Class II and Class III. Each class shall consist as nearly as possible of
 one-third of the total number of Directors constituting the entire Board of
 Directors. The initial term of office for each Director in Class I shall
 expire at the Annual General Meeting of the Company in 1999; the initial term
 of office for each Director in Class II shall expire at the Annual General
 Meeting in 2000; and the initial term of office for each Director in Class
 III shall expire at the Annual General Meeting in 2001. At each Annual
 General Meeting, commencing with the Annual General Meeting to be held in
 1999, the successors of the class of Directors whose term expires at that
 meeting shall be elected to hold office for a term expiring at the Annual
 General Meeting to be held in the third year of their election, so that the
 term of one class of Directors shall expire in each year. Each Director shall
 hold office for the term for which he or she is elected or appointed and
 until his or her successor shall be elected or appointed and qualify or until
 he or she shall vacate office in accordance with Article 80. If the number of
 Directors is changed, an increase or decrease shall be apportioned among the
 classes so as to maintain the number of Directors in each class as nearly
 equal as possible, but in no case shall a decrease in the number of Directors
 shorten the term of an incumbent Director. The term of a Director appointed
 to fill a newly created directorship, or other vacancy, shall expire at the
 same time as the term of the other Directors of the class for which the new
 directorship is created or in which the vacancy occurred. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 No person shall be appointed a Director, unless nominated in
 accordance with the provisions of this Article 81. Nominations of persons for
 appointment as Directors may be made: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 by the Directors; 

 

– 17 –

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 with respect to election at an annual general meeting, by any Member
 of the Company owning Class A shares or other shares carrying the general
 right to vote at general meetings of the Company, who is a Member at the time
 of the relevant annual general meeting, and who timely complies with the
 notice procedures set forth in this Article 81; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iii)

 	
 with respect to election at an extraordinary general meeting
 requisitioned in accordance with Article 31(b), by a Member or Members owning
 Class A shares or other shares carrying the general right to vote at general
 meetings of the Company and who make such nomination in the written
 requisition of the extraordinary general meeting in accordance with Article
 31(b) and in compliance with the other provisions of these Articles and the
 Statute relating to nominations of directors and the proper bringing of
 special business before an extraordinary general meeting; and 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (iv)

 	
 by holders of any class or series of shares in the Company then in
 issue having special rights to nominate or appoint Directors in accordance
 with the terms of issue of such class or series, but only to the extent
 provided in such terms of issue 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (clauses (ii), (iii) and (iv) being the exclusive means for a Member
 to make nominations of persons for election to the Board of Directors). 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 [Not used]. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 [Not used]. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 No person shall be eligible for election as a Director of the Company
 unless nominated in accordance with the procedures set forth in these
 Articles. Except as otherwise provided by law, the Board or the chairman of
 any meeting of Members to elect Directors may determine in good faith that a
 nomination was not made in compliance with the procedures set forth in the
 foregoing provisions of this Article 81; and if the Board or the chairman of
 the meeting should so determine, it shall be so declared to the meeting, and
 the defective nomination shall be disregarded. Notwithstanding anything in
 these Articles to the contrary, unless otherwise required by law, if a Member
 intending to make a nomination at a meeting of Members in accordance with
 this Article 81 does not timely appear in person or by proxy at the meeting
 to present the nomination, such nomination shall be disregarded,
 notwithstanding that appointments of proxy in respect of such nomination may
 have been received by the Company or any other person. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 Notwithstanding the foregoing provisions of this Article 81, any Member
 or Members intending to make a nomination at a meeting of Members in
 accordance with this Article 81, and each related beneficial owner, if any, 

 

– 18 –

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 shall also comply with all applicable requirements of the Exchange
 Act with respect to the matters set forth in these Articles; provided,
 however, that any references in these Articles to the Exchange Act are not
 intended to and shall not limit the requirements applicable to nominations
 made or intended to be made in accordance with clause (ii) or clause (iii) of
 Article 81(b). 

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 Nothing in this Article 81 shall be deemed to affect any rights of
 the holders of any class or series of shares to elect or appoint Directors
 pursuant to any applicable terms of issue of any such shares. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 For purposes of this Article 81, 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i)

 	
 an “Affiliate” of any person means any other person that
 directly or indirectly controls, is controlled by, or is under common control
 with, such person; 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 a “Covered Arrangement” means, with respect to any person and
 as of any date, any agreement, arrangement or understanding (including any
 swaps or other derivative or short positions, profit interests, options,
 hedging transactions, and securities lending or borrowing arrangement) to
 which such person or its Affiliates is, directly or indirectly, a party as of
 such date (A) with respect to shares of the Company or (B) the effect or
 intent of which is to mitigate loss to, manage the potential risk or benefit
 of share price changes (increases or decreases) for, or increase or decrease
 the voting power of such person or any of its Affiliates with respect to
 securities of the Company or which may have payments based in whole or in
 part, directly or indirectly, on the value (or change in value) of any
 securities of the Company (other than, in each such case, interests in
 investment companies registered under the U.S. Investment Company Act of
 1940, as amended); 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 At any time the Company may by Special Resolution of the total voting
 power of the issued shares of the Company determined in accordance with these
 Articles, including Article 41, remove any Director and may in like manner
 appoint another person in his stead (provided that nominations of such
 persons be made in compliance with the provisions of this Article 81). 

 
	
  

 	
  

 	
  

 
	
 82.

 	
 The Directors shall have power at any time and from time to time to
 appoint any person to be a Director to fill any vacancy on the Board of
 Directors created pursuant to the provisions of Articles 52 or 80. 

 

– 19 –

PRESUMPTION OF ASSENT

	
  

 	
  

 	
  

 
	
 83.

 	
 A Director of the Company who is present at a meeting of the Board of
 Directors at which action on any Company matter is taken shall be presumed to
 have assented to the action taken unless his dissent shall be entered in the
 Minutes of the meeting or unless he shall file his written dissent from such
 action with the person acting as the Secretary of the meeting before the
 adjournment thereof or shall forward such dissent by registered mail to the
 Secretary of the Company immediately after the adjournment of the meeting.
 Such right to dissent shall not apply to a Director who voted in favour of
 such action.

 
	
  

 	
  

 
	
 SEAL

 
	
  

 
	
 84.

 	
 (a)

 	
 Subject to the provisions of Article 4 hereof, the Seal shall only be
 used by the authority of the Directors or of a committee of the Directors
 authorised by the Directors in that behalf and every instrument to which the
 Seal has been affixed shall be signed by one person who shall be either a
 Director or the Secretary or Secretary-Treasurer or some person appointed by
 the Directors for the purpose. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Company may have for use in any territory, district or place not
 situate in the Cayman Islands, and shall have for use in Ireland, an official
 seal which shall be a facsimile of the Common Seal of the Company with or
 without the addition on its face of the name of every territory district or
 place where it is to be used. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 A Director or Secretary may without further authority of the
 Directors affix the Seal of the Company over his signature alone to any
 document of the Company required to be authenticated by him under Seal or to
 be filed with the Registrar of Companies in the Cayman Islands or elsewhere
 wheresoever. 

 
	
  

 	
  

 	
  

 
	
 OFFICERS

 
	
  

 
	
 85.

 	
 The Company may have a President and an Assistant Secretary (or
 Presidents and Assistant Secretaries) and shall have a Secretary or
 Secretary-Treasurer (or Secretaries or Secretary-Treasurers) appointed by the
 Directors who may also from time to time appoint such other Officers as they
 consider necessary, all for such terms, to perform such duties, and subject
 to such provisions as to disqualification and removal the Directors from time
 to time may prescribe. Where the Directors appoint more than one Secretary
 (or appoint a Secretary or Secretaries together with an Assistant Secretary
 or Assistant Secretaries) at least one of such Officers shall be a resident
 of Ireland. 

 
	
  

 	
  

 
	
 86.

 	
 A provision of the Statute or these Articles requiring or authorising
 a thing to be done by a Director and an Officer shall not be satisfied by its
 being done by the one person acting in the dual capacity of Director and
 Officer. 

 

– 20 –

DIVIDENDS AND RESERVE

	
  

 	
  

 
	
 87.

 	
 Subject to the Statute, the Directors may from time to time declare
 dividends on shares of the Company outstanding and authorise payment of the
 same out of the funds of the Company and may from time to time pay to the
 Members such interim dividends as appear to the Directors to be justified by
 the profits and financial condition of the Company. 

 
	
  

 	
  

 
	
 88.

 	
 The Directors may, before declaring any dividends, set aside such
 sums as they think proper as a reserve or reserves which shall, at the
 discretion of the Directors, be applicable for any purpose of the Company and
 pending such application may, at the like discretion, be employed in the
 business of the Company. 

 
	
  

 	
  

 
	
 89.

 	
 No dividend shall be payable except out of the profits of the
 Company, realized or unrealised or out of monies otherwise available for
 dividends in accordance with the Statute. 

 
	
  

 	
  

 
	
 90.

 	
 Subject to the rights of persons, if any, entitled to shares with
 special rights as to dividends, all shares outstanding on the record date for
 a dividend shall rank equally for such dividend regardless of their date of
 issue and regardless of the amount paid up thereon. 

 
	
  

 	
  

 
	
 91.

 	
 The Directors may deduct from any dividend payable to any Member all
 sums of money (if any) presently payable by him to the Company on any
 account. 

 
	
  

 	
  

 
	
 92.

 	
 The Directors may declare that any dividend be paid wholly or partly
 by the distribution of specific assets and in particular of paid up shares,
 debentures, or debenture stock of any other company or in any one or more of
 such ways and where any difficulty arises in regard to such distribution, the
 Directors may settle the same as they think expedient and in particular may
 issue fractional certificates and 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 all Members and may vest any such specific assets in
 trustees as may seem expedient to the Directors. 

 
	
  

 	
  

 
	
 93.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 94.

 	
 No dividend shall bear interest against the Company. Subject to the
 Statute, if determined by the Directors, any dividend unclaimed for a period
 of six years from the date of declaration of such dividend shall be forfeited
 and shall revert to the Company and the payment by the Directors of any
 unclaimed dividend, interest or other sum payable on or in respect of the
 share into a separate account shall not constitute the Company a trustee in
 respect thereof. 

 
	
  

 	
  

 
	
 CAPITALIZATION

 
	
  

 
	
 95.

 	
 The Company may, upon the recommendation of the Directors by ordinary
 resolution, authorise the Directors to capitalise any sum standing to the
 credit of 

 

– 21 –

	
  

 	
  

 	
  

 
	
  

 	
 any of the Company’s reserve accounts (including share premium
 account and capital redemption reserve fund) or any sum standing to the
 credit of profit and loss account or otherwise available for distribution and
 to appropriate such sum to Members in the proportions in which such sum would
 have been divisible amongst them had the same been a distribution of profits
 by way of dividend and to apply such sum on their behalf in paying up in full
 unissued shares (not being redeemable shares) for allotment and distribution
 credited as fully paid up to and amongst them in the proportion aforesaid. In
 such event the Directors shall do all acts and things required to give effect
 to such capitalisation, with full power to the Directors to make such
 provisions as they think fit for the case of shares becoming distributable in
 fractions (including provisions whereby the benefit of fractional
 entitlements accrue to the Company rather than to the Members concerned). The
 Directors may authorise any person to enter on behalf of all of the Members
 interested into an agreement with the Company providing for such
 capitalisation and matters incidental thereto and any agreement made under
 such authority shall be effective and binding on all concerned. 

 
	
  

 	
  

 	
  

 
	
 BOOKS OF ACCOUNT

 
	
  

 
	
 96.

 	
 The Directors shall cause proper books of account to be kept with
 respect to: 

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 all sums of money received and expended by the Company and the
 matters in respect of which the receipt or expenditure takes place; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 all sales and purchases of goods by the Company; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 the assets and liabilities of the Company. 

 
	
  

 	
  

 	
  

 
	
  

 	
 Proper books shall not be deemed to be kept if there are not kept
 such books of account as are necessary to give a true and fair view of the
 state of the Company’s affairs and to explain its transactions. 

 
	
  

 	
  

 
	
 97.

 	
 The Directors shall from time to time determine whether and to what
 extent and at what times and places and under what conditions or regulations
 the accounts and books of the Company or any of them shall be open to the
 inspection of Members not being Directors and no Member (not being a
 Director) shall have any right of inspecting any account or book or document
 of the Company except as conferred by Statute or authorised by the Directors
 or by the Company in general meeting. 

 
	
  

 	
  

 
	
 98.

 	
 The Directors shall from time to time cause to be prepared and to be
 laid before the Company in general meeting profit and loss accounts, balance
 sheets, group accounts (if any) and such other reports and accounts as may be
 required by law. 

 
	
  

 	
  

 
	
 AUDIT

 
	
  

 
	
 99.

 	
 The Directors may appoint an Auditor of the Company who shall hold
 office on such terms as the Directors determine. 

 

– 22 –

	
  

 	
  

 	
  

 
	
 100.

 	
 [Not used]. 

 
	
  

 	
  

 
	
 101.

 	
 Every Auditor of the Company shall have a right of access at all
 times to the books and accounts and vouchers of the Company and shall be
 entitled to require from the Directors and Officers of the Company such
 information and explanation as may be necessary for the performance of the duties
 of the auditors. 

 
	
  

 	
  

 
	
 102.

 	
 Auditors shall at the next Annual General Meeting following their
 appointment and at any other time during their term of office, upon request
 of the Directors or any general meeting of the Members, make a report on the
 accounts of the Company in general meeting during their tenure of office. 

 
	
  

 	
  

 
	
 NOTICES

 
	
  

 	
  

 
	
 103.

 	
 Notices shall be in writing and may be given by the Company to any
 Member either personally or by sending it by post, fax, courier or e-mail to
 him or to his address as shown in the register of Members, such notice, if
 mailed, to be forwarded airmail if the address be outside the Cayman Islands,
 or where the notice is given by e-mail by sending it to the e-mail address
 provided by such Member. 

 
	
  

 	
  

 
	
 104.

 	
 (a)

 	
 Where a notice is sent by post, service of the notice shall be deemed
 to be effected by properly addressing, pre-paying and posting a letter
 containing the notice, and to have been effected at the expiration of 60
 hours after the letter containing the same is posted as aforesaid. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Where a notice is sent by fax or courier, service of the notice shall
 be deemed to be effected by properly addressing, pre-paying and sending
 through a transmitting organisation the notice, and to have been effected at
 the expiration of forty-eight hours after the same is sent as aforesaid. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Where a notice is given by e-mail service shall be deemed to be
 effected by transmitting the e-mail to the e-mail address provided by the
 intended recipient and shall be deemed to have been received on the same day
 that it was sent, and it shall not be necessary for the receipt of the e-mail
 to be acknowledged by the recipient. 

 
	
  

 	
  

 	
  

 
	
 105.

 	
 A notice may be given by the Company to the joint holders of record
 of a share by giving the notice to the joint holder first named on the
 register of Members in respect of the share. 

 
	
  

 	
  

 
	
 106.

 	
 A notice may be given by the Company to the person or persons which
 the Company has been advised are entitled to a share or shares in consequence
 of the death or bankruptcy of a Member by sending it through the post as
 aforesaid in a pre-paid letter addressed to them by name, or by the title of
 representatives of the deceased, or trustee of the bankruptcy, or by any like
 description at the address supplied for that purpose by the persons claiming
 to be so entitled, or at the option of the Company by giving the notice in
 any manner in which the same might have been given if the death or bankruptcy
 had not occurred. 

 

– 23 –

	
  

 	
  

 	
  

 
	
 107.

 	
 Notice of
 every general meeting shall be given in any manner hereinbefore authorised
 to: 

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 every person shown as a Member in the register of Members as of the
 record date for such meeting except that in the case of joint holders the
 notice shall be sufficient if given to the joint holder first named in the
 register of Members; and

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 every person upon whom the ownership of a share devolves by reason of
 his being a legal personal representative or a trustee in bankruptcy of a
 Member of record, where the Member of record, but for his death or
 bankruptcy, would be entitled to receive notice of the meeting.

 
	
  

 	
  

 	
  

 
	
  

 	
 No other
 person shall be entitled to receive notices of general meetings. 

 
	
  

 	
  

 
	
 WINDING UP

 
	
  

 
	
 108.

 	
 If the Company shall be wound up, the Liquidator may, with the
 sanction of a Special Resolution of the Company and any other sanction
 required by the Statute, divide amongst the Members in specie or kind, the
 whole or any part of the assets of the Company (whether they shall consist of
 property of the same kind or not) and may for such purpose set such value as
 he deems fair upon any property to be divided as aforesaid and may determine
 how such division shall be carried out as between the Members or different
 classes of Members. The Liquidator may with the like sanction, vest the whole
 or any part of such assets in trustees upon such trusts for the benefit of
 the contributories as the Liquidator, with the like sanction, shall think
 fit, but so that no Member shall be compelled to accept any shares or other
 securities whereon there is any liability. 

 
	
  

 	
  

 
	
 INDEMNITY

 
	
  

 
	
 109.

 	
 (a)

 	
 The Company shall indemnify any person who was or is a party or is
 threatened to be made a party to any threatened, pending or completed action,
 suit or proceeding, whether civil, criminal, administrative or investigative
 (other than an action by or in the right of the Company) by reason of the
 fact that he is or was a director, officer, employee or agent of the Company,
 or is or was serving at the request of the Company as a director, officer,
 employee or agent of another company, partnership, joint venture, trust or
 other enterprise, or in a fiduciary or other capacity with respect to any
 employee benefit plan maintained by the Company, against expenses (including
 attorneys’ fees), judgments, fines and amounts paid in settlement actually
 and reasonably incurred by him in connection with such action, suit or
 proceeding if he acted in good faith and in a manner he reasonably believed
 to be in or not opposed to the best interests of the Company, or reasonably believed
 to be in or not opposed to the best interests of such employee benefit plan,
 and, with respect to any criminal action or proceeding, had no reasonable
 cause to believe his conduct was unlawful. The termination of any action,
 suit or proceeding by judgment, 

 

– 24 –

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 order, settlement, conviction, or upon a plea of nolo contendere or
 its equivalent, shall not, of itself, create a presumption that the person
 did not act in good faith and in a manner which he reasonably believed to be
 in or not opposed to the best interests of the Company, or reasonably
 believed to be in or not opposed to the best interests of such employee
 benefit plan, and, with respect to any criminal action or proceeding, had
 reasonable cause to believe that his conduct was unlawful. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 The Company shall indemnify any person who was or is a party or is
 threatened to be made a party of any threatened, pending or completed action
 or suit by or in the right of the Company to procure a judgment in its favour
 by reason of the fact that he is or was a director, officer, employee or
 agent of the Company, or is or was serving at the request of the Company as a
 director, officer, employee or agent of another company, partnership, joint
 venture, trust or other enterprise, or in a fiduciary or other capacity with
 respect to any employee benefit plan maintained by the Company, against
 expenses (including attorneys’ fees) actually and reasonably incurred by him
 in connection with the defence or settlement of such action or suit if he
 acted in good faith and in a manner he reasonably believed to be in or not
 opposed to the best interests of the Company, or reasonably believed to be in
 or not opposed to the best interests of such employee benefit plan, and
 except that no such indemnification shall be made in respect of any claim,
 issue or matter as to which such person shall have been adjudged to be liable
 for wilful neglect or default in the performance of his duty to the Company
 or to such employee benefit plan unless and only to the extent that the Grand
 Court of the Cayman Islands or the court in which such action or suit was
 brought shall determine upon application that, despite the adjudication of
 liability, but in view of all the circumstances of the case, such person is
 fairly and reasonably entitled to indemnity for such expenses which the Grand
 Court or such other court shall deem proper. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 To the extent that a director, officer, employee or agent of the
 Company shall be successful on the merits or otherwise in defence, of any
 action, suit or proceeding referred to in paragraphs (a) and (b), or in
 defence of any claim, issue or matter therein, he shall be indemnified
 against expenses (including attorneys’ fees) actually and reasonably incurred
 by him in connection therewith. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Any indemnification under paragraphs (a) and (b) (unless ordered by a
 court) shall be made by the Company only as authorised in the specific case
 upon a determination that indemnification of the director, officer, employee
 or agent is proper in the circumstances because he has met the applicable
 standard of conduct set forth in paragraphs (a) and (b). Such determination
 shall be made (1) by the Board of Directors by a majority vote of a quorum
 consisting of directors who were not parties to such action, suit or
 proceeding, or (2) if such a quorum is not obtainable, or, even if obtainable
 

 

– 25 –

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 a quorum of disinterested directors so directs, by independent legal
 counsel in a written opinion, or (3) by the shareholders entitled to vote. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 Expenses incurred in defending a civil or criminal action, suit or
 proceeding may be paid by the Company in advance of the final disposition of
 such action, suit or proceeding as authorised by the Board of Directors in
 the manner provided in paragraph (d) upon receipt of an undertaking by or on
 behalf of the director, officer, employee or agent to repay such amount
 unless it shall ultimately be determined that he is entitled to be
 indemnified by the Company as authorised in this Article 109. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 The indemnification provided by this Article 109 shall not be deemed
 exclusive of any other rights to which those indemnified may be entitled
 under any by-law, agreement, vote of shareholders or disinterested directors
 or otherwise, both as to action in his official capacity and as to action in
 another capacity while holding such office, and shall continue as to a person
 who has ceased to be a Director, officer, employee or agent and shall inure
 to the benefit of the heirs, executors and administrators of such a person. 

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 The Board of Directors may authorise the Company to purchase and
 maintain insurance on behalf of any person who is or was a director, officer,
 employee or agent of the Company, or is or was serving at the request of the Company
 as a director, officer, employee or agent of another company, partnership,
 joint venture, trust or other enterprise, or in a fiduciary or other capacity
 with respect to any employee benefit plan maintained by the Company, against
 any liability asserted against him and incurred by him in any such capacity,
 or arising out of his status as such, whether or not the Company would have
 the power to indemnify him against such liability under the provisions of
 this Article 109. 

 
	
  

 	
  

 	
  

 
	
 NO LIABILITY

 
	
  

 
	
 110.

 	
 No director or officer of the Company shall be liable or answerable
 for the acts, receipts, neglects, or defaults of any other Director or other
 officer of the Company or for joining in any receipt or other act for
 conformity or for any loss or expense happening to the Company through the
 insufficiency or deficiency of any security in or upon which any of the
 monies of the Company shall be invested or for any loss or damage arising
 from the bankruptcy, insolvency or tortious act of any person with whom any monies,
 securities or effects shall be deposited, or for any loss occasioned by any
 error of judgment or oversight on his part, or for any other loss, damage, or
 misfortune whatever which shall happen in or about the execution of the
 duties of his office or in relation thereto, unless the same happen through
 his own wilful neglect or default. 

 
	
  

 	
  

 
	
 FISCAL YEAR

 
	
  

 
	
 111.

 	
 At any time or times the Directors may prescribe the period for any
 Fiscal Year. 

 

– 26 –

AMENDMENTS OF ARTICLES

	
  

 	
  

 
	
 112.

 	
 Subject to the Statute, the Company may at any time and from time to
 time by Special Resolution alter or amend these Articles in whole or in part.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00194-of-00352.parquet"}]]