Document:

Certificate of Amalgamation of Tesco Corporation

 Exhibit 4.1 
  

	
	CORPORATE ACCESS NUMBER
	
	20588449

 

 
 BUSINESS CORPORATIONS ACT 
 CERTIFICATE 
 OF 
 AMALGAMATION 
 TESCO CORPORATION 
 IS THE RESULT OF AN AMALGAMATION FILED ON DECEMBER 1, 1993. 
  

			
	 

	 	 

 Registrar of Corporations

	 

			
	BUSINESS CORPORATIONS ACT	 	FORM 9
	(SECTION 179)	 	

  

					
	Alberta	 	ARTICLES OF AMALGAMATION
		
	 1. NAME OF AMALGAMATED CORPORATION:
  
 Tesco Corporation
	 	 2. CORPORATE ACCESS NO.
  
 20588449

	
	 3. THE CLASSES AND ANY MAXIMUM NUMBER OF SHARES THAT THE CORPORATION IS AUTHORIZED TO ISSUE.
  
 The attached Schedule I is incorporated into and forms part of this
form.

	
	 4. RESTRICTIONS IF ANY ON SHARE TRANSFERS:
  
 None.

	
	 5. NUMBER (OR MINIMUM AND MAXIMUM NUMBER) OF DIRECTORS.
  

Minimum 3 - Maximum 9.

	
	 6. RESTRICTION IF ANY ON BUSINESS THE CORPORATION MAY CARRY ON:
  
 None.

	
	 7. OTHER PROVISIONS IF ANY:
  
 The attached Schedule 2 is incorporated into and forms part of this form.

		
	8. NAME OF AMALGAMATING CORPORATIONS	 	CORPORATE ACCESS NO.
		
	 Shelter Oil & Gas Ltd.
 Coexco Petroleum Inc.
 Forewest Industries Ltd.
 Tesco Corporation
	 	 20229470
 20287444
 20354184
 20578749

 

 

 SCHEDULE I 
 The Corporation is authorized to issue: 
  

	(a)	One class of shares, to be designated as “First Preferred Shares”, issuable in series, in an unlimited number; 

  

	(b)	One class of shares, to be designated as “Second Preferred Shares”, issuable in series, in an unlimited number; and 

  

	(c)	One class of shares, to be designated as “Common Shares”, in an -unlimited number; 

 such shares having attached thereto the following rights, privileges, restrictions and conditions: 
  

	1.	The First Preferred Shares as a class shall carry and be subject to the following preferences, rights, privileges, restrictions, conditions and limitations:

  

	 	(a)	the directors of the Corporation may at any time and from time to time issue the First Preferred Shares in one or more series, each series to consist of such number of shares as,
before issuance thereof, may be determined by the directors. The number of shares in any series may, from time to time, be increased by the directors upon compliance with the same conditions as are applicable to the issue of First Preferred Shares
in a new series; 

  

	 	(b)	the directors of the Corporation may at any time and from time to time, by resolution before issuance, fix, subject to the provisions hereof, the designation and the preferences,
rights, privileges, restrictions, conditions and limitations to attach to the First Preferred Shares of each series including, if applicable, the rate of preferential dividends, the dates of payment thereof, the redemption price, terms and
conditions of redemption, the rights of conversion to other classes of capital of the Corporation, and any sinking fund, rights of purchase of First Preferred Shares by the Corporation or other provisions or limitations to attach to the First
Preferred Shares of such series; the whole subject to the preferences, rights, privileges, restrictions, conditions and limitations attaching to the First Preferred Shares as a class; 

  

	 	(c)	the First Preferred Shares of each series shall rank on a parity with the First Preferred Shares of every other series (except for sinking funds or purchase funds established for a
particular series) unless the resolution of the directors of the Corporation establishing any particular series shall expressly provide that such series shall be subordinate in any respect therein specified to any prior series of First Preferred
Shares theretofore issued and outstanding or to all or any subsequent series of First Preferred Shares; provided, however, that no rights, privileges, restrictions or conditions attached to a series of First Preferred Shares shall confer on the
shares of a series a priority in respect of voting, dividends or return of capital over the shares of any other series of First Preferred Shares that are then outstanding; and also provided that if any cumulative dividends or amounts payable on
return of capital in respect of a series of First Preferred Shares are not paid in full, the shares of all series of First Preferred Shares shall participate rateably in respect of accumulated dividends and return of capital;

	 	(d)	the First Preferred Shares of each series shall be entitled to preference over the Second Preferred Shares and the Common Shares of the Corporation and any other shares of the
Corporation ranking junior to the First Preferred Shares with respect to priority in payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary,
or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, and may also be given such other preferences over the Second Preferred Shares and the Common Shares of the Corporation and
any other shares of the Corporation ranking junior to the First Preferred Shares as may be fixed in the case of each such series; 

  

	 	(e)	subject to the provisions relating to any particular series theretofore issued and subject to the rights, restrictions, conditions and limitations attaching to the First Preferred
Shares as a class, First Preferred Shares of any series may be made subject to redemption at such times and at such prices and upon such terms and conditions as may be specified in the preferences, rights, privileges, restrictions, conditions and
limitations attaching to the First Preferred Shares of such series as set forth in the said resolution of the directors of the Corporation. First Preferred Shares redeemed or purchased by the Corporation shall either be cancelled or restored to the
status of authorized but unissued, as determined by the directors; 

  

	 	(f)	First Preferred Shares of any series shall not be redeemed nor shall any funds of the Corporation be applied in the purchase of First Preferred Shares of any series, whether through
the operation of a sinking fund, purchase fund or otherwise, unless at the time of such redemption or purchase all accrued and unpaid dividends, if any, on all outstanding First Preferred Shares, Second Preferred Shares, and any other shares of the
Corporation ranking junior to the First Preferred Shares with respect to priority in payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary,
or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, shall have been declared and paid, or funds in respect thereof set aside for that purpose; 

  

	 	(g)	the holders of the First Preferred Shares shall not, as such, be entitled as of right to subscribe for or purchase or receive any part of any issue of shares or of bonds, debentures
or other securities of the Corporation now or hereafter authorized except pursuant to conversion rights, if any, attaching to any of the First Preferred Shares; 

  

	 	(h)	no class of shares may be created ranking as to return of capital or payment of dividends prior to, or on a parity with, the First Preferred Shares without the approval of the
holders of the First Preferred Shares given as hereinafter specified; 

	 	(i)	the preferences, rights, privileges, conditions, restrictions, limitations and prohibitions attaching to the First Preferred Shares as a class shall not be deleted or varied
without, but may be deleted or varied with, the approval of the holders of the First Preferred Shares given by a resolution passed by a majority of not less than two-thirds of the votes cast at a meeting duly called for that purpose and held upon
not less than 21 days notice. On every poll taken at every such meeting, every holder of First Preferred Shares shall be entitled to one vote in respect of each First Preferred Share held. The formalities to be observed in respect of the giving or
waiving of notice of any such meeting and the conduct thereof shall be those from time to time prescribed in the By-laws of the Corporation with respect to meetings of shareholders; 

  

	 	(j)	the holders of First Preferred Shares, as such, shall not be entitled (except as provided in paragraph (i).and as hereinafter specifically provided) to receive notice of or to
attend any meetings of the shareholders of the Corporation or to vote at any such meetings; provided however, that if from time to time or at any time eight quarterly, four semi-annual, or two annual dividends on the First Preferred Shares of any
one series shall remain unpaid whether or not consecutive and whether or not such dividends have been declared and whether or not there are any moneys of the Corporation properly applicable to the payment of dividends; thereafter so long as any
dividends on any First Preferred Shares remain in arrears, the holders of the First Preferred Shares of all series shall be entitled, voting separately and exclusively as a class, to elect two members of the board of directors of the Corporation,
and such rights shall continue until all arrears of dividends on all First Preferred Shares shall have been paid. Notwithstanding anything contained. in the By-laws of the Corporation, the term of office of all persons who may be directors of the
Corporation at any time when the right to elect directors shall accrue to the holders of First Preferred Shares as herein provided, or who may be appointed as directors thereafter and before a meeting of shareholders shall have been held, shall
terminate upon the close of the next annual general meeting of shareholders following their election or at a general meeting of shareholders which may be held for the purpose of electing directors at any time after the accrual of such right to elect
directors and which shall be called by the Secretary of the Corporation upon the written request of the holders of record of at least five (5%) percent of the outstanding First Preferred Shares. In default of the calling of such general meeting
by the Secretary within 15 days after the slaking of such request, such meeting may be called by any holder of record of First Preferred Shares. Any vacancy or vacancies occurring among members of the board of directors elected to represent the
holders of First Preferred Shares in accordance with the foregoing provisions may be filled by the board of directors with the consent and approval of any remaining director elected to represent the holders of the First Preferred Shares. Whether or
not such vacancy or vacancies is or are so filled by the board of directors, the holders of record of at least five (5%) percent of the outstanding First Preferred Shares shall have the right to require the Secretary of the Corporation to call
a meeting of the holders of First Preferred Shares for the purpose of filling the vacancy or vacancies or replacing all or any of the persons elected or appointed to fill such 

 vacancy or vacancies and the provisions of the last preceding paragraph shall apply with respect to the
calling of any such meeting. Notwithstanding anything contained in the By-laws of the Corporation: (i) upon any termination of the rights of the holders of the First Preferred Shares to elect or appoint two members of the board of directors,
the term of office of the directors elected or appointed to represent the holders of First Preferred Shares shall forthwith terminate; and (ii) the holding of at least one First Preferred Share shall be necessary to qualify a person for
election or appointment as a director of the Corporation to represent the holders of First Preferred Shares; 
  

	 	(k)	for the purpose of the foregoing provisions and the provisions of any particular series of First Preferred Shares the expressions “accrued and unpaid dividends” and
“accumulations” mean an amount computed at the rate of fixed cumulative dividends, if any, attaching to the First Preferred Shares of a series as though dividends on such shares had been accruing on a day to day basis in accordance with
the terms thereof to the date to which the computation of accrued and unpaid dividends is to be made, after deducting all dividend payments made on such First Preferred Shares of such series to such date; and the expressions “in priority
to”, “on parity with” and “junior to” have reference to the order of priority in payment of dividends and in the distribution of assets in the event of any liquidation, dissolution or winding up of the Corporation or other
distribution of its assets among its shareholders for the purpose of winding up its affairs, whether voluntary or involuntary; and 

  

	 	(l)	the provisions of paragraphs (a) to (k) hereof, inclusive, and the provisions of this paragraph (1) may be repealed, altered, modified, amended or amplified but only
in accordance with any requirements of the Business Corporations Act (Alberta), or any Act of the said Province enacted in substitution therefor or in addition thereto applicable to the Corporation, and with any amendments to any such Act from time
to time. 

  

	2.	The Second Preferred Shares as a class shall carry and be subject to the following preferences, rights, privileges, restrictions, conditions and limitations:

  

	 	(a)	the directors of the Corporation may at any time and from time to time issue the Second Preferred Shares in one or more series, each series to consist of such number of shares as,
before issuance thereof, may be determined by the directors. The number of shares in any series may, from time to time, be increased by the directors upon compliance with the same conditions as are applicable to the issue of Second Preferred Shares
in a new series; 

  

	 	(b)	the directors of the Corporation may at any time and from time to time, by resolution before issuance, fix, subject to the provisions hereof, the designation and the preferences,
rights, privileges, restrictions, conditions and limitations to attach to the Second Preferred Shares of each series including, if applicable, the rate of preferential dividends, the dates of payment thereof, the redemption price, terms and
conditions of redemption, the rights of conversion to other classes of 

 capital of the Corporation, and any sinking fund, rights of purchase of Second Preferred Shares by the
Corporation or other provisions or limitations to attach to the Second Preferred Shares of such series; the whole subject to the preferences, rights, privileges, restrictions, conditions and limitations attaching to the Second Preferred Shares as a
class; 
  

	 	(c)	the Second Preferred Shares of each series shall rank on a parity with the Second Preferred Shares of every other series (except for sinking funds or purchase funds established for
a particular series) unless the resolution of the directors of the Corporation establishing any particular series shall expressly provide that such series shall be subordinate in any respect therein specified to any prior series of Second Preferred
Shares theretofore issued and outstanding or to all or any subsequent series of Second Preferred Shares; provided, however, that no rights, privileges, restrictions or conditions attached to a series of Second Preferred Shares shall confer on shares
of a series a priority in respect of voting, dividends or return of capital over shares of any other series of Second Preferred Shares that are then outstanding; and also provided that if any cumulative dividends or amounts payable on return of
capital in respect of a series of Second Preferred Shares are not paid in full, the shares of all series of Second Preferred Shares shall participate rateably in respect of accumulated dividends and return of capital; 

  

	 	(d)	the Second Preferred Shares of each series shall rank junior to the First Preferred Shares of the Corporation but shall be entitled to preference over the Common Shares of the
Corporation and any other shares of the Corporation ranking junior to the. Second Preferred Shares with respect to priority in payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up of the
Corporation, whether voluntary or involuntary, or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, and may also be given such other preferences over the Common Shares of the
Corporation and any other shares of the Corporation ranking junior to the Second Preferred Shares as may be fixed in the case of each such series; 

  

	 	(e)	subject to the provisions relating to any particular series theretofore issued and subject to the rights, restrictions, conditions and limitations attaching to the Second Preferred
Shares as a class, Second Preferred Shares of any series may be made subject to redemption at such times and at such prices and upon such terms and conditions as may be specified in the preferences, rights, privileges, restrictions, conditions and
limitations attaching to the Second Preferred Shares of such series as set forth in the said resolution of the directors of the Corporation. Second Preferred Shares redeemed or purchased by the Corporation shall either be cancelled or restored to
the status of authorized but unissued, as determined by the directors; 

  

	 	(f)	Second Preferred Shares of any series shall not be redeemed nor shall any funds of the Corporation be applied in the purchase of Second Preferred Shares of any series, whether
through the operation of a sinking fund, purchase fund or otherwise, unless at the time of such redemption or purchase all accrued and 

 unpaid dividends, if any, on all outstanding Second Preferred Shares and any other shares of the
Corporation ranking junior to the Second Preferred Shares with respect to priority in payment of dividends and in the distribution of assets in the event of liquidation, dissolution or winding-up of the Corporation, whether voluntary or involuntary,
or any other distribution of the assets of the Corporation among its shareholders for the purpose of winding up its affairs, shall have been declared and paid, or funds in respect thereof set aside for that purpose; 
  

	 	(g)	the holders of the Second Preferred Shares shall not, as such, be entitled as of right to subscribe for or purchase or receive any part of any issue of shares or of bonds,
debentures or other securities of the Corporation now or hereafter authorized except pursuant to conversion rights, if any, attaching to any of the Second Preferred Shares; 

  

	 	(h)	no class of shares may be created ranking as to return of capital or payment of dividends prior to, or on a parity with, the Second Preferred Shares without the approval of the
holders of the Second Preferred Shares given as hereinafter specified; 

  

	 	(i)	the preferences, rights, privileges, conditions, restrictions, limitations and prohibitions attaching to the Second Preferred Shares as a class shall not be deleted or varied
without, but may be deleted or varied with, the approval of the holders of the Second Preferred Shares given by a resolution passed by a majority of not less than two-thirds of the votes cast at a meeting duly called for that purpose and held upon
not less than 21 days notice. On every poll taken at every such meeting, every holder of Second Preferred Shares shall be entitled to one vote in respect of each Second Preferred Share held. The formalities to be observed in respect of the giving or
waiving of notice of any such meeting and the conduct thereof shall be those from time to time prescribed in the By-laws of the Corporation with respect to meetings of shareholders; 

  

	 	(j)	the holders of Second Preferred Shares, as such, shall not be entitled (except as provided in paragraph (i) and as hereinafter specifically provided) to receive notice of or to
attend any meetings of the shareholders of the Corporation or to vote at any such meetings; provided however, that if from time to time or at any time eight quarterly, four semi-annual, or two annual dividends on the Second Preferred Shares of any
one series shall remain unpaid whether or not consecutive and whether or not such dividends have been declared and whether or not there are any moneys of the Corporation properly applicable to the payment of dividends; thereafter so long as any
dividends on any Second Preferred Shares remain in arrears, the holders of the Second Preferred Shares of all series shall be entitled, voting separately and exclusively as a class, to elect two members of the board of directors of the Corporation,
and such rights shall continue until all arrears of dividends on all Second Preferred Shares shall have been paid. Notwithstanding anything contained in the By-laws of the Corporation, the term of office of all persons who may be directors of the
Corporation at any time when the right to elect directors shall accrue to the holders of Second Preferred Shares 

 as herein provided, or who may be appointed as directors thereafter and before a meeting of shareholders
shall have been held, shall terminate upon the close of the next annual general meeting of shareholders following their election or at a general meeting of shareholders which may be held for the purpose of electing directors at any time after the
accrual of such right to elect directors and which shall be called by the Secretary of the Corporation upon the written request of the holders of record of at least five (5%) percent of the outstanding Second Preferred Shares. In default of the
calling of such general meeting by the Secretary within 15 days after the making of such request, such meeting may be called by any holder of record of Second Preferred Shares. Any vacancy or vacancies occurring among members of the board of
directors elected to represent the holders of Second Preferred Shares in accordance with the foregoing provisions may be filled by the board of directors with the consent and approval of any remaining director elected to represent the holders of the
Second Preferred Shares. Whether or not such vacancy or vacancies is or are so filled by the board of directors, the holders of record of at least five (5%) percent of the outstanding Second Preferred Shares shall have the right to require the
Secretary of the Corporation to call a meeting of the holders of Second Preferred Shares for the purpose of filling the vacancy or vacancies or replacing all or any of the persons elected or appointed to fill such vacancy or vacancies and the
provisions of the last preceding paragraph shall apply with respect to the calling of any such meeting. Notwithstanding anything contained in the By-laws of the Corporation: (i) upon any termination of the rights of the holders of the Second
Preferred Shares to elect or appoint two members of the board of directors, the term of office of the directors elected or appointed to represent the holders of Second Preferred Shares shall forthwith terminate; and (ii) the holding of at least
one Second Preferred Share shall be necessary to qualify a person for election or appointment as a director of the Corporation to represent the holders of Second Preferred Shares; 
  

	 	(k)	for the purpose of the foregoing provisions and the provisions of any particular series of Second Preferred Shares the expressions “accrued and unpaid dividends” and
“accumulations” mean an amount computed at the rate of fixed cumulative dividends, if any, attaching to the Second Preferred Shares of a series as though dividends on such shares had been accruing on a day to day basis in accordance with
the terms thereof to the date to which the computation of accrued and unpaid dividends is to be made, after deducting all dividend payments made on such Second Preferred Shares of such series to such date; and the expressions “in priority
to”, “on parity with” and “junior to” have reference to the order of priority in payment of dividends and in the distribution of assets in the event of any liquidation, dissolution or winding up of the Corporation or other
distribution of its assets among its shareholders for the purpose of winding up its affairs, whether voluntary or involuntary; and 

  

	 	(l)	the provisions of paragraphs (a) to (k) hereof, inclusive, and the provisions of this paragraph (l) may be repealed, altered, modified, amended or amplified but only
in accordance with any requirements of the Business Corporations Act (Alberta), or any Act of the said Province enacted in substitution therefor or in addition thereto applicable to the Corporation, and with any amendments to any such Act from time
to time. 

	3.	The Common Shares shall have the following rights and restrictions: 

  

	 	(a)	the holders of the Common Shares shall be entitled to receive notice of and to attend any meeting of the shareholders of the Corporation and shall be entitled to one vote for each
Common Share held; 

  

	 	(b)	subject to the rights of the holders of the First Preferred Shares, the Second Preferred Shares and any other shares ranking in priority to the Common Shares, the holders of the
Common Shares have the right to receive any dividend declared by the Corporation; and 

  

	 	(c)	subject to the rights of the holders of the First Preferred Shares, the Second Preferred Shares and any other shares ranking in priority to the Common Shares, the holders of the
Common Shares have the right to receive the remaining property of the Corporation on dissolution. 

 SCHEDULE 2 
  

	1.	The by-laws of the Corporation, until replaced, amended or altered shall be the by-laws of Tesco Corporation. 

  

	2.	The directors of the Corporation may, between annual general meetings, appoint one or more additional directors of the Corporation to serve until the next annual general meeting,
but the number of additional directors shall not at any time exceed 1/3 of the number of directors who held office at the expiration of the last annual general meeting of the Corporation. 

  

	3.	Meetings of the shareholder(s) of the Corporation may be held at any place within Canada.Tesco Corporation By-laws

 Exhibit 4.2 
 TESCO CORPORATION 
 By-laws 

 INDEX 
  

			
	 	  	Page
	DEFINITIONS	  	1
		
	REGISTERED OFFICE	  	1
		
	SEAL	  	1
		
	DIRECTORS	  	2
	 Number
	  	2
	 Vacancies
	  	2
	 Powers
	  	2
	 Duties
	  	2
	 Qualification
	  	2
	 Term of Office
	  	3
	 Election
	  	3
	 Consent to Election
	  	3
	 Removal
	  	3
	 Vacation of Office
	  	3
	 Validity of Acts
	  	4
		
	MEETINGS OF DIRECTORS	  	4
	 Place of Meeting
	  	4
	 Notice
	  	4
	 Waiver of Notice
	  	4
	 Omission of Notice
	  	4
	 Telephone Participation
	  	5
	 Adjournment
	  	5
	 Quorum and Voting
	  	5
	 Resolution in Lieu of Meeting
	  	5
		
	COMMITTEES OF DIRECTORS	  	5
	 General
	  	5
	 Audit Committee
	  	6
		
	REMUNERATION OF DIRECTORS OFFICERS AND EMPLOYEES	  	7
		
	SUBMISSION OF CONTRACTS OR TRANSACTIONS TO SHAREHOLDERS FOR APPROVAL	  	7
		
	FOR THE PROTECTION OF DIRECTORS AND OFFICERS	  	8
		
	INDEMNITIES TO DIRECTORS AND OTHERS	  	8

  

 i 

			
	OFFICERS	  	9
	 Appointment of Officers
	  	9
	 Removal of Officers and Vacation of Office
	  	10
	 Vacancies
	  	10
	 Chairman of the Board
	  	10
	 President
	  	10
	 Vice-President
	  	10
	 Secretary
	  	10
	 Treasurer
	  	11
	 Assistant Secretary and Assistant Treasurer
	  	11
	 Managing Director
	  	11
	 Duties of Officers may be Delegated
	  	11
		
	SHAREHOLDERS’ MEETINGS	  	11
	 Annual Meeting
	  	11
	 Special Meetings
	  	11
	 Meeting on Requisition of Shareholders
	  	12
	 Notice
	  	12
	 Waiver of Notice
	  	12
	 Omission of Notice
	  	12
	 Record Dates
	  	13
	 Chairman of the Meeting
	  	13
	 Votes
	  	13
	 Right to Vote
	  	14
	 Proxies
	  	14
	 Telephone Participation
	  	15
	 Adjournment
	  	15
	 Quorum
	  	16
	 Resolution in Lieu of Meeting
	  	16
		
	SHARES AND TRANSFERS	  	16
	 Issuance
	  	16
	 Security Certificates
	  	16
	 Agent
	  	17
	 Dealings with Registered Holder
	  	17
	 Surrender of Security Certificates
	  	17
	 Defaced Destroyed, Stolen or Lost Security Certificates
	  	17
	 Enforcement of Lien for Indebtedness
	  	17
		
	DIVIDENDS	  	18
		
	VOTING SECURITIES IN OTHER BODIES CORPORATE	  	18
		
	NOTICES, ETC.	  	18
	 Service
	  	18
	 Failure to Locate Shareholder
	  	19

  

 ii 

			
	 Shares Registered in More than one Name
	  	19
	 Persons Becoming Entitled by Operation of Law
	  	19
	 Deceased Shareholder
	  	19
	 Signatures upon Notices
	  	19
	 Computation of Time
	  	19
	 Proof of Service
	  	19
		
	CUSTODY OF SECURITIES	  	20
		
	EXECUTION OF CONTRACTS ETC	  	20
		
	FISCAL PERIOD	  	21

  

 iii 

 TESCO CORPORATION 
 BY-LAW NO. 1 
 A by-law relating generally to the conduct of the business
and affairs of TESCO CORPORATION (hereinafter called the “Corporation”). 
 IT IS HEREBY ENACTED as a by-law of the Corporation as
follows: 
 DEFINITIONS 
 1. In this
by-law and all other by-laws of the Corporation, unless the context otherwise specifies or requires: 
  

	(a)	“Act” means the Business Corporations Act (Alberta) and the regulations made thereunder, as from time to time amended, and in the case of such amendment any
reference in the by-laws shall be read as referring to the amended provisions thereof, 

  

	(b)	“board” means the board of directors of the Corporation; 

  

	(c)	“by-laws” means the by-laws of the Corporation from time to time in force and effect; 

  

	(d)	all terms contained in the by-laws which are defined in the Act shall have the meanings given to such terms in the Act; 

  

	(e)	words importing the singular number only shall include the plural and vice versa; words importing the masculine gender shall include the feminine and neuter genders; and

  

	(f)	the headings used in the by-laws are inserted for reference purposes only and are not to be considered or taken into account in construing the terms or provisions thereof or to be
deemed in any way to clarify, modify or explain the effect of any such terms or provisions. 

 REGISTERED OFFICE

 2. The Corporation shall at all times have a registered office within Alberta. Subject to subsection (4) of section 19 of the Act, the directors of
the Corporation may at any time: 
  

	(a)	change the address of the registered office within Alberta; 

  

	(b)	designate, or revoke or change a designation of, a records office within Alberta; or 

  

	(c)	designate, or revoke or change a designation of, a post office box within Alberta as the address for service by mail of the Corporation. 

 SEAL 
 3. The corporate seal of the Corporation shall
be such as the directors may by resolution from time to time adopt. 
  

 1 

 DIRECTORS 
 4. Number. The number of directors shall be the number fixed by the articles, or where the articles specify a variable number, the number shall be not less than the minimum and not more than the maximum number so specified and shall
be determined from time to time within such limits by resolution of the shareholders or the board of directors. Subject to subsection (4) of section 100 of the Act, at least half of the directors shall be resident Canadians. 
 5. Vacancies. Subject to section 106 of the Act, a quorum of directors may fill a vacancy among the directors, except a vacancy resulting from an increase in the
number or minimum number of directors or from a failure to elect the number or minimum number of directors required by the articles. If there is not a quorum of directors, or if there has been a failure to elect the number or minimum number of
directors required by the articles, the directors then in office shall forthwith call a special meeting of shareholders to fill the vacancy and, if they fail to call a meeting or if there are no directors then in office, the meeting may be called by
any shareholder. If the shareholders have adopted an amendment to the articles to increase the number or minimum number of directors, and have not, at the meeting at which they adopted the amendment, elected an additional number of directors
authorized by the amendment, the directors then in office shall forthwith call a special meeting of shareholders to fill the vacancy. 
 A
director appointed or elected to fill a vacancy holds office for the unexpired term of his predecessor. 
 6. Powers. Subject to any unanimous
shareholder agreement, the directors shall manage the business and affairs of the Corporation and may exercise all such powers and do all such acts and things as may be exercised or done by the Corporation and are not expressly directed or required
to be done in some other manner by the Act, the articles, the by-laws, any special resolution of the Corporation, a unanimous shareholder agreement or by statute. 
 7. Duties. Every director and officer of the Corporation in exercising his powers and discharging his duties shall: 
  

	(a)	act honestly and in good faith with a view to the best interests of the Corporation; and 

  

	(b)	exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. 

 8. Qualification. The following persons are disqualified from being a director of the Corporation: 
  

	(a)	anyone who is less than 18 years of age; 

  

	(b)	anyone who 

  

	 	(i)	is a dependent adult as defined in the Dependent Adults Act or is the subject of a certificate of incapacity under that Act, 

  

	 	(ii)	is a formal patient as defined in the Mental Health Act, 

  

 2 

	 	(iii)	is the subject of an order under The Mentally Incapacitated Persons Act appointing a committee of his person or estate or both, or 

  

	 	(iv)	has been found to be a person of unsound mind by a court elsewhere than in Alberta; 

  

	(c)	a person who is not an individual; and 

  

	(d)	a person who has the status of bankrupt. 

 Unless the
articles otherwise provide, a director of the Corporation is not required to hold shares issued by the Corporation. 
 9. Term of Office. A
director’s term of office (subject to the provisions, if any, of the Corporation’s articles or any unanimous shareholder agreement, and subject to his election for an expressly stated term) shall be from the date of the meeting at which he
is elected or appointed until the close of the first annual meeting of shareholders following his election or appointment or until his successor is elected or appointed. 
 10. Election. Subject to sections 101 and 102 of the Act, shareholders of the Corporation shall, by ordinary resolution at the first meeting of shareholders and at each succeeding annual meeting at which an
election of directors is required, elect directors to hold office for a term expiring not later than the close of the next annual meeting of shareholders following the election. A director not elected for an expressly stated term ceases to hold
office at the close of the first annual meeting of shareholders following his election but, if qualified, is eligible for re-election. Notwithstanding the foregoing, if directors are not elected at a meeting of shareholders, the incumbent directors
continue in office until their successors are elected. 
 If a meeting of shareholders fails to elect the number or the minimum number of
directors required by the articles by reason of the disqualification or death of any candidate, the directors elected at that meeting may exercise all the powers of the directors if the number of directors so elected constitutes a quorum.

 11. Consent to Election. A person who is elected or appointed a director is not a director unless he was present at the meeting when he was elected
or appointed and did not refuse to act as a director or, if he was not present at the meeting when he was elected or appointed, he consented to act as a director in writing before his election or appointment or within 10 days after it or he has
acted as a director pursuant to the election or appointment. 
 12. Removal. Subject to sections 102 and 104 of the Act, the shareholders of the
Corporation may by ordinary resolution at a special meeting remove any director from office before the expiration of his term of office and may, by a majority of votes cast at the meeting, elect any person in his stead for the remainder of his term.

 13. Vacation of Office. A director of the Corporation ceases to hold office when: 
  

	(a)	he dies or resigns; 

  

 3 

	(b)	he is removed from office; or 

  

	(c)	he becomes disqualified. 

 A resignation of a director
becomes effective at the time a written resignation is sent to the Corporation, or at the time specified in the resignation, whichever is later. 
 14.
Validity of Acts. An act of a director or officer is valid notwithstanding an irregularity in his election or appointment or a defect in his qualification. An act of the directors or a committee of directors is valid notwithstanding
non-compliance with paragraphs 4, 21 or 23 hereof. 
 MEETINGS OF DIRECTORS 
 15. Place of Meeting. Unless the articles otherwise provide, meetings of directors and of any committee of directors may be held at any place. A meeting of
directors may be convened by the Chairman of the Board (if any), the President or any director at any time and the Secretary shall upon direction of any of the foregoing convene a meeting of directors. 
 16. Notice. Notice of the time and place for the holding of any meeting of directors or of any committee of directors shall be sent to each director or each
director who is a member of such committee, as the case may be, not less than forty-eight (48) hours before the time of the meeting; provided that a meeting of directors or of any committee of directors may be held at any time without notice if
all the directors or members of such committee are present (except where a director attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called) or if all the
absent directors waive notice of the meeting. The notice of a meeting of directors shall specify any matter referred to in subsection (3) of section 110 of the Act that is to be dealt with at the meeting, but need not specify the purpose or the
business to be transacted at the meeting. 
 For the first meeting of directors to be held following the election of directors at an annual
or special meeting of the shareholders or for a meeting of directors at which a director is appointed to fill a vacancy in the board, no notice of such meeting need be given to the newly elected or appointed director or directors in order for the
meeting to be duly constituted, provided a quorum of the directors is present. 
 17. Waiver of Notice. Notice of any meeting of directors or of any
committee of directors or the time for the giving of any such notice or any irregularity in any meeting or in the notice thereof may be waived by any director hi writing or by telecopy, telegram, cable or telex addressed to the Corporation or in any
other manner, and any such waiver may be validly given either before or after the meeting to which such waiver relates. Attendance of a director at any meeting of directors or of any committee of directors is a waiver of notice of such meeting,
except when a director attends a meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 
 18. Omission of Notice. The accidental omission to give notice of any meeting of directors or of any committee of directors to or the non-receipt of any notice by any person shall not invalidate any resolution
passed or any proceeding taken at such meeting. 
  

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 19. Telephone Participation. A director may participate in a meeting of directors or of any committee of directors
by means of telephone or other communication facilities that permit all persons participating in the meeting to hear each other, and a director participating in a meeting by those means is deemed for the purposes of the Act and this by-law to be
present at that meeting. 
 20. Adjournment. Any meeting of directors or of any committee of directors may be adjourned from time to time by the
chairman of the meeting, with the consent of the meeting, to a fixed time and place. Notice of an adjourned meeting of directors or committee of directors is not required to be given if the time and place of the adjourned meeting is announced at the
original meeting. Any adjourned meeting shall be duly constituted if held in accordance with the terms of the adjournment and a quorum is present thereat. The directors who formed a quorum at the original meeting are not required to form the quorum
at the adjourned meeting. If there is no quorum present at the adjourned meeting, the original meeting shall be deemed to have terminated forthwith after its adjournment. Any business may be brought before or dealt with at the adjourned meeting
which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. 
 21. Quorum and Voting.
Subject to the articles, a majority of the number of directors constitutes a quorum at any meeting of directors and, notwithstanding any vacancy among the directors, a quorum of directors may exercise all the powers of the directors. Subject to
subsections (3) and (4) of section 109 of the Act, directors shall not transact business at a meeting of directors unless a quorum is present and at least half of the directors present are resident Canadians. Questions arising at any
meeting of directors shall be decided by a majority of votes. In the case of an equality of votes, the chairman of the meeting in addition to his original vote shall have a second or casting vote. 
 22. Resolution in Lieu of Meeting. Subject to the articles or a unanimous shareholder agreement, a resolution in writing, signed by all the directors entitled to
vote on that resolution at a meeting of directors or committee of directors, is as valid as if it had been passed at a meeting of directors or committee of directors. A resolution in writing dealing with all matters required by the Act or this
by-law to be dealt with at a meeting of directors, and signed by all the directors entitled to vote at that meeting, satisfies all the requirements of the Act and this bylaw relating to meetings of directors. 
 COMMITTEES OF DIRECTORS 
 23. General. The
directors may from time to time appoint from their number a managing director, who must be a resident Canadian, or a committee of directors, at least half of whom shall be resident Canadians, and may delegate to the managing director or such
committee any of the powers of the directors, except that no managing director or committee shall have the authority to: 
  

	(a)	submit to the shareholders any question or matter requiring the approval of the shareholders; 

  

	(b)	fill a vacancy among the directors or in the office of auditor; 

  

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	(c)	issue securities except in the manner and on the terms authorized by the directors; 

  

	(d)	declare dividends; 

  

	(e)	purchase, redeem or otherwise acquire shares issued by the Corporation, except in manner and on the terms authorized by the directors; 

  

	(f)	pay a commission referred to in section 39 of the Act; 

  

	(g)	approve a management proxy circular; 

  

	(h)	approve any annual financial statements to be placed before the shareholders of the Corporation; or 

  

	(i)	adopt, amend or repeal by-laws of the Corporation. 

 Notwithstanding the foregoing and subject to the articles or any unanimous shareholder agreement, the directors may, by resolution, delegate to a director, managing director or committee of directors the power to: 
  

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

  

	(k)	issue, reissue, sell or pledge debt obligations of the Corporation; 

  

	(l)	subject to section 42 of the Act, give a guarantee on behalf of the Corporation to secure performance of an obligation of any person; and 

  

	(m)	mortgage, hypothecate, pledge or otherwise create a security interest in all or any property of the Corporation, owned or subsequently acquired, to secure any obligation of the
Corporation. 

 24. Audit Committee. Subject to subsection (3) of section 165 of the Act, if any of the issued shares of the
Corporation, or securities of the Corporation which may or might be exchanged for or converted into shares of the Corporation, were part of a distribution to the public and the Corporation has more than fifteen shareholders, the directors shall
elect annually from among their number an audit committee to be composed of not fewer than three directors, a majority of whom are not officers or employees of the Corporation or any of its affiliates. 
 Each member of the audit committee shall serve during the pleasure of the board of directors and, in any event, only so long as he shall be a director.
The directors may fill vacancies in the audit committee by election from among their number. 
 The audit committee shall have power to fix
its quorum at not less than a majority of its members and to determine its own rules of procedure subject to any regulations imposed by the board of directors from time to time and to the following paragraph. 
 The auditor of the Corporation is entitled to receive notice of every meeting of the audit committee and, at the expense of the Corporation, to attend
and be heard thereat, and, if so 
  

 6 

 requested by a member of the audit committee, shall attend every meeting of the committee held during the term of office
of the auditor. The auditor of the Corporation or any member of the audit committee may call a meeting of the committee. 
 The audit
committee shall review the financial statements of the Corporation prior to approval thereof by the board and shall have such other powers and duties as may from time to time by resolution be assigned to it by the board. 
 REMUNERATION OF DIRECTORS OFFICERS AND EMPLOYEES 
 25.
Subject to the articles or any unanimous shareholder agreement, the directors of the Corporation may fix the remuneration of the directors, officers and employees of the Corporation. Any remuneration paid to a director of the Corporation shall be in
addition to the salary paid to such director in his capacity as an officer or employee of the Corporation. The directors may also by resolution award special remuneration to any director in undertaking any special services on the Corporation’s
behalf other than the routine work ordinarily required of a director of the Corporation. The confirmation of any such resolution by the shareholders shall not be required. The directors, officers and employees shall also be entitled to be paid their
traveling and other expenses properly incurred by them in connection with the affairs of the Corporation. 
 The aggregate remuneration paid
to the directors and the aggregate remuneration paid to the five highest paid officers and employees, other than directors, shall be disclosed to the shareholders at every annual meeting. 
 SUBMISSION OF CONTRACTS OR TRANSACTIONS TO 
 SHAREHOLDERS FOR APPROVAL

 26. The directors in their discretion may submit any contract, act or transaction for approval, ratification or confirmation at any annual meeting of the
shareholders or at any special meeting of the shareholders called for the purpose of considering the same and any contract, act or transaction that shall be approved, ratified or confirmed by resolution passed by a majority of the votes cast at any
such meeting (unless any different or additional requirement is imposed by the Act or by the Corporation’s articles or any other by-law) shall be as valid and as binding upon the Corporation and upon all the shareholders as though it had been
approved, ratified and/or confirmed by every shareholder of the Corporation. 
 CONFLICT OF INTEREST 
 27. A director or officer of the Corporation who is a party to a material contract or proposed material contract with the Corporation, or is a director or an officer of
or has a material interest in any person who is a party to a material contract or proposed material contract with the Corporation shall disclose the nature and extent of his interest at the time and in the manner provided in the Act. Except as
provided in the Act, no such director of the Corporation shall vote on any resolution to approve such contract. If a material contract is made between the Corporation and one or more of its directors or officers, or between the Corporation and
another person of which a director or officer of the Corporation is a director or officer or in which he has a material interest, (i) the contract is neither void nor voidable by reason only of 
  

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 that relationship, or by reason only that a director with an interest in the contract is present at or is counted to
determine the presence of a quorum at a meeting of directors or committee of directors that authorized the contract, and (ii) a director or officer or former director or officer of the Corporation to whom a profit accrues as a result of the
making of the contract is not liable to account to the Corporation for that profit by reason only of holding office as a director or officer, if the director or officer disclosed his interest in accordance with the provisions of the Act and the
contract was approved by the directors or the shareholders and it was reasonable and fair to the Corporation at the time it was approved. This paragraph is subject to any unanimous shareholder agreement. 
 FOR THE PROTECTION OF DIRECTORS AND OFFICERS 
 28. No
director or officer for the time being of the Corporation shall be liable to the Corporation for the acts, receipts, neglects or defaults of any other director or officer or employee or for joining in any receipt or act for conformity or for any
loss, damage or expense happening to the Corporation through the insufficiency or deficiency of title to any property acquired by the Corporation or for or on behalf of the Corporation or for the insufficiency or deficiency of any security in or
upon which any of the monies of or belonging to the Corporation shall be placed out or invested or for any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm or corporation including any person, firm or
corporation with whom or which any monies, securities or effects shall be lodged or deposited or for any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings with any monies, securities or other assets
belonging to the Corporation or for any other loss, damage or misfortune whatever which may happen in the execution of the duties of his respective office of trust or in relation thereto, unless the same shall happen by or through his failure to
exercise the powers and to discharge the duties of his office honestly, in good faith with a view to the best interests of the Corporation, and in connection therewith to exercise the care, diligence and skill that a reasonably prudent person would
exercise in comparable circumstances, provided that nothing herein contained shall relieve a director or officer from the duty to act in accordance with the Act or relieve him from liability under the Act. The directors for the time being of the
Corporation shall not be under any duty or responsibility in respect of any contract, act or transaction whether or not made, done or entered into in the name or on behalf of the Corporation, except such as shall have been submitted to and
authorized or approved by the directors. If any director or officer of the Corporation shall be employed by or shall perform services for the Corporation otherwise than as a director or officer or shall be a member of a firm or a shareholder,
director or officer of a body corporate which is employed by or performs services for the Corporation, the fact of his being a shareholder, director or officer of the Corporation or body corporate or member of the firm shall not disentitle such
director or officer or such firm or body corporate, as the case may be, from receiving proper remuneration for such services. 
 INDEMNITIES TO DIRECTORS AND OTHERS 
 29. (1) Subject to section 119 of the Act, except in respect of an action by or on behalf of the
Corporation or body corporate to procure a judgment in its favour, the Corporation shall indemnify a director or officer of the Corporation, a former director or officer of the Corporation or a person who acts or acted at the Corporation’s
request as a director or officer of a body 
  

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 corporate of which the Corporation is or was a shareholder or creditor, and his heirs and legal representatives, against
all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being
or having been a director or officer of the Corporation or body corporate, if: 
  

	(a)	he acted honestly and in good faith with a view to the best interests of the Corporation; and 

  

	(b)	in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, he had reasonable grounds for believing that his conduct was lawful.

 (2) The Corporation shall, subject to the approval of a Court (as defined in the Act), indemnify a person referred to in
subparagraph 29(1) hereof in respect of an action by or on behalf of the Corporation or a body corporate to procure a judgment in its favour, to which he is made a party by reason of being or having been a director or an officer of the Corporation
or body corporate, against all costs, charges and expenses reasonably incurred by him in connection with such action if he fulfills the conditions set out in subparagraph 29(1)(a) and (b) hereof. 
 (3) Notwithstanding anything in this paragraph 29, a person referred to in subparagraph 29(1) shall be entitled to indemnity from the Corporation in
respect of all costs, charges and expenses reasonably incurred by him in connection with the defense of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of
the Corporation or body corporate, if the person seeking indemnity: 
  

	(a)	was substantially successful on the merits of his defense of the action or proceeding; and 

  

	(b)	fulfills the conditions set out in subparagraph 29(1)(a) and (b) hereof. 

 OFFICERS 
 30. Appointment of Officers. Subject to the articles or any unanimous shareholder agreement, the
directors annually or as often as may be required may appoint from among themselves a Chairman of the Board and shall appoint a President and a Secretary and if deemed advisable may appoint one or more Vice-Presidents, a Treasurer and one or more
Assistant Secretaries and/or one or more Assistant Treasurers. None of such officers except the Chairman of the Board need be a director of the Corporation although a director may be appointed to any office of the Corporation. Two or more offices of
the Corporation may be held by the same person. In case and whenever the same person holds the offices of Secretary and Treasurer he may but need not be known as the Secretary-Treasurer. The directors may from time to time appoint such other
officers, employees and agents as they shall deem necessary who shall have such authority and shall perform such functions and duties as may from time to time be prescribed by resolution of the directors. The directors may from time to time and
subject to the provisions of the Act, vary, add to or limit the duties and powers of any officer, employee or agent. 
  

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 31. Removal of Officers and Vacation of Office. Subject to the articles or any unanimous shareholder agreement,
all officers, employees and agents, in the absence of agreement to the contrary, shall be subject to removal by resolution of the directors at any time, with or without cause. 
 An officer of the Corporation ceases to hold office when he dies, resigns or is removed from office. A resignation of an officer becomes effective at the
time a written resignation is sent to the Corporation, or at the time specified in the resignation, whichever is later. 
 32. Vacancies. If the
office of President, Vice-President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer, or any other office created by the directors pursuant to paragraph 30 hereof shall be or become vacant by reason of death, resignation or in any
other manner whatsoever, the directors shall, in the case of the President and Secretary, and may, in the case of any other officers, appoint an individual to fill such vacancy. 
 33. Chairman of the Board. The Chairman of the Board (if any) shall, if present, preside as chairman at all meetings of the board and of shareholders. He shall sign such contracts, documents or instruments in
writing as require his signature and shall have such other powers and shall perform such other duties as may from time to time be assigned to him by resolution of the directors. 
 34. President. The President shall be the chief executive officer of the Corporation (except as may otherwise be specified by the board of directors) and shall, subject to the direction of the board of
directors, exercise general supervision and control over the business and affairs of the Corporation. In the absence of the Chairman of the Board (if any), and if the President is also a director of the Corporation, the President shall, when
present, preside as chairman at all meetings of directors and shareholders. He shall sign such contracts, documents or instruments in writing as require his signature and shall have such other powers and shall perform such other duties as may from
time to time be assigned to him by resolution of the directors or as are incident to his office. 
 35. Vice-President. The Vice-President or, if more
than one, the Vice-Presidents in order of seniority, shall be vested with all the powers and shall perform all the duties of the President in the absence or inability or refusal to act of the President, provided, however, that a Vice-President who
is not a director shall not preside as chairman at any meeting of directors or shareholders. The Vice-President or, if more than one, the Vice-Presidents shall sign such contracts, documents or instruments in writing as require his or their
signatures and shall have such other powers and shall perform such other duties as may from time to time be assigned to hurl or them by resolution of the directors. 
 36. Secretary. The Secretary shall give or cause to be given notices for all meetings of directors, any committee of directors and shareholders when directed to do so and shall, subject to the provisions of the
Act, maintain the records referred to in subsections (1), (3) and (5) of section 20 of the Act. He shall sign such contracts, documents or instruments in writing as require his signature and shall have such other powers and shall perform
such other duties as may from time to time be assigned to him by resolution of the directors or as are incident to his office. 
  

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 37. Treasurer. Subject to the provisions of any resolution of the directors, the Treasurer shall have the care and
custody of all the funds and securities of the Corporation and shall deposit the same in the name of the Corporation in such bank or banks or with such other depositary or depositaries as the directors may by resolution direct. He shall prepare and
maintain adequate accounting records. He shall sign such contracts, documents or instruments in writing as require his signature and shall have such other powers and shall perform such other duties as may from time to time be assigned to him by
resolution of the directors or as are incident to his office. He may be required to give such bond for the faithful performance of his duties as the directors in their uncontrolled discretion may require and no director shall be liable for failure
to require any such bond or for the insufficiency of any such bond or for any loss by reason of the failure of the Corporation to receive any indemnity thereby provided. 
 38. Assistant Secretary and Assistant Treasurer. The Assistant Secretary or, if more than one, the Assistant Secretaries in order of seniority, and the Assistant Treasurer or, if more than one, the Assistant
Treasurers in order of seniority, shall be vested with all the powers and shall perform all the duties of the Secretary and Treasurer, respectively, in the absence or inability or refusal to act of the Secretary or Treasurer as the case may be. The
Assistant Secretary or, if more than one, the Assistant Secretaries and the Assistant Treasurer or, if more than one, the Assistant Treasurers shall sign such contracts, documents or instruments in writing as require his or their signatures
respectively and shall have such other powers and shall perform such other duties as may from time to time be assigned to him or them by resolution of the directors. 
 39. Managing Director. The directors may from time to time appoint from their number a Managing Director who must be a resident Canadian and may delegate to the Managing Director any of the powers of the
directors subject to the limits on authority provided by subsection (3) of section 110 of the Act. The Managing Director shall conform to all lawful orders given to him by the directors and shall at all reasonable times give to the directors or
any of them all information they may require regarding the affairs of the Corporation. Any agent or employee appointed by the Managing Director shall be subject to discharge by the directors. 
 40. Duties of Officers may be Delegated. In case of the absence or inability or refusal to act of any officer of the Corporation or for any other reason that the
directors may deem sufficient, the directors may delegate all or any of the powers of such officer to any other officer or to any director for the time being. 
 SHAREHOLDERS’ MEETINGS 
 41. Annual Meeting. Subject to sections 126 and 127 of the Act, the annual
meeting of shareholders shall be held at the registered office of the Corporation or at a place elsewhere within Alberta determined by the directors on such day in each year and at such time as the directors may determine. 
 42. Special Meetings. The directors of the Corporation may at any time call a special meeting of shareholders to be held on such day and at such time and, subject
to section 126 of the Act, at such place within Alberta as the directors may determine. 
  

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 43. Meeting on Requisition of Shareholders. The holders of not less than five percent (5%) of the issued
shares of the Corporation that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition. The requisition shall state the business to be
transacted at the meeting and shall be sent to each director and to the registered office of the Corporation. Subject to subsection (3) of section 137 of the Act, upon receipt of the requisition, the directors shall call a meeting of
shareholders to transact the business stated in the requisition. If the directors do not within twenty-one days after receiving the requisition call a meeting, any shareholder who signed the requisition may call the meeting. 
 44. Notice. A notice in writing of a meeting of shareholders stating the day, hour and place of meeting and if special business is to be transacted thereat,
stating (i) the nature of that business in sufficient detail to permit the shareholder to form a reasoned judgment on that business and (ii) the text of any special resolution to be submitted to the meeting, shall be sent to each
shareholder entitled to vote at the meeting, who on the record date for notice is registered on the records of the Corporation or its transfer agent as a shareholder, to each director of the Corporation and to the auditor of the Corporation not less
than 21 days and not more than 50 days (exclusive of the day of mailing and of the day for which notice is given) before the date of the meeting; provided that a meeting of shareholders may be held for any purpose on any day and at any time and,
subject to section 126 of the Act, at any place without notice if all the shareholders and all other persons entitled to attend such meeting are present in person or represented by proxy at the meeting (except where a shareholder or other person
attends the meeting for the express purpose of objecting to the transaction of any business on the grounds that the meeting is not lawfully called) or if all the shareholders and all other persons entitled to attend such meeting and not present in
person nor represented by proxy thereat waive notice of the meeting. 
 A director of the Corporation is entitled to receive notice of and to
attend and be heard at every meeting of shareholders of the Corporation. 
 The auditori of the Corporation is entitled to receive notice of
every meeting of shareholders of the Corporation and, at the expense of the Corporation, to attend and be heard at every meeting on matters relating to his duties as auditor. 
 45. Waiver of Notice. Notice of any meeting of shareholders or the time for the giving of any such notice or any irregularity in any meeting or in the notice thereof may be waived by any shareholder, the duly
appointed proxy of any shareholder, any director or the auditor of the Corporation in writing or by telecopy, telegram, cable or telex addressed to the Corporation or in any other manner, and any such waiver may be validly given either before
or after the meeting to which such waiver relates. Attendance of a shareholder or any other person entitled to attend a meeting of shareholders is a waiver of notice of such meeting, except when he attends a meeting for the express purpose of
objecting to the transaction of any business on the grounds that the meeting is not lawfully called. 
 46. Omission of Notice. The accidental
omission to give notice of any meeting of shareholders to or the non-receipt of any notice by any person shall not invalidate any resolution passed or any proceeding taken at any such meeting. 
  

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 47. Record Dates. The directors may fix in advance a date as the record date for the determination of shareholders
(i) entitled to receive payment of a dividend, (ii) entitled to participate in a liquidation distribution or (iii) for any other purpose except the right to receive notice of or to vote at a meeting of shareholders, but such record
date shall not precede by more than 50 days the particular action to be taken. 
 The directors may also fix in advance a date as the record
date for the determination of shareholders entitled to receive notice of a meeting of shareholders, but such record date shall not precede by more than 50 days or by less than 21 days the date on which the meeting is to be held. 
 If no record date is fixed, 
  

	(a)	the record date for the determination of shareholders entitled to receive notice of a meeting of shareholders shall be 

  

	 	(i)	at the close of business on the last business day preceding the day on which the notice is sent; or 

  

	 	(ii)	if no notice is sent, the day on which the meeting is held; and 

  

	(b)	the record date for the determination of shareholders for any purpose other than to establish a shareholder’s right to receive notice of a meeting or to vote shall be at the
close of business on the day on which the directors pass the resolution relating to that purpose. 

 48. Chairman of the Meeting. In the
absence of the Chairman of the Board (if any), the President and any Vice-President who is a director, the shareholders present entitled to vote shall elect another director as chairman of the meeting and if no director is present or if all the
directors present decline to take the chair then the shareholders present shall elect one of their number to be chairman. 
 49. Votes. Votes at
meetings of shareholders may be given either personally or by proxy. Every question submitted to any meeting of shareholders shall be decided on a show of hands except when a ballot is required by the chairman of the meeting or is demanded by a
shareholder or proxyholder entitled to vote at the meeting. A shareholder or proxyholder may demand a ballot either before or on the declaration of the result of any vote by show of hands. At every meeting at which he is entitled to vote, every
shareholder present in person and every proxyholder shall have one (1) vote on a show of hands. Upon a ballot at which he is entitled to vote every shareholder present in person or by proxy shall (subject to the provisions, if any, of the
articles) have one (1) vote for every share registered in his name. In the case of an equality of votes the chairman of the meeting shall not, either on a show of hands or on a ballot, have a second or casting vote in addition to the vote or
votes to which he may be entitled as a shareholder or proxyholder. 
 At any meeting, unless a ballot is demanded by a shareholder or
proxyholder entitled to vote at the meeting a declaration by the chairman of the meeting that a resolution has been carried unanimously or by a particular majority or lost or not carried by a particular majority shall be conclusive evidence of the
fact without proof of the number or proportion of votes recorded in favour of or against the resolution. 
  

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 If at any meeting a ballot is demanded on the election of a chairman or on the question of adjournment or
termination, the ballot shall be taken forthwith without adjournment. If a ballot is demanded on any other question or as to the election of directors, the ballot shall be taken in such manner and either at once or later at the meeting or
after adjournment as the chairman of the meeting directs. The result of a ballot shall be deemed to be the resolution of the meeting at which the ballot was demanded. A demand for a ballot may be withdrawn. 
 50. Right to Vote. Subject to section 132 of the Act or unless the articles otherwise provide, each share of the Corporation entitles the holder of it to one vote
at a meeting of shareholders. 
 Where a body corporate or association is a shareholder of the Corporation, any individual authorized by a
resolution of the directors or governing body of the body corporate or association to represent it at meetings of shareholders of the Corporation is the person entitled to vote at all such meetings of shareholders in respect of the shares held by
such body corporate or association. 
 Where a person holds shares as a personal representative, such person or his proxy is the person
entitled to vote at all meetings of shareholders in respect of the shares so held by him. 
 Where a person mortgages, pledges or
hypothecates his shares, such person or his proxy is the person entitled to vote at all meetings of shareholders in respect of such shares so long as such person remains the registered owner of such shares unless, in the instrument creating the
mortgage, pledge or hypothec, he has expressly empowered the person holding the mortgage, pledge or hypothec to vote in respect of such shares, in which case, subject to the titles, such holder or his proxy is the person entitled to vote in respect
of the shares. 
 Where two or more persons hold shares jointly, one of those holders present at a meeting of shareholders may in the absence
of the others vote the shares, but if two or more of those persons who are present, in person or by proxy, vote, they shall vote as one on the shares jointly held by them. 
 51. Proxies. Every shareholder, including a shareholder that is a body corporate, entitled to vote at a meeting of shareholders may by means of a proxy appoint a proxyholder and one or more alternate
proxyholders, who are not required to be shareholders, to attend and act at the meeting in the manner and to the extent authorized by the proxy and with the authority conferred by the proxy. 
 An instrument appointing a proxyholder shall be in written or printed form and shall be executed by the shareholder or by his attorney authorized in
writing and is valid only at the meeting in respect of which it is given or any adjournment of that meeting. 
  

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 An instrument appointing a proxyholder may be in the following form or in any other form which complies
with the requirements of the Act: 
 The undersigned shareholder of
                             hereby appoints
                             of
                            , whom failing,
                             of
                             as the nominee of the undersigned to attend and act for and on behalf of
the undersigned at the meeting of the shareholders of the said Corporation to be held on the      day of
                    , 19     and at any adjournment thereof in the same manner, to the same extent and with the
same power as if the undersigned were personally present at the said meeting or such adjournment thereof. 
 Dated the
     day of                     , 19    . 
  

	
	  

	Signature of Shareholder

 The directors may specify in a notice calling a meeting of shareholders a time not exceeding
forty-eight (48) hours, excluding Saturdays, Sundays and holidays, preceding the meeting or an adjournment of the meeting before which time proxies to be used at the meeting must be deposited with the Corporation or its agent. 
 The chairman of the meeting of shareholders may in his discretion accept any written communication (including without limitation any telecopy, telegram,
cable or telex) as to the authority of anyone claiming to vote on behalf of and to represent a shareholder notwithstanding that no instrument of proxy conferring such authority has been deposited with the Corporation, and any votes given in
accordance with such written communication accepted by the chairman of the meeting shall be valid and shall be counted. 
 52. Telephone
Participation. A shareholder or any other person entitled to attend a meeting of shareholders may participate in the meeting by means of telephone or other communication facilities that permit all persons participating in the meeting to hear
each other and a person participating in such a meeting by those means is deemed for the purposes of the Act and this by-law to be present at the meeting. 
 53. Adjournment. The chairman of the meeting may with the consent of the meeting adjourn any meeting of shareholders from time to time to a fixed time and place and if the meeting is adjourned by one or more adjournments for an
aggregate of less than thirty (30) days it is not necessary to give notice of the adjourned meeting other than by announcement at the time of an adjournment. If a meeting of shareholders is adjourned by one or more adjournments for an aggregate
of thirty (30) days or more, notice of the adjourned meeting shall be given as for an original meeting but, unless the meeting is adjourned by one or more adjournments for an aggregate of more than ninety (90) days, subsection (1) of
section 143 of the Act does not apply. 
 Any adjourned meeting shall be duly constituted if held in accordance with the terms of the
adjournment and a quorum is present thereat. The persons who formed a quorum at the original meeting are not required to form the quorum at the adjourned meeting. If there is no quorum present at the adjourned meeting, the original meeting shall be
deemed to have 
  

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 terminated forthwith after its adjournment. Any business may be brought before or dealt with at the adjourned meeting
which might have been brought before or dealt with at the original meeting in accordance with the notice calling the same. 
 54. Quorum. Two
(2) persons present and each holding or representing by proxy at least one (1) issued share of the Corporation shall be a quorum at any meeting of shareholders for the election of a chairman of the meeting and for the adjournment of the
meeting to a fixed time and place but not for the transaction of any other business; for all other purposes two (2) persons present and holding or representing by proxy one-twentieth of the shares entitled to vote at the meeting shall be a
quorum. If a quorum is present at the opening of a meeting of shareholders, the shareholders present may proceed with the business of the meeting, notwithstanding that a quorum is not present throughout the meeting. 
 Notwithstanding the foregoing, if the Corporation has only one shareholder, or one shareholder holding a majority of the shares entitled to vote at the
meeting, that shareholder present in person or by proxy constitutes a meeting and a quorum for such meeting. 
 55. Resolution in Lieu of Meeting. A
resolution in writing signed by all the shareholders entitled to vote on that resolution is as valid as if it had been passed at a meeting of the shareholders. A resolution in writing dealing with all matters required by the Act or this by-law to be
dealt with at a meeting of shareholders, and signed by all the shareholders entitled to vote at that meeting, satisfies all the requirements of this Act or the by-law relating to meetings of shareholders. 
 SHARES AND TRANSFERS 
 56. Issuance. Subject to
the articles, any unanimous shareholder agreement and to section 28 of the Act, shares in the Corporation may be issued at the times and to the persons and for the consideration that the directors determine; provided that a share shall not be issued
until the consideration for the share is fully paid in money or in property or past service that is not less in value than the fair equivalent of the money that the Corporation would have received if the share had been issued for money. 

57. Security Certificates. A security holder is entitled at his option to a security certificate that complies with the Act or a non-transferable written
acknowledgment of his right to obtain a security certificate from the Corporation in respect of the securities of the Corporation held by him. Security certificates shall (subject to compliance with section 45 of the Act) be in such form as the
directors may from time to time by resolution approve and such certificates shall be signed by at least one director or officer of the Corporation or by or on behalf of a registrar, transfer agent or branch transfer agent of the Corporation, or by a
trustee who certifies it in accordance with a trust indenture. Any signatures required on a security certificate may be printed or otherwise mechanically reproduced on it. If a security certificate contains a printed or mechanically reproduced
signature of a person, the Corporation may issue the security certificate, notwithstanding that the person has ceased to be a director or an officer of the Corporation, and the security certificate is as valid as if he were a director or an officer
at the date of its issue. 
  

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 58. Agent. The directors may from time to time by resolution appoint or remove (i) one or more trust
companies registered under the Trust Companies Act as its agent or agents to maintain a central securities register or registers or (ii) an agent or agents to maintain a branch securities register or registers for the Corporation. 

59. Dealings with Registered Holder. Subject to the Act, the Corporation may treat the registered owner of a security as the person exclusively entitled to
vote, to receive notices, to receive any interest, dividend or other payments in respect of the security, and otherwise to exercise all the rights and powers of an owner of the security. 
 60. Surrender of Security Certificates. Subject to the Act, no transfer of a security issued by the Corporation shall be registered unless or until the security certificate representing the security to be
transferred has been presented for registration or, if no security certificate has been issued by the Corporation in respect of such security, unless or until a duly executed transfer in respect thereof has been presented for registration.

 61. Defaced Destroyed, Stolen or Lost Security Certificates. In case of the defacement, destruction, theft or loss of a security certificate, the
fact of such defacement, destruction, theft or loss shall be reported by the owner to the Corporation or to an agent of the Corporation (if any), on behalf of the Corporation, with a statement verified by oath or statutory declaration as to the
defacement, destruction, theft or loss and the circumstances concerning the same and with a request for the issuance of a new security certificate to replace the one so defaced, destroyed, stolen or lost. Upon the giving to the Corporation (or if
there be an agent, hereinafter in this paragraph referred to as the “Corporation’s agent”, then to the Corporation and the Corporation’s agent) of a bond of a surety company (or other security approved by the directors) in such
form as is approved by the directors or by the Chairman of the Board (if any), the President, a Vice-President, the Secretary or the Treasurer of the Corporation, indemnifying the Corporation (and the Corporation’s agent if any) against all
loss, damage or expense, which the Corporation and/or the Corporation’s agent may suffer or be liable for by reason of the issuance of a new security certificate to such owner, and provided the Corporation or the Corporation’s agent does
not have notice that the security has been acquired by a bona fide purchaser and before a purchaser described in section 64 of the Act has received a new, reissued or re-registered security, a new security certificate may be issued in replacement of
the one defaced, destroyed, stolen or lost, if such issuance is ordered and authorized by any one of the Chairman of the Board (if any), the President, a Vice-President, the Secretary or the Treasurer of the Corporation or by resolution of the
directors. 
 62. Enforcement of Lien for Indebtedness. Subject to subsection (8) of section 45 of the Act, if the articles of the Corporation
provide that the Corporation has a lien on the shares registered in the name of a shareholder or his legal representative for a debt of that shareholder to the Corporation, the directors of the Corporation may sell any such shares in such manner as
they think fit until the debt has been paid in full. No sale shall be made until such time as the debt ought to be paid and until a demand and notice in writing stating the amount due and demanding payment and giving notice of intention to sell in
default shall have been served on the holder or his legal representative of the shares subject to the lien and default shall have been made in payment of such debt for seven days after service of such notice. Upon any such sale, the proceeds shall
be applied, firstly, in payment of all costs of such sale, and, secondly, in 
  

 17 

 satisfaction of such debt and the residue (if any) shall be paid to such shareholder or his legal representative or as he
shall direct. Upon any such sale, the directors may enter or cause to be entered the purchaser’s name in the securities register of the Corporation as holder of the shares, and the purchaser shall not be bound to see to the regularity or
validity of, or be affected by, any irregularity or invalidity in the proceedings, or be bound to see to the application of the purchase money, and after his name or the name of his legal representative has been entered in the securities register,
the regularity and validity of the sale shall not be impeached by any person. 
 DIVIDENDS 
 63. The directors may from time to time by resolution declare and the Corporation may pay dividends on its issued shares, subject to the provisions (if any) of the
Corporation’s articles. 
 The directors shall not declare and the Corporation shall not pay a dividend if there are reasonable grounds
for believing that: 
  

	 	(a)	the Corporation is, or would be after the payment be, unable to pay its liabilities as they become due; or 

  

	 	(b)	the realizable value of the Corporation’s assets would thereby be less than the aggregate of its liabilities and stated capital of all classes. 

 The Corporation may pay a dividend by issuing fully paid shares of the Corporation and, subject to section 40 of the Act, the Corporation may pay a
dividend in money or property. 
 64. In case several persons are registered as the joint holders of any securities of the Corporation, any one of such
persons may give effectual receipts for all dividends and payments on account of dividends, principal, interest and/or redemption payments in respect of such securities. 
 VOTING SECURITIES IN OTHER BODIES CORPORATE 
 65. All securities of any other body corporate carrying voting rights
held from time to time by the Corporation may be voted at all meetings of shareholders, bondholders, debenture holders or holders of such securities, as the case may be, of such other body corporate and in such manner and by such person or persons
as the directors of the Corporation shall from time to time determine and authorize by resolution. The duly authorized signing officers of the Corporation may also from time to time execute and deliver for and on behalf of the Corporation proxies
and arrange for the issuance of voting certificates or other evidence of the right to vote in such names as they may determine without the necessity of a resolution or other action by the directors. 
 NOTICES, ETC. 
 66. Service. Any notice or
document required by the Act, the articles or the by-laws to be sent to any shareholder or director of the Corporation may be delivered personally to or sent by mail addressed to: 
  

	(a)	the shareholder at his latest address as shown in the records of the Corporation or its transfer agent; and 

  

 18 

	(b)	the director at his latest address as shown in the records of the Corporation or in the last notice filed under section 101 or 108 of the Act. 

 Such notice or document shall be deemed to have been sent on the day of personal delivery or mailing. With respect to every notice or document sent by mail it shall be
sufficient to prove that the envelope or wrapper containing the notice or document was properly addressed and put into a post office or into a post office letter box. 
 67. Failure to Locate Shareholder. If the Corporation sends a notice or document to a shareholder and the notice or document is returned on three consecutive occasions because the shareholder cannot be found,
the Corporation is not required to send any further notices or documents to the shareholder until he informs the Corporation in writing of his new address. 
 68. Shares Registered in More than one Name. All notices or documents shall, with respect to any shares in the capital of the Corporation registered in more than one name, be sent to whichever of such persons is named first in the
records of the Corporation and any notice or document so sent shall be deemed to have been duly sent to all the holders of such shares. 
 69. Persons
Becoming Entitled by Operation of Law. Every person who by operation of law, transfer or by any other means whatsoever shall become entitled to any shares in the capital of the Corporation shall be bound by every notice or document in respect of
such shares which prior to his name and address being entered on the records of the Corporation in respect of such shares shall have been duly sent to the person or persons from whom he derives his title to such shares. 
 70. Deceased Shareholder. Any notice or document sent to any shareholder in accordance with paragraph 66 hereof shall, notwithstanding that such shareholder be
then deceased and whether or not the Corporation has notice of his decease, be deemed to have been duly sent in respect of the shares held by such shareholder (whether held solely or with other persons) until some other person be entered in his
stead in the records of the Corporation as the holder or one of the holders thereof and shall be deemed to have been duly sent to his heirs, executors, administrators and legal representatives and all persons (if any) interested with him in such
shares. 
 71. Signatures upon Notices. The signature of any director or officer of the Corporation upon any notice may be written, stamped,
typewritten or printed or partly written, stamped, typewritten or printed. 
 72. Computation of Time. All computations of time required to be made
pursuant to the articles or by-laws of the Corporation shall be made (i) in accordance with the provisions of the Interpretation Act, to the extent such provisions are applicable, and (ii) in any other case, in accordance with the
customary meaning ascribed to the words requiring such computation of time. 
 73. Proof of Service. A certificate of any officer of the Corporation
in office at the time of the making of the certificate or of an agent of the Corporation as to facts in relation to the 
  

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 sending of any notice or document to any shareholder, director, officer or auditor or publication of any notice or
document shall be conclusive evidence thereof and shall be binding on every shareholder, director, officer or auditor of the Corporation, as the case may be. 
 CUSTODY OF SECURITIES 
 74. All securities (including without limitation warrants) owned by the Corporation may be
lodged (in the name of the Corporation) with a chartered bank or a trust company or in a safety deposit box or, if so authorized by resolution of the directors, with such other depositaries or in such other manner as may be determined from time to
time by the directors. 
 All securities (including without limitation warrants) belonging to the Corporation may be issued and held in the
name of a nominee or nominees of the Corporation (and if issued or held in the names of more than one nominee shall be held in the names of the nominees jointly with right of survivorship) and shall be endorsed in blank with endorsement guaranteed
in order to enable transfer thereof to be completed and registration thereof to be effected. 
 EXECUTION OF CONTRACTS ETC 

75. Contracts, documents or instruments in writing requiring the signature of the Corporation may be signed by the President alone or any person or persons authorized
by resolution of the directors and all contracts, documents or instruments in writing so signed shall be binding upon the Corporation without any further authorization or formality. The directors are authorized from time to time by resolution to
appoint any person or persons on behalf of the Corporation either to sign contracts, documents or instruments in writing generally or to sign specific contracts, documents or instruments in writing. 
 The corporate seal of the Corporation may, when required, be affixed by the President to contracts, documents or instruments in writing signed by him as
aforesaid or by the person or persons appointed as aforesaid by resolution of the directors. 
 The term “contracts, documents or
instruments in writing” as used in this by-law shall include deeds, mortgages, hypothecs, charges, cheques, drafts, orders for the payment of money, notes, acceptances, bills of exchange, conveyances, transfers and assignments of property, real
or personal, immovable or movable, agreements, releases, receipts and discharges for the payment of money or other obligations, conveyances, transfers and assignments of securities and all paper writings. 
 The signature or signatures of the President or any person or persons appointed as aforesaid by resolution of the directors may, if specifically
authorized by resolution of the directors, be printed, engraved, lithographed or otherwise mechanically reproduced upon all contracts, documents or instruments in writing or bonds, debentures or other securities of the Corporation executed or issued
by or on behalf of the Corporation and all contracts, documents or instruments in writing or securities of the Corporation on which the signature or signatures of any of the foregoing persons shall be so reproduced, by authorization by resolution of
the directors, shall be deemed to have been manually signed by such persons whose signature or signatures is or are so reproduced and shall be as valid to all intents and purposes as if they had been signed manually and notwithstanding that the
persons whose signature or signatures is or are so reproduced may have ceased to hold office at the date of the delivery or issue of such contracts, documents or instruments in writing or securities of the Corporation. 
  

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 FISCAL PERIOD 
 76. The fiscal period of the Corporation shall terminate on such day in each year as the board of directors may from time to time by resolution determine. 
 

 
  

 21 

 TESCO CORPORATION 
 BY-LAW NO. 2 
 A by-law respecting the borrowing of money, the giving of
guarantees and the giving of security by TESCO CORPORATION (hereinafter called the “Corporation”). 
 IT IS HEREBY ENACTED as a
by-law of the Corporation as follows: 
 The directors of the Corporation may from time to time: 
  

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

  

	(b)	issue, reissue, sell or pledge debt obligations of the Corporation, including without limitation, bonds, debentures, notes or other evidences of indebtedness or guarantee of the
Corporation, whether secured or unsecured; 

  

	(c)	give a guarantee on behalf of the Corporation to secure performance of an obligation of any individual, partnership, association, body corporate, trustee, executor, administrator or
legal representative; 

  

	(d)	mortgage, hypothecate, pledge or otherwise create an interest in or charge on all or any property of the Corporation, owned or subsequently acquired, -to secure payment of a debt or
performance of any other obligation of the Corporation; : 

  

	(e)	delegate to one or more directors, a committee of directors or one or more officers of the Corporation as may be designated by the directors, all or any of the powers conferred by
the foregoing clauses of this by-law to such extent and in such manner as the directors shall determine at the time of each such delegation. 

 In the event any provision of any other by-law of the Corporation now in force is inconsistent with or in conflict with any provision of this by-law, the provisions of this by-law shall prevail to the extent necessary
to remove the inconsistency or conflict. 
 This by-law shall remain in force and be binding upon the Corporation as regards any party acting
on the faith thereof until a copy, certified by the Secretary of the Corporation, of a by-law repealing or replacing this by-law shall have been received by such party and duly acknowledged in writing. 
 

 
  

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