Document:

EX-4.2 Amended & Restated Articles of Association

 

Exhibit 4.2

AMENDED AND RESTATED

COMPANY LIMITED BY SHARES

ARTICLES OF ASSOCIATION

OF

CONSOLIDATED WATER CO. LTD.

(as Amended by Special Resolution May 10, 2006)

	1.	 	TABLE A
	 
	1.01	 	The regulations in Table A in the Schedule to the Companies Law (1998 Revision) do not apply
to this company.
	 
	2.	 	INTERPRETATION
	 
	2.01	 	In these Articles where the context permits:
	 
	 	 	“Articles” means these Articles of Association as altered from time to time;
	 
	 	 	“Auditors” means the auditors for the time being of the Company;
	 
	 	 	“circular resolution” means a resolution passed in accordance with these Articles without a
meeting;
	 
	 	 	“class meeting” means a separate meeting of the holders of a class of shares;
	 
	 	 	“clear days” in relation to notice of a meeting means days falling after the day on which
notice is given or deemed to be given and before the day of the meeting;
	 
	 	 	“Company” means the above-named company;

	 
	 	 	“Directors” means the directors, or the sole
director, for the time being of the Company;
	 
	 	 	“holder” in relation to a share of the Company means the member or members for the time
being registered in the Register as the holder of the share;
	 
	 	 	“month” means calendar month;
	 
	 	 	“ordinary resolution” means a resolution passed at a general meeting (or, if so specified, a
class meeting) of the Company by a simple majority of the votes cast, or a circular
resolution;
	 
	 	 	“paid-up” means paid-up or credited as paid-up;
	 
	 	 	“Register” means the register of members of the Company;
	 
	 	 	“Registered Office” means the registered office for the time being of the Company;
	 
	 	 	“Seal” means the common seal or any official or duplicate seal of the Company,
	 
	 	 	“Secretary” means the secretary or assistant secretary for the time being of the Company,

 

 

	 	 	“share” includes a fraction of a share;
	 
	 	 	“special resolution” means a resolution passed as such at a general meeting (or, if so
specified, a class meeting) of the Company by a majority of three-quarters of the votes
cast, as provided in the Statute, or a circular resolution;
	 
	 	 	“Statute” means the Companies Law (1998 Revision) of the Cayman Islands and every
modification or re-enactment thereof for the time being in force;
	 
	 	 	“written” and “in writing” import all methods of representing, reproducing or communicating
words or numerals in permanent visible form, including printing, lithography, photography,
telecopying and telexing;
	 
	 	 	“year” means calendar year.
	 
	2.02	 	In these Articles where the context permits:

	 	(a)	 	Words importing the singular number-include the plural and vice versa;
	 
	 	(b)	 	Words importing the masculine gender include the feminine gender and vice
versa;
	 
	 	(c)	 	Words importing persons include companies or associations or bodies of persons,
corporate or unincorporate;
	 
	 	(d)	 	The word “may” is permissive; the word “shall” is imperative;
	 
	 	(e)	 	A reference to a statutory provision shall be deemed to include any amendment
or re-enactment thereof.

	2.03	 	Subject as aforesaid, words defined or used in the Statute have the same meaning in these
Articles.
	 
	2.04	 	The headings in these Articles are for ease of reference only and shall not affect the
construction or interpretation of these Articles.
	 
	3.	 	PRELIMINARY
	 
	3.01	 	The Company may commence business immediately upon registration pursuant to the Statute.
	 
	3.02	 	The Company may ratify any contract or other transaction entered into in its name or on its
behalf prior to registration.
	 
	3.03	 	The preliminary expenses of incorporating the Company shall be paid by the Company, including
any expenses concerned with the issue of shares by the Company or with any contract or
transaction ratified pursuant to the foregoing Sub-Article. The preliminary expenses may be
charged to income or capital or amortised over any period as the

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	 	 	Directors think fit.
	 
	4.	 	CLASSIFICATION OF SHARES
	 
	4.01	 	Subject to the Memorandum of Association and subject to any directions of the Company in
general meeting, the unissued shares of the Company may from time to time be divided or
sub-divided into such classes, or re-classified, and be issued with such preferred, deferred
or other special rights, privileges, restrictions or obligations, whether in regard to
dividend, voting, transfer, forced sale, conversion, winding-up entitlement or otherwise as
the Directors think fit. This Sub-Article is without prejudice to other provisions of these
Articles restricting the variation of rights attached to shares already in issue.
	 
	4.02	 	The rights attached to any class of shares may (unless otherwise provided by the terms of
issue of the shares of that class), whether or not the Company is being wound up, be varied or
abrogated with the sanction of a special resolution passed at a class meeting of the holders
of the shares of that class. The rights conferred upon the holders of the shares of any class
shall, unless otherwise expressly provided by the terms of issue of the shares of that class,
be deemed not to be varied by the creation or issue of further shares ranking equally with
them.
	 
	5.	 	ISSUE OF SHARES
	 
	5.01	 	Subject to any directions of the Company in general meeting and subject to any special rights
of shares already issued, all shares in the Company for the time being unissued shall be under
the control of the Directors who may issue and dispose of the same (including the issue or
grant of options, warrants and other rights, renounceable or otherwise, in respect of shares)
at such times, to such persons, on such terms and in such manner as they think fit, provided
that no share shall be issued at a discount except in accordance with the Statute.
	 
	5.02	 	Save as expressly provided by its terms of issue, no share shall confer on the holder any
pre-emptive or other right in respect of any further shares that may be issued.
	 
	5.03	 	Fractions of a share may be issued if the Directors think fit. The holder of a whole share
(or a fraction of a share), if fully paid-up, may divide it into fractions for the purpose of
a transfer, redemption or other disposition, provided that, without the prior approval of the
Directors, the holder may only create a fraction which can be expressed as a whole number of
hundredths of a whole share. Subject to the terms of issue of the fraction, or of the whole
share from which it was derived, a fraction of a share shall carry the corresponding fraction
of all the attributes of a whole share.
	 
	5.04	 	Subject to the Statute, shares need not have distinguishing numbers.
	 
	5.05	 	The Directors may pay or authorise payment of a commission to any person in consideration of
his subscribing or agreeing to subscribe (whether absolutely or conditionally) for any shares
in the Company, or procuring or agreeing to procure subscriptions (whether absolute or
conditional) for any shares in the Company, but a

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	 	 	commission exceeding ten percent of the price at which the shares are issued, or to be
issued, shall not be paid without the sanction of an ordinary resolution.
	 
	6.	 	REGISTER OF MEMBERS AND RECORD DATES
	 
	6.01	 	The Register shall be kept in accordance with the Statute.
	 
	6.02	 	The Company may keep one or more duplicates of the Register in such place or places as the
Directors think fit but in the event of a discrepancy the main Register shall prevail.
	 
	6.03	 	The Company shall not be bound to register more than four persons as the joint holders of any
share.
	 
	6.04	 	Except as otherwise expressly provided by these Articles or as required by law or as ordered
by a court of competent jurisdiction, no person shall be entitled to recognition by the
Company as holding any share upon any trust and the Company shall not be bound by, or be
compelled in any way to recognise, (even when having notice thereof) any equitable,
contingent, future or partial interest in any share or any other right in respect of any share
except an absolute right to the entirety of the share in the holder. If, notwithstanding this
Article, notice of any trust is at the holder’s request entered in the Register or on a share
certificate in respect of a share, then, except as aforesaid:

	 	(a)	 	such notice shall be deemed to be solely for the holder’s convenience;
	 
	 	(b)	 	the Company shall not be required in any way to recognise any beneficiary, or
the beneficiary, of the trust as having an interest in the share or shares concerned;
	 
	 	(c)	 	the Company shall not be concerned with the trust in any way, as to the
identity or powers of the trustees, the validity, purposes or terms of the trust, the
question of whether anything done in relation to the shares may amount to a breach of
trust or otherwise; and
	 
	 	(d)	 	the holder shall keep the Company fully indemnified against any liability or
expense which may be incurred or suffered as a direct or indirect consequence of the
Company entering notice of the trust in the Register or on a share certificate and
continuing to recognise the holder as having an absolute right to the entirety of the
share or shares concerned.

	6.05	(i)	To determine Members entitled to notice of or to vote at any meeting or any adjournment
of it, or to receive payment of any dividend, or in order to determine Members for any other
purpose, the Directors may close the Register for a stated period not exceeding in any case
fourteen (14) consecutive days. If the Register is closed to determine the members entitled
to notice of or to vote at a meeting, then it must be closed for at least ten (10) days
immediately before that meeting, and the first day of the closure will be the record date.

	 	(ii)	 	Instead of closing the Register, the Directors may fix a date as the record
date for

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	 	 	 	any determination of members, the date in any case to be not more than ninety (90)
days before the date on which the particular action, requiring the determination of
members, is to be taken.
	 
	 	(iii)	 	If the Directors do not close the Registrar or fix any record date for
determining the members entitled to receive notice of or to vote at any meeting or to
receive a dividend, the date on which notice of the meeting is mailed or, in the case
only of an interim dividend or distribution declared or effected by the Directors, the
date on which the resolution declaring the dividend or effecting the distribution is
passed will be record date for determining the members. When a determination of
persons entitled to vote at any meeting has been made under this Article, that
determination will apply to any adjournment of it.

	7.	 	SHARE CERTIFICATES
	 
	7.01	 	Share certificates shall be in such form as the Directors determine provided that a share
certificate shall specify the name of the holder and the number and class of shares to which
it relates and the amount paid up thereon. Share certificates may not be issued in bearer
form.
	 
	7.02	 	Share certificates shall be issued under the Seal affixed in accordance with these Articles
provided that the Directors may authorise share certificates to be issued with the Seal or the
authorised signature(s) affixed or represented by printing or other mechanical process.
	 
	7.03	 	Every person whose name is entered as a member in the Register shall be entitled on request
to one certificate for all his shares of each class or, upon payment of a fee not exceeding
ten Cayman Islands dollars per additional certificate, to several certificates, each
representing a part of his holding. A member whose holding of shares has been reduced by
transfer, redemption or otherwise shall be entitled on request to a certificate for the
balance.
	 
	7.04	 	In the case of joint holders the Company shall not be bound to issue more than one share
certificate; and delivery of the certificate to one of the holders shall be sufficient
delivery to all the holders.
	 
	7.05	 	A member wishing to exercise his rights, if any, to transfer or redeem shares in accordance
with these Articles may do so only upon surrendering to the Company the share certificate(s),
if any, representing such shares.
	 
	7.06	 	If a share certificate is damaged or defaced or alleged to have been lost, stolen or
destroyed, a new certificate representing the same shares may be issued to the holder upon
request subject to delivery up of the old certificate or, if alleged to have been lost, stolen
or destroyed, compliance with such conditions as to evidence and indemnity and the payment of
expenses of the Company in connection with the request (including the investigation of
evidence) as the Directors think fit.

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	8.	 	TRANSFER OF SHARES
	 
	8.01	 	Transfers of shares shall be in writing in any usual or common form in use in the Cayman
Islands or in any other form approved by the Directors.
	 
	8.02	 	A share transfer shall be signed by or on behalf of the transferor and, in the case of partly
paid shares, by the transferee also.
	 
	8.03	 	The transferor of a share shall be deemed to remain the holder of the share until the name of
the transferee is entered into the Register in respect thereof
	 
	8.04	 	In the case of a transfer of shares issued subject to special restrictions or requirements as
to transfer the Directors may, as a condition of approval or registration, require the
transferor to reimburse the Company for all expenses incurred in connection with the transfer.
	 
	8.05	 	The registration of transfers shall be suspended during any period in which the Register is
closed in accordance with these Articles.
	 
	9.	 	TRANSMISSION OF SHARES
	 
	9.01	 	Following the death of a member the survivor or survivors where the deceased was a joint
holder, and the legal personal representatives of the deceased where he was a sole holder,
shall be the only persons recognised by the Company as having any title to the shares
previously held by the deceased, but nothing in this Article shall release the estate of the
deceased from any liability in respect of shares which had been held by him, whether solely or
jointly.
	 
	9.02	 	A person becoming entitled to a share by reason of the death or bankruptcy of the holder or
otherwise by operation of law may upon producing such evidence of his title as the Directors
may require, elect either to be registered himself as the holder of the share or to make such
transfer of the share as the holder could have made. An election pursuant to this Sub-Article
to be registered as holder shall be made in writing signed by or on behalf of the person
making the election.
	 
	9.03	 	A person entitled to make an election pursuant to the foregoing Sub-Article shall, pending
election, have the right to receive (and to give a good discharge for) all monies payable in
respect of the share, the same right (if any) as the holder to call for the redemption of the
share, and the same right as the holder to enter into an agreement for the purchase of the
share by the Company, but such person shall not be entitled to receive notice of, or attend or
vote at, general meetings or class meetings of the Company nor, save as aforesaid, to any of
the rights or privileges of a member; and the Directors may at any time give him notice
requiring election pursuant to the foregoing Sub-Article and, if there is no election within
ninety days of the notice, the Directors may thereafter withhold all monies payable in respect
of the share until such time as the election is made.

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	10.	 	REDEMPTION OF SHARES
	 
	10.01	 	Subject to the Statute, the Company is hereby authorised to issue shares which are to be
redeemed or are liable to be redeemed at the option of the Company or the holder; but, save
for shares declared to be redeemable by the Memorandum of Association, the Directors shall not
issue redeemable shares without the sanction of an ordinary resolution.
	 
	10.02	 	The Company is hereby authorised to make payments in respect of the redemption of its shares
out of capital or out of any other account or fund which can be authorised for this purpose in
accordance with the Statute.
	 
	10.03	 	Unless fixed by the ordinary resolution sanctioning its issue the redemption price of a
redeemable share, or the method of calculation thereof, shall be fixed by the Directors at or
before the time of issue;
	 
	10.04	 	Unless otherwise provided or directed by the ordinary resolution sanctioning the issue of
the shares concerned:

	 	(a)	 	every share certificate representing a redeemable share shall indicate that the
share is redeemable;
	 
	 	(b)	 	in the case of shares redeemable at the option of the holder a redemption
notice from the holder may not be revoked without the agreement of the Directors;
	 
	 	(c)	 	at the time or in the circumstances specified for redemption the redeemed
shares shall be cancelled and shall cease to confer on the holder any right or
privilege, without prejudice to the right to receive the redemption price, which price
shall become payable so soon as it can with due dispatch be calculated, but subject to
surrender of the relevant share certificate for cancellation (and reissue in respect of
any balance);
	 
	 	(d)	 	the redemption price may be paid in any manner authorised by these Articles for
the payment of dividends;
	 
	 	(e)	 	a delay in payment of the redemption price shall not affect the redemption but,
in the case of a delay of more than thirty days, interest shall be paid for the period
from the due date until actual payment at a rate which the Directors, after due
enquiry, estimate to be representative of the rates being offered by class A banks in
the Cayman Islands for thirty day deposits in the same currency;
	 
	 	(f)	 	the Directors may exercise as they think fit the powers conferred on the
Company by Section 37(5) of the Statute (payment out of capital) but only if and to the
extent that the redemption could not otherwise be made (or not without making a fresh
issue of shares for this purpose);
	 
	 	(g)	 	subject as aforesaid, the Directors may determine as they think fit all
questions

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	 	 	 	that may arise concerning the manner in which the redemption of the shares shall or
maybe effected.

	10.05	 	No share may be redeemed unless it is fully paid-up.
	 
	11.	 	PURCHASE OF SHARES BY THE COMPANY
	 
	11.01	 	Subject to the Statute, and with the sanction of an ordinary resolution authorising the
manner and terms of purchase, the Directors may on behalf of the Company purchase any share of
the Company (including a redeemable share) by agreement with the holder or pursuant to the
terms of issue of the share, and may make payments in respect of such purchase out of capital
or out of any other account or fund which can be authorised for this purpose in accordance
with the Statute.
	 
	11.02	 	Shares purchased by the Company shall be noted in the Company’s register as cancelled and
shall cease to confer any right or privilege on the seller.
	 
	11.03	 	No share may be purchased by the Company unless it is fully-paid-up.
	 
	12.	 	CALLS ON SHARES AND FORFEITURE
	 
	12.01	 	If a share has been issued partly paid (or nil paid), then, subject to the terms of issue,
the Directors may from time to time make calls upon the holder in respect of the monies unpaid
on the share, whether in respect of the nominal value or the premium (if any), and, subject as
aforesaid:

	 	(a)	 	the holder shall be given written notice of the call;
	 
	 	(b)	 	the date for payment of the call shall be not less than thirty days after the
date of the notice of call;
	 
	 	(c)	 	payment of the call shall be made at the Registered Office or such other place
as shall be specified in the notice of call;
	 
	 	(d)	 	a call may be made payable by instalments;
	 
	 	(e)	 	a call maybe revoked or postponed;
	 
	 	(f)	 	the Directors may differentiate between holders of different shares as to the
time or amount of calls;
	 
	 	(g)	 	if full payment pursuant to a call is not made on or before the due date,
interest may in the Directors’ discretion be charged at a rate not exceeding ten
percent per annum;
	 
	 	(h)	 	if payment pursuant to a call is not made on or before the due date, the
Directors may, in addition to interest under the foregoing paragraph, require the
holder to

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	 	 	 	indemnify the Company for any expenses incurred by reason of non-payment, including
expenses incurred in enforcing the Company’s rights under these Articles;

	 	(i)	 	the joint holders of a share shall be jointly and severally liable for all
calls (and interest and other monies due in respect of calls) on the share;
	 
	 	(j)	 	a holder may not require the Company to make a call on his shares or, in the
absence of a call, pay up any amount unpaid on his shares, but the Directors may accept
advances from the holder to be applied against future calls on such terms as to
interest and repayment as the Directors may determine.

	12.02	 	Any sum which by the terms of issue of a share becomes payable upon issue or at any fixed
date, whether in respect of the nominal value of the share or by way of premium, shall for the
purposes of these Articles be deemed to have been duly called and to be immediately payable
and, in the event of non-payment, all the provisions of these Articles as to the payment of
interest, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a
call duly made and notified.
	 
	12.03	 	If full payment pursuant to a call is not made on or before the due date, the Directors may
at any time thereafter give the holder a forfeiture notice stating the amount which remains
unpaid (including any accrued interest and expenses owed to the Company by reason of
non-payment) and appointing the day, not less than fourteen days after the date of the
forfeiture notice, on which the shares shall be forfeited unless payment of the stated amount
has by then been paid in full. If the stated amount has not by then been paid in full the
shares shall be forfeited accordingly.
	 
	12.04	 	In the event of forfeiture the holder shall cease to be a member in respect of the forfeited
shares and shall cease to have any right, title or interest in or to the shares but shall
remain liable for all amounts due before forfeiture; and the Company may enforce such
liability without making any allowance for the value of the shares at the time of forfeiture.
	 
	12.05	 	A forfeited share shall become the property of the Company and may be sold, re-allotted or
otherwise disposed of for the benefit of the Company to such person or persons, upon such
terms and in such manner as the Directors think fit. Without limiting the foregoing
generality, the Directors may determine whether and to what extent the share shall be treated
as paid-up by payments made, or credited as made, thereon prior to forfeiture.
	 
	12.06	 	At any time before the sale, re-allotment or other disposal of a forfeited share the
Directors may cancel the forfeiture on such terms as they think fit.
	 
	12.07	 	A note in the Register or a certificate under the hand of the Secretary that a share has
been forfeited at a stated time shall be conclusive evidence of those facts in favour of any
person to whom the share is sold, re-allotted or disposed of, and his title to the share shall
not be affected by any irregularity or invalidity in the proceedings in reference to the

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	 	 	forfeiture, sale, re-allotment or disposal.
	 
	13.	 	LIEN ON SHARES
	 
	13.01	 	The Company shall have a first and paramount lien and charge on all shares, whether or not
fully paid-up, for all the debts and obligations of the holder (or, in the case of joint
holders, of any one or more of the joint holders) but the Directors may at any time waive the
lien generally or as regards any particular debt or obligation or category of debts or
obligations.
	 
	13.02	 	The registration of a transfer of shares shall operate as a waiver of the Company’s lien
thereon in respect of the debts or obligations of the transferor.
	 
	13.03	 	The Company’s lien on a share shall extend to all dividends and other monies and benefits
payable in respect of the share.
	 
	13.04	 	The Company may sell any share on which the Company has a lien if an amount secured by the
lien is presently payable but not until the expiration of fourteen days after written notice
to the holder stating and demanding payment of the said amount and stating the Directors’
intention of effecting a sale.
	 
	13.05	 	A sale by the Company pursuant to the foregoing Sub-Article shall be effected in such manner
as the Directors think fit; and the Directors may authorise some person to do and execute such
transfers and other documents and things on behalf of the holder as may appear to the
Directors necessary or desirable for the purpose of carrying out the sale and entering the
purchaser or purchasers in the Register.
	 
	13.06	 	The proceeds of a sale by the Company pursuant to this Article shall be applied in payment
of the amount secured by the lien which is presently payable and the balance, if any, shall be
paid to the person who was the holder of the shares before the sale unless there are debts or
obligations of that person, not presently payable, which were secured by the lien on the
shares, in which case the Company shall have the same lien and charge on the said balance of
the proceeds of sale as it had on the shares.
	 
	14.	 	ALTERATION OF CAPITAL
	 
	14.01	 	Subject to the Statute, the Company may from time to time by ordinary resolution alter the
conditions of its Memorandum of Association to increase its share capital by new shares of
such amount as it thinks expedient. All new shares shall be subject to the provisions of
these Articles concerning calls, forfeiture, lien, transfer, transmission, disposal by the
Directors and otherwise as the original shares.
	 
	14.02	 	Subject to the Statute, the Company may from time to time by ordinary resolution alter the
conditions of its Memorandum of Association to:

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

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	 	(b)	 	subdivide its shares or any of them into shares of an amount smaller than that
fixed by the Memorandum of Association; or
	 
	 	(c)	 	cancel shares which at the date of the passing of the resolution have not been
taken or agreed to be taken by any person, and diminish the amount of its share capital
by the amount of the shares so cancelled or, in the case of shares without par value,
diminish the number of shares into which its capital is divided.

	14.03	 	Subject to the Statute, the Company may from time to time by special resolution reduce its
share capital in any way or alter any conditions of its Memorandum of Association relating to
share capital.
	 
	15.	 	ALTERATION OF REGISTERED OFFICE, NAME AND OBJECTS
	 
	15.01	 	Subject to the Statute, the Company may by resolution of its Directors change the location
of its Registered Office.
	 
	15.02	 	Subject to the Statute, the Company may from time to time by special resolution change its
name or alter its objects or make any other alteration to its Memorandum of Association for
which provision has not been made elsewhere in these Articles.
	 
	16.	 	GENERAL MEETINGS

	16.01	(a)	The Company shall in each year hold a general meeting as its Annual General Meeting.
The time and place of Annual General Meetings shall be determined by the Directors and, if no
other time and place is prescribed by them, it shall be held at the registered office on the
second Wednesday in December of each year at ten o’clock in the morning.

	 	(b)	 	At these meetings the Directors shall be elected as provided for in these
Articles, the annual report of the Directors shall be presented and the general
business of the Company transacted.

	16.02	 	General meetings other than Annual General Meetings shall be called Extraordinary General
Meetings. The Directors may call or authorise the calling of an Extraordinary General Meeting
whenever they think fit.
	 
	17.	 	REQUISITION OF GENERAL MEETINGS
	 
	17.01	 	The Directors shall call an Extraordinary General Meeting on the requisition of members
holding at the date of the requisition not less than fifty-one per cent of the issued shares
of the Company for the time being carrying the right to vote at general meetings of the
Company. To be effective the requisition shall state the objects of the meeting, shall be in
writing, signed by the requisitionists, and shall be deposited at the Registered Office. The
requisition may consist of several documents in like form each signed by one or more
requisitionists.
	 
	17.02	 	If the Directors do not within twenty-one days from the date of the requisition duly

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	 	 	proceed to call an Extraordinary General Meeting, the requisitionists may themselves convene
an Extraordinary General Meeting; but any meeting so called shall not be held more than
ninety days after the requisition. An Extraordinary General Meeting called by
requisitionists shall be called in the same manner, as nearly as possible, as that in which
general meetings are to be called by the Directors.

	18.	 	NOTICE OF GENERAL MEETINGS
	 
	18.01	 	At least five clear days notice in writing shall be given of a general meeting to all
members entitled as at the record date for the notice provided that:

	 	(a)	 	an Extraordinary General Meeting may be called by shorter notice (but not
shorter than two clear days) if so agreed by a member or members (or their proxies or
representatives) holding in the aggregate, as at the record date for the meeting,
shares conferring the right to cast seventy-five percent of the votes that could be
cast on a poll if all members so entitled attended the meeting;
	 
	 	(b)	 	an Annual General Meeting or an Extraordinary General Meeting may be held
without notice and without observing any of the requirements or provisions of these
Articles concerning general meetings if so agreed by all the members (or their proxies
or representatives) entitled as at the date of the meeting to attend and vote at
general meetings;

	 	 	and agreement for the purposes of the foregoing paragraphs (a) or (b) may be reached before,
during or within thirty days after the meeting concerned.
	 
	18.02	 	The notice of a general meeting shall specify:

	 	(a)	 	the place, the day and the hour of the meeting and, if different, the record
date for determining members entitled to attend and vote; and
	 
	 	(b)	 	the general nature of any special business to be conducted at the meeting; and
for this purpose all business shall be deemed special which is transacted at an
Extraordinary General Meeting, and also all business that is transacted at an Annual
General Meeting with the exception of the consideration and approval of the report of
the Directors, the financial statements of the Company and the report of the Auditors
(if any), the election or re-election of the Directors and the election or re-election
of the Auditors and approval of their remuneration.

	18.03	 	The Directors and the Auditors, if any, shall be entitled to receive notice of, and to
attend and speak at, any general meeting of the Company.
	 
	18.04	 	The accidental omission to give notice to, or the non-receipt of notice by, any person
entitled to receive notice shall not invalidate the proceedings at any general meeting.

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	19.	 	PROCEEDINGS AT GENERAL MEETINGS
	 
	19.01	 	No business shall be transacted at any general meeting unless a quorum of members is present
at the time when the meeting proceeds to business; a quorum shall be such members present in
person or by proxy as represent one-third of the issued shares of the Company carrying the
right to vote at the meeting calculated in accordance with Article 6.05.
	 
	19.02	 	If within half an hour from the time appointed for a meeting a quorum is not present, the
meeting, if convened upon the requisition of members, shall be dissolved and in any other case
it shall stand adjourned to the same day in the next week at the same time and place or to
such other time or such other place as the Directors may determine and, if at the adjourned
meeting a quorum is not present within half an hour from the time appointed for the meeting,
the member or members present shall be a quorum.
	 
	19.03	 	The chairman, if any, of the board of Directors shall preside as chairman at every general
meeting of the Company; or, if there is no such chairman or if he shall not be present at the
time appointed for the meeting, or if he is unwilling to act, the Directors present shall
elect one of their number to be chairman of the meeting; or, if no Directors are present at
the time appointed for the meeting or no Director is willing to act as chairman, then the
members present shall choose one of their number to be chairman of the meeting.
	 
	19.04	 	The chairman may, with the consent of any general meeting duly constituted, and shall if so
directed by the meeting, adjourn the meeting from time to time and from place to place, but no
business shall be transacted at any adjourned meeting except business which might lawfully
have been transacted at the meeting from which the adjournment took place. When a meeting is
adjourned for thirty days or more, notice of the adjourned meeting shall be given as in the
case of an original meeting, save as aforesaid it shall not be necessary to give any notice of
an adjournment or of the business to be transacted at an adjourned general meeting.
	 
	19.05	 	At any general meeting a resolution put to the vote of the meeting shall be decided on a
show of hands unless before or on the declaration of the result of the show of hands a poll is
demanded by the chairman or any member entitled to vote, present in person or by proxy.
Unless a poll is so demanded, a declaration by the chairman that a resolution has on a show of
hands been carried, or carried unanimously, or by a particular majority, or lost, and an entry
to that effect in the book containing the minutes of the proceedings of the Company shall be
conclusive evidence of the fact without proof of the number or proportion of the votes
recorded in favour of or against such resolution.
	 
	19.06	 	If any votes are counted which ought not to have been counted, or which might have been
rejected, the error shall not vitiate the resolution unless pointed out at the same meeting,
or at any adjournment thereof, and not in that case unless in the opinion of the chairman
(whose decision shall be final and conclusive) it is of sufficient magnitude to vitiate the
resolution.
	 
	19.07	 	If a poll is duly demanded, it shall be taken in such manner as the chairman directs.
Without limiting the foregoing generality, the chairman may direct the use of ballot or

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	 	 	voting papers, may appoint scrutineers and, subject to the next Sub-Article, may adjourn the
meeting to some other time or place for the purpose of conducting the poll or declaring its
result. The result of the poll shall be deemed to be the resolution of the meeting at which
the poll was demanded.

	19.08	 	A poll demanded on the election of a chairman and a poll demanded on a question of
adjournment shall be taken forthwith. In any other case the poll shall be taken not more than
thirty days after the date of the meeting or adjourned meeting at which the poll was demanded.
	 
	19.09	 	The demand for a poll shall not prevent the continuance of a meeting for the transaction of
any business other than the question on which the poll has been demanded.
	 
	19.10	 	The demand for a poll may be withdrawn at any time before the taking of the poll, but in
that case the chairman or any other member entitled to vote may then demand a poll.
	 
	19.11	 	In the case of an equality of votes, whether on a show of hands or on a poll, the chairman
of the meeting at which the show of hands takes place or at which the poll is demanded shall
be entitled to a second or casting vote.
	 
	20.	 	VOTES OF MEMBERS
	 
	20.01	 	Subject to any special rights or restrictions for the time being attached to any shares or
any class of shares, every member as at the record date who is present in person or by proxy
shall have:

	 	(a)	 	on a show of hands one vote; and
	 
	 	(b)	 	on a poll one vote for each whole share (and a corresponding fraction of a vote
for every fraction of a share) registered in his name in the Register as at the record
date, provided that a partly paid share shall confer a fraction of a vote according to
the proportion borne by the amount paid-up on the share to the total issue price
(including share premium, if any).

	20.02	 	In the case of joint holders the vote of the senior who tenders a vote, whether in person or
by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for
this purpose seniority shall be determined by the order in which the names of the holders
stand in the Register.
	 
	20.03	 	A member shall not be entitled to attend or vote at general meetings if and as long as any
call or other sum in respect of shares is presently payable by him.
	 
	20.04	 	Subject to production of such evidence as the Directors may require, a member of unsound
mind, or in respect of whom an order has been made by any court in the Cayman Islands or
elsewhere having jurisdiction in lunacy may vote on a show of hands or on a poll by his
committee, receiver, curator bonis, guardian or other person appointed by the court, and any
such committee, receiver, curator bonis, guardian or other person may vote
by proxy.

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	20.05	 	No objection shall be raised to the qualification of any voter except at the general meeting
at which the vote objected to is given or tendered or at any adjournment thereof, and every
vote not disallowed at such general meeting or adjournment shall be valid for all purposes.
Any such objection made in due time shall be referred to the chairman of the meeting whose
decision shall be final and conclusive.
	 
	20.06	 	On a poll a member entitled to more than one vote need not, if he votes, use all his votes
or cast all the votes he uses in the same way.
	 
	20.07	 	A corporation, whether formed in the Cayman Islands or elsewhere, which is a member may
authorise such person as it thinks fit to act as its representative at any general meeting of
the Company and the person so authorised shall be entitled to exercise the same voting and
other powers on behalf of the corporation which he represents as the corporation could
exercise if it were an individual member of the Company. A corporation whose representative
is present at a meeting shall itself be deemed to be present in person at the meeting and
shall be counted towards the quorum. Nothing in this Article shall be construed as preventing
a corporation from appointing a proxy.
	 
	21.	 	PROXIES
	 
	21.01	 	The appointment of a proxy shall be by written instrument under the hand of the appointor or
his attorney duly authorised in writing or, if the appointor is a corporation, either under
the corporation’s seal or under the hand of an officer or attorney duly authorised.
	 
	21.02	 	A proxy need not be a member of the Company.
	 
	21.03	 	The instrument appointing a proxy may be in any usual or common form or otherwise acceptable
to the chairman of the meeting for which the instrument is first presented.
	 
	21.04	 	The instrument appointing a proxy may contain restrictions or directions as to the manner in
which, or the matters upon which, the proxy may vote, but subject thereto the proxy may vote
on any matter in such manner as the proxy thinks fit and may exercise the same powers as his
appointor could exercise if present, including the power to demand a poll.
	 
	21.05	 	The instrument appointing a proxy may be expressed to be for a particular meeting or
particular meetings or to be effective generally until revoked. An appointment for a
particular meeting or meetings shall be presumed, in the absence of clear provision to the
contrary, to extend to any adjournment of such meeting or meetings.
	 
	21.06	 	The instrument appointing a proxy (and any power of attorney or other authority under which
it is signed, or a notarially certified copy of such authority) shall be deposited at the
Registered Office or at such other place as is specified for that purpose in the notice of
meeting; and such deposit shall be made no later than the time for holding the meeting,
provided that the Directors may in giving notice of the meeting stipulate that instruments

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	 	 	of proxy shall be deposited up to twenty-four hours before the time for holding the meeting.
Such deposit may be made by telecopier transmission, but may be disallowed at or before the
meeting by the Directors or the chairman of the meeting if in his or their opinion there are
material doubts as to authenticity or content. The chairman of the meeting may at his
discretion direct that the deposit of an instrument of proxy (or other requisite document)
shall be deemed to have been duly made, if satisfied that the instrument of proxy duly
signed (or other requisite document) is in the course of transmission to the Company.
	 
	21.07	 	A proxy shall have no powers, as such, at any meeting at which his appointor is present in
person or, being a corporation, by a duly authorised representative. If two or more proxies
are present at a meeting and in accordance with their terms of appointment seek to vote on the
same matter in respect of the same shares, the chairman shall in his absolute discretion
decide which vote to accept and which vote or votes to disallow, or he may disallow all such
votes.
	 
	21.08	 	The Directors may at the expense of the Company send to the members instruments of proxy
(with or without prepaid postage for their return) for use at any general meeting, either in
blank or (but only if such instruments are sent to all members entitled to attend and vote)
nominating one or more Directors or other persons.
	 
	21.09	 	All resolutions passed at a general meeting shall, notwithstanding that it is afterwards
discovered that there was some defect in the appointment of a proxy or that the appointment
had been revoked or otherwise terminated prior to the meeting, be as valid as if every such
proxy had been and remained duly appointed.
	 
	22.	 	CIRCULAR RESOLUTIONS OF THE MEMBERS
	 
	22.01	 	A resolution in writing, in one or more counterparts, signed by all the members for the time
being entitled to receive notice of and attend and vote at general meetings (or, being
corporations, by their duly authorised representatives) shall be as valid and effective as if
the same had been passed at a general meeting of the Company duly called and held, and shall
satisfy any requirement of these Articles for a resolution to be passed by the Company in
general meeting.
	 
	23.	 	CLASS MEETINGS
	 
	23.01	 	All the provisions of these Articles regulating Extraordinary General Meetings (as to call,
requisition, notice, proceedings, votes, proxies, circular resolutions and otherwise) apply
equally to class meetings save only that references to members shall be construed as
references to members holding shares of the relevant class.
	 
	24.	 	APPOINTMENT OF DIRECTORS
	 
	24.01 	(a) 	There shall be a Board of Directors consisting of not less than one or more than fifteen
persons (exclusive of Alternate Directors) PROVIDED HOWEVER that the Company may from time to
time by special resolution increase or reduce the limits in the number of Directors.

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	 	(b)	 	The Board of Directors shall be divided into three groups designated Group I,
Group II and Group III (which at all times shall be as nearly equal in number as
possible);
	 
	 	(c)	 	The initial classification of the Directors into Group I, Group II and Group
III shall be for the Directors in their absolute discretion;
	 
	 	(d)	 	The initial term of office of the Group III Directors shall expire at the 1999
Annual General Meeting; the initial term of office of the Group II Directors shall
expire at the 2000 Annual General Meeting; the initial term of office of the Group I
Directors shall expire at the 2001 Annual General Meeting;
	 
	 	(e)	 	Subject to initial classification and term of office as prescribed in this
Article, at each Annual General Meeting Directors elected to succeed Directors whose
terms expire shall be elected for a term of office to expire at the third succeeding
Annual General Meeting after their election.

	24.02	 	There shall be no shareholding qualification for Directors unless prescribed by special
resolution.
	 
	24.03	 	The first Directors shall be appointed in writing by the subscribers of the Memorandum of
Association or a majority of them.
	 
	24.04	 	The Directors may from time to time appoint any person to be a Director, either to fill a
casual vacancy or as an addition to the existing Directors, subject to any upper limit on the
number of Directors prescribed pursuant to this Article and subject to his designation as a
Group I, Group II or Group III Director.
	 
	24.05	 	The Company may by special resolutions remove any Director before the expiration of his term
of office and may by ordinary resolution appoint another person in his stead; the person so
appointed shall be subject to retirement at the same time as if he had become a Director on
the day on which the Director in whose place he is appointed was last elected a Director.
	 
	24.06	 	Without prejudice to other provisions of these Articles for the retirement or removal of
Directors, the office of a Director shall be vacated:

	 	(a)	 	if he resigns as Director by notice to the Company in writing signed by him;
	 
	 	(b)	 	if he dies, becomes bankrupt or makes any arrangement or composition with his
creditors generally; or
	 
	 	(c)	 	if he becomes of unsound mind or an order for his detention is made under the
Mental Health Law or any analogous law of a jurisdiction outside the Cayman Islands.

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	25.	 	REMUNERATION OF DIRECTORS
	 
	25.01	 	The remuneration of the Directors shall be in such amount or at such rate, and upon such
terms as the Directors may from time to time determine. Special remuneration may be agreed
with or given to any Director who has undertaken, or is required to undertake, any special
work, service or mission beyond the ordinary routine work of a Director.
	 
	25.02	 	An Alternate Director shall not be remunerated as such by the Company provided that he may,
if the Directors think fit, be remunerated for any special work, service or mission beyond the
ordinary routine work of a Director or Alternate Director.
	 
	26.	 	TRANSACTIONS WITH DIRECTORS
	 
	26.01	 	A Director may hold any other executive or non-executive office or place of profit in or
under the Company, other than the office of Auditor, on such terms as to tenure, remuneration,
indemnity and otherwise as the Directors may determine.
	 
	26.02	 	A Director may act by himself or his firm in a professional capacity for the Company and
shall be entitled to the same remuneration, indemnity and other privileges as if he were not a
Director.
	 
	26.03	 	A Director may be a member or director or hold any other executive or non-executive office
or place of profit in or under any company or association promoted by the Company or in which
the Company may be interested or associated, and may exercise and enjoy the rights, privileges
and benefits of any such position without being accountable in any way to the Company.
	 
	26.04	 	No person shall be disqualified from the office of Director by, or be prevented by such
office from, contracting with the Company, either as vendor, purchaser or otherwise, nor shall
any such contract (or any other contract or arrangement entered into by or on behalf of the
Company in which a Director shall be in any way interested) be liable to be avoided, nor shall
any Director be liable to account to the Company for any profit realised by any such contract
or arrangement; but the nature of his interest shall be disclosed by him at the meeting of the
Directors at which the question of entering into the contract or arrangement is first taken
into consideration or, if the Director was not at that time interested in the proposed
contract or arrangement, then at the next meeting of the Directors held after he becomes so
interested.
	 
	26.05	 	A Director may vote in respect of any contract, arrangement or other matter which may be
proposed, notwithstanding that he has an interest therein provided that the nature of his
interest shall have been disclosed to the Directors prior to the Directors’ resolution.
	 
	26.06	 	For the avoidance of doubt it is declared that a Director shall be regarded as having an
interest in any matter in which he has a duty conflicting with his duty to the Company, and
also in any proposal to ratify a contract or transaction entered into by him in the name or on
behalf of the Company prior to its registration.

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	26.07	 	A general notice that a Director is a shareholder, director or officer of, or otherwise
interested in, a specified company or association and is to be regarded as interested in any
transaction with such company or association shall be a sufficient disclosure for the purposes
of this Article and thereafter it shall not be necessary to give any further notice relating
to a particular transaction with that company or association.
	 
	26.08	 	The Company may from time to time by special resolution impose and vary rules more or less
restrictive of Directors having conflicting interests.
	 
	26.09	 	The provisions of this Article concerning Directors apply equally to Alternate Directors.
For the purposes of this Article an interest of a Director shall be deemed to be an interest
of his Alternate Director, and vice versa.
	 
	27.	 	ALTERNATE DIRECTORS AND PROXIES
	 
	27.01	 	A Director may at any time appoint any person (including another Director) to be his
Alternate Director and may at any time terminate such appointment. An appointment and a
termination of appointment shall be by notice in writing signed by the Director and deposited
at the Registered Office or delivered at a meeting of the Directors.
	 
	27.02	 	The appointment of an Alternate Director shall determine on the happening of any event
which, if he were a Director, would cause him to vacate such office or if his appointor ceases
for any reason to be a Director.
	 
	27.03	 	An Alternate Director shall be entitled to receive notices of meetings of the Directors and
shall be entitled to attend and vote as a Director at any such meeting at which his appointor
is not personally present and generally at such meeting to perform all the functions of his
appointor as a Director; and for the purposes of the proceedings at such meeting these
Articles shall apply as if he (instead of his appointor) were a Director, save that he may not
himself appoint an Alternate Director or a proxy.
	 
	27.04	 	If an Alternate Director is himself a Director or attends a meeting of the Directors as the
Alternate Director of more than one Director, his voting rights shall be cumulative.
	 
	27.05	 	Unless the Directors determine otherwise, an Alternate Director may also represent his
appointor at meetings of any committee of the Directors on which his appointor serves; and the
provisions of this Article shall apply equally to such committee meetings as to meetings of
the Directors.
	 
	27.06	 	If so authorised by express provision in his notice of appointment, an Alternate Director
may join in a circular resolution of the Directors adopted pursuant to these Articles and his
signature of such resolution shall be as effective as the signature of his appointor.
	 
	27.07	 	Save as provided in these Articles an Alternate Director shall not, as such, have any power
to act as a Director or to represent his appointor and shall not be deemed to be a Director
for the purposes of these Articles.

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	27.08	 	A Director who is not present at a meeting of the Directors, and whose Alternate Director
(if any) is not present at the meeting, may be represented at the meeting by a proxy duly
appointed, in which event the presence and vote of the proxy shall be deemed to be that of the
Director. All the provisions of these Articles regulating the appointment of proxies by
members shall apply equally to the appointment of proxies by Directors.
	 
	28.	 	PROCEEDINGS OF DIRECTORS
	 
	28.01	 	A meeting of the Directors for the time being at which a quorum is present shall be
competent to exercise all or any of the powers and discretion by or under these Articles for
the time being vested in or exercisable by the Directors generally.
	 
	28.02	 	Except as otherwise provided by these Articles, the Directors shall meet together for the
dispatch of business, convening, adjourning and otherwise regulating their meetings as they
think fit.
	 
	28.03	 	A Director may, and on the request of a Director the Secretary shall, at any time summon a
meeting of the Directors. Notice thereof shall be given to each Director and Alternate
Director in writing or by telephone or orally. Not less than five clear days notice shall be
given save that all the Directors (or their Alternate Directors) may waive notice of the
meeting at, before or after the meeting is held.
	 
	28.04	 	A meeting of the Directors may be held, and any Director may participate in a meeting, by
means of a conference telephone or similar communications equipment by means of which all
persons participating in the meeting are capable of hearing each other; and such participation
shall be deemed to constitute presence in person at the meeting.
	 
	28.05	 	The quorum necessary for the transaction of business at a meeting of the Directors may be
fixed by the Directors and, unless so fixed at any other number, shall be at least half the
number of persons comprising the Board of Directors.
	 
	28.06	 	For the avoidance of doubt it is declared that an Alternate Director shall not be entitled
to attend or vote at a meeting of the Directors or be counted towards the quorum if his
appointor be present; and the proxy of a Director shall not be so entitled or counted if
either the appointing Director or his Alternate Director be present.
	 
	28.07	 	The Directors may at any time elect a chairman and, if they think fit, a deputy chairman and
may determine the period for which they respectively are to hold office. Subject to any such
determination, the Directors may at any time remove a chairman or deputy chairman from office.
A chairman or deputy chairman shall automatically cease to hold office if for any reason he
ceases to hold office as a Director.
	 
	28.08	 	Questions arising at a meeting of the Directors shall be decided by a majority of the votes
cast. In the case of an equality of votes, the chairman shall have a second or casting vote.

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	28.09	 	The continuing Directors may act notwithstanding any vacancy in their body but, if and so
long as their number is reduced below the number fixed by or pursuant to these Articles as the
minimum number of Directors or as the necessary quorum for meetings of Directors, the
continuing Directors may act for the purpose of increasing the number of Directors to the
requisite number, or of summoning a general meeting of the Company, but for no other purpose.
	 
	28.10	 	All resolutions passed and other acts done by any meeting of the Directors or of a committee
of Directors shall, notwithstanding that it is afterwards discovered that there was some
defect in the appointment of any Director, Alternate Director or proxy, or that they or any of
them were disqualified or had otherwise ceased to hold office, be as valid as if every such
person had been duly appointed and qualified and continued to hold the office or position of
Director, Alternate Director or proxy, as the case may be. This Article shall apply equally
to a case in which there was no appointment as to the case in which there was a defective
appointment.
	 
	28.11	 	A Director who is present at a meeting of the Directors at which action on any matter is
taken shall be presumed to have assented to the action unless his dissent shall be entered in
the minutes of the meeting or he shall file his written dissent with the person acting as the
secretary of the meeting before the adjournment thereof or shall send his written dissent to
the Registered Office immediately after the meeting, provided that this right of dissent shall
not apply in the case of a Director who voted in favour of the action.
	 
	28.12	 	A resolution in writing, in one or more counterparts, signed by all the Directors shall be
as valid and effectual as if it had been passed at a meeting of the Directors duly called and
held.
	 
	29.	 	MINUTES AND REGISTERS
	 
	29.01	 	In accordance with the Statute the Directors shall cause minutes to be kept of all
resolutions and proceedings of members, whether at general meetings, class meetings or
otherwise, and of Directors or managers (if any), or committees of Directors (if any), whether
at meetings or otherwise. Such minutes shall be kept in writing at the Registered Office or
at such other location as the Directors may determine.
	 
	29.02	 	The minutes of a meeting, whether of the members or the Directors or a committee of the
Directors, when signed by the person acting as the chairman of the meeting or by the person
acting as the chairman of the next following meeting, shall until the contrary be proved be
accepted as conclusive evidence of the matters stated in the minutes.
	 
	29.03	 	The Directors shall cause to be kept at the Registered Office the register of Directors and
officers and the register of mortgages and charges required by the Statute. Alternate
Directors shall be entered in the register of Directors and officers.

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	30.	 	POWERS OF DIRECTORS
	 
	30.01	 	The business of the Company shall be managed by the Directors, who may exercise all such
powers of the Company as are not by the Statute or these Articles required to be exercised by
the Company in general meeting, subject nevertheless to any regulations, not inconsistent with
the Statute or these Articles, prescribed by the Company in general meeting. No such
regulations made by the Company in general meeting may invalidate any prior act of the
Directors. This Sub-Article is without prejudice to the provisions of these Articles
permitting delegation by the Directors.
	 
	30.02	 	Notwithstanding that the Statute or the Memorandum of Association may permit the Company to
pursue objects or exercise powers which are charitable or benevolent or otherwise independent
of the financial interests of the Company itself, the Directors shall not without the sanction
of a special resolution pursue any such objects or exercise any such powers, provided that:

	 	(a)	 	this Sub-Article does not apply to the declaration or payment of dividends, the
redemption or purchase of shares or the conferring of other benefits upon members in
accordance with these Articles;
	 
	 	(b)	 	The Directors on behalf of the Company may pay or procure the payment of
gratuities, pensions and other benefits to persons who are or were officers or
employees of the Company or any associated company, or widows or other dependants of
such persons, whether or not the Company has any legal obligation to do so;
	 
	 	(c)	 	The Directors may establish, maintain and fund a scholarship programme for the
education and advancement of persons meeting such qualifications as the Directors may
determine;
	 
	 	(d)	 	this Sub-Article does not apply to an action which, though it may in itself be
gratuitous, is considered by the Directors to be in the financial interests of the
Company;
	 
	 	(e)	 	if there is any reasonable doubt as to whether an action is prohibited by this
Sub-Article, the Directors’ decision, if made in good faith, shall be conclusive.

	30.03	 	The Directors may exercise all the powers of the Company to borrow money and to mortgage or
charge its undertaking, property and uncalled capital or any part thereof by way of fixed
charge, floating charge or other form of encumbrance, and to issue debentures, debenture stock
and other securities whether outright or as security for any debt, liability or obligation of
the Company or of any third party. In the case of a charge over the uncalled capital of the
Company or any part of it, the Directors may delegate to the charge holder (or any person
acting as his trustee or appointed by him) the power to make calls on members in respect of
such uncalled capital and to sue in the name of the Company or otherwise for the recovery of
monies becoming due in respect of calls and to give valid receipts for such monies; and such
powers shall be assignable if expressed to be so.

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	30.04	 	All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments
and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or
otherwise executed in such manner as the Directors may from time to time determine.
	 
	31.	 	SECRETARY
	 
	31.01	 	The Secretary shall, and one or more assistant secretaries may, be appointed by the
Directors for such terms, at such remuneration and upon such conditions as the Directors think
fit. Notwithstanding the terms or conditions of appointment, the Secretary and any assistant
secretary may at any time be removed from office by the Directors.
	 
	31.02	 	Subject to any contrary term or condition of his appointment, an assistant secretary may
exercise or perform any task or power conferred upon the Secretary by the Statute, by these
Articles or by resolution of the Directors, but shall comply with any proper direction which
may be given by the Secretary.
	 
	31.03	 	A provision of the Statute or of these Articles requiring or authorising anything to be done
by or to a Director and the Secretary shall not be satisfied by its being done by or to the
same person acting both as Director and as or in place of the Secretary.
	 
	32.	 	COMMITTEES, OFFICERS, ATTORNEYS AND MANAGERS
	 
	32.01	 	The Directors may delegate any of their powers and discretion to committees consisting of
such of their number as the Directors think fit and may at any time revoke any such delegation
or discharge any such committee either wholly or in part. Every committee so formed shall in
the exercise of the powers and discretions delegated to it conform to any regulations that may
from time to time be imposed upon it by the Directors. All acts done by any such committee in
conformity with such regulations and in fulfillment of the purposes for which it is appointed,
but not otherwise, shall have the like force and effect as if done by the Directors. Subject
to any regulations made by the Directors for this purpose, the meetings and proceedings of
such committees shall be governed by the provisions of these Articles concerning the meetings
and proceedings of the Directors, including provisions for circular resolutions.
	 
	32.02	 	The Directors may on behalf of the Company appoint from their own number or otherwise such
officers to perform such duties, to exercise such powers and discretions and upon such terms
as the Directors think fit.
	 
	32.03	 	The Directors may on behalf of the Company by power of attorney under the Seal appoint any
person or persons, whether nominated directly or indirectly by the Directors, to be the
attorney or attorneys of the Company for such purposes and with such powers and discretion
(not exceeding those vested in or exercisable by the Directors) and for such period and
subject to such conditions as the Directors may think fit; and any such attorney, if so
authorised, may execute deeds and instruments on behalf of the Company

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	 	 	under his own hand and seal which shall bind the Company and have the same effect as if
under the Seal of the Company.
	 
	32.04	 	The Directors may on behalf of the Company appoint such managers, custodians and agents with
such duties, powers, and discretions and upon such terms as the Directors think fit.
	 
	32.05	 	Any delegation by the Directors pursuant to this Article may be on terms permitting
sub-delegation.
	 
	33.	 	SEAL
	 
	33.01	 	The Seal shall only be used by the authority of the Directors or of a committee of the
Directors authorised by the Directors in that behalf; and, until otherwise determined by the
Directors, the Seal shall be affixed in the presence of a Director or the Secretary or an
assistant secretary or some other person authorised for this purpose by the Directors or the
committee of Directors.
	 
	33.02	 	Notwithstanding the foregoing Sub-Article the Seal may without further authority be affixed
by way of authentication to any document required to be filed with the Registrar of Companies
in the Cayman Islands, and may be so affixed by any Director, Secretary or assistant secretary
of the Company or any other person or institution having authority to file the document as
aforesaid.
	 
	33.03	 	The Company may have one or more duplicate Seals, as permitted by the Statute; and, if the
Directors think fit, a duplicate Seal may bear on its face the name of the country, territory,
district or place where it is to be used.
	 
	34.	 	DIVIDENDS AND RESERVES
	 
	34.01	 	Subject to these Articles and subject to any direction of the Company in general meeting,
the Directors may on behalf of the Company declare and pay dividends (including interim
dividends) at such times and in such amounts as they think fit. For the avoidance of doubt it
is declared that, subject as aforesaid, the Directors may, if it appears to them fair and
equitable to do so, fix as the record date for a dividend a date prior to the declaration of
the dividend.
	 
	34.02	 	Dividends may be declared and paid out of the profits of the Company, realised or
unrealised, or from any reserve set aside from profits which the Directors determine is no
longer needed, or not in the same amount. With the sanction of an ordinary resolution
dividends may also be declared and paid out of share premium account or any other fund or
account which can be authorised for this purpose in accordance with the Statute.
	 
	34.03	 	The Directors may before declaring a dividend set aside such sums as they think fit as a
reserve or reserves for any proper purpose. Pending application, such sums may be employed in
the business of the Company or invested, and need not be kept separate from

 - 24 - 

 

	 	 	other assets of the Company. The Directors may also, without placing the same to reserve,
carry forward any profit which they decide not to distribute.
	 
	34.04	 	Subject to these Articles and subject to any special dividend rights or restrictions for the
time being attached to any shares or class of shares, if a dividend is declared:

	 	(a)	 	every share shall confer on the holder as at the record date the right to
participate in the dividend;
	 
	 	(b)	 	the dividend shall be declared and paid according to the amounts (other than
share premium) paid up on shares as at the record date or, if the Company is an
exempted company and its shares have no par value, then on an equal per share basis;

	34.05	 	The Directors may deduct from any dividend all sums of money presently payable by the holder
to the Company, whether in respect of shares or otherwise; and the Directors may retain any
dividend on shares over which the Company has a lien for any obligation presently due.
	 
	34.06	 	Any dividend or other monies payable in respect of shares may be paid by cheque or warrant
sent through the post directed to the registered address of the holder or, in the case of
joint holders, the holder who is first named in the Register in respect of the shares; but
this Sub-Article is without prejudice to any other method of payment which the Directors may
think appropriate and, in the case of joint holders, payment to any one or more of them shall
be a good discharge to the Company.
	 
	34.07	 	No dividend shall bear interest against the Company.
	 
	34.08	 	With the sanction of an ordinary resolution of the Company (or, as regards a dividend
payable in respect of a class of shares, an ordinary resolution passed at a class meeting),
the Directors may determine that a dividend shall be paid wholly or partly by the distribution
of specific assets (which may consist of the shares or securities of any other company) and
may settle all questions concerning such distribution. Without limiting the foregoing
generality the Directors may fix the value of such specific assets, may determine that cash
payments shall be made to some members in lieu of specific assets and may vest any such
specific assets in trustees on such terms as the Directors think fit.
	 
	34.09	 	With the sanction of an ordinary resolution of the Company (or, as regards a dividend
payable in respect of a class of shares, an ordinary resolution passed at a class-meeting),
the Directors may determine that:

	 	(a)	 	the persons entitled to participate in the dividend shall have a right of
election to accept shares of the Company credited as fully paid in satisfaction of all
or (if the Directors so specify or permit) part of their dividend entitlement; or
	 
	 	(b)	 	a dividend shall be satisfied in whole or specified part by an issue of shares
of the

 - 25 - 

 

	 	 	 	Company credited as fully paid up, subject to a right of election on the part of
persons entitled to participate in the dividend to receive their dividend
entitlement wholly or (if the Directors so permit) partly in cash;

	 	and in either event the Directors may determine all questions that arise concerning the
right of election, notification thereof to members, the basis and terms of issue of shares
of the Company and otherwise.

	34.10	 (a)	The Directors shall have the power to cease sending dividend warrants, if such warrants
have been returned undelivered or left uncashed, provided that such power shall not be
exercised until either such warrants have been so returned or left uncashed on two consecutive
occasions or, following one such occasion, reasonable enquiries have failed to establish any
new address of the holder;

	 	(b)	 	Any dividend that has remained unclaimed for twelve years from the date when it
became due for payment shall, if the Directors so resolve, be forfeited and cease to
remain owing by the Company;
	 
	 	 	 	The Directors shall have the power to sell the shares (which shall include the power
for the Company to purchase such shares) of any holder who is untraceable, provided
that such power shall not be exercisable unless:

	 	(i)	 	during a period of not less than 12 years three dividends in
respect of the shares in question have become payable and no dividend during
that period has been claimed; and
	 
	 	(ii)	 	on or after the expiry of such period the Company has given
notice by such method as the Directors shall deem fit of its intention to sell
the shares within the time frame stated therein, and no response is received,
save that the Directors in their absolute discretion may dispense with such
notice,

	 	 	and, in the event of such a sale, the Directors shall authorise any one or more Directors or
Officers of the Company to sign the transfer on behalf of any such untraceable holder
notwithstanding it being unaccompanied by the certificate for the shares to which it relates
and shall cause the name of name of the purchaser(s) of such share to be entered in the
Register. The net proceeds of sale of any shares shall be held upon trust by the Company,
or by such successor trustee as shall be appointed by the Directors, for the holder or his
estate upon such terms, including the remuneration of any such trustee, as the Directors, or
a liquidator if one is appointed, shall deem fit.
	 
	35.	 	SHARE PREMIUM ACCOUNT
	 
	35.01	 	Subject to any direction from the Company in general meeting, the Directors may on behalf of
the Company exercise all the powers and options conferred on the Company by the Statute in
regard to the Company’s share premium account, save that unless expressly

 - 26 - 

 

	 	 	authorised by other provisions of these Articles the sanction of an ordinary resolution
shall be required for any application of the share premium account in paying dividends to
members.
	 
	36.	 	CAPITALISATION ISSUES
	 
	36.01	 	With the sanction of an ordinary resolution of the Company the Directors may on behalf of
the Company appropriate any sum standing to the credit of the share premium account or capital
redemption reserve or any sum of profits available for dividend purposes (or credited to any
reserve set aside from profits which the Directors determine is no longer needed, or not in
the same amount) to members in the proportions in which such sum would have been divisible
amongst them if distributed by way of dividend, and to apply such sum on their behalf in
paying up in full unissued shares to be issued to the members in the said proportions. The
Directors may determine all questions that arise concerning a capitalisation issue including
the basis and terms of issue.
	 
	37.	 	BOOKS OF ACCOUNT
	 
	37.01	 	The Directors shall cause proper books of account to be kept with respect to:

	 	(a)	 	all sums of money received or expended by the Company and the matters in
respect of which the receipt or expenditure takes place;
	 
	 	(b)	 	all sales and purchases of goods by the Company;
	 
	 	(c)	 	the assets and liabilities of the Company;

	 	 	and proper books of account shall not be deemed to be kept with respect to the matters
aforesaid if there are not kept such books as are necessary to give a true and fair view of
the state of the Company’s affairs and to explain its transactions. Such books shall be
kept at such place or places as the Directors determine.
	 
	37.02	 	The Directors shall from time to time determine whether and to what extent and at what times
and places and under what conditions or regulations the accounts and books of the Company or
any of them shall be open to the inspection of members not being Directors; and no member (not
being a Director) shall have any right of inspecting any account or book or document of the
Company except as authorised by the Directors or by the Company in general meeting.
	 
	37.03	 	Subject to any waiver by the Company in general meeting of the requirements of this
Sub-Article, the Directors shall lay before the Company in general meeting, or circulate to
members, financial statements in respect of each financial year of the Company, consisting of:

	 	(a)	 	a profit and loss account giving a true and fair view of the profit or loss of
the Company for the financial year; and

 - 27 - 

 

	 	(b)	 	a balance sheet giving a true and fair view of the state of affairs of the
Company at the end of the financial year;

	 	 	together with a report of the Directors reviewing the business of the Company during the
financial year. The financial statements and the Directors’ report, together with the
auditor’s report, if any, shall be laid before the Company in general meeting, or circulated
to members, no later than 180 days after the end of the financial year.
	 
	37.04	 	The financial year of the Company shall run from the anniversary of the Company’s
registration (or, in the case of the first financial year, the date of registration) to the
day preceding the next such anniversary but, subject to any direction of the Company in
general meeting, the Directors may from time to time prescribe some other period to be the
financial year, provided that the Directors may not without the sanction of an ordinary
resolution prescribe or allow any financial year longer than eighteen months.
	 
	38.	 	AUDIT
	 
	38.01	 	The Audit Committee, if any, of the Board of Directors of the Company shall have the sole
authority to appoint or replace the Company’s Auditors. The Audit Committee shall be directly
responsible for the compensation and oversight of the work of the Auditors for the purpose of
preparing or issuing an audit report or related work. The Auditors shall report directly to
the Audit Committee. If there is no Audit Committee at any time, its duties under this
Article shall be performed by the Board. Nothing in this Article shall be construed as making
it obligatory to appoint Auditors.
	 
	38.02	 	The Auditors shall make a report to the members on the accounts examined by them and on
every set of financial statements laid before the Company in general meeting, or circulated to
members, pursuant to this Article during the Auditors’ tenure of office.
	 
	38.03	 	The Auditors shall have right of access at all times to the Company’s books, accounts and
vouchers and shall be entitled to require from the Company’s Directors and officers such
information and explanations as the Auditors think necessary for the performance of the
Auditors’ duties; and, if the Auditors fail to obtain all the information and explanations
which, to the best of their knowledge and belief, are necessary for the purposes of their
audit, they shall state that fact in their report to the members.
	 
	38.04	 	The Auditors shall be entitled to attend any general meeting at which any financial
statements which have been examined or reported on by them are to be laid before the Company
and to make any statement or explanation they may desire with respect to the financial
statements.
	 
	39.	 	WINDING-UP
	 
	39.01	 	In the winding-up of the Company, subject to any special rights or restrictions for the time
being attached to any shares or any class of shares, the assets available for

 - 28 - 

 

	 	 	distribution amongst the members as such shall be distributed according to the amounts
(other than share premium) paid up on shares held by them.
	 
	39.02	 	In the winding-up of the Company the Liquidator may, with the sanction of a special
resolution, determine that any winding-up distribution shall be made in whole or part by the
distribution of specific assets.
	 
	40.	 	INDEMNITY
	 
	40.01	 	The Directors and officers of the Company and any trustee for the time being acting in
relation to any of the affairs of the Company and every former director, officer, or trustee
and their respective heirs, executors, administrators and personal representatives (each of
such persons being referred to in this Article as “indemnified party”) shall be indemnified
out of the assets of the Company from and against all actions, proceedings, costs, charges,
losses, damages and expenses which they or any of them shall or may incur or sustain by reason
of any act done or omitted in or about the execution of their duties in their respective
offices or trusts, except any which an indemnified party shall incur or sustain by or through
his own willful neglect or default; no indemnified party shall be answerable for the acts,
omissions, neglects or defaults of any other Director, officer, or trustee, or for joining in
any receipt for the sake of conformity, or for the solvency or honesty of any banker or other
persons with whom any moneys or effects belonging to the Company may be lodged or deposited
for safe custody, or for any insufficiency of any security upon which any monies of the
Company may be invested, or for any other loss or damage due to any such cause as aforesaid or
which may happen in or about the execution of his office or trust unless the same shall happen
through the willful neglect or default of such indemnified party.
	 
	41.	 	NOTICES
	 
	41.01	 	Save as otherwise expressly provided in these Articles, notices by the Company pursuant to
these Articles shall be in writing and may be given personally or by sending the notice by
post, telex, telecopy or any other method of written communication; and, subject as aforesaid:

	 	(a)	 	when sent by post the notice shall be deemed given sixty hours (or one hundred
and twenty hours, if overseas) after posting the notice, postage pre-paid, properly
addressed (by airmail, if overseas);
	 
	 	(b)	 	a notice sent by telex or telecopy shall be deemed given immediately upon
dispatch properly addressed; and
	 
	 	(c)	 	in any other case (other than delivery in person) the notice shall be deemed
given at such time as the Directors estimate the notice should reach the addressee in
the ordinary course.

	41.02	 	A notice to a member may be addressed to him at his address shown in the Register. In

 - 29 - 

 

	 	 	the case of joint holders of a share, notice may be given to the holder first named in the
Register in respect of the share, but notice to any of the joint holders shall be deemed
notice to all.
	 
	41.03	 	Notice may be given by the Company to the person or persons whom the Company has been
advised are entitled to a share or shares in consequence of the death or bankruptcy of a
member or otherwise by operation of law, addressed to them by name, or by the title of
representatives of the deceased, or trustee of the bankrupt, or by any like description at the
address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if
the death, bankruptcy or other event had not occurred.
	 
	42.	 	ALTERATION OF ARTICLES
	 
	42.01	 	Subject to the Statute, the Company may from time to time by special resolution alter or
amend these Articles in whole or in part.

 - 30 -EX-4.4 Amendment dated August 8, 2005 to Option De

 

Exhibit 4.4

DEED OF AMENDMENT OF OPTION DEED

THIS DEED is made the 8th day of August, 2005

			
	BETWEEN:	 	CONSOLIDATED WATER CO. LTD. (formerly CAYMAN
WATER COMPANY LIMITED), a Cayman Islands
company having its registered office at
Regatta Office Park, Windward Three, Fourth
Floor, P.O. Box 1114 GT, Grand Cayman, Cayman
Islands (the “Company”)

			
	AND:	 	AMERICAN STOCK TRANSFER & TRUST COMPANY of 40
Wall Street, New York, New York 10005, United
States of America (the “Option Agent”)

RECITALS:-

	(1)	 	By an Option Deed dated as of August 6, 1997 (the “Option Deed”) the Directors of the Company
granted to the holders of its Ordinary and Redeemable Preference Shares at any time before the
Distribution Date options to subscribe for one one-hundredth of a Class B Share for each
Ordinary or Redeemable Preference Share held (as that number may afterwards be adjusted
pursuant to Section 11(b) of the Option Deed) on the terms set out in the Option Deed;
	 
	(2)	 	Under Section 26 of the Option Deed the Company and the Option Agent are empowered on the
Company’s direction to amend the Option Deed before the Distribution Date without the approval
of the holders of the certificates representing Ordinary Shares and Redeemable Performance
Shares; and
	 
	(3)	 	The Distribution Date has not yet occurred.

NOW THIS DEED WITNESSES as follows:

	1.	 	For the purposes of this Deed:-

	 	(i)	 	capitalized words not otherwise defined in it have the meanings assigned to
them in the Option Deed; and
	 
	 	(ii)	 	references to Sections and paragraphs are references to Sections and paragraphs
of the Option Deed;

	2.	 	The Company and the Option Agent AMEND the Option Deed as follows:-

	 	(i)	 	by deleting the expression “US$37.50” where it appears in:

	 	a.	 	Section 7, paragraph (b); and
	 
	 	b.	 	Exhibit B; and
	 
	 	c.	 	the first paragraph of Exhibit C

	 	 	 	and substituting therefor in each case the expression “US$100.00”; and

 

 

	 	(ii)	 	by deleting the sixth paragraph of Exhibit C and substituting therefor the
following:-
	 
	 	 	 	“For example, at an exercise price of US$100.00 per Option, each Option not owned by
an Acquiring Person (or by certain related parties) following an event set out in
the preceding paragraph would entitle its holder to purchase US$100.00 worth of
Ordinary Shares (or other consideration, as noted above) for US$100.00. Assuming
that the Ordinary Shares had a per share value of US$100.00 at such time, the holder
of each valid Option would be entitled to purchase 10 Ordinary Shares for
US$100.00.”

	3.	 	In all other respects the Company and the Option Agent confirm the Option Deed.

IN WITNESS WHEREOF, the parties have caused this Deed to be duly executed and delivered as such as
of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	EXECUTED as a deed and delivered on	 	 	)	 	 	CONSOLIDATED WATER CO. LTD.	 	 
	behalf of CONSOLIDATED WATER CO.

	 	 	)	 	 	 	 	 	 	 
	LTD. by Raymond Whittaker, Director in the

	 	 	)	 	 	 	 	 	 	 
	presence of:-

	 	 	)	 	 	 	 	 	 	 
	Brent Santha, Company Secretary

	 	 	)	 	 	 	 	 	 	 
	

   /s/ Brent Santha
 

Witness

	 	 	)

)

)	 	 	Per
	 	  /s/ Raymond Whittaker
 

Director
	 	  
	 
	 	 	 	 	 	 	 	 	 	 
	EXECUTED as a deed and delivered on	 	 	)	 	 	AMERICAN STOCK TRANSFER &	 	 
	behalf of AMERICAN STOCK	 	 	)	 	 	TRUST COMPANY	 	 
	TRANSFER & TRUST COMPANY by

	 	 	)	 	 	 	 	 	 	 
	Herbert J. Lemmer, Vice-President in the

	 	 	)	 	 	 	 	 	 	 
	presence of:-

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)	 	 	 	 	 	 	 
	 

	 	 	)

)	 	 	Per
	 	  /s/ Herbert Lemmer
 

Vice-President
	 	 
	 

Witness

	 	 	)	 	 	 	 	 	 	 

 - 2 -

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