15
rank with shares in
17. Except so far as otherwise provided by the con- How far new ditions of issue, or by these Presents, any capital raised shares to by the creation of new shares shall be considered
part of the original capital, and shall be subject to the provisions original herein contained with reference to the payment of calls capital. and instalments, transfer and transmission, forfeiture, lien, voting and otherwise.
48. The Company may, from time to time, by Special Reduction of Resolution reduce its capital by paying off capital or Capital. cancelling capital which has been lost or is unrepre- sented by available assets, or reducing the liability on the shares or otherwise, as may seem expedient, and capital may be paid off upon the footing that it may be called up again or otherwise, and paid up capital may be cancelled as aforesaid without reducing the nominal amount of the shares by the like amount to the intent that the unpaid and callable capital shall be increased by the like amount, and the Company may also from time to Sub-division time, by Special Resolution, subdivide or, by Ordinary dation. Resolution, consolidate its shares or any of them.
and consoli-
ferred and
49. The Special Resolution whereby any share is Sub-division sub-divided may determine that, as between the holders into pre- of the shares resulting from such sub-division, one or more ordinary. of such shares shall have some preference or special advantage as regards dividend, capital, voting or other- wise over or as compared with the others or other.
Modification of Rights.
50. Whenever the capital, by reason of the issue of Power to preference shares or otherwise, is divided into different modify classes, all or any of the rights and privileges attached to
rights. each class may be modified, commuted, affected, abrogated or dealt with by agreement between the Company and any person purporting to contract on behalf of that class, provided such agreement is ratified in writing by the holders of at least three-fourths in nominal value of the issued shares of the class, or is confirmed by an Extra- ordinary Resolution passed at a separate General Meeting of the holders of shares of that class, and all the provi- sions hereinafter contained as to General Meetings shall, mutatis mutundis, apply to every such meeting, but so that the quorum thereof shall be Members holding, or representing by proxy, one-fifth of the nominal amount
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