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3. The subscribers to the Memorandum of Assoc on shall be the first members and, pursuant to Article 11 hereof, the first directors of the company but upon any subscriber ceasing to be a director of the company he shall thereupon cease to be a member of the company and his place as a member shall be taken by the person duly appointed as his successor as a director in accordance with the provisions hereof.
GENERAL meetingS
4. The first general meeting shall be held at such time, not being less than one month nor more than three months after the incorporation of the company, and at such place, as the directors may determine. 5. A general meeting shall be held once in every calendar year at such time (not being more than fifteen months after the holding of the last preceding general meeting) and place as may be prescribed by the company in general meeting, or, in default, at such time in the third month following that in which the anniversary of the company's incorpora- tion occurs, and at such place as the directors shall appoint. In default of a general meeting being so held, a general meeting shall be held in the month next following, and may be convened by any two members in the same manner as nearly as possible as that in which meetings are to be convened by the directors.
6. The above-mentioned general meetings shall be called ordinary general meetings; all other general meetings shall be called extraordinary general meetings.
7. The directors may, when they think fit, convene an extraordinary general meeting and an extraordinary general meeting shall be convened at the request in writing of any three directors addressed to the Chairman of the Board or the Secretary of the company, specifying the objects of the meeting.
8. The Chairman or in his absence the Vice Chairman of the Board of Directors shall preside as Chairman at every general meeting of the company and the proceedings and the voting of members at general
meetings shall follow the procedure laid down from time to time by the Board of Directors. Unless otherwise determined by the Board of Directors a quorum shall be constituted by five members who are members of the Board of Directors. If at any meeting the Chairman or Vice Chairman is not present within five minutes after the time appointed for holding the same the directors present may choose one of their number to be Chairman of the meeting.
DIRECTORS
9. The business of the company shall be wholly managed by the directors who may pay all expenses incurred in incorporating and registering the com- pany and may exercise all such powers of the company as are not by the Ordinance required to be exercised by the company in general meeting.
10. Without prejudice to the general powers conferred by the last preceding Article and the other powers conferred by these presents it is expressly declared that the directors shall have the following powers:- (a) to appoint any commitee or committees con- sisting of such member or members of their own body or otherwise as they may think fit and to delegate any of their powers to such committee or committees, or to any person or persons as their attorney or attorneys, and to prescribe the functions duties and powers thereof and to revoke any delegation and to determine all or any such functions duties and powers.
(b) to raise or borrow for the purposes of the company's business such sums of money as they think fit and to secure the repayment thereof by mortgage or charge upon the whole or any part of the property and assets of the company present or future or by the issue on such terms as they think fit of bonds or debentures charged upon the whole or any part of the property and assets of the company or not so charged or in such other way as the directors may think expedient,
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