<SEC-DOCUMENT>0001137171-14-000031.txt : 20140207
<SEC-HEADER>0001137171-14-000031.hdr.sgml : 20140207
<ACCEPTANCE-DATETIME>20140207163030
ACCESSION NUMBER:		0001137171-14-000031
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140207
FILED AS OF DATE:		20140207
DATE AS OF CHANGE:		20140207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSALTA CORP
		CENTRAL INDEX KEY:			0001144800
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15214
		FILM NUMBER:		14584705

	BUSINESS ADDRESS:	
		STREET 1:		110 12TH AVE SW BOX 1900 STATION M
		STREET 2:		CALGARY ALBERTA T2P 2MI
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2P2M1
		BUSINESS PHONE:		403-267-4724

	MAIL ADDRESS:	
		STREET 1:		110-12TH AVENUE SW
		CITY:			CALGARY ALBERTA CANADA
		STATE:			A0
		ZIP:			T2P2M1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>transalta6k02072014.htm
<DESCRIPTION>TRANSALTA CORPORATION - 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">For the month of February, 2014</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant&#8217;s name into
English)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>110-12<SUP>th</SUP> Avenue S.W., Box 1900,
Station &#8220;M&#8221;, Calgary, Alberta, T2P 2M1</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Form 20-F____ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Form 40-F&nbsp;&nbsp; <U>X </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>I</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The documents listed below as Exhibits 3.1
and 3.2 to this Form 6-K are the Registrant&#8217;s Amended and Restated By-Law No. 1 and Advance Notice By-Law No. 2, respectively,
approved by the Registrant&#8217;s board of directors on January 27, 2014.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Registrant&#8217;s Amended and Restated
By-Law No. 1 and Advance Notice By-Law No. 2 are furnished, not filed, and will not be incorporated by reference into any registration
statement filed by TransAlta Corporation under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in">3.1</TD>
    <TD STYLE="width: 85%; padding-right: 7.5pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><A HREF="ex3-1.htm">Registrant&#8217;s Amended and Restated By-Law No. 1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">3.2</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 7.5pt; padding-left: 5.4pt"><A HREF="ex3-2.htm">Registrant&#8217;s Advance Notice By-Law No. 2</A></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 40.5pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">TransAlta Corporation</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">By:&nbsp;&nbsp;&nbsp;&#9;</FONT><I><U>/s/ Maryse St.-Laurent</U></I><U><FONT STYLE="font-size: 12pt">&#9;</FONT></U></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Maryse St.-Laurent</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Vice-President and Corporate Secretary</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 12pt 0">February 7, 2014</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 12pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-indent: 0in">3.1</TD>
    <TD STYLE="width: 85%; padding-right: 7.5pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><A HREF="ex3-1.htm">Registrant&#8217;s Amended and Restated By-Law No. 1</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in">3.2</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 7.5pt; padding-left: 5.4pt"><A HREF="ex3-2.htm">Registrant&#8217;s Advance Notice By-Law No. 2</A></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.25in 12pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ex3-1.htm
<DESCRIPTION>REGISTRANT'S AMENDED AND RESTATED BY-LAW NO. 1
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>AMENDED AND RESTATED BY-LAW No. 1</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">A By-law to regulate the business and
affairs of TransAlta Corporation</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
1<BR>
INTERPRETATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>1.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>In this By-law and all other by-laws and resolutions of the Corporation, unless the context otherwise requires:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the following terms shall have the meanings specified:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">&quot;Act&quot; means the Canada Business Corporations Act or any statute which may be substituted
therefore, including the regulations thereunder, as amended from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">&quot;Articles&quot; means the Articles of Amalgamation of the Corporation as amended or restated
from time to time;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">&quot;Board&quot; means the Board of Directors of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">&quot;Corporation&quot; means TransAlta Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">&quot;Director&quot; means a member of the Board;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">&quot;meeting of shareholders&quot; means any meeting of shareholders, including any meeting of
holders of one or more classes of series of shares; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">&quot;Officer&quot; means an officer of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">terms used herein that are defined in the Act shall have the meanings given to those terms in the
Act; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">words importing the masculine gender shall include the feminine and neuter genders, and words importing
the singular number shall include the plural number, and vice versa.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>1.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CONFLICT WITH THE ACT OR THE ARTICLES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent of
any conflict between the provisions of this By-law and the provisions of the Act or the Articles, the provisions of the Act or
the Articles shall govern.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>1.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>HEADINGS AND SECTIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The headings used
throughout this By-law are inserted for convenience of reference only and are not to be used as an aid in the interpretation of
this By-law. &quot;Section&quot; followed by a number means or refers to the specified section of this By-law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>1.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INVALIDITY OF ANY PROVISION OF BY-LAWS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The invalidity or
unenforceability of any provision of this By-law shall not affect the validity or enforceability of the remaining provisions of
this By-law.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
2<BR>
MEETINGS OF SHAREHOLDERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ANNUAL AND SPECIAL MEETINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board shall call
an annual meeting of shareholders not later than 15 months after the holding of the last preceding annual meeting. The Board may
at any time call &#1072; special meeting of shareholders.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PLACE OF MEETINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each meeting of shareholders
shall be held in the City of Calgary, in the Province of Alberta, or at such other place within or outside Canada as the Board
may determine.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NOTICE OF MEETINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notice in writing
(or by electronic means as permitted by, and in accordance with, the Act) of the time and place of each meeting of shareholders
shall be sent to each shareholder entitled to vote at the meeting, to each Director and to the auditors of the Corporation. The
accidental omission to give any notice to any shareholder or the non-receipt of any notice by any such shareholder or any error
in any notice not affecting the substance thereof shall not invalidate any action taken at any meeting held pursuant to such notice
or otherwise founded thereon. The foregoing shall not be construed so as to limit the manner or effect of giving notice by any
other means of communication otherwise permitted by law.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>QUORUM</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At any meeting of
shareholders, &#1072; quorum for the transaction of business shall consist of at least two persons holding or representing by proxy
not less than 25 per cent of the outstanding shares of the Corporation entitled to be voted at the meeting. If a quorum is not
present at the opening of any meeting of shareholders, the holders present in person or representing by proxy &#1072; majority
of the shares represented at the meeting may adjourn the meeting to &#1072; fixed time and place, but no other business may be
transacted. Those shareholders present at any duly adjourned meeting shall constitute &#1072; quorum.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CHAIRMAN, SECRETARY AND SCRUTINEERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The chairman of the
Board or, if he is not present, the president or, in the absence of both of them, a Director designated by the Board shall act
as chairman at each meeting of shareholders. If no such Officer or Director is present within 15 minutes from the time fixed for
holding the meeting, the persons present and entitled to vote shall choose one of their members to be chairman. The secretary of
the Corporation, or, in his absence, such other person as the chairman of the meeting may appoint, shall act as secretary of the
meeting, if desired, one or more scrutineers who need not be shareholders, may be appointed by the chairman. The chairman of any
meeting of shareholders may with the consent of the meeting adjourn the same from time to time and place to place.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>VOTING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Voting at any meeting
of shareholders shall be by a show of hands except where, either before or after a show of hands, a ballot is required by the chairman
of the meeting or is requested by any two persons present and entitled to vote at the meeting. On &#1072; show of hands, each person
present and entitled to vote at the meeting shall have one vote. On a ballot, each shareholder present in person or represented
by proxy at the meeting and entitled to vote thereafter shall have such vote as prescribed by the Articles. Any ballot shall be
taken in such manner as the chairman of the meeting directs. In case of an equality of votes at any meeting of shareholders either
upon a show of hands or upon a ballot, the chairman of the meeting shall not be entitled to a second or casting vote. A declaration
by the chairman that a resolution has, either on a show of hands or on a ballot, been carried or carried by a particular majority
or lost or not carried by &#1072; particular majority shall be conclusive and an entry to that effect in the minutes of the meeting
shall be conclusive evidence thereof, and proof of the number or proportion of the votes, recorded in favour of or against such
resolution shall not be necessary.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PARTICIPATION IN MEETING BY ELECTRONIC MEANS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person entitled
to attend a meeting of shareholders may participate in the meeting, in accordance with the Act, by means of a telephonic, electronic
or other communication facility that permits all participants to communicate adequately with each other during the meeting, if
the Corporation makes available such a communication facility. A person participating in a meeting by such means shall be deemed
to be present at the meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.8<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ELECTRONIC VOTING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding Section
2.6, any vote referred to in Section 2.6 may be held, in accordance with the Act, partially or entirely by means of a telephonic,
electronic or other communication facility, if the Corporation has made available such a facility.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person participating
in a meeting of shareholders under Section 2.7 and entitled to vote at the meeting may vote, in accordance with the Act by means
of the telephonic, electronic or other communication facility that the Corporation has made available for such purpose.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.9<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DIVIDENDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The mailing or other
transmission to any shareholder of the Corporation, at his address as recorded in the Corporation's share register, of a cheque
payable to his order for the amount of any dividend payable in cash shall discharge the Corporation's liability for the dividend
to the extent of the amount of the cheque plus ,the amount of any tax which the Corporation has properly withheld, unless the cheque
is not paid on due presentation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.10<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NON-RECEIPT OF CHEQUES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event of non-receipt
of any dividend cheque by the person to whom it is sent as aforesaid, the Corporation shall issue to such person a replacement
cheque for a like amount on such terms as to indemnity, reimbursement of expenses and evidence of non-receipt and of title as the
Board may from time to time prescribe, whether generally or in any particular case. No dividend shall bear interest against the
Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>2.11<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>UNCLAIMED DIVIDENDS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No shareholder shall
be entitled to recover by action or other legal process against the Corporation any dividend that is represented by a cheque that
has not been duly presented to a banker of the Corporation for payment or that otherwise remains unclaimed for a period of 6 years
from the date on which it was payable and any such unclaimed dividend shall be forfeited and shall revert to the Corporation.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
3<BR>
DIRECTORS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>NUMBER OF DIRECTORS AND COMMITTEES THEREOF</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board shall consist
of the number of Directors provided in the articles, or, if a minimum number and a maximum number of Directors is so provided,
the number of Directors of the Corporation shall be determined from time to time by resolution of the Directors.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the Act,
the Board may appoint one or more committees of the Board, however designated, and delegate to any such committee any of the powers
of the Board. Notwithstanding the foregoing, the Board shall appoint an Audit Committee, shall, comply with the applicable legislation,
rules, policies or regulations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CALLING AND NOTICE OF MEETINGS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Meetings of the Board
or its Committees shall be held from time to time and at such place as, in the case of meetings of the Board, the chairman of the
Board, the president, &#1072; vice-president who is a Director, any two Directors, or the secretary, on the direction of any of
the foregoing, may determine and, in the case of meetings of committees, as the chairman of the committee or any two members of
the committee or the secretary, on the direction of any of the foregoing, may determine. Notice of every meeting so called shall
be given to each required Director not less than 48 hours before the time when the meeting is to be held: provided that meetings
of the Board or its committees may be held without formal notice if all of the Directors required to be present are present and
do not object to notice not having been given or if those absent waive notice in any manner before or after the meeting. In addition,
the Board or the applicable committee may by resolution appoint &#1072; day or days in any month or months for regular meetings
of the Board or the respective committee at a place and hour to be named. &#1040; copy of any resolution of the Board or the applicable
committee fixing the place and time of regular meetings of the Board or the committee shall be sent to each applicable Director
forthwith after being passed.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The powers of the
Board or any committee of the Board may be exercised by resolution in writing signed by Directors or all the members of such committee
who would have been entitled to vote on that resolution at a meeting.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FIRST MEETING OF NEW BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Provided &#1072;
quorum of Directors is present, each newly elected Board may hold its first meeting without notice immediately following the meeting
of shareholders at which such Board is elected.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>PRESIDING OFFICER</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The chairman of the
Board or, if he is not present, the president, or in the absence of both of them, a Director designated by the Board shall act
as chairman at each meeting of the Board.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>QUORUM AND VOTING</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">At meetings of the
Board or its committees, a majority of the Directors shall form a quorum for the transaction of business. Every question shall
be decided by &#1072; majority of the votes cast on the question and in the case of an equality of votes, the chairman of the meeting
shall not be entitled to &#1072; second or casting vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each committee
shall have the power to appoint its chair and the rules for calling, holding, conducting and adjourning meetings of the
committee which, unless otherwise determined, shall be the same as those governing the Board. Each member of a committee
shall serve during the pleasure of the Board of Directors and, in any event, only so long as such person shall be a Director.
The Directors may fill vacancies in
a committee by appointment from among their members. Provided that a quorum is maintained, the committee may continue to exercise
its powers notwithstanding any vacancy among its members.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>3.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MEETINGS BY TELEPHONIC, ELECTRONIC OR OTHER COMMUNICATION FACILITY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the Act,
if all of the Directors consent, a Director may participate in a meeting of the Board or of a committee of the Board by means of
telephonic, electronic or other communication facilities that permit all persons participating in the meeting to communicate adequately
with each other during the meeting. Any required consent of a Director to the participation in the meeting in such manner shall
be effective whether given before or after the meeting to which it relates and may be given with respect to all meetings of the
Board while the Director holds office. A Director participating in such a meeting in such manner shall be considered present at
the meeting and at the place of the meeting and shall be deemed to have consented to such meeting.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
4<BR>
OFFICERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>4.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>APPOINTMENT OF OFFICERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board may from
time to time appoint &#1072; chairman of the Board, a president, one or more vice-presidents, a secretary, a treasurer and such
other Officers as the Board may determine, including one or more assistants to any of the Officers so appointed. The Board may
specify the duties of and, subject to the provisions of the Act, delegate to such Officers powers to manage the business and affairs
of the Corporation. Except for the chairman of the Board and the president, an Officer may but need not be &#1072; Director and
one person may hold more than one office.</P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
5<BR>
PROTECTION OF DIRECTORS, OFFICERS AND OTHERS</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>APPOINTMENT OF OFFICERS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent permitted
by law, no Director or Officer for the time being of the Corporation shall be liable for</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the acts, receipts, neglects or defaults of any other Director or Officers or employee;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">joining in any receipt or act for conformity;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any loss, damage or expense happening to the Corporation through the insufficiency or deficiency
of title to any property acquired by the Corporation or for or on behalf of the Corporation;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the insufficiency or deficiency of any security in or upon which any of the moneys of or belonging
to the Corporation shall be placed out or invested;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">any loss or damage arising from the bankruptcy, insolvency or tortious act of any person, firm
or corporation with whom or which any moneys, securities or effects shall be lodged or deposited;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">any loss, conversion, misapplication or misappropriation of or any damage resulting from any dealings
with any moneys, securities or other assets belonging to the Corporation; or</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">for any other loss, damage or misfortune whatever which may happen in the execution of the duties
of his respective office or trust or in relation thereto,</TD></TR></TABLE>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">unless the same shall happen by or through
his failure to act honestly and in good faith with a view to the best interests of the Corporation and in connection therewith
failure to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances,
If any Director or Officer of the Corporation shall be employed by, or shall perform services for the Corporation otherwise than
as a Director or Officer or shall be a member of a firm or a shareholder, Director or officer of a corporation which is employed
by, or performs services for, the Corporation, the fact of his being a Director or Officer of the Corporation shall not disentitle
such Director or Officer or such firm or corporation as the case may be, from receiving proper remuneration for such services.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INDEMNITY</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the limitations
contained in the Act, but without limit to the right of the Corporation to indemnify any person under the Act or otherwise, the
Corporation shall indemnify a Director or Officer, a former Director or Officer, or a person who acts or acted at the Corporation's
request as a Director or officer of a body corporate of which the Corporation is or was a shareholder or creditor, and his heirs
and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment,
reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party
by reason of being or having been a Director or Officer or a Director or officer of such body corporate, if</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">he acted honestly and in good faith with a view to the best interests of the Corporation, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">in the case of a criminal or administrative action or proceeding that is enforced by a monetary
penalty, he had reasonable grounds for believing that his conduct was lawful.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ADVANCE OF COSTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Corporation shall,
to the maximum extent permitted under the Act or otherwise by law, advance moneys to an individual referred to in Section 7.2 for
the costs, charges and expenses of a proceeding referred to in Section 7.2 provided such individual shall repay the moneys advanced
if the individual does not fulfil the conditions set forth in the Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>COURT APPROVAL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Corporation shall
use reasonable commercial efforts to obtain any court or other approvals necessary for any indemnification or advance of costs,
charges and expenses pursuant to Sections 7.2 or&nbsp;7.3.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INDEMNITIES NOT EXCLUSIVE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The rights of any
person to indemnification granted by the Act or this By-law are not exclusive of any other rights to which any person seeking indemnification
may be entitled under any agreement, vote of shareholders or Directors, at law or otherwise, and shall continue as to a person
who has ceased to be a Director, officer, employee or agent and will enure to the benefit of the heirs and legal representatives
of that person.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>5.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>INSURANCE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the limitations
contained in the Act, the Corporation may purchase and maintain for the benefit of Directors and Officers such insurance as the
Board may from time to time determine.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
6<BR>
ADMINISTRATION</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>CORPORATE SEAL</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The corporate seal
of the Corporation, if any, shall be in such form as the Board may from time to time by resolution approve.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EXECUTION OF INSTRUMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Contracts, documents
or instruments in writing requiring execution by the Corporation may be signed by any two Directors or by any two of the chairman
of the Board, the president, a vice-president and the treasurer or by any one of the foregoing together with the secretary or an
assistant secretary. The secretary or an assistant secretary shall affix the corporate seal to such instruments as require the
same. The Board is authorized from time to time by resolution to appoint any Officer or Officers or any other person or persons
on behalf of the Corporation to affix the corporate seal and to sign and deliver contracts, documents or instruments in writing.
The term &quot;contracts, documents or instruments in writing&quot; as used in this By-law shall include deeds, mortgages, charges,
conveyances, transfers and assignments of property of all kinds including specifically but without limitation transfers and assignments
of shares, warrants, bonds, debentures or other securities and all paper writings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.3<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EXECUTION IN COUNTERPART, BY FACSIMILE AND BY ELECTRONIC SIGNATURE</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Subject to the Act, any instrument or document required or permitted to be executed by one or more
persons on behalf of the Corporation may be signed by electronic means in accordance with the Act or by facsimile or .pdf file;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Any instrument or document required or permitted to be executed by one or more persons may be executed
in separate counterparts, each of which when duly executed by one or more of such persons shall be an original and all such counterparts
together shall constitute one and the same such instrument or document; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Subject to the Act, whenever a notice, document or other information is required under the Act
or this By-law to be created or provided in writing, that requirement may be satisfied by the creation and/or provision of an electronic
document.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.4<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FINANCIAL YEAR</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Until changed by
the Board, the financial year of the Corporation shall end on the 31st day of December in each year.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.5<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>BANKING ARRANGEMENTS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The banking business
of the Corporation including, without limitation, the borrowing of money and the giving of security therefor, shall be transacted
with such banks, trust companies or other bodies corporate or organizations as may from time to time be designated by or under
the authority of the Board, Such banking business or any part thereof shall be transacted under such agreements, instructions and
delegations of powers as the Board may from time to time prescribe or authorize.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.6<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>VOTING RIGHTS IN OTHER BODIES CORPORATE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The signing officers
of the Corporation may execute and deliver instruments of proxy and arrange for the issuance of voting certificates or other evidence
of the right to exercise the voting rights attaching to any securities held by the Corporation. Such instruments, certificates
or other evidence shall be in favour of such person or persons as may be determined by the persons signing or arranging for them.
In addition, the Board
may direct the manner in which and the person or persons by whom any particular voting rights or class of voting rights may or
shall be exercised.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>6.7<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DIVISIONS</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board may from
time to time cause the business and operations of the Corporation or any part thereof to be divided into one or more divisions
upon such basis, including without limitation, types of business or operations, geographical territories, product lines or goods
or services, as the Board may consider appropriate in each case. From time to time the Board may authorize upon such basis as may
be considered appropriate in each case:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the designation of any such division by, and the carrying on of the business and operations of
any such division under, a name other than the name of the Corporation; provided that the Corporation shall set out its name in
legible characters in all contracts, invoices, negotiable instruments and orders for goods or services issued or made by or on
behalf of the Corporation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the appointment of officers for any such division and the determination of their powers and duties,
provided that any such officers shall not, as such, be officers of the Corporation.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
7<BR>
BORROWING</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>7.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>LOANS AND GUARANTEES</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Without limiting
the borrowing powers of the Corporation as set forth in the Act, the Board may from time to time:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">borrow money upon the credit of the Corporation;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">issue, reissue, sell or pledge bonds, debentures, notes or other evidence of indebtedness of the
Corporation whether secured or unsecured;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">give &#1072; guarantee on behalf of the Corporation to secure performance of an obligation of any
person; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">mortgage, hypothecate, pledge or otherwise create an interest in or charge upon all or any property
(including the undertaking and rights) of the Corporation, owned or subsequently acquired, by way of mortgage, hypothec, pledge,
or otherwise, to secure payment of any such evidence of indebtedness or guarantee of the Corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">Nothing in this section limits or restricts
the borrowing of money by the Corporation on bills of exchange or promissory notes made, drawn, accepted, or endorsed by or on
behalf of the Corporation.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>7.2<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DELEGATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board may from
time to time delegate to such one or more of the Directors and Officers of the Corporation as may be designated by the Board all
or any of the powers conferred on the Board by subsection 7.01 or by the Act to such extent and in such manner as the Board shall
determine at the time of each such delegation.</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center; text-indent: 0in">Article
8<BR>
EFFECTIVE DATE</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><B>8.1<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>EFFECTIVE DATE</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This By-law shall
come into force when made by the Board in accordance with the Act.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">MADE by the Board
the 27<SUP>th</SUP> of January, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 54%">/s/ Dawn L. Farrell</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">President and Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Maryse St.-Laurent/ </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">Vice-President and Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>ex3-2.htm
<DESCRIPTION>REGISTRANT'S ADVANCE NOTICE BY-LAW NO. 2
<TEXT>
<HTML>
<HEAD>
     <TITLE>CA Filed by Filing Services Canada Inc. 403-717-3898</TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center">(the &quot;<B>Corporation</B>&quot;)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B>ADVANCE NOTICE BY-LAW No. 2</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><U>INTRODUCTION</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Corporation is committed to: (i) facilitating
an orderly and efficient annual or, where the need arises, special, meeting process; (ii) ensuring that all shareholders, including
those voting by proxy, receive adequate notice of director nominations and sufficient information with respect to all nominees;
(iii) allowing the Corporation, it shareholders and appropriate regulatory bodies to evaluate all nominees&rsquo; qualifications
and suitability as a director of the Corporation; and (iv) allowing shareholders to cast an informed vote.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The purpose of this Advance Notice By-law (the
&quot;<B>By-law</B>&quot;) is to provide shareholders, directors and management of the Corporation with guidance on the nomination
of directors. This By-law is the framework by which the Corporation seeks to fix a deadline by which holders of record of common
shares of the Corporation must submit director nominations to the Corporation prior to any annual or special meeting of shareholders
and sets forth the information that a shareholder must include in the notice to the Corporation for the notice to be in proper
written form.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It is the position of the Corporation that this
By-law is beneficial to shareholders and other stakeholders. This By-law will be subject to an annual review, and will reflect
changes as required by securities regulatory agencies or stock exchanges, or so as to meet industry standards.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><B><U>NOMINATIONS OF DIRECTORS</U></B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">1.</TD><TD STYLE="text-align: justify"><U>Nomination procedures</U> - Subject only to the <I>Canada</I> B<I>usiness Corporations Act</I>
(the &quot;<B>Act</B>&quot;) and the articles of the Corporation (the &quot;<B>Articles</B>&quot;), only persons who are nominated
in accordance with the following procedures shall be eligible for election as directors of the Corporation. Nominations of persons
for election to the board of directors of the Corporation (the &quot;<B>Board</B>&quot;) may be made at any annual meeting of shareholders,
or at any special meeting of shareholders if one of the purposes for which the special meeting was called is the election of directors:</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">by or at the direction of the Board, including pursuant to a notice of meeting;</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance
with the provisions of the Act, or a requisition of the shareholders made in accordance with the provisions of the Act; or</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">by any person (a &quot;<B>Nominating Shareholder</B>&quot;): (A) who, at the close of business
on the date of the giving of the notice provided for below in this By-law<FONT STYLE="color: blue"> </FONT>and on the record date
for notice of such meeting, is entered in the securities register as a holder of one or more shares carrying the right to vote
at such meeting or who beneficially owns shares that are entitled to be voted at such meeting; and (B) who complies with the notice
procedures set forth below in this By-law.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">2.</TD><TD STYLE="text-align: justify"><U>Timely notice</U> - In addition to any other applicable requirements, for a nomination to be
made by a Nominating Shareholder, the Nominating Shareholder must have given timely notice thereof in proper written form to the
Corporate Secretary of the Corporation at the principal executive offices of the Corporation.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">3.</TD><TD STYLE="text-align: justify"><U>Manner of timely notice</U> - To be timely, a Nominating Shareholder&rsquo;s notice to the Corporate
Secretary of the Corporation must be made:</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">subject to paragraph (b) below, in the case of an annual meeting of shareholders, not less than
30 nor more than 65 days prior to the date of the annual meeting of shareholders;</TD></TR></TABLE>


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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">notwithstanding paragraph (a) above, if the annual meeting of shareholders is to be held on a date
that is less than 50 days after the date (the &quot;<B>Notice Date</B>&quot;) on which the first public announcement of the date
of the annual meeting was made, notice by the Nominating Shareholder may be made not later than the close of business on the tenth
(10th) day following the Notice Date; and</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">c.</TD><TD STYLE="text-align: justify">in the case of a special meeting (which is not also an annual meeting) of shareholders called for
the purpose of electing directors (whether or not called for other purposes), not later than the close of business on the fifteenth
(15th) day following the day on which the first public announcement of the date of the special meeting of shareholders was made.
In no event shall any adjournment or postponement of a meeting of shareholders or the announcement thereof commence a new time
period for the giving of a Nominating Shareholder&rsquo;s notice as described above.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">4.</TD><TD STYLE="text-align: justify"><U>Proper form of timely notice - </U>To be in proper written form, a Nominating Shareholder&rsquo;s
notice to the Corporate Secretary of the Corporation must set forth:</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">as to each person whom the Nominating Shareholder proposes to nominate for election as a director:
(A) the name, age, business address and residential address of the person; (B) the principal occupation or employment of the person;
(C) the class or series and number of shares in the capital of the Corporation which are controlled or which are owned beneficially
or of record by the person as of the record date for the meeting of shareholders (if such date shall then have been made publicly
available and shall have occurred) and as of the date of such notice; and (D) any other information relating to the person that
would be required to be disclosed in a dissident&rsquo;s proxy circular in connection with solicitations of proxies for election
of directors pursuant to the Act and Applicable Securities Laws (as defined below); and</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">as to the Nominating Shareholder giving the notice, any proxy, contract, arrangement, understanding
or relationship pursuant to which such Nominating Shareholder has a right to vote any shares of the Corporation and any other information
relating to such Nominating Shareholder that would be required to be made in a dissident&rsquo;s proxy circular in connection with
solicitations of proxies for election of directors pursuant to the Act and Applicable Securities Laws (as defined below).</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 31.5pt; text-align: justify">The Corporation may require any proposed
nominee to furnish such other information, including a written consent to act, as may reasonably be required by the Corporation
to determine the eligibility of such proposed nominee to serve as an independent director of the Corporation or that could be material
to a reasonable shareholder&rsquo;s understanding of the independence, or lack thereof, of such proposed nominee.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">5.</TD><TD STYLE="text-align: justify"><U>Eligibility for nomination as a director</U> - No person shall be eligible for election as a
director of the Corporation unless nominated in accordance with the provisions of this By-law; provided, however, that nothing
in this By-law<FONT STYLE="color: blue"> </FONT>shall be deemed to preclude discussion by a shareholder (as distinct from the nomination
of directors) at a meeting of shareholders of any matter in respect of which it would have been entitled to submit a proposal pursuant
to the provisions of the Act. The Chairman of the meeting shall have the power and duty to determine whether a nomination was made
in accordance with the procedures set forth in the foregoing provisions and, if any proposed nomination is not in compliance with
such foregoing provisions, to declare that such defective nomination shall be disregarded.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">6.&#9;<U>Terms</U> - For purposes of
this By-law:</P>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">a.</TD><TD STYLE="text-align: justify">&ldquo;<B>public announcement</B>&rdquo; shall mean disclosure in a press release reported by a
national news service in Canada, or in a document publicly filed by the Corporation under its profile on the System of Electronic
Document Analysis and Retrieval at www.sedar.com; and</TD></TR></TABLE>

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<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">b.</TD><TD STYLE="text-align: justify">&ldquo;<B>Applicable Securities Laws</B>&rdquo; means the applicable securities legislation of
each relevant province and territory of Canada, as amended from time to time, the rules, regulations and forms made or promulgated
under any such statute and the published national instruments, multilateral instruments, policies, bulletins and notices of the
securities commission and similar regulatory authority of each relevant province and territory of Canada.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">7.</TD><TD STYLE="text-align: justify"><U>Delivery of Notice</U> - Notwithstanding any other provision of this By-law, notice given to
the Corporate Secretary of the Corporation pursuant to this By-law<FONT STYLE="color: blue"> </FONT>may only be given by personal
delivery, facsimile transmission or by email (at such email address as stipulated from time to time by the Corporate Secretary
of the Corporation for purposes of this notice), and shall be deemed to have been given and made only at the time it is served
by personal delivery, email (at the aforesaid address) or sent by facsimile transmission (provided that receipt of confirmation
of such transmission has been received) to the Corporate Secretary at the address of the principal executive offices of the Corporation;
provided that if such delivery or electronic communication is made on a day which is a not a business day or later than 5:00 p.m.
(Calgary time) on a day which is a business day, then such delivery or electronic communication shall be deemed to have been made
on the subsequent day that is a business day.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">8.</TD><TD STYLE="text-align: justify"><U>Board Discretion</U> - Notwithstanding the foregoing, the Board may, in its sole discretion,
waive any requirement in this By-law.</TD></TR></TABLE>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">MADE by the Board
the 27<SUP>th</SUP> of January, 2014.</P>

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    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 54%">/s/ Dawn L. Farrell</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">President and Chief Executive Officer </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>/s/ Maryse St.-Laurent </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid">Vice-President and Corporate Secretary</TD></TR>
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