EX-3.1 2 d864362dex31.htm EX-3.1

These articles were deposited in the company’s registered and records office, and adopted by the company, on May 6, 2025, effective at 1:21 p.m. Pacific time pursuant to a plan of arrangement.

STARZ ENTERTAINMENT CORP.

LIONS GATE ENTERTAINMENT CORP.

Amalgamation Number: BC0786966

Translation of the company name that the company intends to use outside of Canada: N/A

(the “Company”)

ARTICLES

TABLE OF CONTENTS

1. |  | Interpretation |  |  | 1 |
|  | 1.1 |  | Definitions |  |  | 1 |
|  | 1.2 |  | Business Corporations Act and Interpretation Act Definitions Applicable |  |  | 1 |
2. |  | Shares and Share Certificates |  |  | 2 |
|  | 2.1 |  | Authorized Share Structure |  |  | 2 |
|  | 2.2 |  | Form of Share Certificate |  |  | 2 |
|  | 2.3 |  | Shareholder Entitled to Certificate or Acknowledgment |  |  | 2 |
|  | 2.4 |  | Delivery by Mail |  |  | 2 |
|  | 2.5 |  | Replacement of Worn Out or Defaced Certificate or Acknowledgment |  |  | 2 |
|  | 2.6 |  | Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment |  |  | 2 |
|  | 2.7 |  | Splitting Share Certificates |  |  | 3 |
|  | 2.8 |  | Certificate Fee |  |  | 3 |
|  | 2.9 |  | Recognition of Trusts |  |  | 3 |
3. |  | Issue of Shares |  |  | 3 |
|  | 3.1 |  | Directors Authorized |  |  | 3 |
|  | 3.2 |  | Commissions and Discounts |  |  | 3 |
|  | 3.3 |  | Brokerage |  |  | 3 |
|  | 3.4 |  | Conditions of Issue |  |  | 4 |
|  | 3.5 |  | Share Purchase Warrants and Rights |  |  | 4 |
4. |  | Share Registers |  |  | 4 |
|  | 4.1 |  | Central Securities Register |  |  | 4 |
|  | 4.2 |  | Closing Register |  |  | 4 |
5. |  | Share Transfers |  |  | 4 |
|  | 5.1 |  | Registering Transfers |  |  | 4 |
|  | 5.2 |  | Form of Instrument of Transfer |  |  | 5 |
|  | 5.3 |  | Transferor Remains Shareholder |  |  | 5 |
|  | 5.4 |  | Signing of Instrument of Transfer |  |  | 5 |
|  | 5.5 |  | Enquiry as to Title Not Required |  |  | 5 |
|  | 5.6 |  | Transfer Fee |  |  | 5 |
6. |  | Transmission Of Shares |  |  | 6 |
|  | 6.1 |  | Legal Personal Representative Recognized on Death |  |  | 6 |
|  | 6.2 |  | Rights of Legal Personal Representative |  |  | 6 |

7. |  | Purchase Of Shares |  |  | 6 |
|  | 7.1 |  | Company Authorized to Purchase Shares |  |  | 6 |
|  | 7.2 |  | Purchase When Insolvent |  |  | 6 |
|  | 7.3 |  | Sale and Voting of Purchased Shares |  |  | 6 |
8. |  | Borrowing Powers |  |  | 7 |
|  | 8.1 |  | General Powers |  |  | 7 |
|  | 8.2 |  | Terms of Debt Obligations |  |  | 7 |
|  | 8.3 |  | Powers of Directors |  |  | 7 |
9. |  | Alterations |  |  | 7 |
|  | 9.1 |  | Alteration of Authorized Share Structure |  |  | 7 |
|  | 9.2 |  | Special Rights and Restrictions |  |  | 8 |
|  | 9.3 |  | Change of Name |  |  | 8 |
|  | 9.4 |  | Other Alterations |  |  | 8 |
10. |  | Meetings Of Shareholders |  |  | 8 |
|  | 10.1 |  | Annual General Meetings |  |  | 8 |
|  | 10.2 |  | Resolution Instead of Annual General Meeting |  |  | 9 |
|  | 10.3 |  | Calling of Meetings of Shareholders |  |  | 9 |
|  | 10.4 |  | Notice for Meetings of Shareholders |  |  | 9 |
|  | 10.5 |  | Record Date for Notice |  |  | 9 |
|  | 10.6 |  | Record Date for Voting |  |  | 9 |
|  | 10.7 |  | Failure to Give Notice and Waiver of Notice |  |  | 9 |
|  | 10.8 |  | Notice of Special Business at Meetings of Shareholders |  |  | 10 |
|  | 10.9 |  | Advance Notice for Nomination of Directors |  |  | 10 |
11. |  | Proceedings At Meetings Of Shareholders |  |  | 14 |
|  | 11.1 |  | Special Business |  |  | 14 |
|  | 11.2 |  | Special Majority |  |  | 15 |
|  | 11.3 |  | Quorum |  |  | 15 |
|  | 11.4 |  | One Shareholder May Constitute Quorum |  |  | 15 |
|  | 11.5 |  | Other Persons May Attend |  |  | 15 |
|  | 11.6 |  | Requirement of Quorum |  |  | 15 |
|  | 11.7 |  | Lack of Quorum |  |  | 15 |
|  | 11.8 |  | Lack of Quorum at Succeeding Meeting |  |  | 16 |
|  | 11.9 |  | Chair |  |  | 16 |
|  | 11.10 |  | Selection of Alternate Chair |  |  | 16 |
|  | 11.11 |  | Adjournments |  |  | 16 |
|  | 11.12 |  | Notice of Adjourned Meeting |  |  | 16 |
|  | 11.13 |  | Decisions by Show of Hands or Poll |  |  | 17 |
|  | 11.14 |  | Declaration of Result |  |  | 17 |
|  | 11.15 |  | Motion Need Not be Seconded |  |  | 17 |
|  | 11.16 |  | Casting Vote |  |  | 17 |
|  | 11.17 |  | Manner of Taking Poll |  |  | 17 |
|  | 11.18 |  | Demand for Poll on Adjournment |  |  | 17 |
|  | 11.19 |  | Chair Must Resolve Dispute |  |  | 18 |
|  | 11.20 |  | Casting of Votes |  |  | 18 |
|  | 11.21 |  | Demand for Poll |  |  | 18 |
|  | 11.22 |  | Demand for Poll Not to Prevent Continuance of Meeting |  |  | 18 |
|  | 11.23 |  | Retention of Ballots and Proxies |  |  | 18 |

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12. |  | Votes Of Shareholders |  |  | 18 |
|  | 12.1 |  | Number of Votes by Shareholder or by Shares |  |  | 18 |
|  | 12.2 |  | Votes of Persons in Representative Capacity |  |  | 18 |
|  | 12.3 |  | Votes by Joint Holders |  |  | 19 |
|  | 12.4 |  | Legal Personal Representatives as Joint Shareholders |  |  | 19 |
|  | 12.5 |  | Representative of a Corporate Shareholder |  |  | 19 |
|  | 12.6 |  | When Proxy Provisions Do Not Apply to the Company |  |  | 19 |
|  | 12.7 |  | Appointment of Proxy Holders |  |  | 20 |
|  | 12.8 |  | Alternate Proxy Holders |  |  | 20 |
|  | 12.9 |  | When Proxy Holder Need Not Be Shareholder |  |  | 20 |
|  | 12.10 |  | Deposit of Proxy |  |  | 20 |
|  | 12.11 |  | Validity of Proxy Vote |  |  | 21 |
|  | 12.12 |  | Form of Proxy |  |  | 21 |
|  | 12.13 |  | Revocation of Proxy |  |  | 21 |
|  | 12.14 |  | Revocation of Proxy Must Be Signed |  |  | 21 |
|  | 12.15 |  | Production of Evidence of Authority to Vote |  |  | 22 |
13. |  | Directors |  |  | 22 |
|  | 13.1 |  | First Directors; Number of Directors |  |  | 22 |
|  | 13.2 |  | Change in Number of Directors |  |  | 22 |
|  | 13.3 |  | Directors’ Acts Valid Despite Vacancy |  |  | 22 |
|  | 13.4 |  | Qualifications of Directors |  |  | 23 |
|  | 13.5 |  | Remuneration of Directors |  |  | 23 |
|  | 13.6 |  | Reimbursement of Expenses of Directors |  |  | 23 |
|  | 13.7 |  | Special Remuneration for Directors |  |  | 23 |
|  | 13.8 |  | Gratuity, Pension or Allowance on Retirement of Director |  |  | 23 |
14. |  | Election and Removal of Directors |  |  | 23 |
|  | 14.1 |  | Election at Annual General Meeting |  |  | 23 |
|  | 14.2 |  | Consent to be a Director |  |  | 24 |
|  | 14.3 |  | Failure to Elect or Appoint Directors |  |  | 24 |
|  | 14.4 |  | Places of Retiring Directors Not Filled |  |  | 24 |
|  | 14.5 |  | Directors May Fill Casual Vacancies |  |  | 24 |
|  | 14.6 |  | Remaining Directors Power to Act |  |  | 24 |
|  | 14.7 |  | Shareholders May Fill Vacancies |  |  | 25 |
|  | 14.8 |  | Additional Directors |  |  | 25 |
|  | 14.9 |  | Ceasing to be a Director |  |  | 25 |
|  | 14.10 |  | Removal of Director by Shareholders |  |  | 25 |
|  | 14.11 |  | Removal of Director by Directors |  |  | 25 |
15. |  | Powers and Duties of Directors |  |  | 26 |
|  | 15.1 |  | Powers of Management |  |  | 26 |
|  | 15.2 |  | Appointment of Attorney of Company |  |  | 26 |
16. |  | Disclosure of Interest of Directors |  |  | 26 |
|  | 16.1 |  | Obligation to Account for Profits |  |  | 26 |
|  | 16.2 |  | Restrictions on Voting by Reason of Interest |  |  | 26 |
|  | 16.3 |  | Interested Director Counted in Quorum |  |  | 26 |
|  | 16.4 |  | Disclosure of Conflict of Interest or Property |  |  | 26 |
|  | 16.5 |  | Director Holding Other Office in the Company |  |  | 27 |
|  | 16.6 |  | No Disqualification |  |  | 27 |
|  | 16.7 |  | Professional Services by Director or Officer |  |  | 27 |
|  | 16.8 |  | Director or Officer in Other Corporations |  |  | 27 |

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17. |  | Proceedings of Directors |  |  | 27 |
|  | 17.1 |  | Meetings of Directors |  |  | 27 |
|  | 17.2 |  | Voting at Meetings |  |  | 27 |
|  | 17.3 |  | Chair of Meetings |  |  | 27 |
|  | 17.4 |  | Meetings by Telephone or Other Communications Medium |  |  | 28 |
|  | 17.5 |  | Calling of Meetings |  |  | 28 |
|  | 17.6 |  | Notice of Meetings |  |  | 28 |
|  | 17.7 |  | When Notice Not Required |  |  | 28 |
|  | 17.8 |  | Meeting Valid Despite Failure to Give Notice |  |  | 29 |
|  | 17.9 |  | Waiver of Notice of Meetings |  |  | 29 |
|  | 17.10 |  | Quorum |  |  | 29 |
|  | 17.11 |  | Validity of Acts Where Appointment Defective |  |  | 29 |
|  | 17.12 |  | Consent Resolutions in Writing |  |  | 29 |
18. |  | Executive and Other Committees |  |  | 29 |
|  | 18.1 |  | Appointment and Powers of Executive Committee |  |  | 29 |
|  | 18.2 |  | Appointment and Powers of Other Committees |  |  | 30 |
|  | 18.3 |  | Obligations of Committees |  |  | 30 |
|  | 18.4 |  | Powers of Board |  |  | 30 |
|  | 18.5 |  | Committee Meetings |  |  | 31 |
19. |  | Officers |  |  | 31 |
|  | 19.1 |  | Directors May Appoint Officers |  |  | 31 |
|  | 19.2 |  | Functions, Duties and Powers of Officers |  |  | 31 |
|  | 19.3 |  | Qualifications |  |  | 31 |
|  | 19.4 |  | Remuneration and Terms of Appointment |  |  | 31 |
20. |  | Indemnification |  |  | 32 |
|  | 20.1 |  | Definitions |  |  | 32 |
|  | 20.2 |  | Mandatory Indemnification of Directors, Officers, Former Officers and Former Directors |  |  | 32 |
|  | 20.3 |  | Indemnification of Other Persons |  |  | 32 |
|  | 20.4 |  | Non-Compliance with Business Corporations Act |  |  | 32 |
|  | 20.5 |  | Company May Purchase Insurance |  |  | 32 |
21. |  | Dividends |  |  | 33 |
|  | 21.1 |  | Payment of Dividends Subject to Special Rights and Restrictions |  |  | 33 |
|  | 21.2 |  | Declaration of Dividends |  |  | 33 |
|  | 21.3 |  | No Notice Required |  |  | 33 |
|  | 21.4 |  | Record Date |  |  | 33 |
|  | 21.5 |  | Manner of Paying Dividend |  |  | 33 |
|  | 21.6 |  | Settlement of Difficulties |  |  | 33 |
|  | 21.7 |  | When Dividend Payable |  |  | 34 |
|  | 21.8 |  | Dividends to be Paid in Accordance with Number of Shares |  |  | 34 |
|  | 21.9 |  | Receipt by Joint Shareholders |  |  | 34 |
|  | 21.10 |  | Dividend Bears No Interest |  |  | 34 |
|  | 21.11 |  | Fractional Dividends |  |  | 34 |
|  | 21.12 |  | Payment of Dividends |  |  | 34 |
|  | 21.13 |  | Capitalization of Surplus |  |  | 34 |
22. |  | Documents, Records and Reports |  |  | 35 |
|  | 22.1 |  | Recording of Financial Affairs |  |  | 35 |
|  | 22.2 |  | Inspection of Accounting Records |  |  | 35 |
|  | 22.3 |  | Remuneration of Auditor |  |  | 35 |

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23. |  | Notices |  |  | 35 |
|  | 23.1 |  | Method of Giving Notice |  |  | 35 |
|  | 23.2 |  | Deemed Receipt of Mailing |  |  | 36 |
|  | 23.3 |  | Certificate of Sending |  |  | 36 |
|  | 23.4 |  | Notice to Joint Shareholders |  |  | 36 |
|  | 23.5 |  | Notice to Trustees |  |  | 36 |
24. |  | Seal |  |  | 36 |
|  | 24.1 |  | Who May Attest Seal |  |  | 36 |
|  | 24.2 |  | Sealing Copies |  |  | 37 |
|  | 24.3 |  | Mechanical Reproduction of Seal |  |  | 37 |
25. |  | Special Rights and Restrictions of Preference Shares |  |  | 37 |
|  | 25.1 |  | Special Rights and Restrictions of Preference Shares, as a Class |  |  | 37 |

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STARZ ENTERTAINMENT CORP.

LIONS GATE ENTERTAINMENT CORP.

Amalgamation Number: BC0786966

Translation of the company name that the company intends to use outside of Canada: N/A

(the “Company”)

ARTICLES

The Company has as its articles the following articles:

1. | INTERPRETATION

1.1 | Definitions

In these Articles, unless the context otherwise requires:

(a) | “board of directors”, “directors” and “board” mean the directors or sole director of the Company for the time being;

(b) | “Business Corporations Act” means the Business Corporations Act, S.B.C. 2002, c. 57, as amended from time to time, as well as any successor legislation, and includes any regulations made thereunder;

(c) | “Interpretation Act” means the Interpretation Act, R.S.B.C. 1996, c. 238, as amended from time to time, as well as any successor legislation, and includes any regulations made thereunder.

(d) | “legal personal representative” means the personal or other legal representative of the shareholder;

(e) | “registered address” of a shareholder means the shareholder’s address as recorded in the central securities register;

(f) | “seal” means the seal of the Company, if any.

1.2 | Business Corporations Act and Interpretation Act Definitions Applicable

The definitions in the Business Corporations Act and the definitions and rules of construction in the Interpretation Act, with the necessary changes, so far as applicable, and unless the context requires otherwise, apply to these Articles as if they were an enactment. If there is a conflict between a definition in the Business Corporations Act and a definition or rule in the Interpretation Act relating to a term used in these Articles, the definition in the Business Corporations Act will prevail in relation to the use of the term in these Articles. If there is a conflict between these Articles and the Business Corporations Act, the Business Corporations Act will prevail.

2. | SHARES AND SHARE CERTIFICATES

2.1 | Authorized Share Structure

The authorized share structure of the Company consists of shares of the class or classes and series, if any, described in the Notice of Articles of the Company.

2.2 | Form of Share Certificate

Each share certificate issued by the Company must comply with, and be signed as required by, the Business Corporations Act.

2.3 | Shareholder Entitled to Certificate or Acknowledgment

Unless the shares are uncertificated shares within the meaning of the Business Corporations Act, each shareholder is entitled, without charge, to: (a) one share certificate representing the shares of each class or series of shares registered in the shareholder’s name; or (b) a non-transferable written acknowledgment of the shareholder’s right to obtain such a share certificate; provided that in respect of a share held jointly by several persons, the Company is not bound to issue more than one share certificate or acknowledgment and delivery of a share certificate or acknowledgment to one of several joint shareholders or to a duly authorized agent or one of the shareholders’ duly authorized agents will be sufficient delivery to all.

2.4 | Delivery by Mail

Any share certificate or non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate may be sent to the shareholder by mail at the shareholder’s registered address and neither the Company nor any director, officer or agent of the Company is liable for any loss to the shareholder because the share certificate or acknowledgment is lost in the mail or stolen.

2.5 | Replacement of Worn Out or Defaced Certificate or Acknowledgment

If the directors are satisfied that a share certificate or a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate is worn out or defaced, they must, on production to them of the share certificate or acknowledgment, as the case may be, and on such other terms, if any, as they think fit:

(a) | order the share certificate or acknowledgment, as the case may be, to be cancelled; and

(b) | issue a replacement share certificate or acknowledgment, as the case may be.

2.6 | Replacement of Lost, Stolen or Destroyed Certificate or Acknowledgment

If a share certificate or a non-transferable written acknowledgment of a shareholder’s right to obtain a share certificate is lost, stolen or destroyed, a replacement share certificate or acknowledgment, as the case may be, must be issued to the person entitled to that share certificate or acknowledgment, as the case may be, if the directors receive:

(a) | proof satisfactory to them that the share certificate or acknowledgment is lost, stolen or destroyed; and

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(b) | any indemnity the directors consider adequate.

2.7 | Splitting Share Certificates

If a shareholder surrenders a share certificate to the Company with a written request that the Company issue in the shareholder’s name two or more share certificates, each representing a specified number of shares and in the aggregate representing the same number of shares as the share certificate so surrendered, the Company must cancel the surrendered share certificate and issue replacement share certificates in accordance with that request.

2.8 | Certificate Fee

There must be paid to the Company, in relation to the issue of any share certificate under Articles 2.5, 2.6 or 2.7, the amount, if any and which must not exceed the amount prescribed under the Business Corporations Act, determined by the directors.

2.9 | Recognition of Trusts

Except as required by law or statute or these Articles, no person will be recognized by the Company as holding any share upon any trust, and the Company is not bound by or compelled in any way to recognize (even when having notice thereof) any equitable, contingent, future or partial interest in any share or fraction of a share or (except as required by law or statute or these Articles provided or as ordered by a court of competent jurisdiction) any other rights in respect of any share except an absolute right to the entirety thereof in the shareholder.

3. | ISSUE OF SHARES

3.1 | Directors Authorized

Subject to the Business Corporations Act and the rights of the holders of issued shares of the Company, the Company may issue, allot, sell or otherwise dispose of the unissued shares, and issued shares held by the Company, at the times, to the persons, including directors, in the manner, on the terms and conditions and for the issue prices (including any premium at which shares with par value may be issued) that the directors may determine. The issue price for a share with par value must be equal to or greater than the par value of the share.

3.2 | Commissions and Discounts

The Company may at any time, pay a reasonable commission or allow a reasonable discount to any person in consideration of that person purchasing or agreeing to purchase shares of the Company from the Company or any other person or procuring or agreeing to procure purchasers for shares of the Company.

3.3 | Brokerage

The Company may pay such brokerage fee or other consideration as may be lawful for or in connection with the sale or placement of its securities.

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3.4 | Conditions of Issue

Except as provided for by the Business Corporations Act, no share may be issued until it is fully paid. A share is fully paid when:

(a) | consideration is provided to the Company for the issue of the share by one or more of the following:

| (i) | past services performed for the Company;

| (ii) | property;

| (iii) | money; and

(b) | the value of the consideration received by the Company equals or exceeds the issue price set for the share under Article 3.1.

3.5 | Share Purchase Warrants and Rights

Subject to the Business Corporations Act, the Company may issue share purchase warrants, options and rights upon such terms and conditions as the directors determine, which share purchase warrants, options and rights may be issued alone or in conjunction with debentures, debenture stock, bonds, shares or any other securities issued or created by the Company from time to time.

4. | SHARE REGISTERS

4.1 | Central Securities Register

As required by and subject to the Business Corporations Act, the Company may maintain its central securities register at any location designated by the directors, and may maintain its central securities register in electronic form, and may maintain branch securities registers at locations designated by the directors. The directors may, subject to the Business Corporations Act, appoint an agent to maintain the central securities register. The directors may also appoint one or more agents, including the agent which keeps the central securities register, as transfer agent for its shares or any class or series of its shares, as the case may be, and the same or another agent as registrar for its shares or such class or series of its shares, as the case may be. The directors may terminate such appointment of any agent at any time and may appoint another agent in its place.

4.2 | Closing Register

The Company must not at any time close its central securities register.

5. | SHARE TRANSFERS

5.1 | Registering Transfers

A transfer of a share of the Company must not be registered unless:

(a) | a duly signed instrument of transfer in respect of the share has been received by the Company;

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(b) | if a share certificate has been issued by the Company in respect of the share to be transferred, that share certificate has been surrendered to the Company; and

(c) | if a non-transferable written acknowledgment of the shareholder’s right to obtain a share certificate has been issued by the Company in respect of the share to be transferred, that acknowledgment has been surrendered to the Company.

5.2 | Form of Instrument of Transfer

The instrument of transfer in respect of any share of the Company must be either in the form, if any, on the back of the Company’s share certificates or in any other form that may be approved by the directors from time to time.

5.3 | Transferor Remains Shareholder

Except to the extent that the Business Corporations Act otherwise provides, the transferor of shares is deemed to remain the holder of the shares until the name of the transferee is entered in a securities register of the Company in respect of the transfer.

5.4 | Signing of Instrument of Transfer

If a shareholder, or their duly authorized attorney, signs an instrument of transfer in respect of shares registered in the name of the shareholder, the signed instrument of transfer constitutes a complete and sufficient authority to the Company and its directors, officers and agents to register the number of shares specified in the instrument of transfer or specified in any other manner, or, if no number is specified, all the shares represented by the share certificates or set out in the written acknowledgments deposited with the instrument of transfer:

(a) | in the name of the person named as transferee in that instrument of transfer; or

(b) | if no person is named as transferee in that instrument of transfer, in the name of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered.

5.5 | Enquiry as to Title Not Required

Neither the Company nor any director, officer or agent of the Company is bound to inquire into the title of the person named in the instrument of transfer as transferee or, if no person is named as transferee in the instrument of transfer, of the person on whose behalf the instrument is deposited for the purpose of having the transfer registered or is liable for any claim related to registering the transfer by the shareholder or by any intermediate owner or holder of the shares, of any interest in the shares, of any share certificate representing such shares or of any written acknowledgment of a right to obtain a share certificate for such shares.

5.6 | Transfer Fee

There must be paid to the Company, in relation to the registration of any transfer, the amount, if any, determined by the directors.

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6. | TRANSMISSION OF SHARES

6.1 | Legal Personal Representative Recognized on Death

In case of the death of a shareholder, the legal personal representative, or if the shareholder was a joint holder, the surviving joint holder, will be the only person recognized by the Company as having any title to the shareholder’s interest in the shares. Before recognizing a person as a legal personal representative, the directors may require proof of appointment by a court of competent jurisdiction, a grant of letters probate, letters of administration or such other evidence or documents as the directors consider appropriate.

6.2 | Rights of Legal Personal Representative

The legal personal representative has the same rights, privileges and obligations that attach to the shares held by the shareholder, including the right to transfer the shares in accordance with these Articles, provided the documents required by the Business Corporations Act and the directors have been deposited with the Company.

7. | PURCHASE OF SHARES

7.1 | Company Authorized to Purchase Shares

Subject to Article 7.2, the special rights and restrictions attached to the shares of any class or series and the Business Corporations Act, the Company may, if authorized by the directors, purchase or otherwise acquire any of its shares at the price and upon the terms specified in such resolution.

7.2 | Purchase When Insolvent

The Company must not make a payment or provide any other consideration to purchase or otherwise acquire any of its shares if there are reasonable grounds for believing that:

(a) | the Company is insolvent; or

(b) | making the payment or providing the consideration would render the Company insolvent.

7.3 | Sale and Voting of Purchased Shares

If the Company retains a share redeemed, purchased or otherwise acquired by it, the Company may sell, gift or otherwise dispose of the share, but, while such share is held by the Company, it:

(a) | is not entitled to vote the share at a meeting of its shareholders;

(b) | must not pay a dividend in respect of the share; and

(c) | must not make any other distribution in respect of the share.

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8. | BORROWING POWERS

8.1 | General Powers

The Company, if authorized by the directors, may:

(a) | borrow money in the manner and amount, on the security, from the sources and on the terms and conditions that they consider appropriate;

(b) | issue bonds, debentures and other debt obligations either outright or as security for any liability or obligation of the Company or any other person and at such discounts or premiums and on such other terms as they consider appropriate;

(c) | guarantee the repayment of money by any other person or the performance of any obligation of any other person; and

(d) | mortgage, charge, whether by way of specific or floating charge, grant a security interest in, or give other security on, the whole or any part of the present and future assets and undertaking of the Company.

8.2 | Terms of Debt Obligations

Any bonds, debentures or other debt obligations of the Company may be issued at a discount, premium or otherwise, and with any special privileges as to redemption, surrender, drawing, allotment of or conversion into or exchange for shares or other securities, attending and voting at general meetings of the Company and appointment of the directors or otherwise all as the directors may determine. The directors may make any bonds, debentures or other debt obligations issued by the Company by their terms assignable free from any equities between the Company and the person to whom they may be issued or any other person who lawfully acquires them by assignment, purchase or otherwise.

8.3 | Powers of Directors

For greater certainty, the powers of the directors under this Part 8 may be exercised by a committee or other delegate, direct or indirect, of the board authorized to exercise such powers.

9. | ALTERATIONS

9.1 | Alteration of Authorized Share Structure

Subject to Article 9.2 and the Business Corporations Act, the Company may by special resolution:

(a) | create one or more classes or series of shares or, if none of the shares of a class or series of shares are allotted or issued, eliminate that class or series of shares;

(b) | increase, reduce or eliminate the maximum number of shares that the Company is authorized to issue out of any class or series of shares or establish a maximum number of shares that the Company is authorized to issue out of any class or series of shares for which no maximum is established;

(c) | subdivide or consolidate all or any of its unissued, or fully paid issued, shares;

(d) | if the Company is authorized to issue shares of a class of shares with par value:

| (i) | decrease the par value of those shares; or

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| (ii) | if none of the shares of that class of shares are allotted or issued, increase the par value of those shares;

(e) | change all or any of its unissued, or fully paid issued, shares with par value into shares without par value or any of its unissued shares without par value into shares with par value;

(f) | alter the identifying name of any of its shares; or

(g) | otherwise alter its shares or authorized share structure when required or permitted to do so by the Business Corporations Act.

9.2 | Special Rights and Restrictions

Subject to the Business Corporations Act, the Company may by special resolution:

(a) | create special rights or restrictions for, and attach those special rights or restrictions to, the shares of any class or series of shares, whether or not any or all of those shares have been issued; or

(b) | vary or delete any special rights or restrictions attached to the shares of any class or series of shares, whether or not any or all of those shares have been issued.

9.3 | Change of Name

The Company may by special resolution authorize an alteration of its Notice of Articles in order to change its name.

9.4 | Other Alterations

If the Business Corporations Act does not specify the type of resolution and these Articles do not specify another type of resolution, the Company may by ordinary resolution alter these Articles or the Notice of Articles.

10. | MEETINGS OF SHAREHOLDERS

10.1 | Annual General Meetings

Unless an annual general meeting is deferred or waived in accordance with the Business Corporations Act, the Company must hold its first annual general meeting within 18 months after the date on which it was incorporated or otherwise recognized, and after that must hold an annual general meeting at least once in each calendar year and not more than 15 months after the last annual reference date at such time and location, within or outside of British Columbia, and as an electronic meeting or otherwise, as may be determined by a resolution of the directors. Any shareholders’ meeting held as a fully electronic meeting without a physical location or place, shall, if required by the Business Corporations Act or applicable law and not otherwise determined by a resolution of the directors in connection with the meeting, be deemed to have the physical location or place of the meeting at the Company’s registered office in British Columbia.

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10.2 | Resolution Instead of Annual General Meeting

If all the shareholders who are entitled to vote at an annual general meeting consent by a unanimous resolution under the Business Corporations Act to all of the business that is required to be transacted at that annual general meeting, the annual general meeting is deemed to have been held on the date of the unanimous resolution. The shareholders must, in any unanimous resolution passed under this Article 10.2, select as the Company’s annual reference date a date that would be appropriate for the holding of the applicable annual general meeting.

10.3 | Calling of Meetings of Shareholders

The directors may, whenever they think fit, call a meeting of shareholders.

10.4 | Notice for Meetings of Shareholders

The Company must send notice of the date, time and location of any meeting of shareholders, in the manner provided in these Articles, or in such other manner, if any, as may be prescribed by ordinary resolution (whether previous notice of the resolution has been given or not), to each shareholder entitled to attend the meeting, to each director and to the auditor of the Company, unless these Articles otherwise provide, at least the following number of days before the meeting:

(a) | if and for so long as the Company is a public company, 21 days;

(b) | otherwise, 10 days.

10.5 | Record Date for Notice

The directors may set a date as the record date for the purpose of determining shareholders entitled to notice of any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. The record date must not precede the date on which the meeting is held by fewer than:

(a) | if and for so long as the Company is a public company, 21 days;

(b) | otherwise, 10 days.

If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

10.6 | Record Date for Voting

The directors may set a date as the record date for the purpose of determining shareholders entitled to vote at any meeting of shareholders. The record date must not precede the date on which the meeting is to be held by more than two months or, in the case of a general meeting requisitioned by shareholders under the Business Corporations Act, by more than four months. If no record date is set, the record date is 5 p.m. on the day immediately preceding the first date on which the notice is sent or, if no notice is sent, the beginning of the meeting.

10.7 | Failure to Give Notice and Waiver of Notice

The accidental omission to send notice of any meeting to, or the non-receipt of any notice by, any of the persons entitled to notice does not invalidate any proceedings at that meeting. Any person entitled to notice of a meeting of shareholders may, in writing or otherwise, waive or reduce the period of notice of such meeting.

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10.8 | Notice of Special Business at Meetings of Shareholders

If a meeting of shareholders is to consider special business within the meaning of Article 11.1, the notice of meeting must:

(a) | state the general nature of the special business; and

(b) | if the special business includes considering, approving, ratifying, adopting or authorizing any document or the signing of or giving of effect to any document, have attached to it a copy of the document or state that a copy of the document will be available for inspection by shareholders:

| (i) | at the Company’s records office, or at such other reasonably accessible location in British Columbia as is specified in the notice; and

| (ii) | during statutory business hours on any one or more specified days before the day set for the holding of the meeting.

10.9 | Advance Notice for Nomination of Directors

(a) | If and for so long as the Company is a public company, subject only to the Business Corporations Act, Applicable Securities Laws (defined in Article 10.9(g)), any rules of a stock exchange on which securities of the Company are listed and these Articles, only persons who are nominated in accordance with the procedures in this Article 10.9 will be eligible for election as directors of the Company. Nominations of persons for election to the board of directors may be made at any annual general meeting of shareholders or at any special meeting of shareholders if one of the purposes for which the special meeting is called is for the election of directors:

| (i) | by or at the direction of the board of directors, including pursuant to a notice of meeting;

| (ii) | by or at the direction or request of one or more shareholders pursuant to a proposal made in accordance with the provisions of the Business Corporations Act, or a requisition of the shareholders made in accordance with the provisions of the Business Corporations Act; or

| (iii) | by any shareholder of the Company (a “Nominating Shareholder”) who:

| (A) | at the close of business on the date of the giving of the notice provided for in this Article 10.9 and on the record date for notice of such meeting, is entered in the securities register of the Company 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 on the election of directors; and

| (B) | who complies with the notice procedures set forth in this Article 10.9.

(b) | In addition to any other requirements under applicable laws, 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 secretary of the Company in accordance with the provisions of this Article 10.9.

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(c) | To be timely, a Nominating Shareholder’s notice must be received by the secretary of the Company:

| (i) | in the case of an annual general meeting of shareholders, not less than 30 days prior to the date of the annual general meeting of shareholders; provided, however, that in the event that the annual general meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first Public Announcement (defined in Article 10.9(g)) of the date of the annual general meeting is made (the “Meeting Notice Date”), the Nominating Shareholder’s notice must be received not later than the close of business on the tenth day after the Meeting Notice Date; and

| (ii) | in the case of a special meeting of shareholders (which is not also an annual general 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 day following the day on which the first Public Announcement of the date of the special meeting is made.

(d) | Notwithstanding the provisions of this Article 10.9, in no event will any Public Announcement or any adjournment or postponement of an annual general meeting or special meeting (or the announcement thereof) commence a new time period for giving a Nominating Shareholder’s notice as described in this Article 10.9.

(e) | To be in proper written form, a Nominating Shareholder’s notice to the secretary of the Company must set forth:

| (i) | 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 of the Company that are owned beneficially or of record by the person, if any;

| (D) | any other information relating to the person that would be required to be disclosed in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Business Corporations Act, Applicable Securities Laws and any rules of a stock exchange on which securities of the Company are listed; and

| (ii) | as to the Nominating Shareholder giving the notice:

| (A) | the class or series and number of shares of the Company which are owned beneficially or of record by the Nominating Shareholder as of the record date for the meeting (if such date has made publicly available and will have occurred);

| (B) | full particulars of any proxy, contract, arrangement, understanding or relationship pursuant to which such Nominating Shareholder, or any of its Affiliates or Associates, or any person acting jointly or in concert with such person, has any interests, rights or obligations relating to the right to vote or direct the voting of any shares of the Company;

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| (C) | be accompanied by a written consent of each proposed nominee to being named as a nominee and to serve as a director if elected; and

| (D) | any other information relating to such Nominating Shareholder that would be required to be made in a dissident’s proxy circular in connection with solicitations of proxies for election of directors pursuant to the Business Corporations Act, Applicable Securities Laws and any rules of a stock exchange on which securities of the Company are listed.

The Company may require any proposed nominee for election as a director to furnish such other information as may reasonably be required by the Company to determine the eligibility of such proposed nominee to serve as a director of the Company in accordance with the Business Corporations Act, Applicable Securities Laws and any rules of a stock exchange on which securities of the Company are listed or that could be material to a reasonable shareholder’s understanding of the independence, or lack thereof, of such proposed nominee.

(f) | No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of this Article 10.9; provided, however, that nothing in this Article 10.9 will be deemed to preclude discussion by a shareholder or proxy holder (as distinct from nominating directors) at a meeting of shareholders any matter in respect of which the shareholder would have been entitled to submit a proposal pursuant to the provisions of the Business Corporations Act or at the discretion of the chair of the meeting. The chair of the meeting will have the power and duty to determine whether a nomination was made in accordance with the provisions of this Article 10.9 and, if any proposed nomination is not in compliance with such foregoing provisions, to declare that such defective nomination will be disregarded.

(g) | For purposes of this Article 10.9:

| (i) | “Affiliate”, when used to indicate a relationship with a specific person, shall mean a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such specified person;

| (ii) | “Applicable Securities Laws” means the applicable securities legislation in the United States and 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 the United States and each province and territory of Canada;

| (iii) | “Associate”, when used to indicate a relationship with a specified person, shall mean (i) any body corporate or trust of which such person beneficially owns, directly or indirectly, voting securities carrying more than 10% of the voting rights attached to all voting securities of such body corporate or trust for the time being outstanding, (ii) any partner of that person, (iii) any trust or estate in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar capacity, (iv) a spouse of such specified person, (v) any person of either sex with whom such specified person is living in conjugal relationship outside marriage or (vi) any relative of such specified person or of a person mentioned in clauses (iv) or (v) of this definition if that relative has the same residence as the specified person;

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| (iv) | “beneficially owns” or “beneficially owned” means, in connection with the ownership of shares in the capital of the Company by a person, (i) any such shares as to which such person or any of such person’s Affiliates or Associates owns at law or in equity, or has the right to acquire or become the owner at law or in equity, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, upon the exercise of any conversion right, exchange right or purchase right attaching to any securities, or pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (ii) any such shares as to which such person or any of such person’s Affiliates or Associates has the right to vote, or the right to direct the voting, where such right is exercisable immediately or after the passage of time and whether or not on condition or the happening of any contingency or the making of any payment, pursuant to any agreement, arrangement, pledge or understanding whether or not in writing; (iii) any such shares which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such person or any of such person’s Affiliates or Associates is a Receiving Party; provided, however that the number of shares that a person beneficially owns pursuant to this clause (iii) in connection with a particular Derivatives Contract shall not exceed the number of Notional Securities with respect to such Derivatives Contract; provided, further, that the number of securities owned beneficially by each Counterparty (including their respective Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause be deemed to include all securities that are owned beneficially, directly or indirectly, by any other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party and this proviso shall be applied to successive Counterparties as appropriate; and (iv) any such shares which are owned beneficially within the meaning of this definition by any other person with whom such person is acting jointly or in concert with respect to the Company or any of its securities;

| (v) | “close of business” means 5:00 p.m. (Vancouver time) on a business day in British Columbia, Canada;

| (vi) | “Derivatives Contract” shall mean a contract between two parties (the “Receiving Party” and the “Counterparty”) that is designed to expose the Receiving Party to economic benefits and risks that correspond substantially to the ownership by the Receiving Party of a number of shares in the capital of the Company or securities convertible into such shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Securities”), regardless of whether obligations under such contract are required or permitted to be settled through the delivery of cash, shares in the capital of the Company or securities convertible into such shares or other property, without regard to any short position under the same or any other Derivatives Contract; for the avoidance of doubt, interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate governmental authority shall not be deemed to be Derivatives Contracts; and

| (vii) | “Public Announcement” means disclosure in a press release disseminated by a nationally recognized news service in Canada or in a document publicly filed by the Company with the US Securities and Exchange Commission or under its profile on the System of Electronic Document Analysis and Retrieval at www.sedarplus.com.

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(h) | Notwithstanding any other provision of these Articles, notice given to the secretary of the Company pursuant to this Article 10.9 may only be given by personal delivery, facsimile transmission or by email to the Company’s principal executive offices as set forth in the Company’s filings with the US Securities and Exchange Commission, and will be deemed to have been given and made only at the time it is served by personal delivery to the secretary of the Company at the registered office of the Company, sent by email (to the address above-mentioned) or sent by facsimile transmission (provided the receipt of confirmation of such transmission has been received); provided that if such delivery or electronic communication is made on a day which is not a business day or after the close of business on a day which is a business day, then such delivery or electronic communication will be deemed to have been on the subsequent day that is a business day.

(i) | All information to be provided in a timely notice pursuant to this Article 10.9 shall be provided as of the record date for determining shareholders entitled to vote at the meeting (if such date shall then have been publicly announced) and as of the date of such notice. The Nominating Shareholder shall update such information to the extent necessary so that it is true and correct as of the date that is 10 business days prior to the date of the meeting, or any adjournment or postponement thereof.

(j) | For the avoidance of doubt, this Article 10.9 shall be the exclusive means for any person to bring nominations for election to the board at or in connection with any annual general or special meeting of the shareholders of the Company.

(k) | Notwithstanding the provisions of this Article 10.9, the board may, in its sole discretion, waive any requirement in this Article 10.9.

11. | PROCEEDINGS AT MEETINGS OF SHAREHOLDERS

11.1 | Special Business

At a meeting of shareholders, the following business is special business:

(a) | at a meeting of shareholders that is not an annual general meeting, all business is special business except business relating to the conduct of or voting at the meeting;

(b) | at an annual general meeting, all business is special business except for the following:

| (i) | business relating to the conduct of or voting at the meeting;

| (ii) | consideration of any financial statements of the Company presented to the meeting;

| (iii) | consideration of any reports of the directors or auditor;

| (iv) | the setting or changing of the number of directors;

| (v) | the election or appointment of directors;

| (vi) | the appointment of an auditor;

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| (vii) | the setting of the remuneration of an auditor;

| (viii) | business arising out of a report of the directors not requiring the passing of a special resolution or an exceptional resolution;

| (ix) | any other business which, under these Articles or the Business Corporations Act, may be transacted at a meeting of shareholders without prior notice of the business being given to the shareholders.

11.2 | Special Majority

The majority of votes required for the Company to pass a special resolution at a meeting of shareholders is two-thirds of the votes cast on the resolution.

11.3 | Quorum

Subject to the special rights or restrictions attached to the shares of any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two persons who are, or who represent by proxy, one or more shareholders who, in the aggregate, hold at least 33 1/3% of the outstanding shares of the Company entitled to be voted at the meeting.

11.4 | One Shareholder May Constitute Quorum

If there is only one shareholder entitled to vote at a meeting of shareholders:

(a) | the quorum is one person who is, or who represents by proxy, that shareholder; and

(b) | that shareholder, present in person or by proxy, may constitute the meeting.

11.5 | Other Persons May Attend

The directors, the president (if any), the secretary (if any), the assistant secretary (if any), any lawyer for the Company, the auditor of the Company and any other persons invited by the directors are entitled to attend any meeting of shareholders, but if any of those persons does attend a meeting of shareholders, that person is not to be counted in the quorum and is not entitled to vote at the meeting unless that person is a shareholder or proxy holder entitled to vote at the meeting.

11.6 | Requirement of Quorum

No business, other than the election of a chair of the meeting and the adjournment of the meeting, may be transacted at any meeting of shareholders unless a quorum of shareholders entitled to vote is present at the commencement of the meeting, but such quorum need not be present throughout the meeting.

11.7 | Lack of Quorum

If, within one-half hour from the time set for the holding of a meeting of shareholders, a quorum is not present

(a) | in the case of a general meeting requisitioned by shareholders, the meeting is dissolved, and

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(b) | in the case of any other meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place.

11.8 | Lack of Quorum at Succeeding Meeting

If, at the meeting to which the meeting referred to in Article 11.7(b) was adjourned, a quorum is not present within one-half hour from the time set for the holding of the meeting, the person or persons present and being, or representing by proxy, one or more shareholders entitled to attend and vote at the meeting constitute a quorum.

11.9 | Chair

The following individual is entitled to preside as chair at a meeting of shareholders:

(a) | the chair of the board, if any;

(b) | if the chair of the board is absent or unwilling to act as chair of the meeting, the Vice-Chair of the Company, if any;

(c) | if the chair of the board and the Vice Chair of the Company, if any, are both absent or unwilling to act as chair of the meeting, the Chief Executive Officer of the Company, if any;

(d) | if the chair of the board, the Vice Chair of the Company, and the Chief Executive Officer of the Company, if any, are all absent or unwilling to act as chair of the meeting, the Chief Financial Officer of the Company, if any;

(e) | if the chair of the board, the Vice Chair of the Company, the Chief Executive Officer of the Company, and the Chief Financial Officer of the Company, if any, are all absent or unwilling to act as chair of the meeting, the General Counsel or Chief Legal Officer of the Company, if any.

11.10 | Selection of Alternate Chair

If, at any meeting of shareholders, there is no individual present within 15 minutes after the time set for holding the meeting that is entitled, under Article 11.9, to act as chair of the meeting, or if all of the eligible individuals present are unwilling to act as chair of the meeting, the directors present may choose one of their number to be chair of the meeting, or if all of the directors present decline to take the chair or fail to so choose or if no director is present, the shareholders entitled to vote at the meeting who are present in person or by proxy may choose any individual present at the meeting to chair the meeting.

11.11 | Adjournments

The chair of a meeting of shareholders may, and if so directed by the meeting must, adjourn the meeting from time to time and from place to place, but no business may be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.

11.12 | Notice of Adjourned Meeting

It is not necessary to give any notice of an adjourned meeting or of the business to be transacted at an adjourned meeting of shareholders except that, when a meeting is adjourned for 30 days or more, notice of the adjourned meeting must be given as in the case of the original meeting.

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11.13 | Decisions by Show of Hands or Poll

Subject to the Business Corporations Act, every motion put to a vote at a meeting of shareholders will be decided on a show of hands unless a poll, before or on the declaration of the result of the vote by show of hands, is directed by the chair or demanded by at least one shareholder entitled to vote who is present in person or by proxy.

11.14 | Declaration of Result

The chair of a meeting of shareholders must declare to the meeting the decision on every question in accordance with the result of the show of hands or the poll, as the case may be, and that decision must be entered in the minutes of the meeting. A declaration of the chair that a resolution is carried by the necessary majority or is defeated is, unless a poll is directed by the chair or demanded under Article 11.13, conclusive evidence without proof of the number or proportion of the votes recorded in favour of or against the resolution.

11.15 | Motion Need Not be Seconded

No motion proposed at a meeting of shareholders need be seconded unless the chair of the meeting rules otherwise, and the chair of any meeting of shareholders is entitled to propose or second a motion.

11.16 | Casting Vote

In case of an equality of votes, the chair of a meeting of shareholders does not, either on a show of hands or on a poll, have a second or casting vote in addition to the vote or votes to which the chair may be entitled as a shareholder.

11.17 | Manner of Taking Poll

Subject to Article 11.8, if a poll is duly demanded at a meeting of shareholders:

(a) | the poll must be taken:

| (i) | at the meeting, or within seven days after the date of the meeting, as the chair of the meeting directs; and

| (ii) | in the manner, at the time and at the place that the chair of the meeting directs;

(b) | the result of the poll is deemed to be the decision of the meeting at which the poll is demanded; and

(c) | the demand for the poll may be withdrawn by the person who demanded it.

11.18 | Demand for Poll on Adjournment

A poll demanded at a meeting of shareholders on a question of adjournment must be taken immediately at the meeting.

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11.19 | Chair Must Resolve Dispute

In the case of any dispute as to the admission or rejection of a vote given on a poll, the chair of the meeting must determine the dispute, and their determination made in good faith is final and conclusive.

11.20 | Casting of Votes

On a poll, a shareholder entitled to more than one vote need not cast all the votes in the same way.

11.21 | Demand for Poll

No poll may be demanded in respect of the vote by which a chair of a meeting of shareholders is elected.

11.22 | Demand for Poll Not to Prevent Continuance of Meeting

The demand for a poll at a meeting of shareholders does not, unless the chair of the meeting so rules, prevent the continuation of a meeting for the transaction of any business other than the question on which a poll has been demanded.

11.23 | Retention of Ballots and Proxies

The Company must, for at least three months after a meeting of shareholders, keep each ballot cast on a poll and each proxy voted at the meeting, and, during that period, make them available for inspection during normal business hours by any shareholder or proxyholder entitled to vote at the meeting. At the end of such three month period, the Company may destroy such ballots and proxies.

12. | VOTES OF SHAREHOLDERS

12.1 | Number of Votes by Shareholder or by Shares

Subject to any special rights or restrictions attached to any shares and to the restrictions imposed on joint shareholders under Article 12.3:

(a) | on a vote by show of hands every person present who is a shareholder or proxy holder and entitled to vote on the matter has one vote; and

(b) | on a poll, every shareholder entitled to vote on the matter has one vote in respect of each share entitled to be voted on the matter and held by that shareholder and may exercise that vote either in person or by proxy.

12.2 | Votes of Persons in Representative Capacity

A person who is not a shareholder may vote at a meeting of shareholders, whether on a show of hands or on a poll, and may appoint a proxy holder to act at the meeting, if, before doing so, the person satisfies the chair of the meeting, or the directors, that the person is a legal personal representative or a trustee in bankruptcy for a shareholder who is entitled to vote at the meeting.

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12.3 | Votes by Joint Holders

If there are joint shareholders registered in respect of any share:

(a) | any one of the joint shareholders may vote at any meeting, either personally or by proxy, in respect of the share as if that joint shareholder were solely entitled to it; or

(b) | if more than one of the joint shareholders is present at any meeting, personally or by proxy, and more than one of them votes in respect of that share, then only the vote of the joint shareholder present whose name stands first on the central securities register in respect of the share will be counted.

12.4 | Legal Personal Representatives as Joint Shareholders

Two or more legal personal representatives of a shareholder in whose sole name any share is registered are, for the purposes of Article 12.3, deemed to be joint shareholders.

12.5 | Representative of a Corporate Shareholder

If a corporation, that is not a subsidiary of the Company, is a shareholder, that corporation may appoint a person to act as its representative at any meeting of shareholders of the Company, and:

(a) | for that purpose, the instrument appointing a representative must:

| (i) | be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice for the receipt of proxies, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

| (ii) | be provided at the meeting to the chair of the meeting or to a person designated by the chair of the meeting;

(b) | if a representative is appointed under this Article 12.5:

| (i) | the representative is entitled to exercise in respect of and at that meeting the same rights on behalf of the corporation that the representative represents as that corporation could exercise if it were a shareholder who is an individual, including, without limitation, the right to appoint a proxy holder; and

| (ii) | the representative, if present at the meeting, is to be counted for the purpose of forming a quorum and is deemed to be a shareholder present in person at the meeting.

Evidence of the appointment of any such representative may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

12.6 | When Proxy Provisions Do Not Apply to the Company

If and for so long as the Company is a public company, Articles 12.7 to 12.15 apply only insofar as they are not inconsistent with the Business Corporations Act, Applicable Securities Laws, or any rules of an exchange on which securities of the Company are listed.

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12.7 | Appointment of Proxy Holders

Every shareholder of the Company, including a corporation that is a shareholder but not a subsidiary of the Company, entitled to vote at a meeting of shareholders of the Company may, by proxy, appoint one or more (but not more than five) proxy holders to attend and act at the meeting in the manner, to the extent and with the powers conferred by the proxy.

12.8 | Alternate Proxy Holders

A shareholder may appoint one or more alternate proxy holders to act in the place of an absent proxy holder.

12.9 | When Proxy Holder Need Not Be Shareholder

A person must not be appointed as a proxy holder unless the person is a shareholder, although a person who is not a shareholder may be appointed as a proxy holder if:

(a) | the person appointing the proxy holder is a corporation or a representative of a corporation appointed under Article 12.5;

(b) | the Company has at the time of the meeting for which the proxy holder is to be appointed only one shareholder entitled to vote at the meeting; or

(c) | the shareholders present in person or by proxy at and entitled to vote at the meeting for which the proxy holder is to be appointed, by a resolution on which the proxy holder is not entitled to vote but in respect of which the proxy holder is to be counted in the quorum, permit the proxy holder to attend and vote at the meeting.

12.10 | Deposit of Proxy

A proxy for a meeting of shareholders must:

(a) | be received at the registered office of the Company or at any other place specified, in the notice calling the meeting, for the receipt of proxies, at least the number of business days specified in the notice, or if no number of days is specified, two business days before the day set for the holding of the meeting; or

(b) | unless the notice provides otherwise, be provided at the meeting to the chair of the meeting or to a person designated by the chair of the meeting.

A proxy may be sent to the Company by written instrument, fax or any other method of transmitting legibly recorded messages.

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12.11 | Validity of Proxy Vote

A vote given in accordance with the terms of a proxy is valid notwithstanding the death or incapacity of the shareholder giving the proxy and despite the revocation of the proxy or the revocation of the authority under which the proxy is given, unless notice in writing of that death, incapacity or revocation is received:

(a) | at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

(b) | by the chair of the meeting, before the vote is taken.

12.12 | Form of Proxy

A proxy, whether for a specified meeting or otherwise, must be either in the following form or in any other form approved by the directors or the chair of the meeting:

(NAME OF COMPANY)

(the “Company”)

The undersigned, being a shareholder of the Company, hereby appoints [ name ] or, failing that person, [ name ], as proxy holder for the undersigned to attend, act and vote for and on behalf of the undersigned at the meeting of shareholders of the Company to be held on [ month, day, year ] and at any adjournment of that meeting.

Number of shares in respect of which this proxy is given (if no number is specified, then this proxy if given in respect of all shares registered in the name of the shareholder): ___________________

Signed [month, day, year]
[Signature of shareholder]
[Name of shareholder—printed]

12.13 | Revocation of Proxy

Subject to Article 12.14, every proxy may be revoked by an instrument in writing that is:

(a) | received at the registered office of the Company at any time up to and including the last business day before the day set for the holding of the meeting at which the proxy is to be used; or

(b) | provided, at the meeting, to the chair of the meeting.

12.14 | Revocation of Proxy Must Be Signed

An instrument referred to in Article 12.13 must be signed as follows:

(a) | if the shareholder for whom the proxy holder is appointed is an individual, the instrument must be signed by the shareholder or their legal personal representative or trustee in bankruptcy; or

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(b) | if the shareholder for whom the proxy holder is appointed is a corporation, the instrument must be signed by the corporation or by a representative appointed for the corporation under Article 12.5.

12.15 | Production of Evidence of Authority to Vote

The chair of any meeting of shareholders may, but need not, inquire into the authority of any person to vote at the meeting and may, but need not, demand from that person production of evidence as to the existence of the authority to vote.

13. | DIRECTORS

13.1 | First Directors; Number of Directors

The first directors are the persons designated as directors of the Company in the Notice of Articles that applies to the Company when it is recognized under the Business Corporations Act. The number of directors, excluding additional directors appointed under Article 14.8, is set at:

(a) | subject to Articles 13.1(b) and 13.1(c), the number of directors that is equal to the number of the Company’s first directors;

(b) | if the Company is a public company, the greater of three and the most recently set of:

| (i) | the number of directors set by directors’ resolution;

| (ii) | the number of directors set under Article 14.4; and

(c) | if the Company is not a public company, the greater of one and the most recently set of:

| (i) | the number of directors set by directors’ resolution; and

| (ii) | the number of directors set under Article 14.4.

13.2 | Change in Number of Directors

If the number of directors is set under Article 13.1(b)(i) or 13.1(c)(i):

(a) | the shareholders may elect or appoint the directors needed to fill any vacancies in the board of directors up to that number; and

(b) | if the shareholders do not elect or appoint the directors needed to fill any vacancies in the board of directors up to that number, then the directors may appoint, or the shareholders may elect or appoint, directors to fill those vacancies.

13.3 | Directors’ Acts Valid Despite Vacancy

An act or proceeding of the directors is not invalid merely because fewer than the number of directors set or otherwise required under these Articles is in office.

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13.4 | Qualifications of Directors

A director is not required to hold a share of the Company as qualification for their office but must be qualified as required by the Business Corporations Act to become, act or continue to act as a director.

13.5 | Remuneration of Directors

The directors are entitled to the remuneration for acting as directors, if any, as the directors may from time to time determine. If the directors so decide, the remuneration of the directors, if any, will be determined by the shareholders. That remuneration may be in addition to any salary or other remuneration paid to any officer or employee of the Company as such, who is also a director,

13.6 | Reimbursement of Expenses of Directors

The Company must reimburse each director for the reasonable expenses that they may incur in and about the business of the Company.

13.7 | Special Remuneration for Directors

If any director performs any professional or other services for the Company that in the opinion of the directors are outside the ordinary duties of a director, or if any director is otherwise specially occupied in or about the Company’s business, they may be paid remuneration fixed by the directors, or, at the option of that director, fixed by ordinary resolution, and such remuneration may be either in addition to, or in substitution for, any other remuneration that they may be entitled to receive.

13.8 | Gratuity, Pension or Allowance on Retirement of Director

Unless otherwise determined by ordinary resolution, the directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any director who has held any salaried office or place of profit with the Company or to their spouse or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

14. | ELECTION AND REMOVAL OF DIRECTORS

14.1 | Election at Annual General Meeting

At every annual general meeting and in every unanimous resolution contemplated by Article 10.2:

(a) | the shareholders entitled to vote at the annual general meeting for the election of directors may elect, or in the unanimous resolution appoint, a board of directors consisting of the number of directors for the time being set under these Articles; and

(b) | all the directors cease to hold office immediately before the election or appointment of directors under Article 14.1(b), but are eligible for re-election or re-appointment.

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14.2 | Consent to be a Director

No election, appointment or designation of an individual as a director is valid unless:

(a) | that individual consents to be a director in the manner provided for in the Business Corporations Act;

(b) | that individual is elected or appointed at a meeting at which the individual is present and the individual does not refuse, at the meeting, to be a director; or

(c) | with respect to first directors, the designation is otherwise valid under the Business Corporations Act.

14.3 | Failure to Elect or Appoint Directors

If:

(a) | the Company fails to hold an annual general meeting, and all the shareholders who are entitled to vote at an annual general meeting fail to pass the unanimous resolution contemplated by Article 10.2, on or before the date by which the annual general meeting is required to be held under the Business Corporations Act; or

(b) | the shareholders fail, at the annual general meeting or in the unanimous resolution contemplated by Article 10.2, to elect or appoint any directors;

then each director then in office continues to hold office until the earlier of:

(c) | the date on which their successor is elected or appointed; and

(d) | the date on which they otherwise ceases to hold office under the Business Corporations Act or these Articles.

14.4 | Places of Retiring Directors Not Filled

If, at any meeting of shareholders at which there should be an election of directors, the places of any of the retiring directors are not filled by that election, those retiring directors who are not re-elected and who are asked by the newly elected directors to continue in office will, if willing to do so, continue in office to complete the number of directors for the time being set pursuant to these Articles until further new directors are elected at a meeting of shareholders convened for that purpose. If any such election or continuance of directors does not result in the election or continuance of the number of directors for the time being set pursuant to these Articles, the number of directors of the Company is deemed to be set at the number of directors actually elected or continued in office.

14.5 | Directors May Fill Casual Vacancies

Any casual vacancy occurring in the board of directors may be filled by the directors.

14.6 | Remaining Directors Power to Act

The directors may act notwithstanding any vacancy in the board of directors, but if the Company has fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the directors may only act for the purpose of appointing directors up to that number or of summoning a meeting of shareholders for the purpose of filling any vacancies on the board of directors or, subject to the Business Corporations Act, for any other purpose.

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14.7 | Shareholders May Fill Vacancies

If the Company has no directors or fewer directors in office than the number set pursuant to these Articles as the quorum of directors, the shareholders may elect or appoint directors to fill any vacancies on the board of directors.

14.8 | Additional Directors

Notwithstanding Articles 13.1 and 13.2, between annual general meetings or unanimous resolutions contemplated by Article 10.2, the directors may appoint one or more additional directors, but the number of additional directors appointed under this Article 14.8 must not at any time exceed:

(a) | one-third of the number of first directors, if, at the time of the appointments, one or more of the first directors have not yet completed their first term of office; or

(b) | in any other case, one-third of the number of the current directors who were elected or appointed as directors other than under this Article 14.8.

Any director so appointed ceases to hold office immediately before the next election or appointment of directors under Article 14.1(a), but is eligible for re-election or re-appointment.

14.9 | Ceasing to be a Director

A director ceases to be a director when:

(a) | the term of office of the director expires;

(b) | the director dies;

(c) | the director resigns as a director by notice in writing provided to the Company or a lawyer for the Company; or

(d) | the director is removed from office pursuant to Articles 14.10 or 14.11.

14.10 | Removal of Director by Shareholders

The Company may remove any director before the expiration of their term of office by special resolution. In that event, the shareholders may elect, or appoint by ordinary resolution, a director to fill the resulting vacancy. If the shareholders do not elect or appoint a director to fill the resulting vacancy contemporaneously with the removal, then the directors may appoint or the shareholders may elect, or appoint by ordinary resolution, a director to fill that vacancy.

14.11 | Removal of Director by Directors

The directors may remove any director before the expiration of their term of office if the director is convicted of an indictable offence, or if the director ceases to be qualified to act as a director of a company and does not promptly resign, and the directors may appoint a director to fill the resulting vacancy.

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15. | POWERS AND DUTIES OF DIRECTORS

15.1 | Powers of Management

The directors must, subject to the Business Corporations Act and these Articles, manage or supervise the management of the business and affairs of the Company and have the authority to exercise all such powers of the Company as are not, by the Business Corporations Act or by these Articles, required to be exercised by the shareholders of the Company.

15.2 | Appointment of Attorney of Company

The directors may from time to time, by power of attorney or other instrument, under seal if so required by law, appoint any person to be the attorney of the Company for such purposes, and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the directors under these Articles and excepting the power to fill vacancies in the board of directors, to remove a director, to change the membership of, or fill vacancies in, any committee of the directors, to appoint or remove officers appointed by the directors and to declare dividends) and for such period, and with such remuneration and subject to such conditions as the directors may think fit. Any such power of attorney may contain such provisions for the protection or convenience of persons dealing with such attorney as the directors think fit. Any such attorney may be authorized by the directors to sub-delegate all or any of the powers, authorities and discretions for the time being vested in him or her.

16. | DISCLOSURE OF INTEREST OF DIRECTORS

16.1 | Obligation to Account for Profits

A director or senior officer who holds a disclosable interest (as that term is used in the Business Corporations Act) in a contract or transaction into which the Company has entered or proposes to enter is liable to account to the Company for any profit that accrues to the director or senior officer under or as a result of the contract or transaction only if and to the extent provided in the Business Corporations Act.

16.2 | Restrictions on Voting by Reason of Interest

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter is not entitled to vote on any directors’ resolution to approve that contract or transaction, unless all the directors have a disclosable interest in that contract or transaction, in which case any or all of those directors may vote on such resolution.

16.3 | Interested Director Counted in Quorum

A director who holds a disclosable interest in a contract or transaction into which the Company has entered or proposes to enter and who is present at the meeting of directors at which the contract or transaction is considered for approval may be counted in the quorum at the meeting whether or not the director votes on any or all of the resolutions considered at the meeting.

16.4 | Disclosure of Conflict of Interest or Property

A director or senior officer who holds any office or possesses any property, right or interest that could result, directly or indirectly, in the creation of a duty or interest that materially conflicts with that individual’s duty or interest as a director or senior officer, must disclose the nature and extent of the conflict as required by the Business Corporations Act.

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16.5 | Director Holding Other Office in the Company

A director may hold any office or place of profit with the Company, other than the office of auditor of the Company, in addition to their office of director for the period and on the terms (as to remuneration or otherwise) that the directors may determine.

16.6 | No Disqualification

No director or intended director is disqualified by their office from contracting with the Company either with regard to the holding of any office or place of profit the director holds with the Company or as vendor, purchaser or otherwise, and no contract or transaction entered into by or on behalf of the Company in which a director is in any way interested is liable to be voided for that reason.

16.7 | Professional Services by Director or Officer

Subject to the Business Corporations Act, a director or officer, or any person in which a director or officer has an interest, may act in a professional capacity for the Company, except as auditor of the Company, and the director or officer or such person is entitled to remuneration for professional services as if that director or officer were not a director or officer.

16.8 | Director or Officer in Other Corporations

A director or officer may be or become a director, officer or employee of, or otherwise interested in, any person in which the Company may be interested as a shareholder or otherwise, and, subject to the Business Corporations Act, the director or officer is not accountable to the Company for any remuneration or other benefits received by him or her as director, officer or employee of, or from their interest in, such other person.

17. | PROCEEDINGS OF DIRECTORS

17.1 | Meetings of Directors

The directors may meet together for the conduct of business, adjourn and otherwise regulate their meetings as they think fit, and meetings of the directors held at regular intervals may be held at the place, at the time and on the notice, if any, as the directors may from time to time determine.

17.2 | Voting at Meetings

Questions arising at any meeting of directors are to be decided by a majority of votes and, in the case of an equality of votes, the chair of the meeting does not have a second or casting vote.

17.3 | Chair of Meetings

The following individual is entitled to preside as chair at a meeting of directors if such individual is a duly appointed or elected director of the Company:

(a) | the chair of the board, if any;

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(b) | if the chair of the board is absent or unwilling to act as chair of the meeting, the Vice-Chair of the Company, if any;

(c) | if the chair of the board and the Vice Chair of the Company, if any, are both absent or unwilling to act as chair of the meeting, the Chief Executive Officer of the Company, if any;

(d) | if the chair of the board, the Vice Chair of the Company, and the Chief Executive Officer of the Company, if any, are all absent or unwilling to act as chair of the meeting, the Chief Financial Officer of the Company, if any;

(e) | if the chair of the board, the Vice Chair of the Company, the Chief Executive Officer of the Company, and the Chief Financial Officer of the Company, if any, are all absent or unwilling to act as chair of the meeting, the General Counsel or Chief Legal Officer of the Company, if any;

(f) | if the chair of the board, the Vice Chair of the Company, the Chief Executive Officer of the Company, the Chief Financial Officer of the Company, and the General Counsel or Chief Legal Officer of the Company, if any, are all absent or unwilling to act as chair of the meeting, any other director chosen by the directors present.

17.4 | Meetings by Telephone or Other Communications Medium

A director may participate in a meeting of the directors or of any committee of the directors in person or by telephone or other communications medium if all directors participating in the meeting, whether in person or by telephone or other communications medium, are able to communicate with each other. A director who participates in a meeting in a manner contemplated by this Article 17.4 is deemed for all purposes of the Business Corporations Act and these Articles to be present at the meeting and to have agreed to participate in that manner. Meetings of the board of directors may be held as electronic meetings.

17.5 | Calling of Meetings

A director may, and the secretary or an assistant secretary of the Company, if any, on the request of a director must, call a meeting of the directors at any time.

17.6 | Notice of Meetings

Other than for meetings held at regular intervals as determined by the directors pursuant to Article 17.1, reasonable notice of each meeting of the directors, specifying the place, day and time of that meeting must be given to each of the directors by any method set out in Article 24.1 or orally or by telephone.

17.7 | When Notice Not Required

It is not necessary to give notice of a meeting of the directors to a director if:

(a) | the meeting is to be held immediately following a meeting of shareholders at which that director was elected or appointed, or is the meeting of the directors at which that director is appointed; or

(b) | the director, as the case may be, has waived notice of the meeting.

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17.8 | Meeting Valid Despite Failure to Give Notice

The accidental omission to give notice of any meeting of directors to, or the non-receipt of any notice by, any director, does not invalidate any proceedings at that meeting.

17.9 | Waiver of Notice of Meetings

Any director may send to the Company a document signed by him or her waiving notice of any past, present or future meeting or meetings of the directors and may at any time withdraw that waiver with respect to meetings held after that withdrawal. After sending a waiver with respect to all future meetings and until that waiver is withdrawn, no notice of any meeting of the directors need be given to that director and, unless the director otherwise requires by notice in writing to the Company and all meetings of the directors so held are deemed not to be improperly called or constituted by reason of notice not having been given to such director.

17.10 | Quorum

The quorum necessary for the transaction of the business of the directors may be set by the directors and, if not so set, is deemed to be set at a majority of the board of directors or, if the number of directors is set at one, is deemed to be set at one director, and that director may constitute a meeting.

17.11 | Validity of Acts Where Appointment Defective

Subject to the Business Corporations Act, an act of a director or officer is not invalid merely because of an irregularity in the election or appointment or a defect in the qualification of that director or officer.

17.12 | Consent Resolutions in Writing

A resolution of the directors or of any committee of the directors consented to in writing by all of the directors entitled to vote on it, whether by signed document, fax, email or any other method of transmitting legibly recorded messages, is as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors duly called and held. Such resolution may be in two or more counterparts which together are deemed to constitute one resolution in writing. A resolution passed in that manner is effective on the date stated in the resolution or on the latest date stated on any counterpart. A resolution of the directors or of any committee of the directors passed in accordance with this Article 17.12 is deemed to be a proceeding at a meeting of directors or of the committee of the directors and to be as valid and effective as if it had been passed at a meeting of the directors or of the committee of the directors that satisfies all the requirements of the Business Corporations Act and all the requirements of these Articles relating to meetings of the directors or of a committee of the directors.

18. | EXECUTIVE AND OTHER COMMITTEES

18.1 | Appointment and Powers of Executive Committee

The directors may, by resolution, appoint an executive committee consisting of the director or directors that they consider appropriate, and this committee has, during the intervals between meetings of the board of directors, all of the directors’ powers, except:

(a) | the power to fill vacancies in the board of directors;

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(b) | the power to remove a director;

(c) | the power to change the membership of, or fill vacancies in, any committee of the directors; and

(d) | such other powers, if any, as may be set out in the resolution or any subsequent directors’ resolution.

18.2 | Appointment and Powers of Other Committees

The directors may, by resolution:

(a) | appoint one or more committees (other than the executive committee) consisting of the director or directors that they consider appropriate;

(b) | delegate to a committee appointed under Article 18.2(a) any of the directors’ powers, except:

| (i) | the power to fill vacancies in the board of directors;

| (ii) | the power to remove a director;

| (iii) | the power to change the membership of, or fill vacancies in, any committee of the directors; and

| (iv) | the power to appoint or remove officers appointed by the directors; and

(c) | make any delegation referred to in Article 18.2(b) subject to the conditions set out in the resolution or any subsequent directors’ resolution.

18.3 | Obligations of Committees

Any committee appointed under Articles 18.1 or 18.2, in the exercise of the powers delegated to it, must:

(a) | conform to any rules that may from time to time be imposed on it by the directors; and

(b) | report every act or thing done in exercise of those powers at such times as the directors may require.

18.4 | Powers of Board

The directors may, at any time, with respect to a committee appointed under Articles 18.1 or 18.2:

(a) | revoke or alter the authority given to the committee, or override a decision made by the committee, except as to acts done before such revocation, alteration or overriding;

(b) | terminate the appointment of, or change the membership of, the committee; and

(c) | fill vacancies in the committee.

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18.5 | Committee Meetings

Subject to Article 18.3(a) and unless the directors otherwise provide in the resolution appointing the committee or in any subsequent resolution, with respect to a committee appointed under Articles 18.1 or 18.2:

(a) | the committee may meet and adjourn as it thinks proper;

(b) | the committee may elect a chair of its meetings but, if no chair of a meeting is elected, or if at a meeting the chair of the meeting is not present within 15 minutes after the time set for holding the meeting, the directors present who are members of the committee may choose one of their number to chair the meeting;

(c) | a majority of the members of the committee constitutes a quorum of the committee; and

(d) | questions arising at any meeting of the committee are determined by a majority of votes of the members present, and in case of an equality of votes, the chair of the meeting does not have a second or casting vote.

19. | OFFICERS

19.1 | Directors May Appoint Officers

The directors may, from time to time, appoint such officers, if any, as the directors determine and the directors may, at any time, terminate any such appointment.

19.2 | Functions, Duties and Powers of Officers

The directors may, for each officer:

(a) | determine the functions and duties of the officer;

(b) | entrust to and confer on the officer any of the powers exercisable by the directors on such terms and conditions and with such restrictions as the directors think fit; and

(c) | revoke, withdraw, alter or vary all or any of the functions, duties and powers of the officer.

19.3 | Qualifications

No officer may be appointed unless that officer is qualified in accordance with the Business Corporations Act. One person may hold more than one position as an officer of the Company. Any person appointed as the chair of the board or as the managing director must be a director. Any other officer need not be a director.

19.4 | Remuneration and Terms of Appointment

All appointments of officers are to be made on the terms and conditions and at the remuneration (whether by way of salary, fee, commission, participation in profits or otherwise) that the directors think fit and are subject to termination at the pleasure of the directors, and an officer may in addition to such remuneration be entitled to receive, after they cease to hold such office or leave the employment of the Company, a pension or gratuity.

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20. | INDEMNIFICATION

20.1 | Definitions

In this Article 20:

(a) | “eligible penalty” means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding;

(b) | “eligible proceeding” means a legal proceeding or investigative action, whether current, threatened, pending or completed, in which a director, officer, former director or former officer of the Company (an “eligible party”) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible party being or having been a director or officer of the Company:

| (i) | is or may be joined as a party; or

| (ii) | is or may be liable for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding;

(c) | “expenses” has the meaning set out in the Business Corporations Act.

20.2 | Mandatory Indemnification of Directors, Officers, Former Officers and Former Directors

Subject to the Business Corporations Act, the Company must indemnify a director, officer, former director and former officer of the Company and his or her heirs and legal personal representatives against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director and officer is deemed to have contracted with the Company on the terms of the indemnity contained in this Article 20.2.

20.3 | Indemnification of Other Persons

Subject to any restrictions in the Business Corporations Act, the Company may indemnify any person.

20.4 | Non-Compliance with Business Corporations Act

The failure of a director or officer of the Company to comply with the Business Corporations Act or these Articles does not invalidate any indemnity to which he or she is entitled under this Part.

20.5 | Company May Purchase Insurance

The Company may purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives) who:

(a) | is or was a director, officer, employee or agent of the Company;

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(b) | is or was a director, officer, employee or agent of a corporation at a time when the corporation is or was an Affiliate of the Company;

(c) | at the request of the Company, is or was a director, officer, employee or agent of a corporation or of a partnership, trust, joint venture or other unincorporated entity; or

(d) | at the request of the Company, holds or held a position equivalent to that of a director or officer of a partnership, trust, joint venture or other unincorporated entity;

against any liability incurred by him or her as such director, officer, employee or agent or person who holds or held such equivalent position.

21. | DIVIDENDS

21.1 | Payment of Dividends Subject to Special Rights and Restrictions

The provisions of this Article 21 are subject to the rights, if any, of shareholders holding shares with special rights as to dividends.

21.2 | Declaration of Dividends

Subject to the Business Corporations Act, the directors may from time to time declare and authorize payment of such dividends as they may deem advisable.

21.3 | No Notice Required

The directors need not give notice to any shareholder of any declaration under Article 21.2.

21.4 | Record Date

The directors may set a date as the record date for the purpose of determining shareholders entitled to receive payment of a dividend. The record date must not precede the date on which the dividend is to be paid by more than two months. If no record date is set, the record date is 5 p.m. on the date on which the directors pass the resolution declaring the dividend.

21.5 | Manner of Paying Dividend

A resolution declaring a dividend may direct payment of the dividend wholly or partly by the distribution of specific assets or of fully paid shares or of bonds, debentures or other securities of the Company, or in any one or more of those ways.

21.6 | Settlement of Difficulties

If any difficulty arises in regard to a distribution under Article 21.5, the directors may settle the difficulty as they deem advisable, and, in particular, may:

(a) | set the value for distribution of specific assets;

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(b) | determine that cash payments in substitution for all or any part of the specific assets to which any shareholders are entitled may be made to any shareholders on the basis of the value so fixed in order to adjust the rights of all parties; and

(c) | vest any such specific assets in trustees for the persons entitled to the dividend.

21.7 | When Dividend Payable

Any dividend may be made payable on such date as is fixed by the directors.

21.8 | Dividends to be Paid in Accordance with Number of Shares

All dividends on shares of any class or series of shares must be declared and paid according to the number of such shares held.

21.9 | Receipt by Joint Shareholders

If several persons are joint shareholders of any share, any one of them may give an effective receipt for any dividend, bonus or other money payable in respect of the share.

21.10 | Dividend Bears No Interest

No dividend bears interest against the Company.

21.11 | Fractional Dividends

If a dividend to which a shareholder is entitled includes a fraction of the smallest monetary unit of the currency of the dividend, that fraction may be disregarded in making payment of the dividend and that payment represents full payment of the dividend.

21.12 | Payment of Dividends

Any dividend or other distribution payable in cash in respect of shares may be paid by cheque, made payable to the order of the person to whom it is sent, and mailed to the address of the shareholder, or in the case of joint shareholders, to the address of the joint shareholder who is first named on the central securities register, or to the person and to the address the shareholder or joint shareholders may direct in writing. The mailing of such cheque will, to the extent of the sum represented by the cheque (plus the amount of the tax required by law to be deducted), discharge all liability for the dividend unless such cheque is not paid on presentation or the amount of tax so deducted is not paid to the appropriate taxing authority.

21.13 | Capitalization of Surplus

Notwithstanding anything contained in these Articles, the directors may from time to time capitalize any surplus of the Company and may from time to time issue, as fully paid, shares or any bonds, debentures or other securities of the Company as a dividend representing the surplus or any part of the surplus.

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22. | DOCUMENTS, RECORDS AND REPORTS

22.1 | Recording of Financial Affairs

The directors must cause adequate accounting records to be kept to record properly the financial affairs and condition of the Company and to comply with the Business Corporations Act.

22.2 | Inspection of Accounting Records

Unless the directors determine otherwise, or unless otherwise determined by ordinary resolution, no shareholder of the Company is entitled to inspect or obtain a copy of any accounting records of the Company.

22.3 | Remuneration of Auditor

The directors may set the remuneration of the Company’s auditor (if any).

23. | NOTICES

23.1 | Method of Giving Notice

Unless the Business Corporations Act or these Articles provides otherwise, a notice, statement, report or other record required or permitted by the Business Corporations Act or these Articles to be sent by or to a person may be sent by any one of the following methods:

(a) | mail addressed to the person at the applicable address for that person as follows:

| (i) | for a record mailed to a shareholder, the shareholder’s registered address;

| (ii) | for a record mailed to a director or officer, the prescribed address for mailing shown for the director or officer in the records kept by the Company or the mailing address provided by the recipient for the sending of that record or records of that class; and

| (iii) | in any other case, the mailing address of the intended recipient;

(b) | delivery at the applicable address for that person as follows, addressed to the person:

| (i) | for a record delivered to a shareholder, the shareholder’s registered address;

| (ii) | for a record delivered to a director or officer, the prescribed address for delivery shown for the director or officer in the records kept by the Company or the delivery address provided by the recipient for the sending of that record or records of that class; and

| (iii) | in any other case, the delivery address of the intended recipient;

(c) | sending the record by fax to the fax number provided by the intended recipient for the sending of that record or records of that class;

(d) | sending the record by email to the email address provided by the intended recipient for the sending of that record or records of that class; or

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(e) | physical delivery to the intended recipient.

23.2 | Deemed Receipt of Mailing

A record that is mailed to a person by ordinary mail to the applicable address for that person referred to in Article 23.1 is deemed to be received by the person to whom it was mailed on the day, Saturdays, Sundays and holidays excepted, following the date of mailing.

23.3 | Certificate of Sending

A certificate signed by the secretary, if any, or other officer of the Company or of any other corporation acting in that behalf for the Company stating that a notice, statement, report or other record was addressed as required by Article 23.1, prepaid and mailed or otherwise sent as permitted by Article 23.1 is conclusive evidence of that fact.

23.4 | Notice to Joint Shareholders

A notice, statement, report or other record may be provided by the Company to the joint shareholders of a share by providing the notice to the joint shareholder first named in the central securities register in respect of the share.

23.5 | Notice to Trustees

A notice, statement, report or other record may be provided by the Company to the persons entitled to a share in consequence of the death, bankruptcy or incapacity of a shareholder by:

(a) | mailing the record, addressed to them:

| (i) | by name, by the title of the legal personal representative of the deceased or incapacitated shareholder, by the title of trustee of the bankrupt shareholder or by any similar description; and

| (ii) | at the address, if any, supplied to the Company for that purpose by the persons claiming to be so entitled; or

(b) | if an address referred to in Article 23.5(a)(ii) has not been supplied to the Company, by giving the notice in a manner in which it might have been given if the death, bankruptcy or incapacity had not occurred.

24. | SEAL

24.1 | Who May Attest Seal

Except as provided in Articles 24.2 and 24.3, the Company’s seal, if any, must not be impressed on any record except when that impression is attested by the signatures of:

(a) | any two directors;

(b) | any officer, together with any director;

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(c) | if the Company only has one director, that director; or

(d) | any one or more directors or officers or persons as may be determined by the directors.

24.2 | Sealing Copies

For the purpose of certifying under seal a certificate of incumbency of the directors or officers of the Company or a true copy of any resolution or other document, despite Article 24.1, the impression of the seal may be attested by the signature of any director or officer.

24.3 | Mechanical Reproduction of Seal

The directors may authorize the seal to be impressed by third parties on share certificates or bonds, debentures or other securities of the Company as they may determine appropriate from time to time. To enable the seal to be impressed on any share certificates or bonds, debentures or other securities of the Company, whether in definitive or interim form, on which facsimiles of any of the signatures of the directors or officers of the Company are, in accordance with the Business Corporations Act or these Articles, printed or otherwise mechanically reproduced, there may be delivered to the person employed to engrave, lithograph or print such definitive or interim share certificates or bonds, debentures or other securities one or more unmounted dies reproducing the seal and the chair of the board or any senior officer together with the secretary, treasurer, secretary-treasurer, an assistant secretary, an assistant treasurer or an assistant secretary-treasurer may in writing authorize such person to cause the seal to be impressed on such definitive or interim share certificates or bonds, debentures or other securities by the use of such dies. Share certificates or bonds, debentures or other securities to which the seal has been so impressed are for all purposes deemed to be under and to bear the seal impressed on them.

25. | SPECIAL RIGHTS AND RESTRICTIONS OF PREFERENCE SHARES

25.1 | Special Rights and Restrictions of Preference Shares, as a Class

The following special rights and restrictions shall be attached to the preference shares without par value:

(a) | The preference shares as a class shall have attached thereto the special rights and restrictions specified in this Article 25.1.

(b) | Preference shares may at any time and from time to time be issued in one or more series. The directors may from time to time, by resolution passed before the issue of any preference shares of any particular series, alter the Notice of Articles of the Company to fix the number of preference shares in, and to determine the designation of the preference shares of, that series and alter the Articles to create, define and attach special rights and restrictions to the preference shares of that series, including, but without in any way limiting or restricting the generality of the foregoing, the rate or amount of dividends, whether cumulative, non-cumulative or partially cumulative, the dates, places and currencies of payment thereof, the consideration for, and the terms and conditions of, any purchase for cancellation or redemption thereof, including redemption after a fixed term or at a premium, conversion or exchange rights, the terms and conditions of any share purchase plan or sinking fund, the restrictions respecting payment of dividends on, or the repayment of capital in respect of, any other shares of the Company and voting rights and restrictions; but no special right or restriction so created, defined or attached shall contravene the provisions of clause (c) of this Article 25.1.

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(c) | Holders of preference shares shall be entitled, on the distribution of assets of the Company or on the liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary, or on any other distribution of assets of the Company among its members for the purpose of winding up its affairs, to receive before any distribution shall be made to holders of common shares or any other shares of the Company ranking junior to the preference shares with respect to repayment of capital, the amount paid up with respect to each preference share held by them, plus any accrued and unpaid cumulative dividends (if any and if preferential) thereon. After payment to holders of preference shares of the amounts so payable to them, such holders shall not be entitled to share in any further distribution of the property or assets of the Company except as specifically provided in the special rights and restrictions attached to any particular series of the preference shares.

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