New Zealand Refining : Constitution - Proposed Changes (Marked Up Version)

8b57425e-1299-43ee-98c0-1828d4e75f64.pdf

Constitution of The New Zealand Refining Company Limited

Under the Companies Act 1993

20th Floor, Lumley Centre, 88 Shortland Street, Auckland 1010 TEL + 64 9 3539700 FAX + 64 9 3539701

www.minterellison.co.nz

Constitution of The New Zealand Refining Company Limited

Part I5

1. Defined terms, and interpretation 5

2. Defined terms 5

3. Interpretation 7

   Part II 8
4. The Act and the Rules 8

5. The Act 8

6. Incorporation of Rules 8

7. Rules prevail 8

8. Compliance with Rules 8

9. NZX Rulings 8

10. Effect of failure to comply 8

11. Changes to Rules 8

    Part III 9
12. Rights Of Holders Of Securities 9

13. Rights 9

14. Alteration of Shareholders' Rights 9

    Part IV 10
15. Shares: Issues; Calls; Forfeiture; Surrender; Lien; Acquisition; Redemption; Financial Assistance; Minimum Holdings 10

16. Power to Issue Shares 10

17. Convertible Securities 10

18. Options 10

19. Consolidation and subdivision 10

20. Bonus issues 10

21. Treasury Stock 11

22. Third party 11

23. Calls on Shares 11

24. Forfeiture of Shares 12

25. Surrenders of Shares 13

26. Lien 13

27. Acquisition and redemption of Shares by Company and financial assistance 14

28. Minimum Holdings 14

    Part V 15
29. Transfers, Transmissions and General 15

30. Transferor is deemed to remain holder until registration of transfer 15

31. Board's refusal to register transfers of Shares 15

32. No other restrictions 151515

33. Suspension of registration 151515

34. Return of unregistered Transfers 16

35. Transmission of Shares 16

36. Transfer of Securities other than Shares 16

    Part VI 17
37. Distributions to Shareholders 17

38. Satisfaction of Solvency Test 17

39. Restriction on certain Dividends 17

40. Persons to whom Distribution payable 17

41. Dividends may be paid by automatic payment or by cheque 17

42. No interest on Distributions 17

43. Deductions from Distributions 17

44. Unclaimed Distributions and other moneys 17

45. Shares in lieu of Dividends 18

46. Calls in advance do not carry right to participate 18

47. Authorisation of Dividends 18

48. Transfer does not pass right to any Distribution declared after such transfer 18

    Part VII 19
49. Shareholders' Powers and Meetings 19

50. Exercise of powers reserved to Shareholders 19

51. First Schedule 19

52. Annual Meeting 19

53. Special Meetings 19

54. Shareholders entitled to notice of meeting 19

55. Notice of meeting 20

56. Contents of notice 20

57. Irregularities in notice 20

58. Proxies and corporate representatives 20

59. Quorum 21

60. Adjournments 22

61. Chairperson of meetings of Shareholders 22

62. Minutes 22

63. Votes of Shareholders 23

64. Voting restrictions 23

65. Votes of overseas protected persons or joint members and service of notices overseas 24

66. Polls 24

67. Declaration by Chairperson to be conclusive evidence of fact 25

68. Equality of Votes - no casting vote 25

    Part VIII 26
69. Directors 26

70. Directors' shareholding qualifications 26

71. Appointment and number of Directors 26

72. Continue in office 26

73. Board to Confirm Independence 26

74. Timing of Determination 26

75. Company to obtain necessary information 26

76. Number of Directors may be increased or reduced 262626

    
    

    8.8	Powers of Directors to fill casual vacancy or appoint additional Directors	272726
    8.9	Rotation of Directors	27
    8.10	Directors may be removed by Ordinary Resolution	27
    8.11	Office of a Director vacated in certain cases	27
    8.12	Vacancies and reduction of numbers	272727
    8.13	Nominations and voting	282827
    8.14	Managing Director(s)	28
    8.15	Alternate Directors	292928
    8.16	Directors' remuneration	29
    8.17	Transactions involving Directors' self interest	30
    8.18	Proceedings of Directors	31

    Part IX 35
77. Indemnity and Insurance 35

78. Indemnity for Directors and Employees for costs 35

79. Indemnity for Directors and Employees for liability 35

80. Insurance 35

81. Liability 35

82. Definition 36

    Part X 37
83. Contracting by the Company 37

84. Method of contracting 37

85. Governing law 37

    Part XI 38
86. Accounts 38

87. Accounts to be kept 38

88. Financial Statements etc to be made out yearly 38

89. Appointment of Auditors 38

    Part XII 39
90. Electronic Communications 39

91. Electronic Communications 39

92. Receipt of Electronic Communications 39

    Part XIII 40
93. Liquidation 40

94. Liquidation of the Company 40

95. Assets may be distributed 40

96. Definition 40

97. Commissions to be ratified by Shareholders 40