stefansson-wrangel-09-35-003-003

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7. The office of Director shall he vacated before its
expiry in due course - (a) if the Director ceases to he a
shareholder in the Company; (b) if he be declared lunatic or
become of unsound mind; (c) it he sends in his written
resignation to the Board of Directors, and the same be
accepted before the withdrawal thereof; the time of acceptance
to be considered as the time the resolution of the acceptance
was passed by the Board of Directors.

8. The Company may by ordinary resolution at any
meeting, general or special, callod for the consideration of
any business of the Company, remove any Director before the
expiration of his period of office, and may by ordinary
resolution appoint another person in his stead; the person so
appointed shall be subject to retirement at the same time as if
he had become a Director on the day on which the Director in
whose place he is appointed was last elected a Director.

9. The Directors shall cause minutes to be made and
kept in books provided for such purpose - (a) of all appoint-
ments of officers made by the Director; (b) of all the names
of the Directors present at each meeting of the Directors and
of any committee of the Directors; (c) of all resolutions and
proceedings at all meetings of the Company and of the Directors
and all committees of Directors; and such minutes of any
respective meeting either of the Company or of the Directors
or Committee of Directors, shall be signed by the Chairman of
the Board of Directors and by the Secretary of the Company
in such book, and in the absence of the Chairman and the Secretary
or either of then, then by any two (2) directors who may be
present.

10. The Directors shall have power to make bylaws and
regulations not inconsistent with the Articles of Association
or Memorandum of Association, providing for all matters
pertaining to the internal management and economy of the Company