stefansson-wrangel-09-35-003-005

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17. The Seal of the Company shall not be affized
to any instrument except by the authority of the resolution
of the Board of Directors, and in the presence of the Secretary
or one Director, which said Secretary or Director shall be
present when the seal is the Company is so affixed, as afresaid,
and the said Secretary or Director shall sign every insturment
to which the seal of the Company is so affixed in his presence.

18. The Directors may refuse to register any transfer
of shares - (a) whan the Company has a lien on such share or
shares; (b) when the transferor is indebted or in any way
obligated to the Company in respect of unpaid calls or otherwise
howsoever.

19. The Directors may retain any dividends in respect
of any share or shares on which tho Company has a lien, or in
respect of which any moneys are owing or accruing due to the
Company, and may apply the same in or towards the satisfaction
of the debts, liabilities, obligations or engagements in respect
of which such lien exists, and the Directors may declare a lien
on the shares of any member of the Company who is or shall be
obligated in any way to the Company through unpaid calls, loans,
advances, or otherwise howsoever, and the passing of a resolution
by the Boerd of Directors against eny share or shares shall
create a lien when and as soon as such resolution shell be
entered and signed in the Minute Book by the Directors; such
lien shall at once be considered as and be created and exist
from the date and time of passing such resolution.

20. The Directors may accept as a pledge of good faith
from any shareholder of the Company who may from time to time
occupy any official capacity or in any way be concerned in the
service of the Company, any share or shares owned by such member,
and such shares so deposited as a pledge of good faith and good
conduct on the part of such member, officer, agent or official
of the Company shall be deposited with the Secretary of the
Company, and from time of such deposit it shall be considered