stefansson-wrangel-09-35-003-007

- 6 -

half an hour from the time appointed for the meeting, the
members present shall be and constitute a quorum, and may
proceed with the transaction of the business before the
meeting.

22. Any Director, either individually or as a member
of a partnership, or a shareholder or director of a Company
or Corporation, may, notwithstanding any rule of law or
equity to the contrary, be appointed to any office under the
Directors with or without remuneration or contract with
the Company, either as a Vendor, Purchaser, or otherwise, or
act as agent of the Company or be interested in any operation,
undertaking or business, transaction, undertaken or assisted
by the Company, or in which the Company is interested, and no
contract shall be voided, nor shall any Director so
contracting, or being so interested, be liable to account
to the Company for any profit realized by reason of such
arrangement, or contract, by reason of such Director holding
that office, or of the fiduciary relation thereby established,
but it is declared that the nature and extent of such
Direotor's interest must be disclosed by him at the meeting of
the Directors at which the contract, arrangement or undertaking
is determined, if his interest then exists, or in any other
case at the first meeting of the Directors after the
acquisition of his interest, and no Director shall as a
Director vote in respect of any such contract or arrangement
in which he is so interested as aforesaid; but this declaration
may at any time be suspended or relaxed to any extent by a
General Meeting.

23. Stores may be transferred from one member to
another, but no share or shares shall at any time be transferred
to any person not already a shareholder in the Company, without
the consent of the Directors of the Company.

24. The number of members of the Company exclusive
of persons in the employ thereof shall be limited to fifty.