Increase of Capital and Preference Shares.

36. The Company may from time to time increase the capital by the creation of new shares of such amount as may be deemed expedient

37. The new shares, and also any shares in the original capital for the time being unissued, may be issued upon such terms and conditions, and with such rights, preferences and privileges annexed thereto as the Directors shall determine, and in particular such shares may be issued with a preferential or qualified right to dividends, in the distribution of assets of the Company, and with a special right of voting or without any right of voting.

38. The Company may, before the issue of any new shares, determine that the same or any of them shall be offered in the first instance to any persons in actual personal occupation of any lands belonging to or sold by the Company, whether members of the Company or not, or to all the then members in proportion to the amount of the capital held by them, or make any other provisions as to the issue and page 9 allotment of the new shares, but in default of any such determination, or so far as the same shall not extend the new shares shall be subject to clause 5 hereof.

39. Except so Jar as otherwise provided by the conditions of issue, or by these presents, any capital raised by the creation of new shares shall be considered part of the original capital and shall be subject to the provisions herein contained with reference to the payment of calls and instalments, transfers and transmission, forfeiture, lien, surrender, and otherwise.

40. If at any time the capital by reason of the issue of preference shares, or otherwise, is divided into different classes, all or any of the rights and privileges attached to each class may be modified by agreement between the Company and any person purporting to contract on behalf of that class, provided such agreement is confirmed by an extraordinary resolution passed at a separate general meeting of the holders of shares of that class and all the provisions hereinafter contained as to the general meetings shall, mutatis mutandis, apply to every such meeting, but so that the quorum thereof shall be members holding or representing by proxy two-thirds of the nominal amount of the issued shares of the class.