“RESOLVED THAT the regulations contained in the documents submitted for consideration and approval of this meeting, and initialed by the Chairman of the meeting for the purpose of identification, be and are hereby approved and adopted as the Article of Association of the Company in substitution for, and to the exclusion of, the present Articles of Association of the Company.”
EXPLANATORY STATEMENT
The Directors of the Company believe that it is desirable that the articles of association of the company be revised so that they fully reflect not only the law governing the company and rules and regulations made thereunder, but is also in conformity with the modern secretarial practices and other compliances.
Since the proposed alterations, deletions, insertions, etc. to the present articles of association are numerous, it is more convenient to adopt an altogether new set of articles of association incorporating all the proposed alterations.
Your directors commend the proposed resolution for your consideration and adoption of the new set of Articles of Association of the Company to replace the existing Articles of Association of the Company.