Section 38

Subject to any relevant modification, each share in an IBC shall be issued for consideration in money or money's worth (including a promissory note or other written binding obligation to contribute money or other property); and every share in an IBC shall be in the nature of personal property.

Incorporating amendments until S 53/2017

(Clean Vesion) NANI/zimah _ as of 11 February 2020

45

BLUV as at 20th June 2017

Subject to any relevant modification, shares in an IBC may be issued for such amount as may be determined from time to time by the directors, except that in the case of an

IBC having shares with par value, the amount so determined shall be not less than that par value; and, in the absence of fraud, the decision of the directors as to the value of the consideration received by the IBC in respect of the issue shall be conclusive, unless a question of law is involved.

A share issued by an IBC upon conversion of, or in exchange for, another share or other security in the IBC (“the original share or other security”) shall be treated for all purposes as having been issued for consideration equal to that received or deemed to have been received by the IBC in respect of the original share debt obligation or other security.

Subject to any relevant modification, each share in a company incorporated under this Order may be issued for money, services rendered, personal property (including other shares, debt obligations or other securities in the company), an estate in real property, a promissory note or other binding obligation to contribute money or property, or any combination thereof.

Payment for shares.