Subsection IV One Tier System

(1)

(Amended - SG 84 - 2000) The company shall be managed and represented by a board of directors. The board of directors shall consist of minimum three and maximum nine persons.

(2)

The board of directors shall adopt its own rules of procedure and shall elect a chairman and vice chairman from among its members.

(3)

The board of directors shall meet regularly not less than once every three months to discuss the company's state of affairs and prospects for development.

(4)

The management of the company shall be delegated by the board of directors to one or several directors, who shall be termed officers. The officers shall be a minority of the directors and may at any time be replaced.

(5)

Each of the officers must immediately inform the chairman of the board of all circumstances which have arisen which are material to the company.

(6)

Each director may request that the chairman call a meeting to discuss particular matters.