June 3rd 2010 |
§ 1 – Company Name |
| The name of the company is Borgestad Industries ASA. The company is a public limited company. |
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§ 2 – Registered office |
| The registered office of the company is in the municipality of Skien. |
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§ 3 – Company business |
| The business of the company is within industry, commercial services and naturally associated activities including participation in other companies. |
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§ 4 – Share capital |
| The share capital is NOK 11 990 590 divided into 2 398 112 shares, each with a nominal value of NOK 5,-. |
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§ 5 – Board of Directors |
| The Board of Directors of the company shall consist of at least three but no more than seven Directors, according to the resolution of the General Meeting. The Chairman of the Board of Directors shall be elected by the general meeting. |
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§ 6 – Signatory rights |
| The Chairman of the Board of Directors and any one Director may jointly sign for and on behalf of the company. |
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§ 7 – General meeting |
| The Ordinary General Meeting shall deal with and decide upon the following matters: Approval of the annual accounts and the annual report, including distribution of dividend and any other business to be transacted at the General Meeting by law or in accordance with the Articles of Association. The Chairman of the Board, or the person elected by him, shall chair the ordinary and extraordinary general meetings. |
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§ 8 – Transferability of the shares |
| Share transfer does not require approval from the company, and the shareholders do not have the right of first refusal. |