NORDLYS PLAN EDIT JAN 2017

ii) The Captain:
a) The optimal maintenance and seaworthiness of the ship .
b ) An adequate and sensible knowledge of the equipment, loading and victual of the
ship.
c ) The most favorable trade route sailed, taking into account freight markets,
prevailing winds, storms and seasons, security and the highest possible yield.
d ) The voyage planning and safety of navigation at sea with consideration of
adequate log, lead and lookout.
e ) the orderly administration of the log and all income and expenditures of
the ship .
D ) In case of disagreement between the agent and the captain, they both have the right to call a
shareholders meeting to force a resolution.
E ) An agent is appointed at the founding of the shipping company. He can immediately voluntarily
resign after finding an appropriate successor or upon prior notice to the shipping company
of six months. Moreover he can be fired at direct notice by a majority of votes of at least
three/fourths of all votes cast at a shareholders meeting. The agent may also be excused by action
through the court proving incapacity or gross negligence. By common votes from the
shareholders the Captain can assume the agents responsibilities.
Shareholders Meeting
Article 8
A) A shareholders meeting can be called when the agent or at least 25% of the shareholders
wish.
B ) One person designated by the representative agent shall act as chairman of the meeting.
C ) The calls made in writing or by email, over a period of at least fourteen days prior with an
invitation detailing the topics to be discussed.
D ) The minutes shall be kept by a secretary appointed by the chairman of the meeting.
E ) Shareholders can be represented by another party provided prior agreement. This representative
can only represent one shareholder. The agent can represent an unlimited number of
shareholders.
F ) All decisions are subject to the other provisions of this act, passed by majority vote.
G ) for each share a shareholder owns, a separate vote may be cast.
H ) If a vote concerns choosing between individuals and the vote is a draw a second vote can be
undertaken. If the second vote is a draw a third vote will be done between the two highest winners.
I) The shareholders meeting may at any time decide to amend the articles and by decision of
the shareholders with a majority of three / fourths of all votes cast. Included with the invitation
of the meeting will be the shareholders text proposal on the aforementioned amendment.
J) The agent can take decisions outside the meeting for which the following:
i) The proposal that should be decided shall be sent in writing or by email by the agent
to all shareholders, with reasons and arguments. In respect of the proposal concerned
the clients to react in positive or negative sense, which if negative response to the proposal
in writing by the shareholder after sending e-mail within one month after the
argument is given, thus also a possible revision proposal will be taken into account.
ii ) A decision is then taken out of the meeting if the majority of the votes to be cast is
positive as defined above.
iii ) If any shareholders within the period of one month referred to above has not responded
or the response is not received by the agent in writing, it will be considered a
positive vote and held responsible by the shipping company for approval.
K) The proposal to the shareholders must be executed by the agent in a manner appropriate of
the importance of the amendment.
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