BRITISH VIRGIN ISLANDS - Mossack Fonseca & Co.

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106. Power of attorney ...............................................................................................62
107. Authentication or attestation ................................................................................62
108. Company without members .................................................................................62
PART VI
DIRECTORS
Division 1 - Management by Directors
109. Management by directors ....................................................................................62
110. Committees of directors .....................................................................................63
Division 2 - Appointment, Removal and Resignation of Directors
111. Persons disqualified for appointment as director ...................................................64
112. Consent to act as director ...................................................................................64
113. Appointment of directors .....................................................................................64
114. Removal of directors ...........................................................................................66
115. Resignation of director ........................................................................................66
116. Liability of former directors .................................................................................66
117. Validity of acts of director ...................................................................................66
118. Register of directors ...........................................................................................67
118A. Annual return for unlimited company not authorised to issue shares .......................67
119. Emoluments of directors .....................................................................................67
Division 3 - Duties of Directors and Conflicts
120. Duties of directors ..............................................................................................67
121. Powers to be exercised for proper purpose ..........................................................68
122. Standard of care ................................................................................................68
123. Reliance on records and reports ..........................................................................68
124. Disclosure of interest ..........................................................................................69
125. Avoidance by company of transactions in which director is interested .....................70
Division 4 - Proceedings of Directors and Miscellaneous Provisions
126. Meetings of directors ..........................................................................................71
127. Notice of meeting of directors .............................................................................71
128. Quorum for meetings of directors ........................................................................72
129. Consents of directors .........................................................................................72
130. Alternates for directors .......................................................................................72
131. Agents ...............................................................................................................72
132. Indemnification ...................................................................................................73
133. Insurance ...........................................................................................................75
AE/ET/Pub./bg/03.2007