SAPPI LTD (SAP) 6-K

For the purpose of these articles:
i) monies borrowed for the purpose of repaying the whole or any part of any monies previously borrowed and then outstanding (including
any premium payable on final repayment thereof) and intended to be applied for that purpose within three after such borrowing shall not,
pending such application, be taken into account as monies borrowed;
ii)
iii)
iv)
the principal amount (including any premium payable on final repayment) of any loan capital issued for a consideration other than cash
shall be taken into account as monies borrowed by the company issuing the same;
whenever any monies borrowed in any currency other than currency of South Africa are to be taken into account they shall be converted
into currency of South Africa at the rate of exchange then current;
No debt incurred or security given in respect of monies borrowed in excess of the aforesaid limit shall be invalid or ineffectual except in
the case of express notice to the lender or the recipient of the security at the time when the debt was incurred or the security given that the
said limit has been or was thereby exceeded. Nevertheless no lender or other person dealing with the company shall be concerned to see
or enquire whether such limit is observed; and
v) Any debenture, bonds or other securities may be issued at par or at a discount or at a premium, and with any special privileges as to
transfer, redemption, surrender and drawings provided that no special privileges as to allotment of shares, attending and voting at general
meetings, appointment of directors or otherwise shall be given save with the sanction of the company in general meeting.
e) Retirement of directors
The directors shall retire from office in the following manner:
206