OAM2681 OVCT 2 Prospectus aw12 - Clubfinance

(1) at the rate of exchange used for the conversion
of that currency in the relevant balance sheet; or
£75,000 (or such larger amount as the Company may
determine) per annum.
(f)
(v)
(vi)
(2) if no rate was so used, at the middle market
rate of exchange prevailing at the close of
business in London on the date of that balance
sheet; or
(3) where the repayment of such monies is
expressly covered by a forward purchase
contract, currency option, back-to-back loan,
swap or other arrangements taken out and
entered into to reduce the risk associated with
fluctuations in exchange rates, at the rate of
exchange specified in that document;
but if the amount in sterling resulting from conversion
at that rate would be greater than that resulting from
conversion at the middle market rate prevailing in
London at the close of business on the business day
immediately preceding the day on which the calculation
falls to be made, the latter rate shall apply instead.
A report or certification or payment off of or other
dealing with any investments or other capital assets
and, subject to the Act, any expenses, loss or liability
(or provision thereof) which the Board considers to
relate to a capital item or which the Board otherwise
considers appropriate to be debited to the capital
reserve shall be carried to the debit of the capital
reserve. During a Relevant Period, all sums carried
and standing to the credit of the capital reserve may
be applied for any of the purposes for which sums
standing to any revenue reserve are applicable except
and provided that notwithstanding any other
provision of these Articles during a Relevant Period
no part of the capital reserve or any other money in
the nature of accretion to capital shall be transferred
to the revenue reserves of the Company or be
regarded or treated as profits of the Company
available for distribution or be applied in paying
dividends on any shares in the Company. In periods
other than a Relevant Period any amount standing to
the credit of the capital reserve may be transferred to
the revenue reserves of the Company or be regarded
or treated as profits of the Company available for
distribution or be applied in paying dividends on any
shares in the Company.
No debt incurred or security given in respect of
monies borrowed in excess of the limit imposed by
this article shall be invalid or ineffectual except in the
case of express notice to the lender or recipient of
the security at the time when the debt was incurred
or security given that the limit had been or would
thereby be exceeded but no lender or other person
dealing with the Company shall be concerned to see
or enquire whether such limit is observed.
Directors
(i) Unless otherwise determined by the Company the
maximum number of directors shall be ten and the
minimum shall be two. The quorum for meetings of
the Board shall be two and the Chairman shall have a
second or casting vote on a tie.
(ii)
The Directors shall be entitled to be paid fees for
their services as Directors on such sums as the Board
may determine from time to time but not exceeding
(g)
(iii)
(iv)
Each Director may appoint as an alternate Director
either another Director or a person approved by the
Board and to terminate such appointment.
At every annual general meeting, there shall retire
from office any Director who shall have been a
Director at each of the preceding two annual general
meetings and who was not appointed or reappointed
by the Company in general meeting at, or
since, either such meeting. A retiring Director shall be
eligible for re-appointment. A Director retiring at a
meeting shall, if he is not re-appointed at such
meeting, retain office until the meeting appoints
someone in his place, or if it does not do so, until the
conclusion of such meeting.
Directors’ Interests
(i) Conflicts of Interest Requiring Board Authorisation
The Board may, provided the quorum and voting
requirements set out below are satisfied, authorise
any matter that would otherwise involve a Director
breaching his duty under the Act to avoid conflicts of
interest except that the Director concerned and any
other Director with a similar interest:
(ii)
(iii)
(1) shall not count towards the quorum at the
meeting at which the conflict is considered; and
(2) the resolution will only be valid if it would have
been agreed to if his vote had not been
counted.
Where the Board gives authority in relation to such a
conflict:
(1) the Board may (whether at the time of giving
the authority or at any time or times
subsequently) impose such terms upon the
Director concerned and any other Director with
a similar interest as it may determine, including,
without limitation, the exclusion of that Director
and any other Director with a similar interest
from the receipt of information, or participation
in discussion (whether at meetings of the Board
or otherwise) related to the conflict;
(2) the Director concerned and any other Director
with a similar interest will be subject to any
terms imposed by the Board from time to time
in relation to the conflict;
(3) any authority given by the Board in relation to a
conflict may also provide that where the
Director concerned and any other Director with
a similar interest obtains information that is
confidential to a third party, the Director will not
be obliged to disclose that information to the
Company, or to use the information in relation
to the Company’s affairs, where to do so would
amount to a breach of that confidence;
(4) the Board may withdraw such authority at
any time.
Directors are obliged to declare any material interest
which they may have in any transaction or
arrangement involving the Company. Such directors
shall not vote or be counted in the quorum in
32