Memorandum and Articles of Association - Li Ning

- 11 -31. Any amount payable in respect of a share upon allotment or at any fixed date, whetherin respect of nominal value or premium or as an instalment of a call, shall be deemed to be a call duly madeand payable on the date fixed for payment and if it is not paid the provisions of these Articles shall apply asif that amount had become due and payable by virtue of a call duly made and notified.32. On the issue of shares the Board may differentiate between the allottees or holders as tothe amount of calls to be paid and the times of payment.33. The Board may, if it thinks fit, receive from any Member willing to advance the same,and either in money or money's worth, all or any part of the moneys uncalled and unpaid or instalmentspayable upon any shares held by him and upon all or any of the moneys so advanced (until the same would,but for such advance, become presently payable) pay interest at such rate (if any) as the Board may decide.The Board may at any time repay the amount so advanced upon giving to such Member not less than onemonth's Notice of its intention in that behalf, unless before the expiration of such notice the amount soadvanced shall have been called up on the shares in respect of which it was advanced. Such payment inadvance shall not entitle the holder of such share or shares to participate in respect thereof in a dividendsubsequently declared.FORFEITURE OF SHARES34. (1) If a call remains unpaid after it has become due and payable the Board may give to theperson from whom it is due not less than fourteen (14) clear days' Notice:(a)requiring payment of the amount unpaid together with any interest which may haveaccrued and which may still accrue up to the date of actual payment; and(b)stating that if the Notice is not complied with the shares on which the call was madewill be liable to be forfeited.(2) If the requirements of any such Notice are not complied with, any share in respect ofwhich such Notice has been given may at any time thereafter, before payment of all calls and interest due inrespect thereof has been made, be forfeited by a resolution of the Board to that effect, and such forfeitureshall include all dividends and bonuses declared in respect of the forfeited share but not actually paidbefore the forfeiture.35. When any share has been forfeited, notice of the forfeiture shall be served upon theperson who was before forfeiture the holder of the share. No forfeiture shall be invalidated by any omissionor neglect to give such Notice.36. The Board may accept the surrender of any share liable to be forfeited hereunder and,in such case, references in these Articles to forfeiture will include surrender.