NORDLYS PLAN EDIT JAN 2017

a) The refit and ownership of the Ketch “Nordlys”.
b ) Operation by charter and commercial contract of the ketch "Nordlys" hereinafter referred
to as " the ship".
c ) Engaging with the acquisition, management and operation of the ship-related securities.
d ) All that pertains to the above relation, or in the broadest sense of the word.
Duration
Article 3
The shipping company is indefinite.
Management
Article 4.
The daily management and administration of the Nordlys Shipping Company SA will be carried
out by the Captain. The shore-side management will be handled by the general agent
Fairtransport Shipping BV.
Acquisition and ownership
Article 5
a) The maximum number of shares is 300 (three hundred).
b ) The shares held by partners will be numbered from 1 to 300.
c ) The shares have a nominal value of one thousand euro (Euro 1,000.00 ) per part.
d) Acquisition of the shares is done in cash to the amount directed by the general agent.
e ) To assess the Nordlys Shipping Company can issue shares to (legal) persons in return for
services rendered in respect to labor, knowledge and diligence.
f) Any partner holds the amount credited for his contribution to the capital account in the
books.
g) The value of the company is owned by the shareholders. Between the shareholders it is considered
a shared ownership.
Accession
Article 6
1) Accession of new partner (including replacement of a share) can happen only after prior written
permission from the agent. The agent can not refuse its consent unreasonably.
2 ) A new partner (replacement of a shareholder) must, as a condition for admission, subject to
the provisions of this Agreement, or the provisions subsequently agreed at the foot of this deed.
Representation
Article 7
A) The shipping company is represented by the agent and the captain, they represent
the shareholders in and out of court, provided, however, only within the limits of the
aforementioned goals in the shipping company.
B) The agent and captain, to this end: in their knowledge, labor and industry, to such extent as
is required for the proper management and proper operation of the ship is sufficient.
C ) The responsibilities are divided as follows but not limited to:
i) The agent:
a) Communication and correspondence with the ship, agents, customers, crew and
shareholders.
b ) Market monitoring, scheduling and routing.
c ) processing of the accounting and budget.
d ) support vessel chartering and trading.
e ) Organisation of shareholders meeting.
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