BP (BP)

Reserves

126     (A)     After payment of the dividends upon any preference shares of the Company, and of a dividend of 4.2 per cent. upon the Ordinary Shares, there shall be set aside a special reserve fund out of the balance of the profits of each year such sum as the Directors may determine, and no part of the moneys so set aside nor of the interest thereon shall without the sanction of an extraordinary resolution of the holders of the preference shares be applied otherwise than for the purpose of making up any deficit of cumulative dividend on the preference shares, or in the event of a reduction of capital or a winding up, for the purpose of repaying to the holders of the preference shares the amounts paid up on such shares together with the ten per cent. referred to in sub-paragraphs (i) and (ii) of paragraph (A) of Article 5 but the same may be used by the Directors as part of the working capital of the Company. All moneys from time to time standing to the credit of the special reserve fund may be invested in or upon such securities or investments as the Directors shall think fit, including the debentures of any company formed or promoted by this Company, or in which this Company shall hold shares.

(B)     The Directors may from time to time set aside out of the profits of the Company and carry to a general reserve such further sums as they think proper which, at the discretion of the Directors, shall be applicable for any purpose to which the profits of the Company may properly be applied and pending such application may either be employed in the business of the Company or be invested. The Directors may divide the general reserve into such special funds as they think fit and may consolidate into one fund any special funds or any parts of any special funds into which the general reserve may have been divided. The Directors may also without placing the same to reserve carry forward any profits.

(C)     In carrying sums to reserve and in applying the same the Directors shall comply with the provisions of the Statutes.

Reserves

126     (A)     After
payment of the dividends upon any preference shares of the Company, and of a dividend of 4.2 per cent. upon the Ordinary Shares,
there shall be set aside a special reserve fund out of the balance of the profits of each year such sum as the Directors may
determine, and no part of the moneys so set aside nor of the interest thereon shall without the sanction of an extraordinary
resolution of the holders of the preference shares be applied otherwise than for the purpose of making up any deficit of cumulative
dividend on the preference shares, or in the event of a reduction of capital or a winding up, for the purpose of repaying to the
holders of the preference shares the amounts paid up on such shares together with the ten per cent. referred to in sub-paragraphs (i)
and (ii) of paragraph (A) of Article 5 but the same may be used by the Directors as part of the working capital of the Company. All
moneys from time to time standing to the credit of the special reserve fund may be invested in or upon such securities or investments
as the Directors shall think fit, including the debentures of any company formed or promoted by this Company, or in which this
Company shall hold shares.

(B)     The
Directors may from time to time set aside out of the profits of the Company and carry to a general reserve such further sums as they
think proper which, at the discretion of the Directors, shall be applicable for any purpose to which the profits of the Company may
properly be applied and pending such application may either be employed in the business of the Company or be invested. The Directors
may divide the general reserve into such special funds as they think fit and may consolidate into one fund any special funds or any
parts of any special funds into which the general reserve may have been divided. The Directors may also without placing the same to
reserve carry forward any profits.

(C)     In
carrying sums to reserve and in applying the same the Directors shall comply with the provisions of the Statutes.