This excerpt taken from the GSOL 6-K filed May 22, 2008.
THE POWERS OF DIRECTORS
Bye-Law 99 currently reads as follows:-
“The Board may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and to issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or any other persons.”
The Board proposes to amend Bye-Law 99 by deleting it in its entirety and replacing it with the following:-
“The Board may exercise all the powers of the Company except those powers that are required by the Companies Acts or these Bye-Laws to be exercised by the Shareholders.”
If the proposed amendment to the Bye-Laws were approved, Bye-Law 99, as amended, would read as follows, with the new text set forth above underlined and by striking through the deleted text:-
“99. The Board may exercise all the powers of the Company