New Constitution Pursuant to ASX Listing Rule 15.4.2, enclosed is a copy of the new constitution of Austral Gold Limited, as adopted by shareholders at the Company’s Annual General Meeting held on 30th May 2019. Sincerely,
Austral Gold Limited ABN 30 075 860 472 ASX: AGD TSXV: AGLD
Level 5 126 Phillip St, Sydney NSW 2000 | T +61 2 9380 7233 | F +61 2 9251 7455 | [email protected] | www.australgold.com
MEDIA RELEASE
Austral Gold Limited
31 May 2019
New Constitution
Pursuant to ASX Listing Rule 15.4.2, enclosed is a copy of the new constitution of Austral Gold Limited,
as adopted by shareholders at the Company’s Annual General Meeting held on 30th May 2019.
Sincerely,
Andrew Bursill
Company Secretary
+61 (2) 9698 5414
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AUSTRAL GOLD LIMITED
ABN 30 075 860 472
CORPORATIONS ACT 2001
Constitution
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Contents
1 INTERPRETATION ............................................................................................................................................................................ 7
1.1 Definitions .............................................................................................................................................................................7
1.2 Corporations Act Definitions ..............................................................................................................................................8
1.3 Status of Constitution .........................................................................................................................................................8
1.4 Headings ................................................................................................................................................................................9
1.5 Displacement of Replaceable Rules ..................................................................................................................................9
2 SHARE CAPITAL AND VARIATION OF RIGHTS .......................................................................................................................... 9
2.1 Rights Attaching to Shares .................................................................................................................................................9
2.2 Issue of Shares .....................................................................................................................................................................9
2.3 Share Options .......................................................................................................................................................................9
2.4 Classes of Shares ..................................................................................................................................................................9
2.5 Preference Shares ................................................................................................................................................................9
2.6 Recognition of Trusts ..........................................................................................................................................................9
2.7 Unregistered Interests ........................................................................................................................................................9
2.8 Share Certificates and Share Option Certificates ........................................................................................................ 10
2.9 Section 1071H of the Corporations Act......................................................................................................................... 10
2.10 Commissions ...................................................................................................................................................................... 10
2.11 Restricted Securities ......................................................................................................................................................... 10
2.12 Non-Issue or Cancellation of Certificate ....................................................................................................................... 10
2.13 No Prohibition on Foreign Ownership ........................................................................................................................... 11
2.14 Payment of Interest out of Capital................................................................................................................................. 11
3 MINIMUM SHAREHOLDING ............................................................................................................................................... 11
3.1 Effect of this Clause .......................................................................................................................................................... 11
3.2 Definitions .......................................................................................................................................................................... 11
3.3 Minimum Shareholding ................................................................................................................................................... 11
3.4 Sale of Listed Securities of Minority Member .............................................................................................................. 11
3.5 Acceptance of Offer ......................................................................................................................................................... 12
3.6 Appointment of Attorney ................................................................................................................................................ 12
3.7 Transfer .............................................................................................................................................................................. 12
3.8 Proceeds of Sale ................................................................................................................................................................ 12
3.9 Receipt of Proceeds .......................................................................................................................................................... 13
3.10 Registration of Purchaser ................................................................................................................................................ 13
3.11 Remedies Limited ............................................................................................................................................................. 13
3.12 Cost of Sale of Listed Securities ...................................................................................................................................... 13
3.13 Exemption from Clause 3 ................................................................................................................................................ 13
3.14 Notice to Exempt .............................................................................................................................................................. 13
3.15 Election to Exempt ........................................................................................................................................................... 13
3.16 Takeover Offer or Announcement ................................................................................................................................. 13
3.17 Use by Company of Clause 3 ........................................................................................................................................... 13
4 UNCERTIFICATED HOLDINGS AND ELECTRONIC TRANSFERS ................................ ................................ ......... 14
4.1 Electronic or Computerised Holding .............................................................................................................................. 14
4.2 Statement of Holdings ..................................................................................................................................................... 14
4.3 Share Certificates .............................................................................................................................................................. 14
4.4 Listing Rules ....................................................................................................................................................................... 14
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5 LIEN ................................................................................................................................................................................................... 14
5.1 Lien for Members Debts .................................................................................................................................................. 14
5.2 Generally ............................................................................................................................................................................ 14
5.3 Exemption .......................................................................................................................................................................... 15
5.4 Dividends ........................................................................................................................................................................... 15
5.5 Sale of Shares .................................................................................................................................................................... 15
5.6 Restrictions on Sale .......................................................................................................................................................... 15
5.7 Person Authorised to Sign Transfers ............................................................................................................................. 15
5.8 Proceeds of Sale ................................................................................................................................................................ 15
5.9 Protection of Lien under ASTC Settlement Rules ........................................................................................................ 15
5.10 Further Powers re Forfeited Shares and Liens ............................................................................................................. 15
6 CALLS ON SHARES ......................................................................................................................................................................... 16
6.1 Calls ..................................................................................................................................................................................... 16
6.2 Payment of Calls ............................................................................................................................................................... 16
6.3 Quoted Shares ................................................................................................................................................................... 16
6.4 Unquoted Shares .............................................................................................................................................................. 16
6.5 Joint Liability ...................................................................................................................................................................... 16
6.6 Deemed Calls ..................................................................................................................................................................... 16
6.7 Differentiation between Shareholders.......................................................................................................................... 16
6.8 Payments in Advance of Calls ......................................................................................................................................... 16
6.9 Outstanding Moneys ........................................................................................................................................................ 17
6.10 Revocation or Postponement ......................................................................................................................................... 17
6.11 Compliance with Listing Rules and Corporations Act ................................................................................................. 17
7 FORFEITURE OF SHARES .............................................................................................................................................................. 17
7.1 Failure to Pay Call ............................................................................................................................................................. 17
7.2 Forfeiture ........................................................................................................................................................................... 17
7.3 Sale of Forfeited Shares ................................................................................................................................................... 17
7.4 Continuing Liability ........................................................................................................................................................... 17
7.5 Officer’s Statement Prima Facie Evidence .................................................................................................................... 18
7.6 Procedures ......................................................................................................................................................................... 18
7.7 Listing Rules and ASTC Settlement Rules ...................................................................................................................... 18
8 TRANSFER OF SHARES ................................................................................................................................................................. 18
8.1 Form of Transfer ............................................................................................................................................................... 18
8.2 CHESS Transfers ................................................................................................................................................................ 18
8.3 Participation in CHESS ...................................................................................................................................................... 18
8.4 Registration Procedure .................................................................................................................................................... 18
8.5 Power to Refuse to Register ........................................................................................................................................... 19
8.6 Closure of Register ........................................................................................................................................................... 19
8.7 Retention of Transfers by Company .............................................................................................................................. 19
8.8 Powers of Attorney .......................................................................................................................................................... 19
8.9 Other Securities ................................................................................................................................................................ 19
8.10 Branch Register ................................................................................................................................................................. 19
8.11 Compliance with ASTC Settlement Rules ...................................................................................................................... 19
8.12 Issuer Sponsored Subregister ......................................................................................................................................... 19
8.13 Transferor Holds Shares until Registration of Transfer .............................................................................................. 19
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9 TRANSMISSION OF SHARES ....................................................................................................................................................... 20
9.1 Death of Shareholder Leaving a Will ............................................................................................................................. 20
9.2 Death or Bankruptcy of Shareholder ............................................................................................................................. 20
9.3 Registration by Transmission or to Beneficiary ........................................................................................................... 20
9.4 Limitations to Apply ......................................................................................................................................................... 20
9.5 Death of a Joint Holder .................................................................................................................................................... 20
9.6 Joint Personal Representatives ...................................................................................................................................... 20
9.7 ASTC Transfer .................................................................................................................................................................... 20
9.8 Joint Holders ...................................................................................................................................................................... 20
10 CHANGES TO CAPITAL STRUCTURE .......................................................................................................................................... 20
10.1 Alterations to Capital ....................................................................................................................................................... 21
10.2 Reduction of Capital ......................................................................................................................................................... 21
10.3 Buy-Backs ........................................................................................................................................................................... 21
11 GENERAL MEETINGS .................................................................................................................................................................... 21
11.1 Convening of General Meetings of Shareholders ........................................................................................................ 21
11.2 Cancellation of a General Meeting of Shareholders ................................................................................................... 21
11.3 Convening of General Meetings of Shareholders by a Director ................................................................................ 21
11.4 Notice ................................................................................................................................................................................. 21
11.5 Notice to Home Branch ................................................................................................................................................... 22
11.6 Annual General Meeting ................................................................................................................................................. 22
12 PROCEEDINGS AT GENERAL MEETINGS .................................................................................................................................. 22
12.1 Quorum .............................................................................................................................................................................. 22
12.2 Persons Entitled to Attend a General Meeting ............................................................................................................ 22
12.3 Refusal of Admission to Meetings ................................................................................................................................. 22
12.4 Chairman ............................................................................................................................................................................ 23
12.5 Vacating Chair ................................................................................................................................................................... 23
12.6 Disputes Concerning Procedure ..................................................................................................................................... 23
12.7 General Conduct ............................................................................................................................................................... 23
12.8 Casting Vote ....................................................................................................................................................................... 23
12.9 Adjournment ..................................................................................................................................................................... 23
12.10 Notice of Resumption of Adjourned Meeting .............................................................................................................. 23
12.11 Voting Rights ..................................................................................................................................................................... 23
12.12 Voting - Show of Hands ................................................................................................................................................... 24
12.13 Results of Voting ............................................................................................................................................................... 24
12.14 Poll ...................................................................................................................................................................................... 24
12.15 Manner of Taking Poll ...................................................................................................................................................... 24
12.16 Meeting May Continue .................................................................................................................................................... 24
12.17 Voting by Joint Holders .................................................................................................................................................... 24
12.18 Shareholder under Disability .......................................................................................................................................... 24
12.19 Payment of Calls ............................................................................................................................................................... 24
12.20 Objection to Voting .......................................................................................................................................................... 24
12.21 Proxies ................................................................................................................................................................................ 25
12.22 Electronic Appointment of Proxy ................................................................................................................................... 25
12.23 Proxy Votes ........................................................................................................................................................................ 25
12.24 Representatives of Corporate Shareholders ................................................................................................................ 25
12.25 Direct Voting ...................................................................................................................................................................... 25
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13 THE DIRECTORS ............................................................................................................................................................................. 26
13.1 Number of Directors ........................................................................................................................................................ 26
13.2 Rotation of Directors ........................................................................................................................................................ 26
13.3 Election of Directors ......................................................................................................................................................... 26
13.4 Additional Directors ......................................................................................................................................................... 26
13.5 Removal of Director ......................................................................................................................................................... 26
13.6 Vacation of Office ............................................................................................................................................................. 27
13.7 Remuneration of Directors ............................................................................................................................................. 27
13.8 Expenses ............................................................................................................................................................................. 27
13.9 No Share Qualification ..................................................................................................................................................... 27
14 POWERS AND DUTIES OF DIRECTORS ..................................................................................................................................... 27
14.1 Management of the Company ........................................................................................................................................ 27
14.2 Borrowings ......................................................................................................................................................................... 28
14.3 Attorneys ........................................................................................................................................................................... 28
14.4 Cheques, etc. ..................................................................................................................................................................... 28
14.5 Retirement Benefits for Directors .................................................................................................................................. 28
14.6 Securities to Directors or Shareholders ........................................................................................................................ 28
15 PROCEEDINGS OF DIRECTORS ................................................................................................................................................... 29
15.1 Convening a Meeting ....................................................................................................................................................... 29
15.2 Procedure at Meetings .................................................................................................................................................... 29
15.3 Quorum .............................................................................................................................................................................. 29
15.4 Majority Decisions ............................................................................................................................................................ 29
15.5 Casting Votes ..................................................................................................................................................................... 29
15.6 Alternate Directors ........................................................................................................................................................... 29
15.7 Continuing Directors May Act ......................................................................................................................................... 29
15.8 Chairman ............................................................................................................................................................................ 30
15.9 Committees ....................................................................................................................................................................... 30
15.10 Written Resolutions ......................................................................................................................................................... 30
15.11 Defective Appointment ................................................................................................................................................... 30
15.12 Directors May Hold Other Offices .................................................................................................................................. 30
15.13 Directors May Hold Shares, etc. ..................................................................................................................................... 30
15.14 Directors Not Accountable for Benefits ........................................................................................................................ 30
15.15 Disclosure of Interests in Related Matters ................................................................................................................... 31
15.16 Disclosure of Shareholding .............................................................................................................................................. 31
15.17 Related Body Corporate Contracts ................................................................................................................................ 31
15.18 Voting, Affixation of Seal ................................................................................................................................................. 31
15.19 Home Branch to be Advised............................................................................................................................................ 31
16 MEETING BY INSTANTANEOUS COMMUNICATION DEVICE.............................................................................................. 32
16.1 Meetings to be Effectual ................................................................................................................................................. 32
16.2 Procedure at Meetings .................................................................................................................................................... 32
16.3 Minutes .............................................................................................................................................................................. 32
16.4 Definition ........................................................................................................................................................................... 32
17 MANAGING AND EXECUTIVE DIRECTORS .............................................................................................................................. 32
17.1 Appointment ..................................................................................................................................................................... 32
17.2 Remuneration ................................................................................................................................................................... 32
17.3 Powers ................................................................................................................................................................................ 33
17.4 Rotation .............................................................................................................................................................................. 33
17.5 Secretary ............................................................................................................................................................................ 33
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18 SEALS ................................................................................................................................................................................................ 33
18.1 Common Seal .................................................................................................................................................................... 33
18.2 Share Seal ........................................................................................................................................................................... 33
19 ACCOUNTS, AUDIT AND RECORDS ........................................................................................................................................... 34
19.1 Accounting records to be kept ....................................................................................................................................... 34
19.2 Audit ................................................................................................................................................................................... 34
19.3 Inspection .......................................................................................................................................................................... 34
20 MINUTES ......................................................................................................................................................................................... 34
20.1 Minutes to be Kept ........................................................................................................................................................... 34
20.2 Signature of Minutes ........................................................................................................................................................ 34
20.3 Requirements of the Corporations Act ......................................................................................................................... 34
21 DIVIDENDS AND RESERVES ........................................................................................................................................................ 34
21.1 Dividends ........................................................................................................................................................................... 34
21.2 Interim Dividend ............................................................................................................................................................... 34
21.3 No Interest ......................................................................................................................................................................... 34
21.4 Reserves ............................................................................................................................................................................. 34
21.5 Alternative Method of Payment of Dividend ............................................................................................................... 35
21.6 Payment of Dividends ...................................................................................................................................................... 35
21.7 Unclaimed Dividends ....................................................................................................................................................... 35
22 CAPITALISATION OF PROFITS .................................................................................................................................................... 35
22.1 Capitalisation ..................................................................................................................................................................... 35
22.2 Application of Capitalised Amounts .............................................................................................................................. 35
22.3 Procedures ......................................................................................................................................................................... 36
23 BONUS SHARE PLAN .................................................................................................................................................................... 36
23.1 Authorisation of Bonus Share Plan ................................................................................................................................ 36
23.2 Amendment and Revocation .......................................................................................................................................... 36
24 DIVIDEND REINVESTMENT PLAN .............................................................................................................................................. 36
24.1 Authorisation of Dividend Reinvestment Plan ............................................................................................................. 36
24.2 Amendment and Revocation .......................................................................................................................................... 36
25 NOTICES ........................................................................................................................................................................................... 36
25.1 Service ................................................................................................................................................................................ 36
25.2 Deemed receipt of Notice ............................................................................................................................................... 37
25.3 Notice to Joint Holders .................................................................................................................................................... 37
25.4 Notices to Personal Representatives and Others ........................................................................................................ 37
25.5 Persons Entitled to Notice ............................................................................................................................................... 37
25.6 Meaning of “Notice” ........................................................................................................................................................ 37
25.7 Change of Address ............................................................................................................................................................ 38
25.8 Incorrect Address .............................................................................................................................................................. 38
26 WINDING UP .................................................................................................................................................................................. 38
26.1 Distribution in Kind ........................................................................................................................................................... 38
26.2 Trust for Shareholders ..................................................................................................................................................... 38
26.3 Order for winding up ........................................................................................................................................................ 38
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27 INDEMNITIES AND INSURANCE ................................................................................................................................................ 38
27.1 Liability to Third Parties ................................................................................................................................................... 38
27.2 Defending Proceedings .................................................................................................................................................... 39
27.3 Insurance ............................................................................................................................................................................ 39
27.4 Disclosure ........................................................................................................................................................................... 39
27.5 Definition ........................................................................................................................................................................... 39
28 OVERSEAS SHAREHOLDERS ........................................................................................................................................................ 39
29 LOCAL MANAGEMENT ................................................................................................................................................................. 40
29.1 Local Management ........................................................................................................................................................... 40
29.2 Local Boards or Agencies ................................................................................................................................................. 40
29.3 Appointment of Attorneys .............................................................................................................................................. 40
29.4 Authority of Attorneys ..................................................................................................................................................... 40
30 DISCOVERY...................................................................................................................................................................................... 40
31 SALE OF THE COMPANY'S MAIN UNDERTAKING ................................................................................................................. 40
32 COMPLIANCE (OR INCONSISTENCY) WITH THE LISTING RULES ....................................................................................... 40
33 CONSISTENCY WITH CHAPTER 2E OF THE CORPORATIONS ACT ...................................................................................... 41
33.1 Requirements of Chapter 2E ........................................................................................................................................... 41
33.2 Definitions .......................................................................................................................................................................... 41
34 TRANSITIONAL ............................................................................................................................................................................... 41
34.1 Provisions Relating to Official Quotation of Securities ............................................................................................... 41
34.2 Severance ........................................................................................................................................................................... 41
SCHEDULE 1 ................................ ................................ ................................ ................................ ...................... 42