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Articles of Association

Last modified May 15, 2013

§1
The name of the company is Farstad Shipping ASA. The company is a public limited company.

§2
The company’s registered office is in Aalesund.

§3
The objectives of the company are to engage in activities comprising management, purchase and sale of vessels, other related activities and investments, hereunder participation in other companies with congruent purposes and provision of guarantee and any other activity connected with participation herein.

§4
The company’s share capital is NOK 39,000,000.00 divided into 39,000,000 shares, each with a nominal value of NOK 1.00.

§5
The company’s Board of Directors shall consist of at least three (3) and no more than seven (7) members.
Two (2) members of the Board of Directors hold the title to sign for the company. The Board of Directors can designate procurators.

§6
An ordinary General Meeting shall be held each year within the first six (6) months after the end of the fiscal year. The Ordinary General Meeting shall:

a) Approve the Annual Report and Annual Accounts.

b) Application of the annual surplus or coverage of deficit according to the stipulated balance, including the payment of dividend by Farstad Shipping ASA.

c) Other issues that, pursuant to law, rules or regulation, must be handled by the Ordinary General Meeting.

Documents that shall be considered at the general meeting may be published on the Company’s website. The same applies to documents that due to statutory requirements must be attached to or included in the calling notice to the general meeting. If the documents are published in such a manner, the statutory requirements for distribution to the shareholders shall not apply. A shareholder may still request to get sent documents that shall be considered by the general meeting.

Provided that the board of directors has established adequate systems for authentication of the sender, and that it is in accordance with the Public Limited Liability Companies Act, the shareholders shall be able to cast their vote in writing on matters on the agenda for the general meeting for a period prior to the general meetings, hereunder by use of electronic communication.

§7
The company’s shares shall be registered in the Norwegian Registry of Securities.


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