Constitution
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Released
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Constitution
MONT ROYAL RESOURCES LIMITED
ACN 625 237 658
Adopted by Shareholders: 24 November 2022
Effective Date: 24 November 2022
Table of Contents
Clause
Page No
1.
Preliminary .............................................................................. 1
2.
Shares ..................................................................................... 5
3.
Calls, Company Payments, Forfeiture and Liens ................................. 8
4.
Transfer of Shares ...................................................................... 9
5.
Proceedings of Members .............................................................11
6.
Directors ................................................................................21
1.1
1.2
1.3
1.4
1.5
1.6
1.7
Nature of the Company.......................................................................... 1
Replaceable rules ................................................................................ 1
Definitions ......................................................................................... 1
Interpretation ..................................................................................... 3
Exercise of powers ............................................................................... 4
Articles of this Constitution .................................................................... 4
Provisions required by Listing Rule 15.11.1 .................................................. 5
2.1
Issue of Shares and options ..................................................................... 5
2.2
Preference Shares ................................................................................ 5
2.3
Variation of classes and class rights ........................................................... 6
2.4
Converting Shares ................................................................................ 6
2.5
Reductions of capital and buy-backs .......................................................... 6
2.6
Unmarketable parcels of Shares ............................................................... 7
2.7
Registered holder is absolute owner .......................................................... 7
2.8
Holding statements and certificates .......................................................... 7
2.9
Restricted Securities ............................................................................. 7
2.10
Issue cap for offers involving monetary consideration under an employee incentive
scheme 8
4.1
4.2
4.3
4.4
4.5
4.6
4.7
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
5.9
5.10
5.11
5.12
5.13
5.14
6.1
6.2
6.3
Electronic transfer systems ..................................................................... 9
Forms of transfer ................................................................................. 9
Instrument of transfer ........................................................................... 9
Transferor is holder until transfer registered ................................................ 9
Refusal to register transfers .................................................................... 9
Registration fee .................................................................................10
Transmission of Shares .........................................................................10
Who can call meetings of Members ........................................................... 11
Annual General Meeting ........................................................................11
How to call meetings of Members ............................................................11
Right to attend meetings.......................................................................12
Convening a General Meeting .................................................................12
Quorum ........................................................................................... 13
Chairperson ......................................................................................14
General conduct of meetings ..................................................................14
Resolutions of Members ........................................................................ 15
Polls ............................................................................................... 15
Adjourned, cancelled and postponed meetings.............................................16
Number of votes .................................................................................17
Objections to qualification to vote ...........................................................18
Proxies, attorneys and representatives ......................................................18
Number of Directors ............................................................................21
Appointment of Directors ...................................................................... 21
Retirement of Directors and vacation of office .............................................22
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Table of Contents
Clause
Page No
6.4
6.5
6.6
Alternate Directors..............................................................................23
Remuneration of Directors .....................................................................24
Interests of Directors ...........................................................................25
7.
Officers ..................................................................................26
7.1
7.2
7.3
Managing Director ...............................................................................26
Secretary .........................................................................................27
Indemnity and insurance .......................................................................27
8.
Powers of the Company and Directors ............................................28
8.1
8.2
8.3
8.4
General powers ..................................................................................28
Execution of documents ........................................................................28
Committees and delegates.....................................................................29
Attorney or agent ...............................................................................29
9.
Proceedings of Directors .............................................................29
10.
Dividends and Profits .................................................................32
11.
Notices and payments ................................................................35
12.
Winding up ..............................................................................38
9.1
9.2
9.3
9.4
9.5
9.6
9.7
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
10.11
11.1
11.2
11.3
11.4
11.5
11.6
12.1
12.2
Written resolutions of Directors...............................................................29
Meetings of Directors ...........................................................................30
Who can call meetings of Directors........................................................... 30
How to call meetings of Directors ............................................................30
Quorum ........................................................................................... 30
Chairperson ......................................................................................31
Resolutions of Directors ........................................................................ 32
Determination of dividends ....................................................................32
Method of payment of dividends ..............................................................33
Entitlement to dividends .......................................................................33
Dividends for different classes ................................................................34
Dividends proportional to paid up capital ................................................... 34
Effect of a transfer on Dividends ............................................................. 34
No interest on Dividends .......................................................................34
Unpaid amounts ................................................................................. 34
Capitalisation of profits ........................................................................34
Distributions of assets ..........................................................................35
Dividend plans ................................................................................... 35
Notice to Members ..............................................................................35
Notice to Directors ..............................................................................36
Notice to the Company .........................................................................36
Time of service ..................................................................................37
Signatures ........................................................................................37
Payments ......................................................................................... 37
Distributions proportional to paid up capital ...............................................38
Distributions of assets ..........................................................................38
Schedule 1 – Calls, Company Payments, Forfeiture and Liens .........................39
1.
Exercise of powers ....................................................................39
2.
Calls ......................................................................................39
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Table of Contents
Clause
Page No
2.1
2.2
2.3
2.4
2.5
Making a call ..................................................................................... 39
Notice of a call ..................................................................................39
Payment of a call................................................................................39
Recovery of a call ...............................................................................40
Payment in advance of a call ..................................................................40
3.
Company payments on behalf of a Member ......................................41
4.
Forfeiture ...............................................................................42
5.
Liens .....................................................................................43
6.
Sales, Disposals and Reissues........................................................44
7.
Interest ..................................................................................45
3.1
3.2
4.1
4.2
4.3
4.4
4.5
4.6
4.7
5.1
5.2
5.3
6.1
6.2
Rights of the Company .........................................................................41
Recovery of Company payments ..............................................................41
Forfeiture procedure ...........................................................................42
Notice of forfeiture .............................................................................42
Effect of forfeiture..............................................................................42
Sale or reissue of forfeited Shares ............................................................43
Cancellation of forfeited Shares ..............................................................43
Proof of forfeiture ..............................................................................43
Waiver or cancellation of forfeiture..........................................................43
First ranking lien ................................................................................43
Enforcement by sale ............................................................................44
Release or Waiver of lien ...................................................................... 44
Sale procedure................................................................................... 44
Application of proceeds ........................................................................45
Schedule 2 – Transmission .....................................................................46
1.
Deceased Members ....................................................................46
2.
Transmission Events ..................................................................46
1.1
1.2
2.1
2.2
Effect of death ..................................................................................46
Estates and Personal Representatives ........................................................46
Transmittee right to register or transfer ....................................................46
Other transmittee rights and obligations ....................................................46
Schedule 3 – Unmarketable Parcels .........................................................47
1.
Definitions ..............................................................................47
2.
Power to sell unmarketable parcels ...............................................47
3.
Exercise of power of sale ............................................................47
2.1
2.2
3.1
3.2
3.3
3.4
Existing unmarketable parcels ................................................................47
New unmarketable parcels .................................................................... 47
Extinguishment of interests and claims ......................................................47
Manner of sale ................................................................................... 48
Application of proceeds ........................................................................ 48
Voting and dividend rights pending sale ..................................................... 49
Schedule 4 – Proportional Takeover Bid Approval ........................................50
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Table of Contents
Clause
Page No
1.
Definitions ..............................................................................50
2.
Refusal of transfers ...................................................................50
2.1
2.2
Requirement for an Approving Resolution ................................................... 50
Voting on an Approving Resolution ........................................................... 50
Schedule 5 – Preference Shares ..............................................................51
1.
Definitions ..............................................................................51
2.
Rights of Holders.......................................................................52
3.
Issue Resolution........................................................................52
4.
Redemption .............................................................................53
5.
Conversion ..............................................................................54
6.
Certificate ..............................................................................55
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Mont Royal Resources Limited
ACN 625 237 658
Constitution
1.
Preliminary
1.1
Nature of the Company
The Company is a public company limited by shares.
1.2
Replaceable rules
The replaceable rules in the Corporations Act do not apply to the Company.
1.3
Definitions
In this Constitution:
Alternate Director means a person for the time being holding office as an alternate
director of the Company under Article 6.4.
Applicable Law means the Corporations Act, the Listing Rules and the ASX Settlement
Operating Rules.
ASX Settlement means ASX Settlement Pty Ltd ACN 008 504 532.
ASX Settlement Operating Rules means the operating rules of ASX Settlement in its
capacity as a CS facility licensee, except to the extent of any relief given by ASX
Settlement in their application to the Company.
ASX means ASX Limited ACN 008 624 691.
Business Day:
(a)
if the Company is admitted to the official list of ASX at the time, has the
meaning given in the Listing Rules; or
(b)
otherwise, means a day except a Saturday, Sunday or public holiday in
Western Australia.
Company means the company named Mont Royal Resources Limited ACN 625 237 658
whatever its name may be from time to time.
Corporations Act means the Corporations Act 2001 (Commonwealth), except to the
extent of any exemption, modification, declaration or order made in respect of that
legislation which applies to the Company.
Directors means the directors of the Company for the time being.
Dividend includes an interim dividend and a final dividend.
Eligible Member means, in respect of a meeting of Members:
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(a)
the date and time specified in the notice of that meeting, a person who is a
Member at that time; or
(b)
as otherwise determined by the party calling the meeting,
provided that the time is not more than 48 hours prior to the meeting.
ESS Interests has the meaning under section 1100M(1) of the Corporations Act.
Executive Director means a Director who is an employee (whether full-time or parttime) of the Company or of any related body corporate of the Company other than by
virtue of being a Director of the Company.
Legal Costs of a person means legal costs incurred by that person in defending an
action for a Liability of that person.
Liability of a person means any liability incurred by that person as an officer of the
Company or a subsidiary of the Company.
Listing Rules means the listing rules of ASX and any other rules of ASX which are
applicable while the Company is admitted to the Official List of ASX, each as amended
or replaced from time to time, except and to the extent of any express written waiver
by ASX.
Member means a person whose name is entered in the Register as the holder of a
Share.
Non-Executive Directors means all Directors other than Executive Directors.
Notice means a notice given pursuant to, or for the purposes of, this Constitution or
the Applicable Law.
Notifiable Interest has the meaning given by paragraph (a) of the definition of
notifiable interest of a director in the Listing Rules.
Official List means the official list of ASX.
Personal Representative means the legal personal representative, executor or
administrator of the estate of a deceased person.
Prescribed Notice means 28 days or any shorter period of notice for a meeting of
members of the Company allowed under the Corporations Act.
Register means the register of Members kept under the Applicable Law and, where
appropriate, includes any sub-register and branch register.
Relevant Officer means a person who is, or has been, a Director or Secretary.
Restricted Securities has the meaning given to it by the Listing Rules.
Secretary means a company secretary of the Company for the time being.
Share means a share in the capital of the Company.
Transmission Event means:
(a)
if a Member is an individual:
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1.4
(i)
death or bankruptcy of that Member; or
(ii)
that Member becoming of unsound mind or becoming a person whose
property is liable to be dealt with under a law about mental health;
(b)
if a Member is a body corporate, the deregistration of that Member under the
laws of the jurisdiction of its registration; or
(c)
in any case, the vesting in, or transfer to, a person of the Shares of a Member
without that person becoming a Member.
Interpretation
(a)
(b)
In this Constitution:
(i)
a reference to a partly paid Share is a reference to a Share on which
there is an amount unpaid;
(ii)
a reference to a call or an amount called in respect of a Share
includes an amount that, by the terms of issue of a Share or
otherwise, is payable at one or more fixed times;
(iii)
a reference to a Share which is jointly held is a reference to a Share
for which there is more than one Member;
(iv)
a reference to a meeting of Members includes a meeting of any class
of Members;
(v)
a Member is taken to be present at a meeting of Members if the
Member is present in person or by proxy, attorney or representative;
and
(vi)
a reference to a notice or document in writing includes a notice or
document given by fax or another form of written communication.
In this Constitution, headings are for convenience only and do not affect
interpretation, and unless the context indicates a contrary intention:
(i)
words importing the singular include the plural (and vice versa);
(ii)
words indicating a gender include every other gender;
(iii)
the word person includes an individual, the estate of an individual, a
corporation, an authority, an association or a joint venture (whether
incorporated or unincorporated), a partnership and a trust;
(iv)
where a word or phrase is given a defined meaning, any other part of
speech or grammatical form of that word or phrase has a
corresponding meaning;
(v)
the word includes in any form is not a word of limitation;
(vi)
a reference to an Article or a Schedule is to an article or a schedule
of this Constitution;
(vii)
a reference in a Schedule to a paragraph is to a paragraph of that
Schedule;
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(c)
1.5
(viii)
a Schedule is part of this Constitution;
(ix)
a reference to this Constitution is to this Constitution (and where
applicable any of its provisions) as modified or repealed from time to
time;
(x)
a reference to any statute or to any statutory provision includes any
statutory modification or re-enactment of it or any statutory
provision substituted for it, and all ordinances, by-laws, regulations,
rules and statutory instruments (however described) issued under it;
(xi)
a reference to the Listing Rules or the ASX Settlement Operating Rules
includes any amendment or replacement of those rules from time to
time;
(xii)
an expression in a provision of this Constitution which deals with a
matter dealt with by a provision of the Applicable Law has the same
meaning as in that provision of the Applicable Law; and
(xiii)
an expression in a provision of this Constitution that is defined in
section 9 of the Corporations Act has the same meaning as in that
section.
In this Constitution, a reference to the Listing Rules, the ASX Settlement
Operating Rules or ASX has effect only if at that time the Company is included
in the official list of ASX.
Exercise of powers
Where this Constitution confers a power or imposes a duty, then, unless the contrary
intention appears, the power may be exercised and the duty must be performed from
time to time as the occasion requires.
1.6
Articles of this Constitution
(a)
Unless the Applicable Law provides that the Constitution may contain a
provision contrary to the Applicable Law, the Articles of this Constitution are
subject to the Applicable Law such that any Article of this Constitution that is
inconsistent with or contrary to the Applicable Law will be read down to the
extent of the inconsistency with the Applicable Law.
(b)
If an Article is inconsistent with or contrary to the Applicable Law and is not
capable of being read down to the extent of the inconsistency under
Article 1.6(a), the relevant Article will be severed from this Constitution.
(c)
If at any time any provision of this Constitution is or becomes illegal, invalid
or unenforceable in any respect under the law of any jurisdiction, that does
not affect or impair:
(i)
the legality, validity or enforceability in that jurisdiction of any other
provision of this Constitution; or
(ii)
the legality, validity or enforceability under the law of any other
jurisdiction of that or any other provision of this Constitution.
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1.7
Provisions required by Listing Rule 15.11.1
If the Company is admitted to the Official List of ASX, the following clauses apply:
(a)
notwithstanding anything contained in this Constitution, if the Listing Rules
prohibit an act being done, the act shall not be done;
(b)
nothing contained in this Constitution prevents an act being done that the
Listing Rules require to be done;
(c)
if the Listing Rules require an act to be done or not to be done, authority is
given for that act to be done or not to be done (as the case may be);
(d)
if the Listing Rules require this Constitution to contain a provision and it does
not contain such a provision, this Constitution is deemed to contain that
provision;
(e)
if the Listing Rules require this Constitution not to contain a provision and it
contains such a provision, this Constitution is deemed not to contain that
provision; and
(f)
if any provision of this Constitution is or becomes inconsistent with the Listing
Rules, this Constitution is deemed not to contain that provision to the extent
of the inconsistency.
2.
Shares
2.1
Issue of Shares and options
(a)
Subject to any rights and restrictions attached to a class of Shares, the
Company may:
(i)
issue unissued Shares; and
(ii)
grant options over unissued Shares,
on any terms, at any time and for any consideration, as the Directors resolve.
(b)
2.2
The powers of the Company under Article 2.1(a) may only be exercised by the
Directors.
Preference Shares
(a)
The Company may issue any Shares as preference Shares including:
(i)
preference Shares which are liable to be redeemed in a manner
permitted by the Corporations Act; and
(ii)
preference Shares in accordance with the terms of Schedule 5.
(b)
Holders of preference Shares have the same rights as holders of ordinary
Shares in relation to receiving notices, reports and audited accounts, and
attending meetings of Members.
(c)
A holder of a preference Share only has the right to vote:
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2.3
(i)
during a period during which a dividend (or part of a dividend) in
respect of the Share is in arrears;
(ii)
on a proposal to reduce the share capital of the Company;
(iii)
on a resolution to approve the terms of a buy-back agreement;
(iv)
on a proposal that affects rights attached to the Share;
(v)
on a proposal to wind up the Company;
(vi)
on a proposal for the disposal of the whole of the property, business
and undertaking of the Company; and
(vii)
during the winding up of the Company.
Variation of classes and class rights
(a)
Subject to the terms of issue of Shares in a particular class, the Company may:
(i)
vary or cancel rights attached to Shares in that class; or
(ii)
convert Shares from one class to another,
by a special resolution of the Company and:
(b)
2.4
(iii)
a special resolution passed at a meeting of the Members holding
Shares in that class; or
(iv)
the written consent of Members who are entitled to at least 75% of
the votes that may be cast in respect of Shares in that class.
The provisions in this Constitution concerning meetings of Members (with the
necessary changes) apply to a meeting held under Article 2.3(a)(iii).
Converting Shares
The Company may by ordinary resolution passed at a general meeting convert all or
any of its Shares into a larger or smaller number of Shares.
2.5
Reductions of capital and buy-backs
(a)
The Company may:
(i)
reduce its share capital; and
(ii)
buy-back Shares in itself,
on any terms and at any time.
(b)
The method of distribution of a reduction of the share capital of the Company
may include any or all of the payment of cash, the issue of shares, the grant
of Company options or other Company securities, the transfer of shares or any
other securities in any other body corporate or units in any unit trust or the
transfer of any other assets.
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(c)
2.6
If a distribution of a reduction of the share capital of the Company includes
an issue or transfer of shares in a body corporate, each Member:
(i)
agrees to become a member of that body corporate; and
(ii)
in the case of transfer, appoints the Company and each Director as
its agent to execute an instrument of transfer or other document
required to transfer those shares to that Member.
Unmarketable parcels of Shares
Schedule 3 applies and forms part of this Constitution.
2.7
Registered holder is absolute owner
Except as required by law, the ASX Settlement Operating Rules or this Constitution,
the Company is not required to recognise any interest in, or right in respect of, a Share
except an absolute right of legal ownership of the Member registered as the holder of
that Share.
2.8
Holding statements and certificates
(a)
The Company may not issue certificates for Shares, or cancel existing
certificates for Shares without issuing any replacement certificate, if the
Directors so resolve.
(b)
The Company must issue to each Member, in accordance with the Applicable
Law, statements of the holdings of Shares registered in the Member's name.
(c)
Subject to Article 2.8(a) the Company must issue to each Member, free of
charge and in accordance with the Applicable Law, one certificate in respect
of each class of Shares registered in the Member's name.
(d)
If a Share is jointly held:
(e)
2.9
(i)
the Company is not required to issue more than one certificate for
the Share; and
(ii)
delivery of a certificate for the Share to any one of the joint holders
of the Share is delivery to all the joint holders.
Subject to Article 2.8(a) the Company must issue a replacement certificate
for a Share if:
(i)
the Company receives and cancels the existing certificate; or
(ii)
the Com
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