49A. The Directons may from time to time resolve that an offer shall be made to the registered holders of preference shares of the Company that any such registered holder may, if he so desires, have his preference' shares, or any of them, covered into ordinary shares ranking as from the date of such conversion in all respects pari pass with the ordinary shares of the Company existing for the time being, and thereupon all existing or future ights attaching to such preference shares in respect of dividends or otherwise whatsoever shall be extinguished. In consideration of the surrender, upon such conversion as aforesaid, by a registered holder of preference shares of all existing or future preferential rights attaching to such shares, the Directors may resolve that every such holder shall receive fully paid-up ordinary shares to such nominal value, in proportion to the number of shares converted, as the Directors think fit. The Directors may impose such terms and conditions as they may think fit in respect of any such offer for the conversion of preference shares to ordinary shards- and in particular may declare the period for which any such offer shall remain open for acceptance by the red holders of preference shares, and may make ut offers yon ne same or aifterent terms, Notice of the acceptance of any offer for the conversion of preference shares to ordinary shares shall be given in writing by the registered holder to the Company in such manner as the Directors may prescribe, and the Directors may thereupon resolve that such conversion shall be approved and have effect, and the same shall have effect accordingly, and thereupon the certificate for such preference shares shall be cancelled and a new certificate for ordinary shares issued in place thereof and the requisite alterations shall be made in the Company's Register of Members. open to criticism in any way, in we equity of the company.
Text read from the printed page and cleaned; old type leaves the occasional error.