Rules of theNelson Building Society

July 2011

1. INTERPRETATION 22. NAME 43. FUNDSOFTHESOCIETY 44. FUNCTIONSANDPOWERS 55. MEMBERS 56. TRANSFERSOFMEMBERSHIPINTERESTS 67. SHARES 78. REDEMPTIONOFSHARES 99. CONTINUOUSSHAREISSUES 910. TRANSMISSIONOFMEMBERSHIPINTERESTS 911. REGISTEROFMEMBERS 912. CERTIFICATES 1013. DIVIDENDSONSHARES 1014. ISSUEOFDEBTSECURITIES 1115. PROFITSANDRESERVES 1116. DIRECTORS 1117. ROTATIONOFDIRECTORS 1518. REMOVALOFDIRECTORS 1519. TIMINGOFAPPOINTMENTANDRETIREMENT 1520. DIRECTORS’REMUNERATION 1621. INDEMNITYANDINSURANCE 1622. DIRECTORS’ANDMEMBERS’MEETINGS 1723. RESTRICTEDHOLDINGS 1724. INSPECTIONOFRECORDS 1825. NOTICES 1826. CUSTODYOFSECURITIES 1927. DISPUTES 1928. COMMONSEAL 1929. AUDITORS 1930. DISSOLUTION 1931. NEWRULESANDALTERATIONSOFRULES 2032. WHENRULESTAKEEFFECT 20SCHEDULE1–DIRECTORS’MEETINGS 21SCHEDULE2–MEMBERS’MEETINGS 24

1.

1. INTERPRETATION

1.1 Definitions:IntheseRulesunlessthecontextotherwiserequires: “Act”meanstheBuildingSocietiesAct1965. “AnnualGeneralMeeting”meansameetingofthetypedescribedinSection76oftheAct. “AssociatedPerson”meansinrespectofanyPerson,anotherPersonif: (a)inmakingadecisionorexercisingapoweraffectingtheSociety,thefirstPersoncouldbe influencedasaconsequenceofanyarrangementorrelationshipexistingbetweenorinvolving thefirstPersonandthesecondPerson; (b)thefirstPersonisacompanyandthesecondPersonis: (i) adirectorofthatcompany;or (ii) arelatedorassociatedcompanyofthatcompany;or (iii) adirectorofarelatedorassociatedcompanyofthatcompany; (c) thefirstPersonisaspouse,domesticcompanion,childorparentofthesecondPerson,ora nomineeortrusteeforanyofthemorforthesecondPerson; (d)thefirstPersonandthesecondPersonareactingjointlyorinconcert; (e)thefirstPersonisadirectorofacompany,orholdsaRelevantInterestinsharescarryingmore than10%ofthevotesofacompanyandthefirstPersonandthesecondPersonarepartiesto anarrangementrelatingtothecontrolof,orthecontrolorownershipofshares,inthatcompany, whicharrangementaffectssecuritiesofthatcompany,carryingmorethan30%ofthetotalvotes attachingtosharesofthatcompany;or (f) thefirstPersonand/ortheSecondPersonproposetodo,orarelikelytodo,anythingwhichwill causethemtobecomeassociatedintermsof(a)to(e).

IfthefirstPersonisassociatedwiththesecondPersonintermsoftheforegoingpartsofthis definition,thenthesecondPersonshallbedeemedtobeassociatedwiththefirstPerson.

“Auditors”meanstheauditorsoftheSociety. “Board”meansalltheDirectorsoftheSociety,actingasaBoard. “BusinessDay”meansadayonwhichbanksareopenfortradinginNelson. “Chairman”meansthechairmanoftheBoardforthetimebeing. “CompaniesAct”meanstheCompaniesAct1993. “ContinuousShareIssue”meansanyissueofsharesbytheSocietyasacontinuousissueinthe ordinarycourseoftheSociety’sbusiness. “DebtSecurity”bearsthemeaninggiventothattermbytheSecuritiesAct. “Director”bearsthemeaninggiventothatwordbySection2oftheAct,butforthepurposesof clause17.1shallexcludeExecutiveDirectors. “Employee”meansanemployeeorofficeroftheSocietyoranyofitsSubsidiaries,alabour- onlycontractor,consultantorconsultantcompanywhoorwhichcontractswiththeSocietyor anyofitsSubsidiaries,anytrusteeortrusteesonbehalfofanyoftheaboveemployeesorofficers, andanytrusteeortrusteesoforinrespectofanypension,superannuationorlikefundestablished forthebenefitofanyoftheaboveemployeesorofficers. “ExecutiveDirector”meansaDirectorwhoisalsoanEmployeeoftheSociety. “FinancialReportingAct”meanstheFinancialReportingAct1993. “FinancialYear”meansthe12Monthsendingon31Marchinanyyearortheperiodendingon suchotherdateinanyyearastheBoardfromtimetotimedetermines.

2.

“Interested”bearsthemeaningassignedtothatterminsection139oftheCompaniesAct1993 onthebasisthatthereferencesthereinto“thecompany”aretotheSociety;

“InterestsRegister”meanstheregisterkeptbytheSocietypursuanttoclause16.6ofthese Rules. “Member”means: (a)anyPersonwhoholdsashareintheSocietyfromtimetotime;and (b)anyPersonwhoholdsaDebtSecurityissuedbytheSociety.

“MembershipInterest”meansashareorDebtSecurityheldinorissuedbytheSociety. “MentallyDisordered”bearsthemeaninggiventothattermbytheMentalHealth(Compulsory AssessmentandTreatment)Act1992. “MinimumHolding”meanssuchquantumofMembershipInterestsasmaybeprescribedbythe Boardfromtimetotime,(asattheadoptionoftheseRuleson29June2011being$500.00). “Month”meansacalendarmonth. “NZGAAP”meansgenerallyacceptedaccountingprinciplesasdefinedinsection3ofthe FinancialReportingAct. “OrdinaryResolution”meansaresolutionapprovedbyasimplemajorityofthevotesthatmaybe castbythoseMembersentitledtovoteandvotingontheresolution. “Person”includesacorporationsole,andalsoabodyofpersons,whethercorporateor incorporate. “PersonalRepresentative”means: (a)inrelationtoadeceasedMember,theexecutor,administratorortrusteeoftheestateofthat Member; (b)inrelationtoabankruptMember,theassigneesinbankruptcyofthatMember;and (c) inrelationtoanyotherMember,aPersonappointedordeemedtohavebeenappointedto administerpropertyunderthePersonalandPropertyRightsAct1998,amanagerappointedor deemedtohavebeenappointedthereunder,andadoneeofanenduringpowerofattorney.

“RegisterofMembers”meanstheregisterofMembersmaintainedbytheSocietypursuantto clause11oftheseRules. “RegisteredOffice”meanstheSociety’sregisteredofficefromtimetotime. “RelatedCompany”hasthemeaninggiveninsection2(3)oftheCompaniesAct(readtogether withsection2(4)ofthatAct). “RelevantInterest”hasthemeaninggiveninsections5and6oftheSecuritiesMarketsAct. “Reserves”meanssuchprofitsoftheSocietywhichareretainedandsetasidebytheBoardfrom timetotimeforapplicationinsuchmannerastheBoardshallinitssolediscretiondetermine. “RestrictedHolding”meansMembershipInterestswhichhavebeendeclaredbytheBoardtobe aRestrictedHoldingpursuanttoclause23.1. “RestrictedInterests”meansMembershipInterestswhichhavebeendeclaredbytheBoardtobe RestrictedInterestspursuanttoclause23.1. “Rules”meanstheRulesoftheSocietyasamendedfromtimetotime. “SecuritiesAct”meanstheSecuritiesAct1978. “SecuritiesMarketsAct”meanstheSecuritiesMarketsAct1988. “Society”meansNelsonBuildingSociety. “SolvencyTest”hasthemeaningsetoutinClause1.2. “SpecialMeeting”meansanymeetingofMembersoranyclassthereof,otherthantheSociety’s annualgeneralmeeting. 3.

“SpecialResolution”hasthemeaninggiventoitbySection81oftheAct. “Subsidiary”means(withallappropriateadaptations): (a)asubsidiarywithinthemeaningofsection5oftheCompaniesAct(readtogetherwithsection6 to8(inclusive)ofthatAct);and (b)anentitytreatedasasubsidiaryor“in-substance”subsidiaryunderNZGAAP.

1.2 SolvencyTest:ForthepurposesoftheseRules: (a)TheSocietysatisfiestheSolvencyTestif: (i) theSocietyisabletopayitsdebtsastheybecomedueinthenormalcourseofbusiness; and (ii) thevalueoftheSociety’sassetsisgreaterthanthevalueofitsliabilities,including contingentliabilities. (b)IndeterminingforthepurposesoftheseRuleswhetherthevalueoftheSociety’sassetsis greaterthanthevalueofitsliabilities,includingcontingentliabilities,theBoard: (i) musthaveregardto: (1) themostrecentfinancialstatementsoftheSocietythatcomplywithNZGAAP;and (2) allothercircumstancesthattheBoardknowsoroughttoknowaffect,ormayaffect thevalueoftheSociety’sassetsandthevalueoftheSociety’sliabilities,includingits contingentliabilities. (ii) mayrelyonvaluationsofassetsorestimatesofliabilitiesthatarereasonableinthe circumstances. (c) IndeterminingforthepurposesoftheseRulesthevalueofacontingentliability,accountmay betakenof: (i) thelikelihoodofthecontingencyoccurring;and (ii) anyclaimtheSocietyisentitledtomakeandcanreasonablyexpecttobemettoreduce orextinguishthecontingentliability.

1.3 Interpretation: (a)Wordsimportingthesingularnumberonlyincludethepluralnumberandviceversaandtheone genderincludestheothergenders. (b)WordsimportingPersonsincludefirmsandcorporationsand“firm”includes“partnership”. (c)Areferencetoanylegislationoranyprovisionofanylegislationincludesanyamendmentor re-enactmentofit,anylegislationsubstitutedforitandallregulationsandstatutoryinstruments issuedunderit.

2. NAME

2.1 ThenameoftheSocietyis“NELSONBUILDINGSOCIETY”anditsRegisteredOfficeshallbeat 111TrafalgarStreet,NelsonorsuchotherplaceastheBoardmayfromtimetotimedecide.

3. FUNDSOFTHESOCIETY

3.1 TheSociety’sfundsshallconsistofmoneysraisedbyanyofthefollowingmeansinaccordance withtheseRules: (a)Moneysraisedbytheissueofshares; (b)MoneysraisedbytheissueofDebtSecurities;and (c)AllotherfundsreceivedbytheSocietyeitherinthecourseofitsbusinessorasaresultofany realisationofassets.

4.

4. FUNCTIONSANDPOWERS

4.1 ThefunctionsandpowersoftheSocietyshallbethosecontainedinandauthorisedbytheActand theseRules.

5. MEMBERS

5.1 Rulesbinding:AllMemberswillbeboundbytheseRules.

5.2 Finesandforfeitures:Exceptasprovidedinclause7.10,theSocietymaynotissueshareson termswhichgivetheSocietyanyrighttoregardanysharesubscriptionpaidbyaMemberas forfeitedortoimposeanyfineorarrearsfeeuponanyMemberinrespectofsuchshares.

5.3 Cessationofmembership:APersonceasestobeaMemberimmediatelyupontheirceasingto comewithinoneofthecategoriesofthedefinitionof“Member”inclause1.1oftheseRules. Otherwise,theSocietyshallhavenopowertoterminatethemembershipofanyMember,butthisis subjecttothepoweroftheSocietytoredeemanyofitssharesunderclause8oftheseRules.

5.4 LiabilityofMembers:TheliabilityofaMembertotheSocietyislimitedto:

(a)theamountunpaidonanyshareheldbytheMember;and

(b)anyliabilitytorepayadividendreceivedbytheMembertotheextentthatthedividendis recoverableundertheseRules.

5.5 JointMembers:TwoormorePersonsmayjointlybeMembers.SuchPersonsshallbeentitledto choosetheorderinwhichtheyarenamedinthebooksoftheSociety.Thefirstnamedalonewill receivenoticesorcommunicationsfromtheSociety.

5.6 NoTrusts:ExceptasotherwiseprovidedintheseRules,theSocietyshallbeentitledtotreatthe registeredMemberastheabsoluteowneroftherelevantMembershipInterest,andaccordingly shallnot,exceptasrequiredbylaw,beboundtorecogniseanytrustorotherclaimtoorpartial interestinoroversuchMembershipInterestonthepartofanyotherPersonwhetherornotitshall havenoticethereof,orbeheldresponsibleforomittingorneglectingtorecogniseanysuchtrust, claim,orinterest.

5.7 Lien:

(a)TheSocietywillhaveafirstandparamountlienonallMembershipInterestsregisteredinthe nameofeachMemberandallotherrightsandentitlementsofsuchMember(whethersolelyor jointlywithothers)foralldebts,obligations,engagementsorliabilitiesofsuchMembers, whetherabsoluteorcontingent,andwhethersolelyorjointlywithanyotherPersonandwhether payableortobeperformedordischargedpresentlyorinfuture,toorwiththeSociety,ortoor withanySubsidiaryorRelatedCompanyoftheSocietyorwhetherornotthedateforpayment fulfilmentordischargeshallhavearrived. (b)TheSocietymaysellorrealiseinsuchmannerastheBoardthinkfitanyMembership InterestsonwhichtheSocietyhasalienbutnosuchsaleorrealisationshallbemadeunless asuminrespectofwhichthelienexistsispresentlypayablenoruntiltheexpirationof10 BusinessDaysafteranoticeinwriting,statinganddemandingpaymentofsuchpartofthe amountinrespectofwhichthelienexistsasispresentlypayable,hasbeengiventothe relevantMember. (c)ThenetproceedsofthesaleorrealisationofMembershipInterestssoldforthepurposeof enforcingalienwillbeappliedinortowardssatisfactionofanyunpaidcallsorinstalments, interestthereonandexpensesandanyothermoneys(ifany)inrespectwhereofthelienexisted andtheresidue,ifany,paidtotherelevantMember,hislegalPersonalRepresentativesor assigns.

5.

(d)AcertificatesignedbyaDirectorthatthepowerofsaleorrealisationhereinbeforementioned hasarisenandisexercisablebytheSocietyundertheseRulesshallbeconclusiveevidenceof thefactsstatedtherein.

(e)Forgivingeffecttosaleorrealisationenforcingalieninpurportedexerciseofthepowershere inbeforegiventheBoardmayauthorisesomePersontotransfertherelevantMembership Interests.ThetransfereeshallberegisteredastheholderoftheMembershipInterests comprisedinanysuchtransferandheisnotboundtoseetotheapplicationofanypurchase moneynorwillhistitletotheMembershipInterestsbeaffectedbyanyirregularityorinvalidity inthemannerinwhichthesaleorrealisationwascarriedout.TheremedyofanyPerson aggrievedbythesaleorrealisationshallbeindamagesonlyandagainsttheSociety exclusively.

6. TRANSFERSOFMEMBERSHIPINTERESTS

6.1 Methodoftransfer:APersonmaymakeapplicationtotheBoardforthetransferofany MembershipInterestbydeliveringasignedtransferform(beingaformapprovedbytheBoard fromtimetotimeforsuchpurpose)togetherwithsuchproofofownershipastheBoardmayrequire totheSociety.

6.2 Registrationoftransfer:NotransfershallbevalidunlessmadeinsuchformastheBoard,from timetotimeprescribes,norshallthetransferbeeffectiveuntilthetransferhasbeenregistered inthebooksoftheSociety.TheBoardmaylevysuchfeeasitdeemsreasonableforthetransferof anyMembershipInterest.

6.3 Non-transferableMembershipInterests:TheBoardshallnotapproveatransferortransmission ofanyMembershipIntereststhatareclassified“Non-Transferable”butmayconsiderredemptionof anysharesinaccordancewithclause8.1.

6.4 Permittedtransferrestrictions:TheSocietymaydeclinetoacceptorregister:

(a)atransferofaMembershipInteresttheacceptanceorregistration(asthecasemaybe)of whichisconsideredbytheBoardnottobeinthebestinterestsoftheSociety;or (b)atransferofaMembershipInterestonwhichtheSocietyhasalien;or (c)atransferwherethetransferorfailstoproducesuchevidenceastheSocietyreasonably requirestoprovethetitleofthetransferortoorrightofthetransferortotransferthe MembershipInterests;or (d)atransferofanyMembershipInterestofsuchregistration,togetherwiththeregistrationofany furthertransferortransfersthenheldbytheSocietyandawaitingregistration,wouldresultin theproposedtransferorortransfereeholdingaMembershipInterestoflessthantheMinimum Holding.

6.5 SaleofLessthanMinimumHolding:TheBoardmayatanytimegivenoticetoanyPerson holdinglessthanaMinimumHoldingthat,ifattheexpirationof3monthsafterthedatethenotice isgiventheholderstillholdsaMembershipInterestwhichislessthanaMinimumHolding,the BoardmayexercisethepowerofsaleofsuchMembershipInterestsetoutinthisclause.Ifthat powerofsalebecomesexercisable: (a)theBoardmayarrangeforthesaleofsuchMembershipInterestinwhatevermannertheBoard considersappropriate(includingastoprice); (b)theholderoftheMembershipInterestshallbedeemedtohaveauthorisedtheSocietytoacton theholder’sbehalfandtoexecuteallnecessarydocumentsforthepurposesofthatsale;

6.

(c) thenetproceedsofsaleoftheMembershipInterest(afterdeductionofreasonablesale expensesandanyunpaidcallsoranyotheramountsowingtotheSocietyinrespectofthe MembershipInterest)shallbeheldontrustfortheholderofthesharesbytheSocietyandpaid tosuchholderonsurrenderofanycertificatesfortheMembershipInterestsold;and (d)thetitleofapurchaserofanyMembershipInterestsoldpursuanttothisclauseshallnotbe affectedbyanyirregularityorinvalidityintheexerciseofthepowerofsaleorthesaleitself.

6.6 Nocancellationofrights:ExceptasexpresslypermittedbytheseRules,nobenefitorright attachingtoaMembershipInterestshallbecancelledorvariedbyreasononlyofatransferofthat MembershipInterest.

7. SHARES

7.1 ShareIssues:TheSocietymayissuesharesfromtimetotimeinsuchclassesandonsuchterms andconditionsastheBoardmaydecide.

7.2 MinimumHolding:TheMinimumHoldingofsharesintheSocietyshallbeasdeterminedbythe Boardfromtimetotime.

7.3 ConsiderationforissueofShares:

(a)BeforetheBoarddecidestoissuesharespursuanttoclause7.1,itmust: (i) decidetheconsiderationforwhichtheshareswillbeissuedandthetermsonwhichthey willbeissued;and (ii) ifthesharesaretobeissuedotherthanforcash,determinethereasonablepresentcash valueoftheconsiderationfortheissue;and (iii) resolvethatinitsopiniontheconsiderationforandtermsoftheissuearefairand reasonabletotheSocietyandtoallexistingholdersofsharesissuedbytheSociety;and (iv) ifthesharesaretobeissuedotherthanforcash,resolvethat,initsopinion,thepresent cashvalueoftheconsiderationtobeprovidedfortheissueofthesharesisnotlessthan theamounttobecreditedfortheissueoftheshares. (b)TheDirectorswhovoteinfavouroftheresolutionrequiredbysubclause(a)mustsigna certificate: (i) statingtheconsiderationforandthetermsoftheissue; (ii) describingtheconsiderationinsufficientdetailtoidentifyit;and (iii) statingthatintheiropiniontheconsiderationforandtermsofissuearefairand reasonabletotheSocietyandtoallexistingholdersofshares. (c)CopiesofallsuchcertificatesmustberetainedbytheSociety.

7.4 TypesofShares:SubjecttotheActandtheseRules,anysharemaybeissuedwithsuch preferred,deferred,orotherspecialrightsorsuchrestrictions(whetherinregardtodividends, voting,returnofcapitalorotherwise)astheBoardmayfromtimetotimedetermine,andin particular,sharesintheSocietymay:

(a)beissuedassharesthatareredeemable: (i) attheoptionoftheSociety;or (ii) attheoptionoftheholderoftheshares;or (iii) onadatespecifiedinthetermsofissueoftheshares, (iv) foraconsiderationthatis:

7.

(1) specified;or (2) tobecalculatedinaccordancewithaformula;or (3) requiredtobefixedbyasuitablyqualifiedPersonwhoisnotassociatedwithor interestedintheSociety;or (b)conferpreferentialrightstodistributionsofcapitalorincome;or (c)conferspecial,limited,orconditionalvotingrights;or (d)notconfervotingrights;or (e)havelimitationsorrestrictionsontransferability.

7.5 ConvertibleShares:SubjecttotheActandtheseRules,theBoardmayissueconvertibleshares withsuchrightsorsuchrestrictionsastheBoardmayfromtimetotimedetermine.

7.6 BonusShareIssues:TheBoardmayresolvetoapplyanyamountwhichisavailablefor distributioneither: (a)inpayingupinfullsharesoftheSocietytobeissuedcreditedasfullypaidtotheMemberswho wouldbeentitledtothatamountifitweredistributedbywayofdividend,andinthesame proportions;or (b)inpayingupanyamountwhichisunpaidonanysharesheldbytheMembersreferredtoin clause7.6(a), orpartlyinonewayandpartlyintheother.

7.7 AlterationofRightsattachingtoShares:

(a)InrespectofanysharesissuedbytheSociety,theSocietyshallcomplywiththeprovisionsof sections116and117oftheCompaniesAct,asiftheSocietywereacompanytowhichthe CompaniesActapplies.Forthepurposesofthisclause,thosesectionsshallbedeemedtobe modifiedsothat: (i) referencesinthosesectionsto“shares”shall(subjecttosubclause(b))bedeemedto includereferencetoallsharesoftheSociety,andreferenceto“shareholders”shallbe readaccordingly; (ii) referencestoaspecialresolutionshallbedeemedtobereferencestoaresolution approvedbyamajorityof75%ofvotesoftheholdersofsuchshares;and (iii) referencestotheconstitutionshallbedeemedtobereferencestotheseRules.

(b)TheSocietyshallberequiredbyclause(a)tocomplywithsections116and117ofthe CompaniesActbutshallnotberequiredbythemodificationsdeemedtobemadebyclause (a)tocomplywiththosesectionsinrespectofactionsthataffecttherightsattachedtoshares whichwereissuedontermswhichexpresslypermittedtheactioninquestiontobetakenwith outtheapprovaloftheholdersofsuchshares,andthosetermswereclearlydisclosedinthe offeringdocument(ifany)pursuanttowhichthoseshareswereoffered. (c)Forthepurposesofsection117(3)theissueoffurthersharesrankingequallywith,orin priorityto,existingshares,whetherastovotingrightsordividends,ispermittedprovidedsuch issueismadeinaccordancewiththeseRules.

7.8 PaymentforShares:IfaMemberorproposedMemberfailstopaytheissuepriceofashare oranypartthereofonthedayappointedforpaymenttheBoardmay,atanytimethereafter duringsuchtimeasanypartoftheissuepriceremainsunpaid,serveanoticeonhim requiringpaymentofsomuchoftheissuepriceasisunpaidtogetherwithanyaccruedinterestand allexpensesincurredbytheSocietybyreasonofsuchnon-payment.

7.9 Cancellationofamountdue:Noobligationtopayanyamountwhichisunpaidonanyshareshall becancelled,reduced,ordeferredwithouttheauthorityofanOrdinaryResolution.

8.

7.10 ForfeitureofShares:TheSocietymayforfeitthesharesofanyMemberwhocannotbetraced bytheSociety.WheretheSocietyisentitledtoforfeitthesharesofanyMemberasaforesaid, thentheSocietyshallalsobeentitledtoforfeitforthebenefitoftheSocietyallunclaimeddividends towhichthatMemberwouldotherwisebeentitled.TheBoardmayinitssolediscretionannulany suchforfeitureandagreetopayaclaimantwhoproducestotheBoard’ssatisfactionevidenceof entitlementtoamountsduetosuchclaimant.

8. REDEMPTIONOFSHARES

8.1 SocietymayredeemShares:Subjecttothetermsofissueofanyshares,theSocietymay redeemanyofitssharesonissueonsuchtermsandconditionsastheBoardmaydecide.

9. CONTINUOUSSHAREISSUES

9.1 Provisionsinapplicable:Clauses7.3,7.6,7.7,7.9,8and13.2oftheseRulesdonotapplyto ContinuousShareIssues.

10. TRANSMISSIONOFMEMBERSHIPINTERESTS

10.1 DeceasedMember:IncaseofthedeathofanyMember,thesurvivororsurvivorswherethe deceasedwasajointMember,andthePersonalRepresentativesofthedeceasedwherethe deceasedwasasoleMember,shallbetheonlyPersonsrecognisedbytheSocietyashavingany titletothatPerson’sMembershipInterest.WherethatMemberheldhisMembershipInterestjointly withoneormoreotherPersonnothinghereincontainedshallreleasetheestateofadeceasedjoint holderfromanyliabilityinrespectofanyMembershipInterestwhichhadbeenjointlyheldbythe deceasedwithotherPersons.

10.2 Registrationincaseofdeceased,bankruptorMentallyDisorderedmember:AnyPerson becomingentitledtoaMembershipInterestinconsequenceoftheMentalDisorder,deathor bankruptcyofaMembermay,onsuchevidencebeingproducedasmayfromtimetotimebe requiredbytheBoardandsubjectashereinafterprovided,electeithertoberegisteredhimselfas theholderoftheMembershipInterestorinsteadofbeingregisteredhimselftomakesuch transferoftheMembershipInterestastheMentallyDisordered,deceasedorbankruptPerson couldhavemade,buttheBoardshallineithercasehavethesamerighttodeclineorsuspend registrationastheBoardwouldhavehadinthecaseofatransferofaMembershipInterestbythat MemberbeforetheMemberdied,becamebankruptorMentallyDisordered.IfthePersonso becomingentitledelectstoberegisteredhimself,heshalldelivertotheSocietyanoticein writingsignedbyhimstatingthathesoelects.IfheelectstohaveanotherPersonregistered heshalltestifyhiselectionbyexecutingtothatPersonatransferoftherelevantMembership Interest.Allthelimitations,restrictionsandprovisionsoftheseRulesrelatingtotherighttotransfer andtheregistrationoftransfersofMembershipInterestsshallbeapplicabletoanysuchnotice ortransferasaforesaidasiftheMentalDisorder,death,orbankruptcyoftheMemberhadnot occurredandthenoticeortransferwereasignedtransferbythatMember.

10.3 PersonalRepresentatives:WhereanyMemberbecomesMentallyDisordered,dies,oris declaredbankrupt,hisPersonalRepresentativeshallupontheproductionofsuchevidenceasmay fromtimetotimebeproperlyrequiredbytheBoardinthatbehalf,beentitledtothesamedividends andotheradvantagesandtothesamerights(whetherinrelationtomeetingsoftheSocietyor tovotingorotherwise)astheMemberwouldhavebeenentitledtoifheorshehadnotbecome MentallyDisordered,diedorbeendeclaredbankrupt;andwheretwoormorePersonsarejointly entitledtoanyMembershipInterestinconsequenceofthedeathoftheMembertheyshallforthe purposeoftheseRulesbedeemedtobejointMembers.

11. REGISTEROFMEMBERS

11.1 Maintainregister:TheSocietymustmaintainaRegisterofMembersinaccordancewiththeAct.

9.

12. CERTIFICATES

12.1 Certificates:ExceptwheretheSocietyislawfullyexemptedfromsuchrequirement,every PersonwhosenameisenteredasaMemberintheRegisterofMembersshallbeentitledwithout paymenttoreceiveacertificateasrequiredbySection54oftheSecuritiesAct.

12.2 Replacementcertificates:Ifacertificateisdefaced,lostordestroyeditmayberenewedonsuch termsastoevidenceandindemnityandthereimbursementofexpensesoftheSocietyasthe Boardmayineachcasethinkfit.

13. DIVIDENDSONSHARES

13.1 Boardmaydeclaredividends:SubjecttoClause13.2,theBoardmaydeclaredividends(or interimdividends)orissuesharesinlieuofdividends,tobepaidorcreditedtotheMembers accordingtotheamountpaidorcreditedaspaidonthesharesinrespectofwhichthedividendis paid.

13.2 RestrictionsonBoardpower:ThepoweroftheBoardpursuanttoClause13.1todeclare dividendsshallbesubjecttothefollowingrestrictions: (a)theDirectorswhovoteinfavourofadividendmustsignacertificatestatingthat,intheir opinion,theSocietywill,immediatelyafterthepaymentofthedividend,satisfytheSolvency Testandthegroundsforthatopinion. (b)if,afteradividendisdeclaredandbeforeitismade,theBoardceasestobesatisfiedon reasonablegroundsthattheSocietywill,immediatelyafterthedividendispaid,satisfythe SolvencyTest,anydividendpaidbytheSocietyisdeemednottohavebeenauthorised. (c) inapplyingtheSolvencyTestforthepurposesofthisClause13.2: (i) “debts”includesfixedpreferentialreturnsonsharesrankingaheadofthoseinrespectof whichadividendispaid(exceptwherethatfixedpreferentialreturnisexpressedinthese RulesasbeingsubjecttothepoweroftheDirectorstodeclaredividends),butdoesnot includedebtsarisingbyreasonoftheauthorisation;and (ii) “liabilities”includestheamountthatwouldberequired,iftheSocietyweretobewound upafterthedividend,torepayallfixedpreferentialamountspayablebytheSocietyto Members,atthattime,oronearlierredemption(expectwheresuchfixedpreferential amountsareexpressedintheseRulesasbeingsubjecttothepoweroftheDirectorsto makedistributions);but,subjecttosubparagraph(i)above,doesnotincludedividends payableinthefuture. (d)adividendpaidtoaMemberatatimewhentheSocietydidnot,immediatelyafterthedividend, satisfytheSolvencyTestmayberecoveredbytheSocietyfromaMemberunless: (i) theMemberreceivedthedividendingoodfaithandwithoutknowledgeoftheSociety’s failuretosatisfytheSolvencyTest;and (ii) theMemberhasalteredtheMember’spositioninrelianceonthevalidityofthedividend; and (iii) itwouldbeunfairtorequirerepaymentinfulloratall. (e)ifinrelationtoadividendpaidtoMemberstheproceduressetoutinthisClause13.2havenot beenfollowedorreasonablegroundsforbelievingthattheSocietywouldsatisfytheSolvency Test,(asthecasemaybe),didnotexistatthetimethecertificatewassigned,aDirectorwho failedtotakereasonablestepstoensuretheprocedurewasfollowedorsignedthecertificate, asthecasemaybe,ispersonallyliabletotheSocietytorepaytotheSocietysomuchofthe dividendasisnotabletoberecoveredfromMembers.

13.3 Deductions:TheBoardmaydeductfromanydividendpayabletoanyMemberallsumsofmoney, ifany,presentlypayablebyhimtotheSocietyonaccountofcallsorinstalmentsorotherwiseor anydebt,liabilityorengagementinrespectwhereoftheSocietyhasalienonthesharesonwhich suchdividendispayable.

10.

13.4 Interest:NodividendshallbearinterestagainsttheSociety.

13.5 MethodofPayment:TheSocietymay,withtheapprovalofaMember,makepaymentofa dividendbycreditingthedividendtoanaccountheldwiththeSocietyinthenameoftheMemberor insuchothernameastheMemberdirects.

13.6 Unclaimeddividends:Alldividendsunclaimedfor1yearafterhavingbeendeclaredmaybe investedorotherwisemadeuseofbytheBoardforthebenefitoftheSocietyuntilclaimedandall dividendsunclaimedfor5yearsafterhavingbeendeclaredmaybeforfeitedbytheBoardforthe benefitoftheSocietyprovidedalwaysthattheBoardmayatanytimeaftersuchforfeitureannul thesameandpaythedividendsoforfeitedtoanyPersonproducingevidencethatheisentitledto thesameandshalldosounlessintheopinionoftheBoardsuchpaymentwouldembarrassthe Society.

14. ISSUEOFDEBTSECURITIES

14.1 TheSocietymayissueDebtSecuritiesfromtimetotimeonsuchtermsandconditionsasthe Boardmaydecide.

15. PROFITSANDRESERVES

15.1 Profitsandlosses:ProfitsandlossesoftheSocietyshallbeascertainedandprovidedforas requiredbyNZGAAPandotherwiseinsuchmannerasmaybedeterminedbytheBoard.

15.2 Reserves:TheBoardmay,fromtimetotime,setasideoutoftheprofitsoftheSocietysuchsums asitthinksproperasaReservewhichshallatthediscretionoftheBoardbeapplicableforany purposetowhichtheprofitsoftheSocietymaybeproperlyapplied,andpendinganysuch applicationmay,atthelikediscretion,eitherbeemployedinthebusinessoftheSocietyorbe investedinsuchinvestmentsastheBoardmayfromtimetotimethinkfit.TheBoardmayalso withoutplacingthesametoReservecarryforwardanyprofitswhichitmaythinkprudentnotto distribute.

16. DIRECTORS

16.1 Board:ThebusinessandaffairsoftheSocietyshallbemanagedby,orunderthedirectionor supervisionof,theBoardwhichshallconsistofamaximumof7andaminimumof5Directors,plus amaximumofoneExecutiveDirector.TheminimumandmaximumnumberofDirectorsmayfrom timetotimebeamendedbyresolutionoftheBoard.

16.2 PowersofBoard:TheBoardhasallthepowersnecessaryformanagingandfordirectingand supervisingthemanagementofthebusinessandaffairsoftheSocietyandinparticulartheBoard mayexerciseallthosepowersoftheSocietyasarenot,bytheActorbytheseRules,requiredto beexercisedbytheSocietyingeneralmeeting.

16.3 Delegationofpowers:SubjecttoanyrestrictionintheActorintheseRules,theBoardmay delegatetoacommitteeofDirectors,aDirectororEmployee,oranyotherPerson,anyoneor moreofitspowers,providedthatiftheBoarddelegatesapoweritremainsresponsibleforthe exerciseofthepowerbythedelegateasifthepowerhadbeenexercisedbytheBoard,unlessthe Board:

(a)believedonreasonablegroundsatalltimesbeforetheexerciseofthepowerthatthedelegate wouldexercisethepowerinconformitywiththedutiesimposedontheDirectorsbytheActand theseRules;and (b)hasmonitored,bymeansofreasonablemethodsproperlyused,theexerciseofthepowerby thedelegate.

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16.4 DutiesofDirectors:ThedutiesoftheDirectorstotheSocietyshallbeasfollows:

(a)theDirectors,whenexercisingpowersorperformingduties,mustactingoodfaithandinwhat theybelievetobethebestinterestsoftheSociety; (b)theDirectorsmustexercisetheirpowersforaproperpurpose; (c) theDirectorsmustnotact,oragreetotheSocietyacting,inamannerthatcontravenestheAct ortheseRules; (d)theDirectorsmustnot: (i) agreetothebusinessoftheSocietybeingcarriedoninamannerlikelytocreatea substantialriskofseriouslosstotheSociety’screditors;or (ii) causeorallowthebusinessoftheSocietytobecarriedoninamannerlikelytocreatea substantialriskofseriouslosstotheSociety’screditors. (e)theDirectorsmustnotagreetotheSocietyincurringanobligationunlesstheDirectorsbelieve atthattimeonreasonablegroundsthattheSocietywillbeabletoperformtheobligationwhenit isrequiredtodoso; (f) theDirectors,whenexercisingpowersorperformingduties,mustexercisethecare,diligence andskillthatreasonableDirectorswouldexerciseinthesamecircumstancestakinginto account,butwithoutlimitation,thenatureoftheSociety,thenatureofthedecisionandthe positionoftheDirectorandthenatureoftheresponsibilitiesundertakenbythem.

16.5 Useofinformationandadvice:Subjecttosubclause(b):

(a)theDirectors,whenexercisingpowersofperformingduties,mayrelyonreports,statements andfinancialdataandotherinformationpreparedorsupplied,andonprofessionalorexpert advicegiven,byanyofthefollowingPersons: (i) anEmployeewhomtheDirectorsbelieveonreasonablegroundstobereliableand competentinrelationtothemattersconcerned; (ii) aprofessionaladvisororexpertinrelationtomatterswhichtheDirectorsbelieveon reasonablegroundstobewithinthePerson’sprofessionalorexpertcompetence; (iii) anyotherDirectororcommitteeofDirectorsinrelationtomatterswithintheDirector’sor committee’sdesignatedauthority; (b)subclause(a)appliestotheDirectorsonlyiftheDirectors: (i) actingoodfaith;and (ii) makeproperenquirywheretheneedforenquiryisindicatedbythecircumstances;and (iii) havenoknowledgethatsuchrelianceisunwarranted.

16.6 Directors’personalinterests:Thefollowingprovisionsshallapplytotransactionsinrespectof whichanyDirectorisInterested:

(a)forthwithafterbecomingawareofthefactthatheorsheisInterestedinatransactionor proposedtransactionwiththeSociety,therelevantDirectorshallcausetobeenteredinthe InterestsRegisteranddisclosetotheBoard: (i) ifthemonetaryvalueoftheDirector’sInterestisabletobequantified,thenatureand monetaryvalueofthatInterest;or (ii) ifthemonetaryvalueoftheDirector’sInterestcannotbequantified,thenatureandextent ofthatInterest.

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(b)aDirectorisnotrequiredtocomplywithsubclause(a)if: (i) thetransactionorproposedtransactionisbetweentheDirectorandtheSociety;and (ii) thetransactionorproposedtransactionisoristobeenteredintointheordinarycourseof theSociety’sbusinessandonusualtermsandconditions. (c) forthepurposesofsubclause(a),ageneralnoticeenteredintheInterestsRegisterand disclosedtotheBoardtotheeffectthataDirectorisashareholder,director,officerortrusteeof anothernamedcompanyorotherPersonandistoberegardedasInterestedinanytransaction whichmay,afterthedateoftheentryordisclosure,beenteredintowiththatcompanyor Person,isasufficientdisclosureofinterestinrelationtothattransaction; (d)afailurebyaDirectortocomplywithsubclause(a)doesnotaffectthevalidityofatransaction enteredintobytheSocietyortheDirector; (e)atransactionenteredintobytheSocietyinwhichaDirectorisInterestedmaybeavoidedby theSocietyatanytimebeforetheexpirationof3monthsafterthetransactionisdisclosedtoall theMembers(whetherbymeansoftheSociety’sannualreportorotherwise),providedthat: (i) atransactioncannotbeavoidediftheSocietyreceivesfairvalueunderit; (ii) thequestionwhethertheSocietyreceivesfairvalueunderatransactionistobe determinedonthebasisoftheinformationknowntotheSocietyandtotheInterested Directoratthetimethetransactionisenteredinto; (iii) ifthetransactionisenteredintobytheSocietyintheordinarycourseofitsbusinessand onusualtermsandconditions,theSocietyispresumedtoreceivefairvalueunderthe transaction; (iv) aPersonseekingtoupholdatransactionandwhokneworoughttohaveknownofthe Director’sInterestatthetimethetransactionwasenteredintohastheonusof establishingfairvaluebutinanyothercasetheSocietyhastheonusofestablishingthatit didnotreceivefairvalue. (f) theavoidanceofatransactionunderthisclause16.6doesnotaffectthetitleorinterestofa PersoninortopropertywhichthatPersonhasacquiredifthepropertywasacquiredfroma PersonotherthantheSocietyandforvaluableconsiderationandwithoutknowledgeofthe circumstancesofthetransactionunderwhichtherelevantPersonacquiredthepropertyfrom theSociety. (g)theSocietyshallmaintaintheInterestsRegisterforthepurposeofrecordingalldisclosuresof interestmadepursuanttothisclause16.6.

16.7 UseofSocietyinformation:ADirector:

(a)whohasinformationinhisorhercapacityasaDirectororEmployee,beinginformationthat wouldnototherwisebeavailabletohimorher,mustnotdisclosethatinformationtoany Person,ormakeuseoforactontheinformation,except: (i) forthepurposesoftheSociety;or (ii) asrequiredbylaw;or (iii) inaccordancewithsubclause(b).

(b)maydisclose,makeuseof,oractontheinformationif: (i) particularsofthedisclosure,use,ortheactinquestionareenteredintheInterests Register;and (ii) theDirectorisfirstauthorisedtodosobytheBoard;and (iii) thedisclosure,use,oractinquestionwillnot,orwillnotbelikelyto,prejudicetheSociety.

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16.8 Pre-qualifications:TobeeligibleforappointmentasaDirectoraPerson:

(a)mustbeaMember;and (b)mustnotbedisqualifiedfrombeingappointedorholdingofficeasadirectorpursuanttoany legislation.16.9 Nosolicitation:APersonseekingelectionasaDirectorisnotpermittedtodirectlyorindirectly solicitforhimselforherselfthevoteofanyMemberotherthanthroughanewspaperorinsuch othermannerastheBoardmayfromtimetotimedecide.IftheBoarddecidesthatanyvotehas beenobtainedincontraventionofthisclause,theBoardwillhavethepowertodealwiththematter asitdecides,includingthepowertoremoveaDirectorfromoffice.

16.10 Disqualification:ThefollowingPersonsaredisqualifiedfrombeingappointedorholdingofficeas aDirector:

(a)aPersonwhoisunder18yearsofage; (b)aPersonwhoisanundischargedbankrupt; (c)aPersonwhoisprohibitedfrombeingadirector,officer,orpromoteroforbeingconcernedor takingpartinthemanagementofacompanypursuanttoanylegislation; (d)aPersonwhoissubjecttoapropertyordermadeundersection30orsection31ofthe ProtectionofPersonalandPropertyRightsAct1988; (e)full-timeemployeesoftheSociety,otherthanPersonsappointedasExecutiveDirectors.

16.11 AppointmentofDirectors:APersonmaybeappointedasaDirectoratanytimeby:

(a)anOrdinaryResolution;or (b)theBoard. APersonappointedunderclause16.11(b)shallretirefromofficeatthenextannualmeeting followingtheFinancialYearofhisorherappointment,butshallbeeligibleforre-electionatthat meeting.

16.12 AppointmentbyMembers:TheMembersmayvoteonaresolutiontoappointaDirectoronlyif:

(a)TheresolutionisfortheappointmentofasingleDirector;or (b)Theresolutionisasingleresolutionfortheappointmentof2ormoreDirectorsandaseparate resolutionthatitbesovotedhasbeenpassedwithoutavotebeingcastagainstit.

16.13 ExistingDirectorstoContinue:ThePersonsholdingofficeasDirectorsonthedateofadoption oftheseRulescontinueinofficeandaredeemedtohavebeenappointedasDirectorspursuantto theseRules.

16.14 Nominations:NoPerson(otherthanaDirectorretiringatthemeeting)shallbeelectedasa DirectoratanannualmeetingofMembersunlessthatPersonhasbeennominatedbytwo Membersentitledtovoteatthemeeting.Theclosingdatefornominationsshallbenolaterthan theendoftheFinancialYearimmediatelyprecedingtheannualmeetingatwhichtheelectionisto takeplace(the‘ClosingDate’).Subjecttoclause16.8,thereshallbenorestrictiononthePersons whomaybenominatedasDirectorsnorshalltherebeanypreconditiontothenominationofa Directorotherthancompliancewithtimelimitsinaccordancewiththisclause.Noticeofevery nominationreceivedbytheSocietybeforetheClosingDateshallbegivenbytheSocietytoall Personsentitledtoattendtheannualmeetingtogetherwith,oraspartof,therelevantnoticeof meeting.

16.15 Executives:TheChiefExecutiveandotherofficersoftheSocietyshallbeappointedbytheBoard withsuchpowersandduties,uponsuchremunerationandotherwiseonsuchtermsandconditions (includingastoremoval)asshallbedeterminedbytheBoardfromtimetotime. 14.

16.16 Funds:TheBoardmayestablishandmaintainfundsorschemesforthebenefitofEmployeesand anyDirectorwhoholdsorhasheldanyexecutiveofficeintheSocietyinadditiontothatofa Director,andtheirwidows,childrenordependants.TheSocietymayalsomakecontributionsto suchfunds.

17. ROTATIONOFDIRECTORS

17.1 Retirementbyrotation:One-thirdoftheDirectors(roundeddownifnecessary)shallretirefrom officeattheannualmeetingoftheSocietyeachyear,butshallbeeligibleforelectionwithout nominationatthatmeeting,exceptthataDirectorwhohasattainedtheageof70yearsshallbe eligibleforre-electiononlyuntilthenextannualmeetingandsimilarlyonanannualbasis thereafter.TheDirectorstoretireshallbethosewhohavebeenlongestinofficesincetheywere lastelectedordeemedelected.WiththeexceptionofDirectorswhohaveattained70yearsof agenoDirectorretiringfromofficeshallberequiredtostandforre-electionmorethanoncein everythreeyears.If2ormoreofthoseDirectorswerelastelectedonthesameday,theDirectors toretireshall(unlesstheyotherwiseagreeamongthemselves)bedeterminedbylot.

18. REMOVALOFDIRECTORS

18.1 RemovalfromOffice:

(a)AllDirectorsshallbesubjecttoremovalfromofficeasDirectorbyOrdinaryResolution. (b)TheofficeofDirectorisvacatedifthePersonholdingthatoffice: (i) resigns;or (ii) beinganEmployee,ceasessuchemployment.APersonwhoceasestobeaDirectorby reasonofceasingemploymentmaybereappointedaDirector,subjecttotheseRules;or (iii) isremovedfromofficeinaccordancewithclause18.1(a);or (iv) ceasestobeaMemberoftheSociety;or (v) becomesdisqualifiedfrombeingaDirectorpursuanttotheActorfrombeingadirectorof acompanypursuanttotheCompaniesActoranyotherlegislation;or (vi) dies;or (vii) isabsentfrommeetingsoftheBoardformorethan3consecutivemonthswithoutthe Board’spermission,andtheBoardresolvesthattheofficebevacated;or (viii) becomesbankruptorcompoundsormakesanyarrangementgenerallywiththecreditors ofthatDirector;or (ix) becomesMentallyDisordered;or (x) withoutthepriorconsentofallotherDirectors,acceptstheofficeofdirectororanyother positionwithanyotherbuildingsociety,financecompanyorbank;or (xi) isfoundguiltyofanyoffenceundertheAct.

19. TIMINGOFAPPOINTMENTANDRETIREMENT

19.1 Timing:

(a)APersonwhoisnotalreadyaDirectorwhoisappointedorelectedasaDirectoratameetingof MembersshalltakeofficeasaDirectorimmediatelyaftertheconclusionofthemeeting. (b)ADirectorwhoretiresatameetingofMembersandwhoisnotre-electedordeemedtobe re-electedatthatmeetingshallremaininofficeuntil,andhisorherretirementshalltakeeffect at,theconclusionofthemeeting. (c)ADirectorwhoisremovedfromofficeatameetingofMembersbyOrdinaryResolutionshallre maininofficeuntil,andhisorherremovalshalltakeeffectat,theconclusionofthemeeting.

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20. DIRECTORS’REMUNERATION

20.1 FixingRemuneration:NoremunerationshallbepaidtoaDirectorinhisorhercapacityasa DirectoroftheSocietyunlessthefollowingprovisionsarecompliedwith:

(a)TheBoardmustbesatisfiedthattoauthorisethepaymentofsuchremunerationisfairtothe Society; (b)ForthwithafterprovidingsuchauthorisationtheBoardshallenterparticularsofthe remunerationintotheInterestsRegisteroftheSociety; (c)Directorswhovoteinfavourofsuchauthorisationmustsignacertificatestatingthat,intheir opinion,theprovisionofsuchremunerationisfairtotheSocietyandthegroundsforthat opinion; (d)Whereremunerationispaidwithoutcompliancewiththeforegoingprovisions,theDirectoror formerDirectortowhomtheremunerationispaidorprovidedispersonallyliabletotheSociety fortheamountoftheremunerationoritsmonetaryvalueexcepttotheextenttowhichheorshe provesthattheremunerationwasfairtotheSocietyatthetimeitwasmadeprovidedorgiven.

20.2 ExpensesandSpecialRemuneration:Inadditiontoremunerationfixedpursuanttoclause20.1:

(a)eachDirectorisentitledtobepaidorreimbursedforallreasonabletravelling,accommodation andotherexpensesincurredbytheDirectorinconnectionwiththeDirector’sattendanceat meetingsorotherwiseinconnectionwiththeSociety’sbusiness;and (b)theBoardmayauthorisethepaymentofspecialremunerationtoanyDirectorwhoisorhas beenengagedbytheSocietytocarryoutworkorperformanyserviceswhicharenotcarried outinthecapacityofaDirector.

21. INDEMNITYANDINSURANCE

21.1 Restrictions:Exceptasprovidedinthisclause21,theSocietymustnotindemnifyordirectlyor indirectlyeffectinsuranceforaDirectororEmployeeinrespectof:

(a)liabilityforanyactoromissioninhisorhercapacityasaDirectororEmployee;or (b)costsincurredbythatDirectororEmployeeindefendingorsettlinganyclaimorproceeding relatingtoanysuchliability.

21.2 Void:Anindemnitygiveninbreachofthisclause21isvoid.

21.3 PermittedIndemnities:TheSocietymayindemnifyaDirectororEmployeeforanycostsincurred byhimorherinanyproceeding:

(a)thatrelatetoliabilityforanyactoromissioninhisorhercapacityasaDirectororEmployee; and (b)inwhichjudgmentisgiveninhisorherfavourorinwhichheorsheisacquittedorwhichis discontinued.

21.4 TheSocietymayindemnifyaDirectororEmployeeinrespectof:

(a)liabilitytoanyPersonotherthantheSocietyforanyactoromissioninhisorhercapacityasa DirectororEmployee;or (b)costsincurredbythatDirectororEmployeeindefendingorsettlinganyclaimorproceeding relatingtoanysuchliability,

notbeingcriminalliabilityorliabilityinrespectofabreach,inthecaseofaDirector,ofanyduties imposedonthatDirectorbytheseRulesor,inthecaseofanEmployee,ofanyfiduciarydutyowed totheSociety.

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21.5 PermittedInsurance:TheSocietymay,withthepriorapprovaloftheBoard,effectinsurancefora DirectororEmployeeinrespectof:

(a)liability,notbeingcriminalliabilityforanyactoromissioninhisorhercapacityasaDirectoror Employee;or (b)costsincurredbythatDirectororEmployeeindefendingorsettlinganyclaimorproceeding relatingtoanysuchliability;or (c)costsincurredbythatDirectororEmployeeindefendinganycriminalproceedings: (i) thathavebeenbroughtagainsttheDirectororEmployeeinrelationtoanyactoromission inhisorhercapacityasaDirectororEmployee;and (ii) inwhichheorsheisacquitted.

21.6 Certificates:TheDirectorswhovoteinfavourofauthorisingtheeffectingofinsuranceunderthis clause21mustsignacertificatestatingthat,intheiropinion,thecostofeffectingtheinsuranceis fairtotheSociety.

21.7 InterestsRegister:TheBoardmustensuretheparticularsofanyindemnitygivento,orinsurance effectedfor,anyDirectororEmployeeareforthwithenteredintheInterestsRegisteroftheSociety.

21.8 PersonalLiability:WhereinsuranceiseffectedforaDirectororEmployeeandtheprovisionsof thisclause21havenotbeencompliedwith,theDirectororEmployeeispersonallyliabletothe Societyforthecostofeffectingtheinsuranceexcepttotheextentthatheorsheprovesthatitwas fairtotheSocietyatthetimetheinsurancewaseffected.

22. DIRECTORS’ANDMEMBERS’MEETINGS

22.1 Directors’meetings:MeetingsofDirectorsshallbeconductedinaccordancewithSchedule1 attachedtoandformingpartoftheseRules.

22.2 Members’meetings:MeetingsofMembersshallbeconductedinaccordancewithSchedule2 attachedtoandformingpartoftheseRules.

23. RESTRICTEDHOLDINGS

23.1 DeclarationofRestrictedHolding:

(a)Forthepurposeofgivingeffecttoclauses9.4and9.5ofSchedule2theBoardmaydetermine that: (i) MembershipInterestsheldbyPersonswhichtheBoarddeterminestobeAssociated PersonsaredeemedtobeheldbysuchoneMemberholdingthoseMembershipInterests asisdeterminedbytheBoard; (ii) IftheBoardissatisfiedthatAssociatedPersonsholdMembershipIntereststhenthe BoardmaydetermineonsuchbasisasitthinksfittheMembershipInterestswhichare andcompriseaRestrictedHolding. (b)IftheBoarddeclaresMembershipIntereststoconstituteaRestrictedHolding,theBoardmay: (i) declaretheMembershipInterestsinthatRestrictedHoldingtobeRestrictedInterests; (ii) ifsuchMembershipInterestsareheldbymorethanonePerson,determine,onsuch basisastheBoardseesfit,thenumberofsuchMembershipInterestsheldbyeachsuch PersonwhichareRestrictedInterests. (c) IftheaggregatevotesattachedtothoseMembershipInterestsexceeds5%ofthe MembershipInterestswhichhaveorcouldhavevotingrightsattachedtheretoifnorestrictions applied,theholdingofsuchMembershipInterestsshallbeaRestrictedHoldingwithoutthe BoardbeingrequiredtomakeanyfurtherdeterminationandsuchMembershipInterestsshall bedeemedtobedeclaredbytheBoardasRestrictedInterests.

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23.2 NoVoteonRestrictedInterests:ForsolongasanyMembershipInterestsareRestricted Interests,theyshallcarrynovote.

23.3 Cessation:TheBoardmayatanytimedeterminethatanyMembershipInterestshaveceasedto formpartofaRestrictedHolding,orhaveceasedtobeRestrictedInterests.

23.4 Provisionofinformation:TheBoardmayatanytimegivewrittennoticetoanyMemberrequiring thatMembertoprovidetotheBoard,ifsorequiredbytheBoardintheformofastatutory declaration,suchinformationastheBoardmayspecifywhichtheBoardconsidersnecessaryor desirabletoestablish:

(a)whethertheforegoingprovisionsmayapplytoMembershipInterestsheldbythatMember;or (b)whoareAssociatedPersonsofthatMemberforthepurposesofclauses9.4and9.5of Schedule2,

orotherwisetoenabletheBoardproperlytoadministertheforegoingprovisions.

23.5 Failuretoprovideinformation:IfanyMemberfailstoprovide,tothesatisfactionoftheBoard, theinformationrequestedbytheBoardpursuanttoclause23.4within10BusinessDaysafterthe Boardgivesnoticeunderclause23.4,theBoardmay,bynoticetothatMember,determinethatno votesshallbeexercisedinrespectofanyoftheMembershipInterestsheldbythatMemberuntil suchtimeasthatinformationisprovidedtothesatisfactionoftheBoard.

23.6 Declarationconclusive:AnydeclarationordeterminationmadebytheBoardunderclause23.1 shallbefinalandconclusiveforallpurposesandnotopentochallenge.

24. INSPECTIONOFRECORDS

24.1 InspectionbyDirectors:AllaccountingandotherrecordsoftheSocietyshallbeopentothe inspectionofanyDirector.

24.2 InspectionbyMember:NoMemberwhoisnotalsoaDirectorisentitledtoinspectany accountingorotherrecordsoftheSocietyexceptasexpresslyauthorisedbylaworpermittedby theBoard.TheBoardmayfromtimetotimedeterminewhether,towhatextent,atwhattimesand places,andunderwhatconditions,theaccountingorotherrecordsoftheSocietyoranyofthem areopentotheinspectionofMembers(whoarenotalsoDirectors).

25. NOTICES

25.1 Notices,Reports,FinancialStatements:Membersshallbeentitledtoattendgeneralmeetings andtoreceivecopiesofallnotices,reportsandfinancialstatementsissuedgenerallytoMembers.

25.2 MethodofService:Allnotices,reports,accountsandotherdocumentsrequiredtobesenttoa Member,shallbesentinthemannerprovidedbytheAct.Noticesofmeetingsmaybegivenby publicnoticesinsertedinnewspaperscirculatingintheareasinwhichtheSocietyhasits RegisteredOfficeanditsbranches.

25.3 AccidentalOmissions:Thefailuretosendanannualreport,notice,orotherdocumenttoa MemberinaccordancewiththeActortheseRulesdoesnotinvalidatetheproceedingsata meetingofMembersifthefailuretodosowasaccidental.

25.4 JointMembers:AnoticemaybegivenbytheSocietytojointMembersbygivingthenoticetothe jointholdernamedfirstintheRegisterofMembers.

25.5 MemberDeceasedorBankrupt:IftheMemberdiesorisadjudicatedbankrupt,noticemaybe giveninanymannerinwhichnoticemighthavebeengivenifthedeathorbankruptcyhadnot occurred,orbygivingnoticeinthemannerprovidedinsection391oftheCompaniesActtothe relevantPersonalRepresentativeattheaddresssuppliedtotheSocietyforthatpurpose.

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26. CUSTODYOFSECURITIES

26.1 Allmortgages,deeds,securitiesandotherdocumentsshallbemadeandtakeninthenameofthe Society,andshallbekeptinsuchmannerastheBoardmaydirect.

27. DISPUTES

27.1 AnydisputebetweentheSocietyandaMemberinrespectofanymatter,excepttheconstructionor effectof: (a)anydocumentationrelatingtoaLoanoranysecuritygiveninrespectofanyLoan;or

(b)anyothercontractcontainedinanydocumentotherthantheseRules,

shallbedeterminedbyarbitrationinaccordancewithSection109oftheAct.

28. COMMONSEAL

28.1 AffixingSeal:WhererequiredundertheAct,theSocietyshallaffixthecommonsealofthe SocietyinthepresenceofsuchPerson(includingDirectors)asareauthorised.

28.2 DeedExecution:Anobligationwhich,ifenteredintobyanaturalPerson,would,bylaw,be requiredtobebydeed,maybeenteredintoonbehalfoftheSocietyinwritingsignedunderthe nameoftheSocietyby: (a)twoormoreDirectors;or (b)ifthereisonlyoneDirector,bythatDirectorwhosesignaturemustbewitnessed;or (c)aDirector,orotherPersonorclassofPersonswhosesignatureorsignaturesmustbe witnessed;or (d)oneormoreattorneysappointedbytheSocietyinaccordancewithclause28.4oftheseRules.

28.3 OtherExecution:Anobligationwhich,ifenteredintobyanaturalPerson,is,bylaw,requiredto beinwriting,maybeenteredintoonbehalfoftheSocietyinwritingbyaPersonactingunderthe Society’sexpressorimpliedauthority.

28.4 Attorneys:TheSocietymay,byaninstrumentinwritingexecutedinaccordancewithclause28.2, appointaPersonasitsattorneyeithergenerallyorinrelationtoaspecifiedmatter.Anactofthe attorneyinaccordancewiththeinstrumentbindstheSociety.

29. AUDITORS

29.1 TheBoardmustpresentauditedfinancialstatementsoftheSocietytoeachannualgeneral meeting.TheAuditorsshallbeappointedandremovedinthemannerprovidedintheActand theamountoftheAuditors’remunerationandthemannerofremuneratingAuditorsshallbe decidedbytheBoardfromtimetotime.

30. DISSOLUTION

30.1 MethodsofDissolution:TheSocietymaybedissolvedinanyofthefollowingways:

(a)InaccordancewithSection115oftheAct;or (b)BySpecialResolution;or (c)PursuanttoSection118oftheAct.

30.2 SurplusAssets:AnysurplusassetsremainingfordistributiontoMembersshallbedistributed amongsttheMembersinequalshares,unlessthetermsandconditionsattachingtothe relevantMembershipInterestsexcludetherighttoparticipateinsurplusassets.Ifthereshall beadeficiencyoffundsonliquidationtheliabilityofMembersislimitedtotheamountofany sharesoftheSocietytotheextentthatthosesharesareunpaid.

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31. NEWRULESANDALTERATIONSOFRULES

31.1 TheSocietymayfromtimetotimealterorrevokeoraddtotheseRulesbySpecialResolution.

32. WHENRULESTAKEEFFECT

32.1 TheseRulesshallcomeintoforceatthetimeofregistration,andshallhavetheeffectofrevoking therulesinforcepriortoregistrationoftheseRules.

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SCHEDULE1–DIRECTORS’MEETINGS

AllmeetingsofDirectorsshallbeconductedinaccordancewiththefollowingprovisions:

1. MEETINGOFDIRECTORS

1.1 Procedure:TheDirectorsmaymeettogetherforthedespatchofbusiness,adjourn,orotherwise regulatetheirmeetingsandproceedingsastheymaythinkfit.

1.2 Quorum:ThequorumformeetingsofDirectorsshallbe3Directorsunless: (a)amajorityoftheDirectorsforthetimebeingotherwisedetermines;or (b)inrespectofamattertobeconsideredbytheBoard,therewouldbelessthan3Directors eligibletobecountedinaquorumandvote,inwhichcasethequorumshallbethenumberof Directorspresentatthemeetingandeligibletovoteontherelevantmatter.

Ifaquorumshallnotbepresentatameetingthenthemeetingmaybeadjournedforatleast48 hoursandnoticeoftheday,timeandplaceforsuchadjournedmeetingshallbegiventoall Directorsatleast2dayspriortothetimeofsuchadjournedmeeting.Ifatthatfurthermeeting aquorumisnotpresentwithin30minutesafterthetimeappointedforthemeetingbutthereareat least2Directorspresenttheywillconstituteaquorum.

2. NOTICE

2.1 UsualNoticeforMeetings:EveryDirectorpresentinNewZealandshallbegivennotlessthan 2cleardays’noticeofameetingunlesstheDirectorwaivesthatrightorashorterperiodofnotice isrequiredtoenabletheBoardtocomplywithitsobligationsundertheseRules.Noticemaybe giventoaDirectorby: (a)deliveryofthenoticetotheDirectorinwhichcasethenoticewillbedeemedtobegivenwhen delivered; (b)sendingthenoticebyemailorfacsimiletransmissiontotheemailaddressorfacsimilenumber givenbytheDirectortotheSocietyforthepurposesofreceivingnotices,inwhichcasethe noticewillbedeemedtobegivenwhensent;or (c)postingthenoticetotheaddressgivenbytheDirectorforthepurposeofreceivingnotices,in whichcasethenoticewillbedeemedtobegiven3daysafteritisposted.

2.2 UrgentMeeting:If,intheopinionoftheChairmanorinhisorherabsencethedeputyChairman(if any),ameetingisrequiredintheinterestsoftheSocietytobeconvenedonlessthan5cleardays’ notice,themeetingmaybeconvenedonshortnoticeprovidedthat: (a)notlessthan3oftheDirectorsentitledtobegivennoticeconsenttosuchshorternotice;or (b)theChairman,orinhisorherabsencethedeputyChairman(ifany),reasonablyconsiderthat byreasonofextremeurgency,ameetingonshortnoticeisrequiredintheinterestsofthe Societyandthatitisnotpracticabletogive5cleardays’notice.

2.3 ShortNotice:Inthecaseofameetingconvenedonshortnoticepursuanttothisclause: (a)acopyofthenoticeconveningthemeetingshallbegiventoeveryDirectorentitledtobegiven noticeeitherpersonallyorshallbesentpriortotheholdingofameetingbyemailorfacsimile transmissiontotheemailaddressorfacsimilenumbergivenbytheDirectortotheSocietyfor thepurposesofreceivingnotices,inwhichcasethenoticewillbedeemedtobegivenwhen sent; (b)theSocietyshalluseallreasonableendeavourstocontacteveryDirectoreitherpersonallyor bytelephonepriortotheholdingofthemeetingtotrytoensurethateveryDirectorisawarethat themeetingistobeheld; (c)everyDirectorshallbeentitledtoattendthemeetingtelephonicallyorbyotherelectronic means;and

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(d)thebusinesstobetransactedatthemeetingshallbelimitedtobusinessrelatedtotheurgent matterormatterswhichnecessitatedthemeetingbeingcalledonshortnotice.

2.4 PowersofQuorum:AmeetingoftheDirectorsatwhichaquorumispresentshallbecompetentto exercisealloranyortheauthorities,powersanddiscretionsbyorundertheseRulesortheActfor thetimebeingvestedinorexercisablebytheDirectorsgenerally.

3. METHODSOFHOLDINGMEETINGS

3.1 MeetingMethods:ForthepurposesoftheseRulesthecontemporaneouslinkingtogetherwith simultaneousaudiooraudioandvisualmeansofanumberoftheDirectorsnotlessthanthe quorum,whetherornotanyoneormoreoftheDirectorsisoutofNewZealand,shallbedeemed toconstituteameetingoftheDirectorsandalltheprovisionsintheseRulesastomeetingsof theDirectorsshallapplytosuchmeetingssolongasthefollowingconditionsaremet: (a)AlltheDirectorsforthetimebeingentitledtoreceivenoticeofameetingoftheDirectors (includinganyalternateforanyDirector)shallbeentitledtonoticeofsuchameetingandtobe linkedbysuchmeansforthepurposesofsuchmeeting.Noticeofanysuchmeetingmaybe givenbysuchmeans. (b)EachoftheDirectorstakingpartinsuchameetingmustbeabletoheareachoftheother Directorstakingpartthroughoutthemeeting. (c)AtthecommencementofthemeetingeachDirectormustacknowledgehisorherpresencefor thepurposeofameetingoftheDirectorsoftheSocietytoalltheotherDirectorstakingpart.

3.2 ConsenttoLeave:ADirectormaynotleavethemeetingbydisconnectingunlessheorshehas previouslyobtainedtheexpressconsentoftheChairmanofthemeetingandaDirectorshallbe conclusivelypresumedtohavebeenpresentandtohaveformedpartofthequorumatalltimesat suchameetingunlessheorshehaspreviouslyobtainedtheexpressconsentoftheChairmanto leavethemeetingasaforesaid.Neitherthemeetingnoranybusinessconductedatthemeeting shallbeinvalidatedifaDirectordoesleaveameetingconductedinthismannerwithoutthe expressconsentoftheChairman.

3.3 Minutes:Aminuteoftheproceedingsatsuchmeetingbytelephoneshallbesufficientevidenceof suchproceedingsandoftheobservanceofallnecessaryformalitiesifcertifiedasacorrectminute bytheChairmanofthemeeting.

4. CALLINGOFMEETING

4.1 TheChairmanorany2DirectorsmayatanytimesummonameetingoftheDirectors.

5. VOTING

5.1 Onevote:QuestionsarisingatanymeetingoftheDirectorsshallbedeterminedbyvoteofthe Directors.OnanysuchvoteeachDirectorshallhaveonevote.Incaseofequalityofvotesonany matterconsideredbytheBoard,theChairmanofthemeetingshallhaveacastingvote.

5.2 InterestedDirectors:ADirectorshallnotvoteonaBoardresolutioninrespectofanymatterin whichthatDirectorisInterested,norshalltheDirectorbecountedinthequorumforthepurposes ofconsiderationofthatmatter.However,aDirectormayholdanyofficeorplaceofprofitwiththe Society,otherthantheofficeofAuditor,inconjunctionwiththeofficeofDirector.

6. CHAIRMAN

6.1 Election:AtthefirstmeetingoftheBoardheldaftereachannualmeetingofMembers,theBoard willelectaChairmanandDeputyChairmantoholdofficeuntilthenextannualmeetingof Members.TheChairman,orfailinghimorhertheDeputyChairman(ifany),shallpresideatall meetingsoftheDirectors,butifnosuchChairmanorDeputyChairmanispresentwithin10 minutesafterthetimeappointedforholdingthemeeting,theDirectorspresentmaychooseoneof theirnumbertobeChairmanofsuchmeeting,andtheDirectorsochosenshallpresideatsuch meetingaccordingly. 22.

7. PROCEEDINGSOFCOMMITTEE

7.1 TheBoardmaydelegateanyofitspowers,duties,discretionsandauthoritiesrelatingtothe businessoftheSocietytosuchcommitteesconsistingofaDirectororDirectorsand/orsuchsenior officialorofficialsoftheSocietyasitthinksfit.Themeetingsandproceedingsofacommittee consistingofmorethan2DirectorsshallbegovernedbytheprovisionsoftheseRulesregulating theproceedingsandmeetingsofDirectors.

8. DEFECTS

8.1 AllactsdonebyanymeetingoftheDirectorsoracommitteeofDirectorsorbyanyPersonacting asaDirector,notwithstandingthatitisafterwardsdiscoveredthattherewassomedefectinthe appointmentofanysuchDirectororPersonactingasaforesaidorthattheyoranyofthemwere disqualified,shallbeasvalidasifeverysuchPersonhadbeendulyappointedandwasqualifiedto beaDirector.

9. RESOLUTIONINWRITING

9.1 AresolutioninwritingsignedbyamajorityoftheDirectorsforthetimebeingentitledtovoteonthat resolution(ortheiralternateDirectors)shallbeasvalidandeffectiveasifithadbeenpassedata meetingoftheDirectorsdulycalledandconstitutedprovidedpriornoticeoftheresolutionhasbeen giventoDirectorsentitledtovoteandthoseDirectorshaveacknowledgedinwritingthattheydo notrequireameetingtobeheld.Anysuchresolutionmayconsistofseveraldocumentsinlike formeachsignedbyoneormoreDirectors.

10. MINUTES

10.1 TheDirectorsshallcauseminutestobemadeinbooksprovidedforthepurposeofrecording: (a)thenamesoftheDirectorspresentateachmeetingoftheDirectorsandofanycommitteeofthe Directors;and (b)allresolutionsandproceedingsatallmeetingsoftheSocietyandoftheDirectorsandof committeesofDirectors.

AnysuchminutesofanymeetingoftheDirectorsorofanycommitteeifpurportingtobesignedby theChairmanofsuchmeetingorbytheChairmanofthenextsucceedingmeetingshallbe receivableasprimafacieevidenceofthemattersstatedinsuchminutes.

11. VACANCIESANDREDUCTIONOFNUMBERS

11.1 Directorsmayactnotwithstandinganyvacancyintheirbody,butifandforsolongastheirnumber isreducedbelowthenumberfixedbytheseRulesastheminimumnumberofDirectors,the continuingDirectorsmayactforthepurposeofincreasingthenumberofDirectorstothatnumber orofsummoninganannualmeetingoftheSociety,butfornootherpurpose.

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SCHEDULE2–MEMBERS’MEETINGS

AllmeetingsofMembersshallbeconductedinaccordancewithfollowingprovisions:

1. METHODSOFHOLDINGMEETINGS1.1 AmeetingofMembersmaybeheldeither: (a)byanumberofMembers,whoconstituteaquorum,beingassembledtogetherattheplace, dateandtimeappointedforthemeeting;or (b)ifdeterminedbytheBoard,bymeansofaudio,oraudioandvisual,communicationbywhich allMembersparticipatingandconstitutingaquorum,canreasonablybeexpectedtobeableto heareachothersimultaneouslythroughoutthemeeting.

2. POWERSEXERCISABLEBYORDINARYRESOLUTION

2.1 UnlessotherwisespecifiedintheActortheseRules,apowerorrightofapprovalreservedto MembersmaybeexercisedbyanOrdinaryResolution.

3. MEETINGSOFMEMBERS

3.1 AnnualMeetings:TheSocietyshallholdannualmeetingsofMembersduringthefirst4monthsof everyFinancialYear.Nobusinessshallbetransactedatanannualgeneralmeetingandno resolutionshallbebroughtforwardatanysuchannualgeneralmeetingexceptasmayariseupon: (a)theconsiderationoftheannualfinancialstatementsoftheSocietylaidbeforethemeetingand thereportoftheAuditorsthereon,togetherwiththeDirectors’reportthereonassubmittedtothe meeting; (b)theelectionofDirectorsandtheappointmentofAuditorsinplaceofthoseretiringatsuch meetinginaccordancewiththeseRules; (c)amotionforaSpecialResolution,noticeofintentiontomovewhichhasbeengivenbya MembertotheSocietymorethan56daysbeforethedayonwhichtheannualgeneralmeeting isheld; (d)suchotherbusinessasshallbebroughtbeforethemeetingonthemotionofMembersholding togethernotlessthan5%ofthevotingrightsentitledtobeexercisedonanyofthequestionsto beconsideredatthemeeting; (e)suchbusinessasshallbebroughtbeforethemeetingonaresolutionoftheDirectors.

3.2 SpecialMeetings:AllmeetingsofMembers,otherthanannualmeetings,shallbecalledspecial meetings.

3.3 CallingofSpecialMeeting:AspecialmeetingofMembersentitledtovoteonanissue: (a)maybecalledbytheBoardatanytime; (b)shallbecalledbytheBoardonthewrittenrequestofMembersholdingtogethernotlessthan 5%ofthevotingrightsentitledtobeexercisedonanyofthequestionstobeconsideredatthe meeting,orbyatleast100Membersentitledtovote.

3.4 TimeandPlaceofMeetings:EachmeetingofMembersshallbeheldatsuchtimeandplaceas theBoardappoints.

3.5 Membersentitledtoattend:MembersofallclassesareentitledtoattendmeetingsofMembers andtoreceivecopiesofallnotices,reportsandfinancialstatementsissuedgenerallytothe PersonsentitledtovoteatmeetingsofMembers.

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4. NOTICE

4.1 Notice:NoticeofthetimeandplaceofameetingofMembersshallbesenttoeveryMember entitledtoreceivenoticeofthemeeting,toeveryDirector,andtotheAuditors,notlessthan14 cleardaysnormorethan56cleardaysbeforethemeeting.

4.2 ContentsofNotice:Anoticeofmeetingshall: (a)statethenatureofthebusinesstobetransactedatthemeetinginsufficientdetailtoenablea Membertoformareasonedjudgmentinrelationtoit; (b)statethetextofanySpecialResolutiontobesubmittedtothemeeting;and (c)statethataMemberentitledtoattendandvoteatthemeetingisentitledtoappointaproxyto attendandvoteinsteadoftheMemberandthataproxyneednotbeaMember;and (d)ifinrelationtoaproposedchangetotheseRules,statesufficientlyexplicitlytheeffectofsuch changestobeunderstoodwithoutreferencetotheexistingorproposedconstitution.

4.3 FormofResolutions:Sofarasreasonablypracticable,theresolutionstobeproposedata meetingshallbeframedinawaywhichfacilitatesthegivingoftwowayvotinginstructionsto proxies.

4.4 WaiverofNoticeIrregularity:AnirregularityinanoticeofameetingiswaivedifalltheMembers attendingthemeetinginpersonorbyproxyattendthemeetingwithoutprotestastotheirregularity, orifallsuchMembersagreetothewaiver.

4.5 AccidentalOmissionofNotice:Theaccidentalomissiontogivenoticeofameetingto,orthe non-receiptorlatereceiptofnoticeofameetingby,anyPersonentitledtoreceivenotice,doesnot invalidatetheproceedingsatthemeeting.

4.6 NoticeofAdjournedMeeting:IfameetingofMembersisadjournedforlessthan30daysitisnot necessarytogivenoticeofthetimeandplaceoftheadjournedmeetingotherthanby announcementatthemeetingwhichisadjourned.Inanyothercase,noticeoftheadjourned meetingshallbegiveninaccordancewithclause4.1.

5. QUORUM

5.1 Requirementforquorum:Subjecttoclause5.3,nobusinessmaybetransactedatameetingof Membersifaquorumisnotpresent.

5.2 Quorum:Subjecttoclause5.3,aquorumforameetingofMembersis10Membershavingthe righttovoteatthemeeting,presentinPersonorrepresentedbytheirproxies.

5.3 Lackofquorum:Ifaquorumisnotpresentwithin30minutesafterthetimeappointedforthe meeting: (a)inthecaseofameetingcalledbytheBoardonthewrittenrequestofMembersentitledto exercisethatright,themeetingisdissolved;

(b)inthecaseofanyothermeeting,themeetingisadjournedtothesamedayinthefollowing weekatthesametimeandplace,ortosuchotherdate,timeandplaceastheBoardmay appointand,ifattheadjournedmeetingaquorumisnotpresentwithin30minutesafterthe timeappointedforthemeeting,theMembersortheirproxiespresentareaquorum.

6. REGULATIONOFPROCEDURE

6.1 SubjecttotheprovisionsoftheAct,andexceptasotherwiseprovidedintheseRules,the ChairmanmayregulatetheprocedureatmeetingsofMembers.

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7. ADJOURNMENT

7.1 Adjournmentofmeeting:TheChairmanmay,withtheconsentofameetingatwhichaquorumis present(andshall,ifsodirectedbythemeeting),adjournthemeetingfromtimetotimeandfrom placetoplace,butnobusinessmaybetransactedatanadjournedmeetingotherthanthe businessleftunfinishedattherelevantmeeting.

7.2 AdjournmentorDissolutionofDisorderlyMeeting:Ifameetingbecomessounruly,disorderly orinordinatelyprotractedthatintheopinionoftheChairmanthebusinessofthemeetingcannot beconductedinaproperandorderlymanner,theChairman,notwithstandinganyprovisiontothe contrarycontainedintheseRulesandwithouttheconsentofthemeeting,may,inhisorhersole andabsolutediscretionandwithoutgivinganyreasontherefore,eitheradjournordissolvethe meeting.

7.3 CompletionofUnfinishedBusinessifMeetingDissolved:Ifameetingisdissolvedbythe Chairmanpursuanttoclause7.2,theunfinishedbusinessofthemeetingshallbedealtwithas follows: (a)inrespectofaresolutionconcerningtheapprovalorauthorisationofadividend,theBoardmay, intheexerciseofthepowersconferredonitbytheActortheseRules,authorisesuchdividend; (b)inrespectofanyresolutionconcerningtheremunerationoftheAuditors,themeetingshallbe deemedtohaveresolvedthattheBoardbeauthorisedtofixtheremunerationoftheAuditors; (c) theChairmanmaydirectthatanyotheritemofuncompletedbusiness,whichinhisorher opinionrequirestobevotedupon,beputtothevotebyapollwithoutfurtherdiscussion,in accordancewithclause11.

8. CHAIRMAN

8.1 Chairman:IftheDirectorshaveelectedaChairmanoftheBoardandheorsheispresentata meetingofMembers,heorsheshallchairthemeeting,unlessorexcepttotheextentthatthe ChairmanconsidersitnotproperordesirabletoactasChairman,eitherinrelationtotheentire meetingorinrelationtoanyparticularbusinesstobeconsideredatthemeeting.

8.2 DirectorsmayappointChairman:IfnoChairmanoftheBoardhasbeenelectedorif,atany meetingofMembers,theChairmanoftheBoardisnotpresentwithin15minutesafterthetime appointedforthecommencementofthemeeting,orconsidersitnotproperordesirabletoactas Chairman,eitherinrelationtotheentiremeetingorinrelationtoanyparticularbusinesstobe consideredatthemeeting,theDirectorspresentmayelectoneoftheirnumbertochairthe meetingorthatpartofthemeetingwhichrelatestotheparticularbusiness,asthecasemay require.

8.3 MembersmayappointChairman:IfatanymeetingofMembersnoDirectoriswillingtoactas ChairmanornoDirectorispresentwithin15minutesafterthetimeappointedforthe commencementofthemeeting,theMemberspresentmaychooseoneoftheirnumbertochairthe meeting.

9. VOTING

9.1 VotingatMeetinginOnePlace:InthecaseofameetingofMembersheldunderclause1.1(a), unlessapollisdemandedinaccordancewithclause11,votingatthemeetingshallbebythe Memberssignifyingindividuallytheirassentordissentbyvoice.

9.2 VotingatAudio-VisualMeeting:InthecaseofameetingofMembersheldunderclause1.1(b), unlessapollisdemandedinaccordancewithclause11,votingatthemeetingshallbebythe Memberssignifyingindividuallytheirassentordissentbyvoice.

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9.3 Postalvotes:UnlesstheBoarddeterminesotherwise,Membersmaynotexercisetherighttovote atameetingbycastingpostalvotes.IftheBoarddeterminesthatpostalvotingwillbepermitted atameeting,theprovisionsofclause7oftheFirstScheduletotheCompaniesActshallapply,with suchmodifications(ifany)astheBoardthinksfit.

Entitlementtovote:AMembermayexercisetherighttovoteeitherinPersonorby representative.OnlythoseMembersentitledtovoteundertheActmayvoteatany meetingofMembers.Inaddition,aMemberwillbeentitledtovoteonaresolutionata meetingoftheMembersonlyifattheendofthelastFinancialYearbeforethedateofthe meetingandatthedateofthemeetingthatMemberhadaMembershipInterestofatleast $500.00withtheSociety;or

9.4 Numberofvotes:Subjecttoclauses9.5,10.1and10.2andtoanyrightsorrestrictionsforthe timebeingattachedtoanyMembershipInterest: (a)wherevotingisbyshowofhandsorbyvoiceeveryMemberpresentinPersonorby representativehasonevote;and (b)onapolleveryMemberpresentinPersonorrepresentedbyproxieshasonevote.

9.5 MaximumVotingRights:NoPersonorgroupofPersonswhoareAssociatedPersonsofeach othermayexercise,orcontroltheexerciseof,morethan5%ofthemaximumnumberofvotesthat maybeexercisedatameetingoftheMembers(or,ataclassmeetingofMembers,5%ofthe maximumnumberofvotesthatmaybeexercisedforthatclass).Forthepurposesofthisclause 9.5andfortherighttovoteunderclause9.4,aPersonshallbedeemedtocontroltheexerciseof votesattributabletoanyMembershipInterestif: (a)SuchMembershipInteresthasbeendeclaredaRestrictedHoldingunderclause23ofthese Rules;or (b)anAssociatedPersonofthatPersonmayexerciseorcontroltheexerciseofthevotes attributabletosuchMembershipInterest;or (c) thatPersonhasaRelevantInterestinsuchMembershipInterest;or

(d)thatPersonisappointedastheproxyoftheholderoftherelevantMembershipInterest.

9.6 CalculationofVotingRights:ForthepurposesofdeterminingtheMembershipInterestshaving therighttovoteunderclause9.5thefollowingprinciplesshallbeapplied: (a)ThetotalnumberofMembershipInterestshavingtherighttovoteshallbeascertained(called ‘TotalVotingMembershipInterests’); (b)ThenumberofsuchMembershipInterestshavingtherighttovoteandheldbyaPersonor groupofPersonswhoareAssociatedPersonsofeachotherorotherwisefallwithinsubclause 9.6(a)to(d),orwheretherelevantMembershipInterestshavebeendeclaredaRestricted Holdingunderclause23oftheRules,shallbeascertainedandanysuchMembershipInterests inexcessof5%oftheTotalVotingMembershipInterestsshallnothavetherighttovote. (c)AfterexcludingtheMembershipInterestsnothavingarighttovoteundersubclause(b)the calculationofTotalVotingMembershipInterestsshallnotberecalculatedtodeductthesaid numberofMembershipInterestsexcludedfromvoting.

9.7 VoteofOverseasProtectedPersons:AMemberwhoisnotlivinginNewZealand,andwhois MentallyDisorderedorinrespectofwhomanorderhasbeenmadebyanycourthaving appropriatejurisdiction,mayvoteinrespectofanyMembershipInterestsheldbythatMember,by hisorhercommittee,manager,orotherPersonofasimilarnatureappointedbythatcourt,votingin Personorbyproxy.

9.8 DeclarationbyChairman:AdeclarationbytheChairmanofameetingthataresolutioniscarried bytherequisitemajorityisconclusiveevidenceofthatfactunlessapollisdemandedin accordancewithclause11.1.

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9.9 Chairman’sCastingvote:TheChairmanofameetingofMembersisnotentitledtoacasting vote.

9.10 JointMembers:WheretwoormorePersonsareregisteredasjointMembers,thevoteofthe PersonnamedfirstintheRegisterofMembersandvotingonamattermustbeacceptedtothe exclusionofthevotesoftheotherjointMembers.

10. RESTRICTIONSONVOTING

10.1 NovotewhenAmountOwing:AMemberisnotentitledtovoteatanymeetingofMembersin respectofanyMembershipInterestifanyamountisdueandpayableonthatMembershipInterest bytheMembertotheSociety.

10.2 DeadlineforChallenge:Withoutprejudicetoanyremedy(otherthanthosewhichtakelegaleffect againsttheSociety)whichanyMembermayhaveagainstanydisqualifiedPersonwhocastsa voteatameetinginbreachofclause10.1,noresolutionof,orproceedingat,thatmeetingmaybe impugnedonthebasisofabreachofthatclause.AnyobjectionbyaMembertotheaccuracy orcompletenessofanylistofMemberswhoaredisqualifiedfromvotingonaresolution pursuanttoclause10.1,whichhasbeensuppliedbytheSocietytoanyMemberonrequest pursuanttotheseRules,shallbedisregardedbytheSocietyandtheChairmanoftherelevant meetingifitisnotifiedtotheSocietylaterthanonefullBusinessDaybeforethetimefixedfor commencementofthemeeting.

11. POLLS

11.1 RighttoDemandPoll:AtameetingofMembersapollmaybedemandedby: (a)theChairman;or (b)notlessthan5Membershavingtherighttovoteatthemeeting;or (c)Membersrepresentingnotlessthan10%ofthetotalvotingrightsofallMembershavingthe righttovoteatthemeeting

11.2 WhenPollMaybeDemanded:Apollmaybedemandedeitherbeforeorafterthevoteistakenon aresolution.Thedemandforapollmaybewithdrawn.

11.3 WhenPollTaken:ApolldemandedontheelectionofaChairmanofameetingoronaquestionof adjournmentshallbetakenimmediately.Apolldemandedonanyotherquestionshallbetakenat suchtimeastheChairmandirectsandanybusiness,otherthanthatuponwhichapollis demanded,mayproceedpendingthetakingofthepoll.

11.4 PollProcedure:ApollshallbetakeninsuchmannerastheChairmandirectsandtheresultofthe pollisdeemedtobearesolutionofthemeetingatwhichthepollisdemanded.

11.5 Votes:Onapoll: (a)votesmaybegiveneitherpersonallyorbyproxy; (b)votesshallbecountedonthebasisofonevoteperMemberinrespectofeachMemberpresent inPersonorrepresentedbyproxyandvotinginrespectofthoseMembershipInterests.

11.6 Scrutineers:TheAuditorsshallbescrutineersunlesstheyareunableorunwillingtoact,orthe Chairmanofthemeetingdirectsotherwise,inwhichcasethescrutineersshallbeappointedbythe Chairman.

11.7 DeclarationofResult:TheChairmanisentitledtodeclaretheresultofapolluponreceiptofa certificatefromthescrutineersstatingthatsufficientvotestodeterminetheresultoftheresolution havebeencountedandsettingoutthebasisofthatdetermination.

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12. PROXIES

12.1 RighttoAppoint:AMembermayappointaproxytovoteonbehalfoftheMemberatameetingof Members.Theproxyisentitledtoattendandbeheardatthemeeting,andtodemandorjoinin demandingapoll,asiftheproxyweretheMember.

12.2 NoticeofAppointment:Aproxyshallbeappointedbywrittennoticesignedbytheappointing Memberandthenoticeshallstatewhethertheappointmentisforaparticularmeetingorfora specifiedterm.Thenoticeshall(sofarasthesubjectmatterandformoftheresolutionstobe proposedattherelevantmeetingreasonablypermit)providefortwowayvotingonall resolutions,enablingtheappointortoinstructtheproxyastothecastingofthevote.

12.3 InformationtobeSentwithNoticeofMeeting:TheSocietyshallsendtoMemberswiththe noticeconveninganymeetingastatementthattheMemberentitledtoattendandvoteisentitledto appointaproxytoattendandvoteinsteadofhimandthataproxyneednotalsobeaMember.

12.4 ProxyFormMustNotNameProxy:TheSocietyshallnotissueanyformofnoticeofappointment withaproxynamedinit,eitherbynameorbyreferencetoanofficewhichthatproxyholds,butthe SocietymayindicateinafootnotethatcertainPersonsorofficersarewillingtoactasaproxyifa Memberdesirestoappointthemoranyofthem.

12.5 ProductionofNotice:Noappointmentofaproxyiseffectiveinrelationtoameetingunlessacopy ofthenoticeofappointmentisreceivedbytheSocietyatitsregisteredoffice,atsuchaddressasis specifiedforthatpurposeintheformofnoticeofappointmentorinthenoticeconveningthe meeting,notlaterthan48hoursbeforethestartofthemeeting.

12.6 ValidityofProxyvote:Avotegiveninaccordancewiththetermsofanoticeofappointmentofa proxyisvalidnotwithstandingthepreviousdeathorMentalDisorderoftheprincipal,orthe revocationoftheappointmentoroftheauthorityunderwhichthenoticeofappointmentwas executed,orthetransferoftheMembershipInterestinrespectofwhichtheproxyisappointed,if nowrittennotificationofsuchdeath,MentalDisorder,revocation,ortransferisreceivedbythe Societyatitsregisteredoffice,beforethecommencementofthemeetingoradjournedmeetingfor whichtheproxyisappointed.

13. CORPORATIONSMAYACTBYREPRESENTATIVES

13.1 AcorporationwhichisaMembermayappointaPersontoattendameetingofMembersonits behalfinthesamemannerasthatinwhichitcouldappointaproxy.

14. PERSONSENTITLED

14.1 WheretwoormorePersonsareentitledtotherightsofadeceasedorbankruptMembertheright ofoneofthemtovoteshallbedeterminedbytheorderinwhichtheirnamesappearintheprobate, lettersofadministration,orderofCourtorotherdocumentsevidencingtheirrights.

15. MENTALDISORDER

15.1 MentallyDisorderedPerson:AMemberwhoisMentallyDisorderedmayvotebyanyPerson havingauthoritytoadministersuchPerson’sestate.SubjecttotheprovisionsofanyCourtorder orotherordertoadministerpropertymadepursuanttotheProtectionofPersonalandProperty RightsAct1988aMembermayvoteinrespectofanysharesthataresubjecttotheorderbyany Personappointedinthatorder.AnysuchPersonmayvoteeitheronashowofhandsoronapoll andmayvotebyproxy.

15.2 ApplicationOutsideNewZealand:Theprovisionsofthisclause15.2applyinrespectof MemberswhoarenotlivinginNewZealandandtowhomtheprovisionsofclause15.1are accordinglynotapplicable.EverysuchMemberwhoisMentallyDisorderedorinrespectofwhom anorderhasbeenmadebyanyCourthavingjurisdictioninrespectofsuchaMentallyDisordered PersonmayvotewhetheronashowofhandsoronapollbyanyPersoninthenatureofa managerappointedbythatCourtandanysuchmanagerappointedbythatCourtandanyother Personmayonapollvotebyproxy.