Milton : Amended Constitution October 2019

CORPORATIONS ACT, 2001

A COMPANY LIMITED BY SHARES

CONSTITUTION

of

MILTON CORPORATION LIMITED

(ABN 18 000 041 421)

(adopted 10 October 2019)

CHURCH & GRACE

JBA_190053_009.DOC

	TABLE OF CONTENTS
1. GENERAL .....................................................................................................................................................................	1
1.1	DEFINITIONS ........................................................................................................................................................	1
1.2	INTERPRETATION .................................................................................................................................................	2
1.3	SECTION 46(1) INSTRUMENT ..............................................................................................................................	3
1.4	EXCLUSION OF REPLACEABLE RULES ................................................................................................................	3
1.5	CONSTITUTION SUBJECT TO THE ACT.................................................................................................................	3
1.6	LISTING RULES ....................................................................................................................................................	3
1.7	LIMITED LIABILITY OF MEMBERS ..........................................................................................................................	4
2. SHARE CAPITAL.........................................................................................................................................................	4
2.1	POWER OF DIRECTORS TO ISSUE SHARES AND OPTIONS...................................................................................	4
2.2	CLASS RIGHTS .....................................................................................................................................................	4
2.3	RECOGNITION OF THIRD PARTY INTERESTS........................................................................................................	5
2.4	JOINT HOLDERS OF SHARES................................................................................................................................	5
2.5	BROKERAGE OR COMMISSION .............................................................................................................................	6
2.6	CERTIFICATES .....................................................................................................................................................	6
2.7	RESTRICTED SECURITIES....................................................................................................................................	7
3. LIEN, CALLS AND FORFEITURE ............................................................................................................................	7
3.1	LIEN......................................................................................................................................................................	7
3.2	CALLS ..................................................................................................................................................................	8
3.3	PREPAYMENTS OF CALLS ....................................................................................................................................	9
3.4	FORFEITURE ........................................................................................................................................................	9
3.5	SALE BY COMPANY............................................................................................................................................	10
3.6	DIVIDENDS .........................................................................................................................................................	10
3.7	EVIDENCE ..........................................................................................................................................................	10
4. TRANSFER OF SHARES .........................................................................................................................................	11
4.1	TRANSFER DOCUMENT ......................................................................................................................................	11
4.2	REGISTRATION PROCEDURE .............................................................................................................................	11
4.3	REGISTRATION OF TRANSFERS .........................................................................................................................	11
5. TRANSMISSION OF SHARES ................................................................................................................................	13
5.1	ENTITLEMENT TO SHARES ON DEATH................................................................................................................	13
5.2	REGISTRATION OF PERSONS ENTITLED ............................................................................................................	13
5.3	DIVIDENDS AND OTHER RIGHTS ........................................................................................................................	13
6. GENERAL MEETINGS .............................................................................................................................................	14
6.1	CONVENING OF GENERAL MEETINGS ................................................................................................................	14
6.2	ANNUAL GENERAL MEETINGS ............................................................................................................................	15
6.3	NOTICES OF MEETING........................................................................................................................................	15
6.4	QUORUM ............................................................................................................................................................	17
6.5	CHAIR OF MEETINGS..........................................................................................................................................	18
6.6	ADJOURNMENTS ................................................................................................................................................	18
6.7	VOTING AT GENERAL MEETINGS........................................................................................................................	19
6.8	POLLS ................................................................................................................................................................	19
6.9	VOTING RIGHTS .................................................................................................................................................	20
6.10	OBJECTIONS TO QUALIFICATION TO VOTE ........................................................................................................	21
6.11	PROXIES ............................................................................................................................................................	21
7. DIRECTORS AND THE BOARD .............................................................................................................................	23
7.1	NUMBER OF DIRECTORS....................................................................................................................................	23
7.2	QUALIFICATION AND NOMINATION OF DIRECTORS ............................................................................................	23
7.3	ELECTION OF DIRECTORS BY COMPANY ...........................................................................................................	24
SUBJECT TO ANY CONTRARY PROVISION IN THIS CONSTITUTION: ................................................................................	24
7.4	APPOINTMENT OF DIRECTORS BY THE BOARD ..................................................................................................	24
7.5	RETIREMENT OF DIRECTORS.............................................................................................................................	24

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7.6	REMUNERATION OF DIRECTORS........................................................................................................................	24
7.7	VACATION OF DIRECTOR'S OFFICE....................................................................................................................	25
7.8	RETIRING ALLOWANCE FOR DIRECTORS ...........................................................................................................	26
7.9	POWERS OF THE BOARD ...................................................................................................................................	26
7.10	MEETINGS OF THE BOARD .................................................................................................................................	27
7.11	CHAIR OF MEETINGS..........................................................................................................................................	27
7.12	INTERESTS OF DIRECTORS ................................................................................................................................	28
7.13	ALTERNATE DIRECTORS ....................................................................................................................................	28
7.14	COMMITTEES .....................................................................................................................................................	29
7.15	WRITTEN RESOLUTIONS ....................................................................................................................................	30
7.16	DEFECTS IN APPOINTMENTS .............................................................................................................................	30
8. MANAGING DIRECTORS AND EXECUTIVE DIRECTORS...............................................................................	31
8.1	APPOINTMENT....................................................................................................................................................	31
8.2	REMUNERATION.................................................................................................................................................	31
8.3	DELEGATION OF POWERS .................................................................................................................................	31
9. SECRETARY ..............................................................................................................................................................	31
9.1	APPOINTMENT....................................................................................................................................................	31
9.2	TERMINATION.....................................................................................................................................................	31
10.SEALS AND EXECUTION OF DOCUMENTS ......................................................................................................	32
10.1	SAFE CUSTODY..................................................................................................................................................	32
10.2	USE OF SEALS ...................................................................................................................................................	32
10.3	SEAL NOT REQUIRED FOR VALID EXECUTION ....................................................................................................	32
11.MINUTES AND RECORDS ......................................................................................................................................	32
11.1	MINUTES OF ALL PROCEEDINGS TO BE KEPT ....................................................................................................	32
11.2	INSPECTION OF RECORDS .................................................................................................................................	32
11.3	EVIDENCE ..........................................................................................................................................................	32
12.DIVIDENDS AND RESERVES.................................................................................................................................	33
12.1	DIVIDENDS .........................................................................................................................................................	33
12.2	APPLICATION OF PROFITS .................................................................................................................................	33
12.3	DISTRIBUTION IN SPECIE ...................................................................................................................................	33
12.4	DIVIDEND REINVESTMENT PLANS ......................................................................................................................	33
12.5	ELECTION TO ACCEPT BONUS SHARES IN LIEU OF DIVIDEND............................................................................	34
12.6	PAYMENT OF DISTRIBUTIONS............................................................................................................................	34
13.ACCOUNTS ................................................................................................................................................................	35
13.1	COMPANY TO KEEP FINANCIAL RECORDS .........................................................................................................	35
13.2	COMPANY TO AUDIT ACCOUNTS ........................................................................................................................	35
13.3	ANNUAL ACCOUNTS TO BE LAID BEFORE ANNUAL GENERAL MEETING .............................................................	35
13.4	COPY OF FINANCIAL REPORTS TO BE SENT ......................................................................................................	35
13.5	SENDING OF FINANCIAL REPORTS BY ELECTRONIC MEANS ..............................................................................	35
14.AUDITOR ....................................................................................................................................................................	36
15.NOTICES ....................................................................................................................................................................	36
15.1	NOTICES ............................................................................................................................................................	36
15.2	OTHER DOCUMENTS ..........................................................................................................................................	37
15.3	ELECTRONIC COMMUNICATIONS .......................................................................................................................	37
16.JURISDICTION AND ENFORCEABILITY .............................................................................................................	38
16.1	JURISDICTION ....................................................................................................................................................	38
16.2	PROPER LAW .....................................................................................................................................................	38
16.3	ENFORCEABILITY ...............................................................................................................................................	38

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17.WINDING UP ..............................................................................................................................................................	39
17.1	DISTRIBUTION IN SPECIE ...................................................................................................................................	39
17.2	VESTING IN TRUSTEES ......................................................................................................................................	39
17.3	FEE OR COMMISSION TO BE APPROVED BY GENERAL MEETING .......................................................................	39
18.OFFICERS' INDEMNITY AND INSURANCE ........................................................................................................	39
18.1	INDEMNITY .........................................................................................................................................................	39
18.2	INSURANCE ........................................................................................................................................................	39
18.3	CONTRACT .........................................................................................................................................................	40
19.EMPLOYEE SHARE SCHEMES.............................................................................................................................	40
20.PROPORTIONAL TAKEOVER APPROVAL.........................................................................................................	40
20.1	SPECIAL DEFINITIONS ........................................................................................................................................	40
20.2	APPROVING RESOLUTION REQUIRED................................................................................................................	41
20.3	PROCEDURE FOR APPROVING RESOLUTION ....................................................................................................	41
20.4	PERSONS WHO ARE ENTITLED TO VOTE ...........................................................................................................	42
20.5	APPROVING RESOLUTION PASSED OR REJECTED ............................................................................................	42
20.6	APPROVING RESOLUTION TAKEN AS PASSED...................................................................................................	42
20.7	LIMITED LIFE OF CLAUSE ...................................................................................................................................	42

JBA_190053_009.DOC

1. GENERAL

1.1 Definitions

1. In this Constitution:
   "Act" means the Corporations Act, 2001 (Cth) or any other statutory modification, amendment or re-enactment thereof for the time being in force and applicable to the Company and any reference to any provision thereof is to that provision so modified, amended or re-enacted.
   "ASTC" means ASX Settlement and Transfer Corporation Pty Ltd (ABN 49 008 504 532).
   "ASX" means Australian Stock Exchange Limited (ABN 98 008 624 691).
   "board" means the board of directors.
   "business day" means a business day as defined in the Listing Rules.
   "CHESS" means the Clearing House Electronic Subregister System established and operated by ASTC for the purpose of settling transactions in approved financial products, transferring financial products and registering transfers.
   "CHESS approved security" means a security approved by ASTC in accordance with the Settlement Rules.
   "Company" means Milton Corporation Limited (ABN 18 000 041 421), or as it may otherwise be named from time to time.
   "Constitution" means this constitution as amended from time to time.
   "director" means a director of the Company from time to time.
   "holder", in relation to a share, means a person registered as the holder of that share and "held" has an equivalent meaning.

"listed", in relation to the Company, means listed on ASX.

"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 to the extent of any express written waiver by ASX.

"member" means a person who is a member of the Company in accordance with the Act.

"person entitled", in relation to a share, means a person who is entitled to that share in consequence of the death, bankruptcy or mental incapacity of its holder.

"prescribed rate" means:

1. if the directors have fixed a rate for this purpose, that rate; or
2. otherwise, 8% per annum.

JBA_190053_009.DOC