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1.1. The Company's name is TORM A/S.
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1.2. The Company also carries out business under the secondary names
Aktieselskabet af 3. November 1986 (TORM A/S), BWT 3 ApS (TORM A/S)
and Aktieselskabet Dampskibsselskabet TORM (TORM A/S).
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1.3. The Company's registered office is situated in the Municipality of
Gentofte.
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1.4. The objects for which the Company has been established are to
carry out business within shipping, chartering and other transport
services, to make investments, including in real property, and to
carry on such other business as the Board of Directors may deem
incidental to the attainment of the said objects. The objects may be
attained by ownership in whole or in part, including as shareholder,
partner or otherwise of any other business which has one or more of
the objects set out above.
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Article 2
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2.1. The Company's share capital is DKK 364,000,000.00 divided into
shares of DKK 5.00 each or any multiple thereof.
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2.2. The share capital has been fully paid up.
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2.3. In the period until 1 April 2013, the Company's share capital
may at the discretion of the Board of Directors be increased in one or
more issues of new shares by up to DKK 182m. The increase may be made
by cash contribution or as consideration for the acquisition of all or
part of an existing business or specific assets, including shares.
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2.4. By virtue of Article 2(3), the Board of Directors may offer the
shares for subscription at market price without the existing
shareholders having any preferential subscription rights.
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2.5. The new shares, which shall be negotiable instruments, shall be
issued to bearer.
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2.6 Until 1 April 2010 the Board of Directors shall be authorised to
increase the share capital in one or more transactions by up nominally
DKK 10,000,000 in total, corresponding to 2,000,000 shares, by cash
payment of not less than DKK 5.25 per share of DKK 5 by subscription
among the employees of the Company and/or of its subsidiaries, without
the shareholders of the Company having any pre-emption rights. The
other terms and conditions for the subscription will be determined by
the Board of Directors. The new shares shall carry the same rights as the
existing shares as set out in the Articles of Association of the Company,
including that they shall be negotiable instruments, that they shall
be issued to the holder but may be recorded in the Company's register
of shareholders in the name of the holder, that they shall not be subject to
redemption, that there shall be no restrictions to the transferability of the
new shares, and that the new shares shall not confer any special rights on
their holders. The shares shall be subject to the applicable rules on
taxation of employee shares.
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Article 3
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3.1. The Company's shares shall be negotiable instruments, and the
transferability of the shares shall not be subject to any restrictions.
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3.2. The shares shall be issued through VP SECURITIES A/S and/or
under an American Depositary Receipt Program (ADR Program).
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3.3. The shares shall be issued to bearer, but may be entered in the
Company's register of shareholders in the name of the holder. The Company
has appointed VP Investor Services A/S (VP Services A/S),
Weidekampsgade 14, DK-2300 Kobenhavn S, keeper of the Company's
Register of Shareholders for all shares issued by the Company.
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3.4. No share shall confer special rights upon its holder.
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3.5. No shareholder shall be obliged to have his shares redeemed.
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3.6. When the audited annual report has been adopted by the Company
in general meeting, the declared dividend shall be distributed by
transfer to the accounts designated by the shareholders in accordance
with the rules on VP SECURITIES A/S in force from time to time.
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3.7. Any dividend payable to a shareholder which remains unclaimed
for five years after the due date shall accrue to the Company.
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3.8. The Board of Directors has been authorised by the general meeting to
resolve to distribute interim dividend
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Article 4
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4.1. If previously issued shares have been lost and no application for
registration of the shares has been filed with VP SECURITIES A/S, such
shares and appurtenant coupon sheets, talons and interim certificates
may on the Company's initiative and at the expense of the applicant be
cancelled without judgment in accordance with the statutory rules on
this in force from time to time.
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Article 5
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5.1. The general meetings of the Company shall be held in Region Greater
Copenhagen.
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5.2. Annual general meetings shall be held every year before the end of
April.
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5.3. Proposals made by shareholders shall be submitted in writing to
the Board of Directors not later than 15 February in order to be
considered at the annual general meeting.
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5.4. Extraordinary general meetings shall be held when the Board of
Directors or the auditors think fit. Extraordinary general meetings
shall be convened within 14 days if requisitioned in writing by
shareholders holding one-tenth of the share capital for the purpose of
considering specific business.
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5.5. General meetings shall be convened four weeks before the general
meeting at the earliest. Annual general meetings shall be convened not
later than 14 days before the meeting and extraordinary general
meetings shall be convened not later than eight days before the
meeting.
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5.6. General meetings shall be convened by a notice inserted in the
national Danish newspapers Berlingske Tidende and Borsen and in such
manner and in such form as may at any time be required by the stock
exchanges on which the Company's shares or ADR receipts (American
Depositary Receipts) are listed. Written notice of the meeting
shall, however, be given to all shareholders entered in the
Company's register of shareholders and/or to all ADR holders who
have registered their holdings with the Company on request.
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5.7. The notice convening the general meeting shall specify the
business to be transacted at the meeting. If proposals for amendments
to the Articles of Association are to be considered, the essential
aspects of the proposal shall be stated in the notice.
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Article 6
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6.1. On 22 April 2009, the Annual General Meeting resolved to
authorise the Board of Directors to i) fix the date for introduction
of communication by electronic means pursuant to Articles 6(3) - 6(6)
below and at the same time to ii) make all necessary amendments to the
Articles of Association.
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6.2. The Board of Directors shall notify the Company's shareholders
about the date of introduction of communication by electronic means.
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6.3. The Company shall be entitled to give any notices to the
Company's shareholders under the Danish Public Companies Act or these
Articles of Association by electronic mail, and documents may be made
available or forwarded in electronic form. The annual report and any
other notices required to be given to the shareholders by law must,
however, always be available in paper version and forwarded to any
shareholders having so requested.
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6.4. The Management Board will ask all shareholders recorded in the
Company's register of shareholders to provide their current email
addresses to which notices etc., cf. Article 6(1) above, may be given.
It is the responsibility of the shareholder to provide the Company
with a correct and current email address.
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6.5. At the discretion of the Board of Directors, the above form of
communication may also be used for communication between the Company and the
members of the Board of Directors.
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6.6. Information on system requirements and the use of electronic
communication shall be provided directly to the shareholders by the
Company's Management Board or be published on the Company's website.
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Article 7
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7.1. The agenda for the annual general meeting shall be as follows:
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1. Director's report on the activities of the Company in the
past year.
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2. Presentation for adoption of the annual report.
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3. The Board of Director's proposal for the appropriation of
profits or provision for losses in accordance with the adopted annual
report.
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4. Election of members to the Board of Directors.
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5. Appointment of auditor/auditors.
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6. Any other business and notices.
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Article 8
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8.1 Any shareholder and any ADR holder shall be entitled to attend
the general meeting provided he has, no later than four days before
the meeting, obtained an admission card for the meeting from the
office of the Company on presentation of due evidence of authority or
by referring to registration of shares or ADR's.
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8.2. The issue of an admission card requires documentation for the
title to shares or ADR's not registered in the name of a holder in
the form of a deposit receipt issued within the last ten business
days by VP
SECURITIES A/S or the depositary bank and a written declaration
showing that the shares or ADR's have not or will not be transferred
until, at the earliest, the day after the general meeting for which
the admission card is required.
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8.3. Each share of DKK 5.00 shall give its holder the right to one
vote. Shares acquired by transfer shall not carry any voting rights
unless the shareholder has registered his shares or has given notice
of or provided documentation for his acquisition at the latest on
the day before the general meeting is advertised in the Danish
national newspapers, Berlingske Tidende and Borsen.
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8.4. The shareholder and the ADR holder shall be entitled to attend the
general meeting by proxy.
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8.5. The proxy shall produce a written and dated instrument
appointing him as proxy which cannot be given for a period exceeding
one year.
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Article 9
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9.1. The Board of Directors shall appoint a chairman to preside the
general meeting and decide all matters relating to the transaction of
business and the voting, always provided that any voting shareholder
may demand that the resolutions put to the vote of the meeting should
be decided by poll.
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Article 10
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10.1. General meetings can only form a quorum provided that at least 1/3 of
the share capital is represented.
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10.2. At general meetings, all resolutions shall be passed with simple
majority.
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10.3. Any adoption of resolutions for amendment of the Articles of
Association, the dissolution or merger of the Company with another company
or firm, the use of the Company's foundation, rejection of the annual
report and/or the Directors' proposal for appropriation of profits,
appointment of member(s) of the Company's Board of Directors requires
that at least 3/5 of the share capital is represented at the general
meeting and that the resolution is adopted by at least 2/3 of all
votes cast unless any such resolution is proposed by the Company's
Board of Directors. Any resolution for the amendment of the Company's
Articles of Association is further subject to the conditions set out
in Sections 78-79 of the Danish Companies Act.
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10.4. In the event that shareholders have at the annual general meeting
decided by simple majority not to adopt the Company's annual report, the
general meeting may, notwithstanding the above, decide by simple
majority to submit the annual report for a new audit.
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10.5. In the event that a general meeting has been convened for the
purpose of adopting a resolution requiring qualified majority and if
an insufficient number of shares are represented at such meeting, the
Board of Directors shall as soon as possible convene a new general
meeting at which the proposal, irrespective of the number of shares
represented, may be adopted by 5/6 of all votes unless 1/3 of the
votes represented is against the proposal at the first general
meeting. Instruments appointing a proxy for the first general meeting
shall, unless expressly revoked, be valid also for the second general
meeting.
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10.6. If a resolution is passed by simple majority in accordance
with the second paragraph of this Article, the following shall apply:
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In case of equality of votes in connection with the election
of members to the Board of Directors, auditor/auditors or liquidators,
the matter shall be decided by lot between the relevant persons. A
proposal shall otherwise be deemed rejected if an equal number of
votes has been cast for and against the proposal.
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Article 11
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11.1. The proceedings of the general meeting shall be briefly
recorded in a minute book authorized by the Board of Directors for
this purpose, and the minutes shall be signed by the chairman of the
meeting and the members of the Board of Directors present at the
meeting.
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Article 12
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12.1. The Company shall be managed by a Board of Directors made up
of a minimum of three and a maximum of eight members elected from
among the shareholders by the Company in general meeting. If employee
directors have been elected in accordance with the provisions of the
Danish Companies Act, such employee directors shall join the Board of Directors
in accordance with the rules in force from time to time.
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12.2. The members of the Board of Directors elected by the Company
in general meeting shall hold office for a term of four years so that
they resign at the fourth annual general meeting after the general
meeting at which they were elected. Any employee directors shall
retire in accordance with the provisions of the Danish Companies Act.
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12.3. Retiring members of the Board of Directors shall be eligible for
re-election.
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12.4. If, at a general meeting, a shareholder wants to propose a
person other than a retiring member of the Board of Directors or if a
new member has been proposed by the Board of Directors, notice stating
the name of the candidate shall be submitted to the Board of Directors
not later than eight days before the general meeting in question.
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Article 13
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13.1. The Board of Directors shall appoint a managing director to be
in charge of the day-to-day management of the Company, and possibly
one or more managers.
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13.2. The Board of Directors shall be entitled to buy, sell and mortgage
real property and ships.
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13.3. The Board of Directors shall appoint from among its members a
chairman and a deputy chairman to substitute the chairman in his
absence.
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13.4. The Board of Directors may grant individual or joint power of
procuration.
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13.5. The Board of Directors shall lay down rules of procedure for the
performance of its duties. The Board of Directors shall make its
decisions by a simple majority of votes. In case of equality of votes,
the chairman shall have the casting vote.
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13.6. The members of the Board of Directors shall receive a fixed
emolument. The total proposed emolument shall be included in a special
note in the annual report and be presented for adoption together with
the annual report.
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13.7. At the Company's Annual General Meeting held on 22 April 2009, the
shareholders adopted the overall guidelines for the Company's incentive plan
to members of the Management Board and the Board of Directors, cf. s. 69b of
the Danish Companies Act. The guidelines are available at the Company's
website www.torm.com.
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Article 14
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14.1. The Company shall be bound by the joint signatures of three
members of the Board of Directors, one of whom shall be the chairman
or the deputy chairman, or by the joint signatures of two members of
the Board of Directors, one of whom shall be the chairman or the
deputy chairman, and the Managing Director.
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Article 15
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15.1. The annual reports of the Company shall be audited by one or
two auditors, at least one of whom shall be a state-authorised public
accountant. The auditor/auditors shall be appointed by the Company in
general meeting for a term of one year.
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Article 16
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16.1. The Company's accounting year shall be the calendar year.
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As adopted at the Annual General Meeting held on 22 April 2009.
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Note: These Articles of Association are prepared in both a
Danish and an English version. In the event of a
conflict between them, the Danish version shall
prevail. Jan Erlund, Chairman of Meeting
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: A/S Dampskibsselskabet TORM
A/S Dampskibsselskabet TORM
Mr. Mikael Skov, CEO
+45 40 10 06 40
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