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7393

MEMORIAL

Journal Officiel

du Grand-Duché de

Luxembourg

MEMORIAL

Amtsblatt

des Großherzogtums

Luxemburg

RECUEIL DES SOCIETES ET ASSOCIATIONS

Le présent recueil contient les publications prévues par la loi modifiée du 10 août 1915 concernant les sociétés commerciales

et par loi modifiée du 21 avril 1928 sur les associations et les fondations sans but lucratif.

C — N° 155

29 mars 1997

S O M M A I R E

Acayouli S.A., Luxembourg ……………………………………… page 7427
Actifin S.A., Luxembourg ………………………………………………………… 7437
Aeon, S.à r.l., Luxembourg……………………………………………………… 7409
Agrinet International S.A., Luxembourg ………………………… 7435
Al Badr B. Holding S.A., Luxembourg ……………………………… 7415
All Car Services S.A., Strassen ……………………………………………… 7418
Arifa International S.A., Luxembourg ……………………………… 7424
Astrobal, Sicav, Luxembourg ………………………………………………… 7420
Banque Belge Asset Management Fund, Sicav, Luxbg 7437
BCL Currency Fund, Sicav, Luxembourg ………………………… 7422
Belgofin S.A., Luxemburg………………………………………………………… 7430
Benvest S.A., Luxembourg ……………………………………………………… 7418
Betula S.A., Luxembourg ………………………………………………………… 7419
(The) «B» Partners S.A., Luxembourg …………………………… 7420
BT Investissement S.A., Luxembourg ……………………………… 7433
Carrus Finances S.A., Luxembourg …………………………………… 7427
Century Eurasia Fund………………………………………………………………… 7395
Chemifim International S.A., Luxembourg …………………… 7432
Civil Engineering International Holding S.A., Luxbg 7421
Cocoon S.A., Luxembourg-Kirchberg ……………………………… 7408
Compagnie  d’Investissements  de  Distribution  S.A.,

Luxembourg ……………………………………………………………………………… 7424

Contivest, Sicav, Luxembourg ……………………………………………… 7421
Cotex S.A., Luxembourg ………………………………………………………… 7418
Daiwa Japan Small Equity Fund, Sicav, Luxembourg …… 7416
Datenspeich D.P.S.C. S.A., Luxembourg ………………………… 7415
Dresdner Euro Money Management (Sicav), Luxembg 7438
Dyke Investment S.A., Luxembourg ………………………………… 7417
Eagle  Holdings  &  Investments  S.A.,  Luxembourg-

Strassen ………………………………………………………………………………………… 7416

East-Invest S.A., Luxembourg ……………………………………………… 7434
Electris Finance S.A., Luxemburg ……………………………………… 7428
Finabo S.A., Luxembourg ………………………………………………………… 7406
Finholding S.A., Luxembourg ………………………………………………… 7412
Fintrade Holding AG, Luxembourg …………………………………… 7439
Futur 2000 S.A., Luxembourg ……………………………………………… 7415
Gap Finance (Luxembourg) S.A., Luxembourg …………… 7415
Generalpart, Sicav, Luxembourg ………………………………………… 7439
Goredipa S.A., Luxembourg…………………………………………………… 7434
Grevlin S.A.H., Luxembourg ………………………………………………… 7425
Holding Bergheij S.A., Senningerberg ……………………………… 7416
Hypobank International S.A., Luxemburg ……………………… 7394
Ibis Holdings S.A., Luxembourg …………………………………………… 7429
ID Control S.A., Luxembourg ……………………………………………… 7432
I.F. INVEST, Initiative & Finance Invest S.A., Luxembg 7431
Ikanos S.A., Luxembourg ………………………………………………………… 7426
Immo-Royal, Sicav, Luxembourg ………………………………………… 7420
Immosun S.A., Luxembourg ………………………………………………… 7432
Inro Finance S.A., Luxembourg …………………………………………… 7425
Interland Cie S.A., Luxembourg…………………………………………… 7436
International Hotel Development Company S.A., Lu-

xembourg …………………………………………………………………………………… 7419

Internautic S.A., Luxembourg ……………………………………………… 7428
Interneptune Holding S.A., Luxembourg ………………………… 7438
Invest-India S.A., Luxembourg ……………………………………………… 7430

Jerona S.A., Luxembourg ………………………………………………………… 7426
Kalmo Finance S.A., Luxembourg ……………………………………… 7434
Karam S.A., Luxembourg………………………………………………………… 7427
Klystron Holding S.A., Luxembourg…………………………………… 7437
Liberty Newport World Portfolio, Sicav, Luxembourg 7409
Lickinvest S.A., Luxembourg ………………………………………………… 7433
Linares Holding S.A., Luxembourg …………………………………… 7435
Ma.Lo S.A., Luxembourg ………………………………………………………… 7419
Manulife Global Fund, Sicav, Luxembourg………… 7401, 7406
(The) M*A*R*S Fund, Sicav, Luxembourg ……………………… 7433
Mat Finance S.A., Luxembourg …………………………………………… 7434
Mediafinanz S.A., Luxembourg …………………………………………… 7440
Media Travel S.A., Luxembourg…………………………………………… 7436
Mediolux Holding S.A., Luxembourg ………………………………… 7438
Mendal Holding S.A., Luxembourg …………………………………… 7422
Mobilinvest, Sicav, Luxembourg…………………………………………… 7423
Monceau Europe, Sicav, Luxembourg ……………………………… 7423
Multigold, Sicav, Luxembourg ……………………………………………… 7439
Pa.Be S.A., Luxembourg ………………………………………………………… 7426
PARFIMO, Participations Financières & Immobilières

S.A., Luxembourg …………………………………………………………………… 7431

Paringes Holding S.A., Luxembourg ………………………………… 7436
Parnassius S.A., Luxembourg ………………………………………………… 7430
Persi S.A., Luxembourg …………………………………………………………… 7435
Rania Holdings S.A., Luxembourg ……………………………………… 7429
Revu International S.A., Luxembourg ……………………………… 7431
Ripiemo Company S.A., Luxembourg ……………………………… 7421
River & Mercantile Latin American Fund, Sicav, Lu-

xembourg …………………………………………………………………………………… 7409

Rothenburg S.A., Luxembourg……………………………………………… 7431
Sepvar Holding S.A., Luxembourg ……………………………………… 7428
S.G.S.-International S.A., Luxembourg …………………………… 7428
Sicav France-Luxembourg, Luxembourg ………………………… 7440
Signal S.A., Luxembourg ………………………………………………………… 7430
Sobepart S.A., Luxembourg …………………………………………………… 7433
Société Le Coq S.A., Luxembourg ……………………………………… 7436
Sogemindus S.A., Luxembourg …………………………………………… 7422
Southern Participations S.A., Luxembourg …………………… 7429
Soverlux S.A., Luxembourg …………………………………………………… 7440
Spareplan S.A.H., Luxembourg …………………………………………… 7419
Tefin Participations S.A., Luxembourg …………………………… 7435
Thebel S.A., Luxembourg ……………………………………………………… 7424
Totham S.A., Luxembourg……………………………………………………… 7427
Tradair International S.A., Luxembourg ………………………… 7417
Trame Holding S.A., Luxembourg ……………………………………… 7425
Tropez S.A., Luxembourg ……………………………………………………… 7417
Tropic Finance S.A., Luxembourg ……………………………………… 7423
Vagor S.A., Luxembourg ………………………………………………………… 7426
Velino S.A., Luxemburg …………………………………………………………… 7425
Waldofin S.A., Luxembourg …………………………………………………… 7432
Watson Investment S.A., Echternach ……………………………… 7424
Westfalenbank International S.A., Luxemburg …………… 7394
Wittsburg Holding AG, Luxembourg………………………………… 7421
York Holding S.A., Luxembourg ………………………………………… 7417
Zaïre Holding Trust S.A., Luxembourg …………………………… 7429

HYPOBANK INTERNATIONAL S.A., Aktiengesellschaft.

Gesellschaftssitz: Luxemburg.

H. R. Luxemburg B 9.989.

WESTFALENBANK INTERNATIONAL S.A., Aktiengesellschaft.

Gesellschaftssitz: Luxemburg.

H. R. Luxemburg B 16.700.

Im Jahre neunzehnhundertsiebenundneunzig, am vierzehnten März.
Vor Notar Jean-Paul Hencks, mit Amtssitz in Luxemburg.

Erschienen:

1) Die HYPOBANK INTERNATIONAL S.A., mit Sitz in Luxemburg, 4, rue Alphonse Weicker, gegründet gemäss

Urkunde von Notar Roger Wurth, mit Amtssitz in Luxemburg-Eich, am 25. Februar 1972, veröffentlicht im Mémorial C
Nr 35 vom 17. März 1972, deren Satzung mehrmals abgeändert wurde und zum letzten Mal gemäss Urkunde des amtie-
renden Notars vom 17. Januar 1996, veröffentlicht im Mémorial C Nr 357 vom 25. Juli 1996,

hier vertreten durch die Herren Bernd Janietz und Jost Löschner in Vertretung des Verwaltungsrates gemäss

Beschluss vom 12. März 1997;

2) Die WESTFALENBANK INTERNATIONAL S.A., mit Sitz in Luxemburg, 31, boulevard du Prince Henri, gegründet

gemäss Urkunde von Notar Frank Baden vom 1. Juni 1979, veröffentlicht im Mémorial C Nr 150 vom 5. Juli 1979, und
deren Satzung mehrmals abgeändert wurde, und zum letzten Mal gemäss Urkunde des amtierenden Notars vom 3. Juni
1996, veröffentlicht im Mémorial C Nr 409 vom 23. August 1996,

hier vertreten durch die Herren Peter Binkowski und Peter Mertens in Vertretung des Verwaltungsrates gemäss

Beschluss vom 14. März 1997.

Ein Auszug der Protokolle der vorerwähnten Verwaltungsratsbeschlüsse bleibt dieser Urkunde beigefügt, nachdem

sie durch die Erschienenen und den Notar ne varietur paraphiert wurden.

Die vorerwähnten Personen, handelnd in ihrer vorerwähnten Eigenschaft, ersuchten den amtierenden Notar,

folgenden Fusionsvorschlag zu beurkunden.

<i>Fusionsvorschlag

1. Fusionierende Parteien sind:
- Die HYPOBANK INTERNATIONAL S.A., eine Aktiengesellschaft luxemburgischen Rechtes, mit Sitz in Luxemburg,

4, rue Alphonse Weicker, L-2099 Luxemburg, als aufnehmende Gesellschaft (hiernach «HYPOBANK INTERNA-
TIONAL S.A.»);

- und die WESTFALENBANK INTERNATIONAL S.A., eine Gesellschaft luxemburgischen Rechtes, mit Sitz in

Luxemburg, 31, boulevard du Prince Henri, L-2017 Luxemburg, als aufgenommene Gesellschaft (hiernach «WESTFA-
LENBANK INTERNATIONAL S.A.»).

2. Die HYPOBANK INTERNATIONAL S.A. hält alle Aktien, welche das gesamte Aktienpaket und alle Stimmrechte

im Hinblick auf die WESTFALENBANK INTERNATIONAL S.A. vertreten. Die WESTFALENBANK INTERNATIONAL
S.A. hat keine weiteren stimmberechtigten Aktien ausgegeben.

3. Die HYPOBANK INTERNATIONAL S.A. schlägt vor, die WESTFALENBANK INTERNATIONAL im Wege einer

Fusion gemäss Artikel 278 bis 280 des Gesetzes vom 10. August 1915 über die Handelsgesellschaften einschliesslich
nachfolgender Abänderungen und Ergänzungen («Gesetz vom 10. August 1915») aufzunehmen.

4. Mit Datum vom 1. Januar 1997 gelten alle Unternehmungen und Geschäftstätigkeiten von der WESTFALENBANK

INTERNATIONAL S.A. buchhalterisch als Unternehmungen und Geschäftstätigkeiten von der HYPOBANK INTERNA-
TIONAL S.A.

5. Mit Datum des Inkrafttretens der Fusion übernimmt die HYPOBANK INTERNATIONAL S.A. alle Rechte und

Verpflichtungen von der WESTFALENBANK INTERNATIONAL S.A. gegenüber Dritten. HYPOBANK INTERNA-
TIONAL S.A, wird insbesondere sämtliche Zahlungsverpflichtungen von der WESTFALENBANK INTERNATIONAL
S.A. im Zusammenhang mit Schuldverschreibungen, Schuldtiteln, Wechseln oder anderen von der WESTFALENBANK
INTERNATIONAL S.A. begebenen und noch nicht zurückgezahlten Verbindlichkeiten als eigene Verbindlichkeiten
übernehmen.

6. Den Mitgliedern des Verwaltungsrates und den Wirtschaftsprüfern der fusionierenden Gesellschaften stehen keine

spezifischen Rechte und Vorteile zu.

7. Alle Aktionäre der HYPOBANK INTERNATIONAL S.A. können innerhalb eines Monates ab Veröffentlichung des

gegenwärtigen Fusionsprojektes im Mémorial C am Sitz der HYPOBANK INTERNATIONAL S.A. sämtliche Unterlagen
gemäss Artikel 267 Absatz (1) a), b) und c) des obengenannten Gesetzes einsehen und kostenlos Kopien hiervon
erhalten.

8. Ein oder mehrere Aktionär(e) der HYPOBANK INTERNATIONAL S.A., welche(r) im Besitz von mindestens 5 %

des gezeichneten Aktienkapitals von HYPOBANK  INTERNATIONAL S.A. ist/sind kann/können innerhalb der in Punkt
7 aufgeführten Frist die Einberufung einer Generalversammlung der HYPOBANK INTERNATIONAL S.A. beantragen,
um über die vorgeschlagene Fusion zu befinden.

9. Über die Entlastung des von dem festgelegten Datum des Überganges der Unternehmen und Geschäftstätigkeiten

an bis zum Inkrafttreten der Fusion amtierenden ordentlichen und kommissarischen Verwaltungsrats der WEST-
FALENBANK INTERNATIONAL S.A. wird im Rahmen der ordentlichen Generalversammlung der HYPOBANK
INTERNATIONAL S.A. entschieden, die über das Geschäftsjahr 1997 beschliesst und im Jahre 1998 stattfindet.

10. Vorbehaltlich der Rechte der Aktionäre der HYPOBANK INTERNATIONAL S.A. gemäss Punkt 8 wird die

Fusion zwischen der HYPOBANK INTERNATIONAL S.A. und der WESTFALENBANK INTERNATIONAL S.A.

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endgültig innerhalb eines Monates nach Veröffentlichung des gegenwärtigen Fusionsprojektes im Mémorial C wirksam
und treten gleichzeitig alle in Artikel 274 des Gesetzes vom 10. August 1915 aufgeführten Rechtswirkungen ein.

11) Die Bücher und Unterlagen der WESTFALENBANK INTERNATIONAL S.A. werden am Sitz der HYPOBANK

INTERNATIONAL S.A. für die gesamte erforderliche Zeit aufbewahrt.

Der amtierende Notar bestätigt hiermit den Bestand und die Rechtswirksamkeit des Fusionsvorschlages sowie alle

Urkunden, Unterlagen und Formalitäten im Zusammenhang mit den fusionierenden Parteien und nach den Bestim-
mungen des Gesetzes vom 10. August 1915.

Worüber Protokoll erstellt wurde in Luxemburg am Gesellschaftssitz der HYPOBANK INTERNATIONAL S.A., am

Datum wie eingangs erwähnt, und nach Vorlesung an die Erschienenen haben alle unterschrieben mit dem Notar.

Gezeichnet: B. Janietz, J. Löschner, P. Binkowski, P. Mertens, J.-P. Hencks.
Enregistré à Luxembourg, le 17 mars 1997, vol. 97S, fol. 311, case 12. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

Für Ausfertigung, zum Zwecke der Veröffentlichung im Mémorial, Recueil des Sociétés et Associations, erteilt.

Luxemburg, den 18. März 1997.

J.-P. Hencks.

(10597/216/82)  Déposé au registre de commerce et des sociétés de Luxembourg, le 18 mars 1997.

CENTURY EURASIA FUND.

CONSOLIDATED MANAGEMENT REGULATIONS

Art. 1. The Fund.
CENTURY EURASIA FUND (hereinafter referred to as «the Fund») is organized under the laws of the Grand Duchy

of Luxembourg (hereinafter referred to as «Luxembourg») as a mutual investment fund («fonds commun de placement»)
with fluctuating assets. The Fund is an unincorporated coproprietorship of all the securities and other assets of the Fund.
It is managed in the interest of the co-owners (hereinafter referred to as «the Shareholders») by PICTET JFCP
MANAGEMENT (LUXEMBOURG) S.A. (hereinafter referred to as «the Management Company»), a company incorpor-
ated under the laws of Luxembourg and having its registered office in Luxembourg. The assets of the Fund which are
held in custody by BANQUE PICTET (LUXEMBOURG) S.A., société anonyme, (hereinafter referred to as the
«Custodian»), are separated from those of the Management Company.

By the acquisition of shares of the Fund, any Shareholder fully accepts these Management Regulations which

determine the contractual relations between the Shareholders, the Management Company and the Custodian.

Art. 2. Investment objective and policy.
The objective of the Fund is to achieve medium and long-term capital growth mainly through diversified investments

in equity securities in Asia and Europe.

The Fund will seek to achieve capital gains as a result of appreciation of the stock prices mainly through investments

in equity securities of issuers in countries in Asia whose markets are closely linked to the United States dollar market
and in countries in Europe whose markets are closely linked to Deutsche Mark market.

There will be no fixed ratio of allocation of investments between the Asian area and the European area but an

intended initial allocation is approximately 50% each. Investments in Eastern European countries will initially be around
15% out of the approximately 50% allocation to Europe.

Equity investments will be diversified to the extent possible in light of the size of the total assets of the Fund.
The equity securities will be selected by «bottom-up method» by overall judgment utilizing the global equity selection

system developed by the Pictet Group and the result of research conducted by expert fund managers of the PICTET
GROUP.

There may be cases in which a result of such selection will be adjusted to some extent by utilizing the multi-factor

model of PICTET GROUP if an allocation of investments for each country needs adjustments.

The benchmark to be used will be a complex index of MSCI AC Far East ex-Japan and MSCI Europe 17.
It is the principal policy of the Management Company that the Fund will minimize the foreign exchange risks by diver-

sified investments in terms of currency denominations of portfolio securities. Depending on investment environment the
Fund may also seek currency hedging within the limits set forth in the investment restrictions.

The above geographical allocation, securities selection, country allocation, foreign exchange policy will be periodically

reviewed during the term of the Fund. In case of significant changes, this Prospectus will be updated.

The Fund will seek to maximize the return in yen terms. For the purpose of hedging against fluctuations in foreign

exchange rates (including hedging transactions in order to preserve the value of the assets of the Fund in terms of the
domestic currency of the majority of its shareholders), the Fund may enter into currency forward contracts, currency
swaps and by writing call options and purchasing put options on currencies.

The Fund may sometimes use derivatives for the purpose of protecting the assets of the Fund and/or for the purpose

of efficient portfolio management, within the limits set forth in the investment restrictions.

The Fund may, on an ancillary basis, hold liquid assets. Such assets may be kept in current accounts or in short-term

money market instruments regularly negotiated and issued or guaranteed by first class issuers or guarantors.

Art. 3. Investment restrictions.
1) The Management Company may not invest in securities of any one issuer, if the value of the holdings of the Fund

in the securities of such issuer exceeds 10 % of the Fund’s total net assets, except that such restriction shall not apply
to securities issued or guaranteed by Member States of the Organization for Economic Co-operation and Development
(«OECD») or their local authorities or public international bodies with EU, regional or world-wide scope.

7395

2) The Management Company may not invest in securities of any single issuer if, as a result of such investment, the

Fund owns more than 10 % of the outstanding securities, or more than 10 % of the outstanding voting securities, of such
issuer. The Management Company may not purchase securities of any company or other body if, upon such purchase,
the Fund, together with other funds which are managed by the Management Company, would own more than 15% of
any class of the securities of such company or body.

3) The Management Company may not invest in voting shares of companies allowing it to exercise a significant

influence in the management of the issuer.

4) The Management Company may invest up to 5% of the net assets of the Fund in shares or units of other collective

investment funds of the open-ended type. The acquisition of shares or units in a collective investment fund managed by
the same Management Company or by any other company with which the Management Company is linked by common
management or control or by substantial direct or indirect holding shall be permitted only in the case of investment in
a collective investment fund which specializes in the investment in a specific geographical area or economic sector. In
such event, the Management Company may not charge any fee or cost on account of transactions in connection with
such shares or units.

5) The Management Company may not purchase real estate.
6) The Management Company may not enter into transactions involving commodities, commodity contracts or

securities representing merchandise or rights to merchandise and for the purposes hereof commodities includes
precious metals and certificates representing them, except that it may purchase and sell securities that are secured by
commodities and securities of companies which invest or deal in commodities and that this restriction shall not prevent
the Fund from entering into financial futures and forward contracts (and options thereon) on financial instruments, stock
indices and foreign currencies, to the extent permitted by applicable laws and regulations and the Management Regu-
lations.

7) The Management Company may not purchase any securities on margin, (except that the Management Company

may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities)
or make short sales of securities or maintain a short position, except that it may make initial and maintenance margin
deposits in respect of futures and forward contracts (and options thereon).

8) The Management Company may not borrow other than borrowings which in the aggregate do not exceed 10 % of

the total net assets of the Fund, which borrowings may, however, only be made on a temporary basis; further, the
Management Company may not invest more than 10 % of the total net assets of the Fund in partly paid securities.

9) The Management Company may not mortgage, pledge, hypothecate or in any manner transfer as security for

indebtedness, any securities owned or held on behalf of the Fund, except as may be necessary in connection with borro-
wings mentioned in 8) above and provided that the purchase or sale of securities on a when-issued or delayed-delivery
basis, and collateral arrangements with respect to the writing of options or the purchase or sale of forward or futures
contracts are not deemed the pledge of the assets.

10) The Management Company may not invest more than 10% of the net assets of the Fund in securities which are

not traded on an official stock exchange or other regulated market, operating regularly and being recognized and open
to the public, except that such restriction shall not apply to securities issued or guaranteed by Member States of the
OECD or their local authorities or public international bodies with EU, regional or world-wide scope.

11) The Management Company may not use the assets of the Fund to underwrite or subunderwrite any securities,

except to the extent that, in connection with the disposition of portfolio securities, it may be deemed to be an under-
writer under applicable securities laws.

12) The Management Company may employ techniques and instruments relating to transferable securities under the

conditions and within the limits laid down by law, regulation or administrative practice, provided that such techniques
or instruments are used for the purpose of efficient portfolio management. With respect to options:

a) the Management Company may not invest in put or call options on securities unless:
i) such options are quoted on a stock exchange or dealt in on a regulated market; and
ii) the acquisition price of such options does not exceed, in terms of premiums, 15 % of the total net assets of the

Fund;

b) the Management Company may not sell call options on securities which it does not hold unless the aggregate of

the exercise prices of such call options does not exceed 25 % of the value of the securities held by the Fund, such value
to be reduced by the value of options purchased and held by the Fund;

c) the Management Company may not write put options on securities unless the Fund holds sufficient liquid assets to

cover the aggregate of the exercise prices of such options written.

13) The Management Company may, on behalf of the Fund, for the purpose of hedging currency risks, have commit-

ments in outstanding forward currency contracts or currency futures or write call options and purchase put options for
amounts not exceeding the aggregate value of securities and other assets held by the Fund denominated in the currency
to be hedged, provided, however, that (i) this limitation as to the denomination of the said securities and other assets
shall not be applicable to the specific currency transactions for hedging against fluctuations of the domestic currency of
the majority of the shareholders of the Fund, as described in the investment policy and (ii) the specific currency transac-
tions described in (i) may not be made for amounts exceeding the total net assets of the Fund. The Management
Company may also purchase the currency concerned through a cross transaction (entered into through the same
counterpart) or enter into currency swaps, should the cost thereof be more advantageous to the Fund. Contracts or
currencies must either be quoted on a stock exchange or dealt in on a regulated market, except that the Management
Company may enter into currency forward contracts or swap arrangements with highly rated financial institutions
specializing in this type of transactions.

7396

14) The Management Company may not deal, on behalf of the Fund, in financial futures, except that:
a) for the purpose of hedging the risk of the fluctuation of the value of the portfolio securities the Fund may have

outstanding commitments with respect to financial futures sales contracts not exceeding the corresponding risk of
fluctuation of the value of the corresponding portion of the Fund’s portfolio;

b) for the purpose of efficient portfolio management the Management Company, on behalf of the Fund, may enter into

financial futures purchase contracts in order to facilitate changes in the allocation of the Fund’s assets between markets
or in anticipation of or in a significant market sector advance, provided that sufficient cash, short-dated debt securities
or instruments (other than the liquid assets which might have to be held by the Fund pursuant to restriction 12 c)
above), or securities to be disposed of at a predetermined value exist to match the underlying exposure of any such
futures positions.

15) The Management Company may not deal, on behalf of the Fund, in index options except that:
a) for the purpose of hedging the risk of the fluctuation of its portfolio securities the Management Company, on behalf

of the Fund, may sell call options on stock indexes or acquire put options on stock indexes. In such event, the value of
the underlying securities included in the relevant stock index option shall not exceed, together with outstanding commit-
ments in financial futures contracts entered into for the same purpose, the aggregate value of the portion of the
securities portfolio to be hedged; and

b) for the purpose of the efficient management of its securities portfolio the Management Company, on behalf of the

Fund, may acquire call options on stock indexes mainly in order to facilitate changes in the allocation of the Fund’s assets
between markets or in anticipation of or in a significant market sector advance, provided the value of the underlying
securities included in the relevant stock index options is covered by cash, short-dated debt securities and instruments
or securities to be disposed of at predetermined prices; provided, however, that the aggregate acquisition cost (in terms
of premiums paid) of options on securities and index options purchased by the Management Company, on behalf of the
Fund, shall not exceed 15 % of the net assets of the Fund.

16) The Management Company may lend the Fund’s portfolio securities to specialised banks, credit institutions and

other financial institutions of high standing, or through recognized clearing institutions such as Cedel or Euroclear. The
lending of securities will be made for periods not exceeding 30 days. Loans will be secured continuously by collateral
consisting of cash, and/or of securities issued or guaranteed by member states of the OECD or by their local authorities
which at the conclusion of the lending agreement, must be at least equal to the value of the global valuation of the
securities lent. The collateral must be blocked in favour of the Fund until termination of the lending contract. Lending
transactions may not be carried out on more than 50 % of the aggregate market value of the securities of the portfolio,
provided, however, that this limit is not applicable where the Fund has the right to terminate the lending contract at any
time and obtain restitution of the securities lent. Any transaction expenses in connection with such loans may be
charged to the Fund.

The Management Company may, on behalf of the Fund, enter into the transactions referred to under 14) and 15)

above only if these transactions concern contracts which are traded on a regulated market operating regularly, being
recognized and open to the public. With respect to options referred to under 12), 13) and 15) above, the Management
Company, on behalf of the Fund, may enter into OTC option transactions with first class financial institutions partici-
pating in this type of transactions if such transactions are more advantageous to the Fund or if quoted options having the
required features are not available.

The Management Company need not comply with the investment limit percentages above when exercising

subscription rights attaching to securities which form part of the Fund’s assets.

If the above percentages are exceeded for reasons beyond the control of the Management Company or as a result of

the exercise of subscription rights, the Management Company must adopt as a priority objective for its sales transactions
the remedying of that situation, taking due account of the interests of the Fund’s shareholders.

The Management Company shall, on behalf of the Fund, not sell, purchase or loan securities except the Shares of the

Fund, or receive loans, to or from (a) the Management Company, (b) its affiliated companies, (c) any director of the
Management Company or its affiliated companies or (d) any major shareholder thereof (meaning a shareholder who
holds, on his own account whether in his own or other name (as well as a nominee’s name), 10 % or more of the total
issued outstanding shares of such a company) acting as principal or for their own account unless the transaction is made
within the restrictions set forth in the Management Regulations, and, either (i) at a price determined by current publicly
available quotations, or (ii) at competitive prices or interest rates prevailing from time to time, on internationally
recognized securities markets or internationally recognized money markets.

Except by the acquisition of debt securities or instruments in accordance with restrictions 10), 12), 13), 14) and 15)

above, the Management Company may not grant loans or act as guarantor on behalf of third parties.

The Management Company may from time to time impose further investment restrictions as shall be compatible with

or in the interest of the shareholders, in order to comply with the laws and regulations of the countries where the
Shares of the Fund are placed.

Art. 4. The Management Company.
The Management Company is vested with the broadest powers to administer and manage the Fund subject to the

investment restrictions set forth in Article 3 above, in the name of and on behalf of Shareholders, including, but not
limited to, the purchase, sale, subscription, exchange and receipt of any securities and other assets and the exercise of
all the rights attached directly or indirectly to the Fund’s assets.

The Management Company, under the supervision of the Custodian, is qualified to issue share certificates of the Fund

against payment of the corresponding net asset value to the Custodian, to keep books concerning the shares or share
certificates, if any, issued or redeemed, to satisfy applications for subscription or request for redemption as set forth in
the present Regulations, to cancel the redeemed share certificates in agreement with the Custodian.

7397

Art. 5. The Custodian.
The Management Company shall appoint the Custodian and may terminate such appointment. The Custodian shall be

selected from and among the banks authorised to carry out banking business in Luxembourg. The Custodian shall be
identified in the prospectuses, explanatory brochures or any other documents of the same nature relating to the Fund.

BANQUE PICTET (LUXEMBOURG) S.A., société anonyme, with registered office in Luxembourg has been appointed

as Custodian.

The Custodian, on behalf of the Shareholders of the Fund, holds all cash, securities and other assets constituting the

assets of the Fund and shall assume all other duties prescribed by articles 16 and 17(1) and 17(2) a), c), d) and e) of the
law of 30th March 1988 on collective investment undertakings. The Custodian may, with the approval of the
Management Company, entrust third parties with custodianship of such securities as are not listed on the Luxembourg
Stock Exchange or currently traded in Luxembourg. The Custodian may hold securities in fungible and non-fungible
accounts with such clearing houses as the Custodian with the approval of the Management Company shall determine. It
will have the normal duties of a bank with respect to the deposits of cash and securities. Demand and short-term
deposits, however, may be made by the Custodian on behalf of the Fund with any bank of good standing chosen by the
Management Company.

The Custodian shall not purchase, dispose of, deliver or pay with respect to the Fund’s assets unless it receives

instructions from the Management Company or its duly authorized agents to that effect and unless such instructions
comply with the Fund’s Management Regulations and the relevant provisions of law.

Further, the Custodian shall as paying agent, pay dividends and proceeds of redemption.
The Custodian is entitled, as remuneration for the functions defined in this Article 5, to such fees as shall be deter-

mined from time to time between the Management Company and the Custodian.

The Custodian or the Management Company may terminate the appointment of the Custodian upon three months’

notice, provided, however, that such termination by the Management Company is subject to the condition that within 2
months a new Custodian assumes the responsibilities and functions of the Custodian under these Management Regu-
lations and provided, further, that the appointment of the Custodian shall, if terminated by the Management Company,
continue thereafter for such period as may be necessary to the complete divestiture of all assets of the Fund held by the
Custodian.

In case of termination by the Custodian, the Management Company shall equally within 2 months appoint a new

Custodian to assume the responsibilities and functions of the Custodian under Management Regulations, provided that,
upon the Custodian’s termination becoming effective, and pending the appointment of a new Custodian by the
Management Company, the Custodian shall adopt all measures necessary to ensure that the interests of the
Shareholders are safeguarded.

Art. 6. Share certificates.
Any person or corporate body shall be eligible to participate in the Fund by subscribing to one or several shares,

subject, however, to the provisions contained in Articles 11 and 12 of these Management Regulations. Shareholders will
receive share certificates only upon specific request. Each certificate (if issued) shall carry the signatures of authorised
representatives of the Management Company and of the Custodian. Both signatures may be replaced by facsimile signa-
tures. If a Shareholder does not specifically elect to obtain certificates no certificates will be issued and a confirmation
in writing of his shareholdership will be issued instead.

The Management Company may, in the interest of the Shareholders, split or consolidate the shares.

Art. 7. Issuance of shares and delivery of certificates.
Shares shall be issued by the Management Company and certificates or confirmations shall be delivered by the

Management Company or its duly appointed agent upon its instruction, provided that the corresponding value shall have
been received by the Custodian.

The Fund’s shares carry no voting rights and no meetings of Shareholders will be held.

Art. 8. Issuance of warrants, rights or options.
The Management Company shall not grant to Shareholders rights to purchase the Fund’s shares by issuing warrants,

subscription rights on new issues, or options.

Art. 9. Net asset value.
The net asset value per share is expressed in United States Dollars and shall be determined by the Management

Company on each bank business day as at noon (Luxembourg time) by dividing the total net asset value of the Fund by
the total number of shares outstanding. A bank business day means a day during which bank business is conducted in
Luxembourg. The assets in the Fund’s portfolio are valued as follows:

(1) securities listed on a recognized Stock Exchange or dealt in on an other regulated market will be valued at the last

reported price. If a security is listed on several Exchanges or markets the last reported price at the Stock Exchange or
market which, in the opinion of the Management Company, constitutes the main market for said securities will be used;
if no sale is made, valuation will be made at the mean of the last available bid and offer prices.

For securities, for which trading on the relevant Stock Exchange is thin and secondary market trading is done between

dealers who, as main market makers, offer prices in response to market conditions, the Management Company may
decide to value such securities in line with the prices so established;

(2) securities not listed on a Stock Exchange or dealt in on an other regulated market will be valued at the last

available market price;

(3) if no price quotation is available for any of the securities held by the Fund or if the value as determined pursuant

to sub-paragraph (1) or (2) above is not representative of the fair market value of the relevant securities, the value of
such securities will be based on the reasonable foreseeable sales price determined prudently and in good faith.

7398

Certificates of deposit and cash will be valued at their face value with interest accrued at the end of the preceding day.
Values expressed in a currency other than United States Dollars shall be converted into United States Dollars at the

mean of the last available buy and sell rates in Luxembourg.

The Management Company may, in the event of substantial applications for subscription or redemption, determine

the net asset value by relying on the prices determined on the business day on the securities market on which purchases
and sales are made on behalf of the Fund of such portfolio securities that had to be purchased or sold. In such an event,
the same procedure will be applied in respect to both subscription and redemption requests received at the same time.

Art. 10. Suspension of the determination of the net asset value.
The Management Company may temporarily suspend the determination of the net asset value and, as a result, the

issue and redemption of shares in any of the following events:

1) when one or more Stock Exchanges or markets, which provide the basis for valuing a substantial portion of the

assets of the Fund, or when one or more foreign exchange markets in the currency in which the shares of the Fund or
a substantial portion of the assets of the Fund are denominated, are closed otherwise than for ordinary holidays or if
dealings therein are restricted or suspended;

2) when, as a result of political, economic, military or monetary events or any circumstances outside the responsi-

bility and the control of the Management Company, disposal of the assets of the Fund is not reasonably or normally
practicable without being seriously detrimental to the interests of the Shareholders;

3) in case of breakdown in the normal means of communication used for the valuation of any investment of the Fund

or if, for any reason, the value of any asset of the Fund may not be determined as rapidly or accurately as required;

4) if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund are rendered impracticable or if purchases and sales of the Funds assets cannot be effected at normal rates of
exchange. In case of any such suspension, the Management Company shall notify Shareholders having tendered their
shares for repurchase and, if appropriate, shall publish such suspension as provided in article 15 hereof.

Art. 11. Subscription price.
The subscription price of the Fund’s shares, which shall be expressed in United States Dollars, includes the net asset

value per share as of the bank business day on which the application is received by the Management Company in accord-
ance with Article 9 above, and a sales commission not exceeding 2.0 per cent of the net asset value per share which is
allowed to the distributors of the Fund’s shares.

Art. 12. Acceptance of applications.
Applications shall be accepted by the Management Company on the bank business day of receipt thereof, provided

they shall have been received on or before 3.00 p.m. or such earlier time as the Management Company by regulation
shall determine. If applications are received thereafter, they shall be accepted on the next bank business day. Payment of
the subscription price shall be made within five business days counting from and including the date of acceptance by the
Management Company of the application.

The Management Company shall comply with the laws and regulations of the countries where these shares are

offered, with respect to the issuing of shares. The Management Company may, at its discretion, discontinue temporarily,
cease or limit the issue of shares at any time to persons or corporate bodies resident or established in certain particular
countries and territories. The Management Company may exclude certain persons or corporate bodies from the acqui-
sition of shares, if such measure is necessary for the protection of the Shareholders as a whole and the Fund.

The Management Company will not promote the sale of the Fund’s shares in the European Union or any part thereof.

Furthermore, the Management Company may:

(1) reject at its discretion any application for shares;
(2) redeem at any time the shares held by Shareholders who are excluded from purchasing or holding shares.

Art. 13. Redemption.
Shareholders may not request repurchase of their shares until 27th March, 1998, except that shareholders may

request repurchase of their shares on 1st April, 1997

On and after March 30, 1998, shareholders may, at any time, request the Management Company to redeem their

shares on any bank business day against delivery of their share certificates, if any. Redemption will be made at the net
asset value per share as of the bank business day on which the request for redemption is received by the Management
Company, provided it shall have been received before 3.00 p.m. on such earlier time as the Management Company by
regulation may determine.

Requests for redemptions will be accepted by the Management Company in the same manner as applications for

subscriptions.

The Management Company shall ensure that the Fund maintains an appropriate level of liquidity, so that under normal

circumstances redemption of the shares of the Fund may be made without undue delay, normally within five business
days counting from and including the date of acceptance by the Management Company of the request by Shareholders.

The Custodian shall not be liable for failure to make remittance abroad if foreign exchange control regulations or

other circumstances beyond its control render impracticable the transfer of the proceeds of redemption as requested.

Art. 14. Management, Advisory and Agent Secutiries Company fees.
The Management Company may obtain investment information, advice and other services, renumeration for which

will be at the Fund’s charge to the extent provided herein.

The Management Company, any investment advisers and the Agent Securities Company in Japan are entitled to fees

payable at the end of each quarter which in aggregate may not exceed an annual rate of 1.82 per cent of the average of
the daily net asset values of the Fund during the relevant quarter.

7399

Art. 15. Publication.
The net asset value, the issue price and the redemption price per share are available in Luxembourg at the office of

the Custodian on any bank business day. 

Audited annual and unaudited interim reports of the Fund shall be made available to the Shareholders at the

registered offices of the Management Company and the Custodian. 

Any amendment to these Management Regulations will be published in the Mémorial, Recueil des Sociétés et Associa-

tions of Luxembourg. 

The amendments to these Management Regulations and any notice to Shareholders shall also, with the approval of

the Custodian, be published in the official gazettes, if required, and in newspapers of the countries where the Fund’s
shares are offered and sold. 

Other notices will be published in such newspapers as the Management Company will from time to time determine.
Art. 16. Accounting year and audit.
The accounts of the Fund, kept in United States Dollars, shall be closed each year on the 30th November and for the

first time on 30th November, 1997. 

The accounts of the Fund shall be audited by independent public accountants who shall be appointed by the

Management Company.

Art. 17. Dividends.
The Management Company may declare dividends once a year or more frequently, out of any funds available for

distribution payable by the Fund. 

Dividends shall be paid in United States Dollars or in such other currency as the Management Company shall from

time to time determine. 

No distribution may be made as a result of which the total net assets of the Fund would become less than 50 million

Luxembourg francs. 

Dividends not claimed within five years from their due date will lapse and revert to the Fund. 
The Custodian shall not be liable for failure to make remittance abroad if foreign exchange control regulations or

other circumstances beyond its control render impracticable the transfer of dividends to any countries outside Luxem-
bourg.

Art. 18. Amendment of the Management Regulations.
The Management Company may, in the interest of Shareholders, amend the Management Regulations in whole or in

part at any time. 

Any amendment shall become effective five days after its publication in the Mémorial, Recueil des Sociétés et Associa-

tions of Luxembourg.

Art. 19. Duration and termination of the Fund.
The Fund is created for a period of ten years expiring on March 27, 2007, provided, however, that it shall be termi-

nated and totally redeemed, subject to the publication of a notice of termination, if (i) in the judgment of the
Management Company and Custodian, the termination of the Fund can best serve the interest of the Shareholders, (ii)
in the judgment of the Management Company and the Custodian circumstances beyond their control compel them to
terminate the Fund or (iii) the Management Company is to be dissolved and liquidated. Shareholders may not request
dissolution or partition of the Fund. 

The notice of dissolution shall be published in the Mémorial C, Recueil des Sociétés et Associations of Luxembourg

and in at least three Luxembourg and foreign newspapers with appropriate distribution, at least one of which must be a
Luxembourg newspaper, to be determined jointly by the Management Company and the Custodian. Issuance and
redemption of shares will cease at the time of the decision or event leading to the dissolution. 

The Management Company will realise the assets of the Fund in the best interests of the Shareholders and, upon

instructions given by the Management Company, the Custodian will distribute the net proceeds of the liquidation among
the Shareholders in proportion to their rights, after deduction of liquidation fees and expenses.

Art. 20. Fees and expenses paid by the Fund.
The Fund bears the following fees and expenses: 
1) taxes due on the assets of the Fund; 
2) brokerage commissions and handling charges due on the portfolio transactions of the Fund; 
3) the renumeration of the Management Company, any investment advisers and the Agent Securities Company to the

extent provided herein; 

4) the fees and expenses of the Custodian and other banks and financial institutions entrusted by the Custodian with

custody of assets of the Fund, and of the Transfer, Repurchase and Paying Agent; 

5) fees for bookkeeping and for the net asset value calculation, and any other administrative expenses; 
6) professional fees to the lawyers and auditors acting for the Fund;
7) the cost of preparing and filing the Management Regulations, registration statements, prospectuses and other

documents with any authorities having jurisdiction over the Fund and the offering of the Fund’s shares (including local
securities dealers’ associations);

8) the cost of listing the shares of the Fund on any Stock Exchange or other regulated markets; 
9) the cost of translating, printing and publishing the reports delivered to Shareholders as prescribed in Article 15;

and 

10) the cost of public notices to Shareholders and the cost of printing share certificates. 
All recurring charges will be charged first against income, then against capital gains and then against assets. Other

charges may be amortised over a period not exceeding five years.

7400

Art. 21. Statute of limitations.
The claims of the Shareholders against the Management Company or the Custodian shall lapse five years after the date

of the event which gives rise to such claims.

Art. 22. Governing law, jurisdiction and governing language.
Any disputes and claims arising between the Shareholders, the Management Company and the Custodian shall be

subject to the jurisdiction of the District Court of Luxembourg, provided, however, that the Management Company and
the Custodian may submit themselves and the Fund to the jurisdiction of courts of the countries, in which the Shares of
the Fund are offered and sold, with respect to claims by investors in such countries, and to the law of such countries,
with respect to matters relating to sale and redemption by Shareholders resident in such countries. 

The English language will be the governing language of the Management Regulations, provided, however, that the

Management Company and the Custodian may, on behalf of themselves and the Fund, consider as binding the translation
in languages of the countries in which the shares of the Fund are offered and sold, with respect to shares sold to
investors in such countries.

These Management Regulations, originally executed on 21st February, 1997 and amended on 28th February, 1997 and

11th March, 1997, respectively, to the present form, will become effective on 25th March, 1997.

Executed in Luxembourg on 11th March, 1997.

PICTET JFCP MANAGEMENT

BANQUE PICTET 

(LUXEMBOURG) S.A. 

(LUXEMBOURG) S.A. 

J. Elvinger

M. Berger

P.-A. Eggly

<i>Director

<i>Mandataire commercial

<i>Fondé de pouvoir

Enregistré à Luxembourg, le 24 mars 1997, vol. 490, fol. 77, case 1. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(11306/260/404)  Déposé au registre de commerce et des sociétés de Luxembourg, le 25 mars 1997.

MANULIFE GLOBAL FUND, Société d’Investissement à Capital Variable,

(anc. MANULIFE REGENT GLOBAL FUND, Société d’Investissement à Capital Variable).

Registered office: L-1637 Luxembourg, 13, rue Goethe.

R. C. Luxembourg B 26.141.

In the year one thousand nine hundred and ninety-seven, on the nineteenth day of January.
Before Us, Maître Paul Decker, notary residing in Luxembourg-Eich.
Was held an Extraordinary General Meeting of the shareholders of MANULIFE REGENT GLOBAL FUND (the

«Fund»), a société d’investissement à capital variable, having its registered office at L-1637 Luxembourg, 13, rue Goethe,
R.C. Luxembourg section B number 26.141, incorporated by a deed of notary Marc Elter, residing in Luxembourg, on
the 7th July 1987, published in the Mémorial C number 216 of the 4th August 1987, the Articles of Incorporation of
which have been amended by deeds of notary Marc Elter, on the 20th October 1989, published in the Mémorial C
number 390 of the 28th December 1989, on the 22nd June 1992, published in the Mémorial C number 321 of the 27th
July 1992, and on the 28th July 1995, published in the Mémorial C number 459 of September 15, 1995.

The meeting is declared open at 11.00 a.m. and is presided over by Mr David Bailey, Senior Manager, residing in

Luxembourg.

The Chairman appointed as secretary Mrs Regine Body, private employee, residing in Libramont (Belgium).
The meeting elected as scrutineer Mrs Julie Redfern, private employee, residing in Hettermillen.
The Chairman declared and requested the notary to record:
I. That the meeting is a second extraordinary general meeting of shareholders, a first general meeting held on January

17, 1997 not having reached the quorum of presence required by law and the Articles of Association of the Company
to resolve on items 1 to 5 of the Agenda of the meeting.

II. That the agenda of the meeting is the following:

<i>Agenda:

1. That the name of the Company be changed to MANULIFE GLOBAL FUND, and the following consequential

amendments made to the Articles of Incorporation of the Company (the «Articles»):

1.1. to Article 2 by amending references to the name of the Company to read as «MANULIFE GLOBAL FUND»;
1.2. to Article 28(7) which shall be amended to read as follows:
«(7) The expression «material interests», used in this Article 28, shall not include any relationship with or interest in

any matter, position or transaction involving MANULIFE DATA SERVICES INC., THE MANUFACTURERS LIFE
INSURANCE COMPANY LIMITED or any of their subsidiaries.»

2. That the following amendments be made to the Articles to provide that Shareholders need not approve changes

to the level of management fees reflected in the Prospectus of the Company:

2.1. to Article 6(7) (a) by deleting the proviso thereto which reads as follows:
«Provided that no such alteration of the basis of remuneration as is described in Article 27(1) hereof may be effected

by such amendment as aforesaid unless agreed to as therein provided»;

2.2. to Article 27(1) by deleting the proviso appearing in brackets which reads as follows:
«(Provided that no alteration of the basis of such remuneration which would increase any limit on the aggregate of

such remuneration stated in any Prospectus issued by the Company shall be agreed to without the consent of the
Shareholders in General Meeting)».

7401

3. That the following amendments be made to the Articles to grant to Directors an absolute discretion as to the

amount of subscription or redemption charge, if any, to be imposed in respect of subscriptions and redemptions:

3.1. to Article 14(3) (c) (iii) by inserting the following words after the word «adding» appearing in the first line:
«, if so determined by the Directors in their absolute discretion,»;
3.2. to Article 14(4) (c) (iii) by deleting it in its entirety and substituting the following therefore:
«subject to Article 13(3), and if so determined by the Directors in their absolute discretion, deducting in respect only

of any shares which were subscribed for after 1st November, 1993, a redemption charge not exceeding one per cent
(1%) of the aggregate of the sums described in sub-paragraphs (i) and (ii) above, in the event that redemption of the
shares takes place within two years of the date on which the shares were subscribed for, and the Investment Manager
may differentiate between shareholders as to the amount of such redemption charge within the permitted limit.»

4. That Article 40 be amended to confirm that the Company may hold its investments via its wholly-owned subsidiary

companies by adding a new last paragraph which reads as follows:

«The Company may utilise wholly-owned subsidiary companies («Subsidiaries») incorporated in suitable jurisdictions,

as determined by the Directors, and carrying on the business of management, advice or marketing exclusively on behalf
of the Company, for the purpose of holding the investments of any Fund, provided always that the Directors shall ensure
that such Subsidiaries shall invest their assets in accordance with the investment objectives, policies and restrictions
applicable to the relevant Fund and that such investment is in the interest of the Company’s shareholders.»

5. That technical amendments as set out below be made to various Articles:
5.1. to Article 15(4) by deleting the references therein to «USD 1,000.-» and substituting therefore «the Minimum

Holding»;

5.2. to Article 16(2) by deleting the reference therein to «USD 1,000.-» and substituting therefore «the Minimum

Holding»;

5.3. to Article 33(7) by deleting the reference therein to «Article 38(2)» and substituting therefore «Article 37(2)»;
5.4. to Article 40 by deleting the references to «European Economic Communities» wherever they appear and substi-

tuting therefore «European Union».

6. That Messrs Joseph Mounsey, Victor Apps and Jonathan Tate be and are hereby appointed as Directors of the

Company.

III. That the present Extraordinary General Meeting has been convened by convening notices, containing the agenda

and published:

- in the Mémorial C number 17 of January 18, 1997 and number 48 of February 3, 1997;
- in the newspapers «Luxemburger Wort» of January 18, 1997 and February 3, 1997 and «Letzeburger Journal» of

January 18, 1997 and February 1, 1997,

as it appears from the copies presented to the meeting.

IV. That the shareholders present or represented and the number of their shares are shown on an attendance list,

initialled by the chairman, the secretary, the scrutineer and the undersigned notary. The said list will be registered with
this minute.

V. That the attendance list shows that of the 30,298,201,475 shares representing the total share capital of the

Company 425,221,374 shares are represented at the present extraordinary general meeting.

VI. That the meeting has been validly convened, is regularly constituted and may properly resolve on the items of its

Agenda, no quorum of presence being required to pass the resolutions on the Agenda of the meeting. After the decla-
rations made by the chairman of the meeting had been acknowledged and approved by the meeting, the chairman
submitted to the vote of the shareholders the following resolutions:

<i>First resolution

That the name of the Company be changed to MANULIFE GLOBAL FUND, and the following consequential amend-

ments made to the Articles of Incorporation of the Company (the «Articles»):

1.1. to Article 2 by amending references to the name of the Company to read as «Manulife Global Fund»;
1.2. to Article 28(7) which shall be amended to read as follows:
«(7) The expression «material interests», used in this Article 28, shall not include any relationship with or interest in

any matter, position or transaction involving MANULIFE DATA SERVICES INC., THE MANUFACTURERS LIFE
INSURANCE COMPANY LIMITED or any of their subsidiaries.»

The resolution is adopted by 417,039,577 votes in favour of and 8,181,797 votes against the resolution.

<i>Second resolution

That the following amendments be made to the Articles to provide that Shareholders need not approve changes to

the level of management fees reflected in the Prospectus of the Company:

2.1. to Article 6(7) (a) by deleting the proviso thereto which reads as follows:
«Provided that no such alteration of the basis of remuneration as is described in Article 27(1) hereof may be effected

by such amendment as aforesaid unless agreed to as therein provided»;

2.2. to Article 27(1) by deleting the proviso appearing in brackets which reads as follows:
«(Provided that no alteration of the basis of such remuneration which would increase any limit on the aggregate of

such remuneration stated in any Prospectus issued by the Company shall be agreed to without the consent of the
Shareholders in General Meeting)». The resolution is adopted by 314,193,024 votes in favour of and 111,028,350 votes
against the resolution.

7402

<i>Third resolution

That the following amendments be made to the Articles to grant to Directors and absolute discretion as to the

amount of subscription or redemption charge, if any, to be imposed in respect of subscriptions an redemptions:

3.1. to Article 14(3) (c) (iii) by inserting the following words after the word «adding» appearing in the first line:
«, if so determined by the Directors in their absolute discretion,»;
3.2. to Article 14(4) (c) (iii) by deleting it in its entirety and substituting the following therefore:
«subject to Article 13(3), and if so determined by the Directors in their absolute discretion, deducting in respect only

of any shares which were subscribed for after 1st November, 1993, a redemption charge not exceeding one per cent
(1%) of the aggregate of the sums described in sub-paragraphs (i) and (ii) above, in the event that redemption of the
shares takes place within two years of the date on which the shares were subscribed for, and the Investment Manager
may differentiate between shareholders as to the amount of such redemption charge within the permitted limit.»

The resolution is adopted by 319,173,410 votes in favour of and 106,047,964 votes against the resolution.

<i>Fourth resolution

That Article 40 be amended to confirm that the Company may hold its investments via its wholly-owned subsidiary

companies by adding a new last paragraph which reads as follows:

«The Company may utilise wholly-owned subsidiary companies («Subsidiaries») incorporated in suitable jurisdictions,

as determined by the Directors, and carrying on the business of management, advice or marketing exclusively on behalf
of the Company, for the purpose of holding the investments of any Fund, provided always that the Directors shall ensure
that such Subsidiaries shall invest their assets in accordance with the investment objectives, policies and restrictions
applicable to the relevant Fund and that such investment is in the interest of the Company’s shareholders.»

The resolution is adopted by 358,284,746 votes in favour of and 66,936,628 votes against the resolution.

<i>Fifth resolution

That technical amendments as set out below be made to various Articles:
5.1. to Article 15(4) by deleting the references therein to «USD 1,000.-» and substituting therefore «the Minimum

Holding»;

5.2. to Article 16(2) by deleting the reference therein to «USD 1,000.-» and substituting therefore «the Minimum

Holding»;

5.3. to Article 33(7) by deleting the reference therein to «Article 38(2)» and substituting therefore «Article 37(2)»;
5.4. to Article 40 by deleting the references to «European Economic Communities» wherever they appear and substi-

tuting therefore «European Union».

The resolution is adopted by 397,885,047 votes in favour of and 27,336,327 votes against the resolution.

<i>Sixth resolution

That Messrs Joseph Mounsey, Victor Apps and Jonathan Tate be and are hereby appointed as Directors of the

Company until the Annual General Meeting to be held in 1998.

The resolution is adopted by 410,710,925 votes in favour of and 14,510,449 votes against the resolution.
There being no further items on the Agenda, the chairman of the meeting thereupon adjourned the meeting at 11.30.

a.m.

Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this

document.

The document having been read to the persons appearing, all of whom are known to the notary by their surnames,

Christian names, civil status and residence, the members of the bureau signed together with Us, the notary, the present
original deed. The undersigned notary, who understands and speaks English, states herewith that at the request of the
above appearing persons, the present deed is worded in English followed by a German version. At the request of the
same appearing persons and in case of divergences between the English and the German texts, the English version will
prevail.

Folgt die Übersetzung in deutscher Sprache:

Im Jahre eintausendneunhundertsiebenundneunzig, am neunzehnten Februar.
Vor dem unterzeichneten Notar Paul Decker, mit Amtswohnsitz in Luxemburg-Eich.

Fand die ausserordentliche Generalversammlung der Aktionäre beziehungsweise deren Vertreter der Aktiengesell-

schaft (société d’investissement à capital variable) MANULIFE REGENT GLOBAL FUND, mit Sitz in L-1637 Luxemburg,
13, rue Goethe, eingetragen im Handelsregister beim Bezirksgericht von und zu Luxemburg, Sektion B unter Nummer
26.141 statt. Genannte Gesellschaft wurde gegründet durch Urkunde, aufgenommen von Notar Marc Elter, mit Amtssitz
in Luxemburg am 7. Juli 1987, veröffentlicht im Mémorial C Nummer 216 vom 4. August 1987. Die Statuten der Gesell-
schaft wurden abgeändert durch Urkunden, aufgenommen von Notar Marc Elter am 20. Oktober 1989, veröffentlicht
im Mémorial C Nummer 390 vom 28. Dezember 1989, am 22. Juni 1992, veröffentlicht im Mémorial C Nummer 321
vom 27. Juli 1992 und am 28. Juli 1995, veröffentlicht im Mémorial C Nummer 459 vom 15. September 1996.

Die Versammlung wird um 11.00 Uhr unter dem Vorsitz von Herrn David Bailey, Senior Manager, wohnhaft in

Luxemburg, eröffnet.

Der Vorsitzende beruft zum Schriftführer Frau Regine Body, Privatangestellte, wohnhaft in Libramont (Belgien).
Die Versammlung bestellt zum Stimmenzähler Frau Julie Redfern, Privatangestellte, wohnhaft in Hettermillen.

Der Vorsitzende gibt folgende Erklärungen ab, welche von dem amtierenden Notar zu Protokoll genommen werden:

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I. Daß die Versammlung eine zweite Ausserordentliche Gesellschafterversammlung ist, indem eine erste Gesellschaf-

terversammlung, welche am 17. Januar 1997 stattfand, die vom Gesetz und der Satzung der Gesellschaft vorgeschriebene
Anwesenheitsquote, um über die Punkte 1 bis 5 der Tagesordnung der Versammlung zu befinden, nicht erfüllt hat.

II. Daß die Tagesordnung der Versammlung wie folgt lautet:

<i>Tagesordnung:

1. Daß der Name der Gesellschaft in MANULIFE GLOBAL FUND umgeändert wird und daß folgende sich hieraus

ergebende Änderungen in der Satzung der Gesellschaft (die «Satzung») vorgenommen werden:

1.1. Änderung von Artikel 2 durch Änderung des Hinweises auf den Namen der Gesellschaft in «MANULIFE GLOBAL

FUND»;

1.2. Änderung von Artikel 28(7) in folgenden Wortlaut:
«(7) Ein «erhebliches Interesse» im Sinne dieses Artikels 28 ist nicht gegeben im Fall von Beziehungen zu oder Inter-

essen an Angelegenheiten, Ämtern oder Geschäften, welche sich auf MANULIFE DATA SERVICES INC., THE
MANUFACTURERS LIFE INSURANCE COMPANY LIMITED oder einer ihrer Tochtergesellschaften beziehen.»

2. Daß folgende Änderungen in der Satzung vorgenommen werden, um vorzusehen, daß die Gesellschafter die

Beträge der Verwaltungsgebühren, welche im Verkaufsprospekt der Gesellschaft abgedrückt sind, nicht zu genehmigen
haben:

2.1. daß folgende Klausel in Artikel 6(7) (a) gestrichen wird:
«vorausgesetzt, daß durch die vorgenannte Prospektänderung keine Änderung der in Artikel 27(1) beschriebenen

Vergütungsgrundlage herbeigeführt wird, es sei denn, diese erfolgt in Übereinstimmung mit diesen Satzungsbestim-
mungen».

2.2. daß folgenden zwischen Klammern stehender Wortlaut in Artikel 27(1) gestrichen wird:
«(Ein Zustimmungsbeschluss der Hauptversammlung ist jedoch erforderlich, wenn die Vergütungsgrundlagen derart

geändert werden sollen, daß hierdurch der in einem Prospekt der Gesellschaft aufgeführte Höchstbetrag einer Vergü-
tungssumme heraufgesetzt wird)».

3. Daß folgende Änderungen in der Satzung vorgenommen werden mit dem Zweck, dem Verwaltungsrat in dessen

alleinigem Ermessen zu gestatten, den Betrag einer Aufschlag- oder einer Rückkaufgebühr, sollte dies zutreffen, in bezug
auf die Ausgabe und Rücknahme von Aktien vorzuschreiben:

3.1. daß folgender Text in Artikel 14(3) (c) (iii) nach den Wörtern «hinzugerechnet wird» in der ersten Zeile eingefügt

wird:

«, wenn und soweit der Verwaltungsrat es in seinem alleinigen Ermessen für in allen Fällen angemessen ansieht,»;
3.2. daß Unterabsatz in Artikel 14(4) (c) (iii) ganz gestrichen und durch folgenden Wortlaut ersetzt wird:
«Vorbehaltlich der Bestimmungen von Artikel 13(3) und wenn und soweit der Verwaltungsrat es nach alleinigem

Ermessen für in allen Fällen angemessen ansieht, die Rückkaufgebühr eines Betrags, dessen Höhe höchstens ein Prozent
(1%) von dem Gesamtbetrag der Summe die in den vorgenannten Unterabsätzen (i) und (ii) beschrieben wurde, hinzu-
gerechnet werden, jedoch nur in bezug auf Anteile, die nach dem 1. November 1993 erworben wurden und in den
Fällen, wo der Rückkauf der Anteile binnen zwei Jahren nach dem Datum an welchem die Anteile erworben wurden
erfolgt, und der für die Anlage zuständige Geschäftsführer ermächtigt ist in bezug auf diese Rückkaufgebühr unter
Vorbehalt der oben angegebenen Höchstziffer, diesen Betrag unterschiedlich von Anteilsinhabern einzuziehen.»

4. Änderung von Artikel 40 zum Zweck der Bestätigung der Möglichkeit, Anlagen der Gesellschaft über hundertpro-

zentige Tochtergesellschaften zu halten, durch Einfügung eines neuen letzten Absatzes mit folgendem Wortlaut:

«Die Gesellschaft darf hundertprozentige Tochtergesellschaften («Tochtergesellschaften»), welche in zutreffenden

Ländern gegründet sind, nach Ermessen des Verwaltungsrats benützen, wobei deren Gesellschaftszweck die Verwaltung,
die Beratung und den Vertrieb ausschließlich zugunsten der Gesellschaft ist zum Zweck, das Anlagevermögen eines
Unterfonds zu halten unter der Voraussetzung jeweils, daß der Verwaltungsrat dafür Sorge zu tragen hat, daß die
Tochtergesellschaften ihr Vermögen gemäß den Anlagerichtlinien, der Anlagepolitik und den Anlagebedingungen, welche
für den betroffenen Unterfonds Anwendung finden, anlegen und daß solche Anlagen im Interesse der Gesellschafter
getätigt werden».

5. Daß folgende technische Änderungen in der Satzung vorgenommen werden:
5.1. daß in Artikel 15(4) die Wörter «USD 1,000.-» durch das Wort «Mindestbetrag» ersetzt werden.
5.2. daß in Artikel 16(2) die Wörter «USD 1,000.-» durch das Wort «Mindestbetrag» ersetzt werden.
5.3. daß in Artikel 33(7) der Hinweis auf «Artikel 38(2)» durch den Hinweis auf «Artikel 37(2)» geändert wird.
5.4. daß in Artikel 40 Hinweise auf «Europäische Wirtschaftsgemeinschaft» wo dieser Hinweis auftaucht durch

Hinweise jeweils auf «Europäische Union» ersetzt werden.

6. Daß die Herren Joseph Mounsey, Victor Apps und Jonathan Tate als Verwaltungsräte der Gesellschaft bestellt

werden.

III. Daß die Anteilsinhaber zur ausserordentlichen Generalversammlung einberufen wurden auf Grund von Anzeigen,

welche erschienen sind:

- im Mémorial C Nummer 17 vom 18. Januar 1997 und Nummer 48 vom 3. Februar 1997;
- in den Tageszeitungen «Luxemburger Wort» vom 18. Januar 1997 und 3. Februar 1997 und «Letzeburger Journal»

vom 18. Januar 1997 und 1. Februar 1997.

Die diesbezüglichen Belege wurden der Versammlung zur Kenntnisnahme unterbreitet.

IV. Daß die anwesenden und vertretenen Anteilsinhaber und die Anzahl ihrer Anteile in einer Anwesenheitsliste

aufgeführt sind, welche durch den Vorsitzenden, den Schriftführer, den Stimmenzähler und den instrumentierenden
Notar unterzeichnet wurde. Diese Liste wird mit gegenwärtiger Urkunde einregistriert.

7404

V. Daß sich aus vorerwähnter Anwesenheitsliste ergibt, daß von den 30.298.201.475 Anteilen, die das gesamte Gesell-

schaftskapital darstellen, 425.221.374 Anteile in der Versammlung vertreten sind.

VI. Daß die Versammlung rechtmässig einberufen wurde, regelgerecht zusammenkam und rechtsgültig über die

Punkte der Tagesordnung befinden kann; keine Anwesenheitsquote ist erforderlich, um Beschlüsse bezüglich der Tages-
ordnung der Versammlung zu fassen. Nachdem die vorgehenden Erklärungen des Vorsitzenden der Versammlung von
der Versammlung zur Kenntnis genommen und genehmigt wurden, legte der Vorsitzende den Anteilsinhabern folgende
Beschlüsse zur Wahl vor:

<i>Erster Beschluss

Daß der Name der Gesellschaft in MANULIFE GLOBAL FUND umgeändert wird und daß folgende sich hierauserge-

bende Änderungen in der Satzung der Gesellschaft (die «Satzung») vorgenommen werden:

1.1. Änderung von Artikel 2 durch Änderung des Hinweises auf den Namen der Gesellschaft in «MANULIFE GLOBAL

FUND»;

1.2. Änderung von Artikel 28(7) in folgenden Wortlaut:
«(7) Ein «erhebliches Interesse» im Sinne dieses Artikels 28 ist nicht gegeben im Fall von Beziehungen zu oder Inter-

essen an Angelegenheiten, Ämtern oder Geschäften, welche sich auf MANULIFE DATA SERVICES INC., THE
MANUFACTURERS LIFE INSURANCE COMPANY LIMITED oder einer ihrer Tochtergesellschaften beziehen.»

Dieser Beschluss wird mit 417.039.577 Stimmen und 8.181.797 Gegenstimmen angenommen.

<i>Zweiter Beschluss

Daß folgende Änderungen in der Satzung vorgenommen werden, um vorzusehen, daß die Gesellschafter die Beträge

der Verwaltungsgebühren, welche im Verkaufsprospekt der Gesellschaft abgedruckt sind, nicht zu genehmigen haben:

2.1. daß folgende Klausel in Artikel 6(7) (a) gestrichen wird:
«vorausgesetzt, daß durch die vorgenannte Prospektänderung keine Änderung der in Artikel 27(1) beschriebenen

Vergütungsgrundlage herbeigeführt wird, es sei denn, diese erfolgt in Übereinstimmung mit diesen Satzungsbestim-
mungen».

2.2. daß folgender zwischen Klammern stehender Wortlaut in Artikel 27(1) gestrichen wird:
«(Ein Zustimmungsbeschluss der Hauptversammlung ist jedoch erforderlich, wenn die Vergütungsgrundlagen derart

geändert werden sollen, daß hierdurch der in einem Prospekt der Gesellschaft aufgeführte Höchstbetrag einer Vergü-
tungssumme heraufgesetzt wird)».

Dieser Beschluss wird mit 314.193.024 Stimmen und 111.028.350 Gegenstimmen angenommen.

<i>Dritter Beschluss

Daß folgende Änderungen in der Satzung vorgenommen werden mit dem Zweck, dem Verwaltungsrat in dessen allei-

nigen Ermessen zu gestatten, den Betrag einer Aufschlag- oder einer Rückkaufgebühr, sollte dies zutreffen, in bezug auf
die Ausgabe und Rücknahme von Aktien vorzuschreiben:

3.1. daß folgender Text in Artikel 14(3) (c) (iii) nach den Wörtern «hinzugerechnet wird» in der ersten Zeile eingefügt

wird:

«, wenn und soweit der Verwaltungsrat es in seinem alleinigen Ermessen für in allen Fällen angemessen ansieht,»
3.2. daß Unterabsatz in Artikel 14(4) (c) (iii) ganz gestrichen und durch folgenden Wortlaut ersetzt wird:
«Vorbehaltlich der Bestimmungen von Artikel 13(3) und wenn und soweit der Verwaltungsrat es nach alleinigem

Ermessen für in allen Fällen angemessen ansieht, die Rückkaufgebühr eines Betrags, dessen Höhe höchstens ein Prozent
(1%) von dem Gesamtbetrag der Summe die in den vorgenannten Unterabsätzen (i) und (ii) beschrieben wurde, hinzu-
gerechnet werden, jedoch nur in bezug auf Anteile, die nach dem 1. November 1993 erworben wurden und in den
Fällen, wo der Rückkauf der Anteile binnen zwei Jahren nach dem Datum an welchem die Anteile erworben wurden
erfolgt, und der für die Anlage zuständige Geschäftsführer ermächtigt ist, in bezug auf diese Rückkaufgebühr unter
Vorbehalt der oben angegebenen Höchstziffer, diesen Betrag unterschiedlich von Anteilsinhabern einzuziehen.»

Dieser Beschluss wird mit 319.173.410 Stimmen und 106.047.964 Gegenstimmen angenommen.

<i>Vierter Beschluss

Änderung von Artikel 40 zum Zweck der Bestätigung der Möglichkeit, Anlagen der Gesellschaft über hundertpro-

zentige Tochtergesellschaften zu halten, durch Einfügung eines neuen letzten Absatzes mit folgendem Wortlaut:

«Die Gesellschaft darf hundertprozentige Tochtergesellschaften («Tochtergesellschaften»), welche in zutreffenden

Ländern gegründet sind nach Ermessen des Verwaltungsrats benützen, wobei deren Gesellschaftszweck die Verwaltung,
die Beratung und den Vertrieb ausschließlich zugunsten der Gesellschaft ist zum Zweck das Anlagevermögen eines
Unterfonds zu halten unter der Voraussetzung jeweils, daß der Verwaltungsrat dafür Sorge zu tragen hat, daß die
Tochtergesellschaften ihr Vermögen gemäß den Anlagerichtlinien, der Anlagepolitik und den Anlagebedingungen, welche
für den betroffenen Unterfonds Anwendung finden, anlegen und daß solche Anlagen im Interesse der Gesellschafter
getätigt werden».

Dieser Beschluss wird mit 358.284.746 Stimmen und 66.936.628 Gegenstimmen angenommen.

<i>Fünfter Beschluss

Daß folgende technische Änderungen in der Satzung vorgenommen werden:
5.1. daß in Artikel 15(4) die Wörter «USD 1,000.-» durch das Wort «Mindestbetrag» ersetzt werden.
5.2. daß in Artikel 16(2) die Wörter «USD 1,000.-» durch das Wort «Mindestbetrag» ersetzt werden.
5.3. daß in Artikel 33(7) der Hinweis auf «Artikel 38(2)» durch den Hinweis auf «Artikel 37(2)» geändert wird.
5.4. daß in Artikel 40 Hinweise auf «Europäische Wirtschaftsgemeinschaft», wo dieser Hinweis auftaucht, durch

Hinweise jeweils auf «Europäische Union» ersetzt werden.

Dieser Beschluss wird mit 397.885.047 Stimmen und 27.336.327 Gegenstimmen angenommen.

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<i>Sechster Beschluss

Daß die Herren Joseph Mounsey, Victor Apps und Jonathan Tate als Verwaltungsräte der Gesellschaft bis zur Haupt-

versammlung, welche im Jahr 1998 stattfindet, bestellt werden.

Dieser Beschluss wird mit 410.710.925 Stimmen und 14.510.449 Gegenstimmen angenommen.
Indem somit die Tagesordnung erschöpft war, erklärte der Vorsitzende um 11.30 Uhr die Versammlung als

geschlossen.

Worüber Urkunde, aufgenommen in Luxemburg, im Jahr, Monat und am Tag wie eingangs erwähnt.
Und nach Vorlesung haben die vorgenannten Komparenten zusammen mit dem amtierenden Notar das vorliegende

Protokoll unterschrieben.

Der unterzeichnete Notar, welcher Englisch versteht und spricht, erklärt hiermit, daß auf Begehren der oben

erwähnten Personen, gegenwärtige Urkunde in englischer Sprache, gefolgt von einer deutschen Übersetzung, abgefasst
wurde. Auf Begehren derselben vorerwähnten Personen und im Falle der Abweichung zwischen dem englischen und
dem deutschen Text, ist der englische Text massgebend.

Gezeichnet: D. Bailey, R. Body, J. Redfern, P. Decker.
Enregistré à Luxembourg, le 19 février 1997, vol. 96S, fol. 86, case 11. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

Für gleichlautende Ausfertigung, auf stempelfreiem Papier erteilt, zwecks Veröffentlichung im Mémorial, Recueil des

Sociétés et Associations.

Luxemburg-Eich, den 25. Februar 1997.

P. Decker.

(09494/206/322)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 mars 1997.

MANULIFE GLOBAL FUND, Société d’Investissement à Capital Variable,

(anc. MANULIFE REGENT GLOBAL FUND, Société d’Investissement à Capital Variable).

Siège social: L-1637 Luxembourg, 13, rue Goethe.

R. C. Luxembourg B 26.141.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 7 mars 1997.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg-Eich, le 7 mars 1997.

<i>Pour la société

P. Decker

<i>Le notaire

(09495/206/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 mars 1997.

FINABO S.A., Société Anonyme.

Siège social: L-2953 Luxembourg, 69, route d’Esch.

STATUTS

L’an mil neuf cent quatre-vingt-seize, le vingt décembre.
Par-devant Nous, Maître Joseph Gloden, notaire de résidence à Grevenmacher (Luxembourg).

Ont comparu:

1. La société BANQUE INTERNATIONALE A LUXEMBOURG S.A., société anonyme, établie et ayant son siège

social à Luxembourg, 69, route d’Esch,

ici représentée par Monsieur Albert Pennacchio, employé de banque, demeurant à Mondercange et Monsieur

Marcello Ferretti, fondé de pouvoir principal, demeurant à Luxembourg;

2. La société LIREPA S.A., société anonyme, établie et ayant son siège social à Luxembourg, 2, boulevard Royal,
ici représentée par Madame Birgit Mines-Honneff, employée de banque, demeurant à Leudelange,
en vertu d’une procuration sous seing privé donnée à Luxembourg le 20 décembre 1996,
laquelle procuration restera après avoir été signée ne varietur, par les comparants et le notaire instrumentaire

annexée aux présentes avec lesquelles elle sera soumise à la formalité de l’enregistrement.

Lesquels comparants ont arrêté, ainsi qu’il suit, les statuts d’une société anonyme qu’ils vont constituer entre eux:
Art. 1

er

Il est formé une société anonyme luxembourgeoise sous la dénomination de FINABO S.A.

Le siège social est établi à Luxembourg.
Lorsque des événements extraordinaires d’ordre politique, économique ou social, de nature à compromettre

l’activité normale au siège social ou la communication aisée de ce siège avec l’étranger se produiront ou seront
imminents, le siège social pourra être déclaré transféré provisoirement à l’étranger, sans que toutefois cette mesure ne
puisse avoir d’effet sur la nationalité de la société, laquelle, nonobstant ce transfert provisoire du siège, restera luxem-
bourgeoise.

La durée de la société est fixée à quatre-vingt-dix-neuf ans.
Art. 2. La société a pour objet la prise de participations, sous quelque forme que ce soit, dans d’autres sociétés

luxembourgeoises ou étrangères, ainsi que la gestion, le contrôle et la mise en valeur de ces participations.

La société peut notamment acquérir par voie d’apport, de souscription, d’option, d’achat et de toute autre manière

des valeurs immobilières et mobilières de toutes espèces et les réaliser par voie de vente, cession, échange ou
autrement.

7406

La société peut également acquérir et mettre en valeur tous brevets et autres droits se rattachant à ces brevets ou

pouvant les compléter.

La société peut emprunter et accorder à d’autres sociétés, tous concours, prêts, avances ou garanties.
La société peut également procéder à toutes opérations immobilières, mobilières, commerciales, industrielles et

financières nécessaires et utiles pour la réalisation de l’objet social.

Art. 3. Le capital social est fixé à deux millions de francs luxembourgeois (2.000.000,- LUF), divisé en deux mille

(2.000) actions de mille francs luxembourgeois (1.000,- LUF) chacune.

Les actions sont nominatives ou au porteur, au choix de l’actionnaire, à l’exception de celles pour lesquelles la loi

prescrit la forme nominative.

Les actions de la société peuvent être créées, au choix du propriétaire, en titres unitaires ou en certificats représen-

tatifs de plusieurs actions.

En cas d’augmentation du capital social les droits attachés aux actions nouvelles seront les mêmes que ceux dont

jouissent les actions anciennes.

Le capital social de la société pourra être porté de son montant actuel, à cinq cent millions de francs luxembourgeois

(500.000.000,- LUF) par la création et l’émission d’actions nouvelles, de mille francs luxembourgeois (1.000,- LUF)
chacune.

Le Conseil d’Administration est autorisé à et mandaté pour:
- réaliser cette augmentation de capital en une seule fois ou par tranches successives par émission d’actions nouvelles,

à libérer par voie de versements en espèces, d’apports en nature, par transformation de créances ou encore, sur appro-
bation de l’assemblée générale annuelle, par voie d’incorporation de bénéfices ou réserves de capital;

- fixer le lieu et la date de l’émission ou des émissions successives, le prix d’émission, les conditions et modalités de

souscription et de libération des actions nouvelles;

- supprimer ou limiter le droit de souscription préférentiel des actionnaires quant à l’émission ci-dessus mentionnée

d’actions supplémentaires contre apports en espèces ou en nature.

Cette autorisation est valable pour une période de cinq ans à partir de la date de la publication du présent acte et

peut être renouvelée par une assemblée générale des actionnaires quant aux actions du capital autorisé qui d’ici là
n’auront pas été émises par le Conseil d’Administration.

A la suite de chaque augmentation de capital réalisée et dûment constatée dans les formes légales, le premier alinéa

de cet article se trouvera modifié de manière à correspondre à l’augmentation intervenue; cette modification sera
constatée dans la forme authentique par le Conseil d’Administration ou par toute personne qu’il aura mandaté à ces fins.

Art. 4. La société est administrée par un conseil composé de trois membres au moins, actionnaires ou non.
Les administrateurs sont nommés pour une durée qui ne peut pas dépasser six ans; ils sont rééligibles et toujours

révocables.

En cas de vacance d’une place d’administrateur nommé par l’assemblée générale, les administrateurs restants ainsi

nommés ont le droit d’y pourvoir provisoirement.

Dans ce cas, l’assemblée générale, lors de la première réunion, procède à l’élection définitive.
Art. 5. Le Conseil d’Administration a le pouvoir d’accomplir tous les actes nécessaires ou utiles à la réalisation de

l’objet social; tout ce qui n’est pas réservé à l’assemblée générale par la loi ou les présents statuts est de sa compétence.

Le Conseil d’Administration peut désigner son président; en cas d’absence du président, la présidence de la réunion

peut être conférée à un administrateur présent.

Le Conseil d’Administration ne peut délibérer que si la majorité de ses membres est présente ou représentée, le

mandat entre administrateurs, qui peut être donné par écrit, télégramme ou télex, étant admis. En cas d’urgence, les
administrateurs peuvent émettre leur vote par écrit, télégramme, télex ou télécopieur.

Les décisions du Conseil d’Administration sont prises à la majorité des voix; en cas de partage, la voix de celui qui

préside la réunion est prépondérante.

Le Conseil peut déléguer tout ou partie de ses pouvoirs concernant la gestion journalière ainsi que la représentation

de la société en ce qui concerne cette gestion à un ou plusieurs administrateurs, directeurs, gérants ou autres agents,
actionnaires ou non.

La délégation à un membre du Conseil d’Administration est subordonnée à l’autorisation préalable de l’assemblée

générale.

La société se trouve engagée soit par la signature collective de deux administrateurs, soit par la signature individuelle

du délégué du conseil.

Art. 6. La surveillance de la société est confiée à un ou plusieurs commissaires, actionnaires ou non, nommés pour

une durée qui ne peut pas dépasser six ans, rééligibles et toujours révocables.

Art. 7. L’année sociale commence le premier janvier et finit le trente et un décembre de chaque année.
Art. 8. L’assemblée générale annuelle se réunit de plein droit, le deuxième jeudi du mois d’avril à dix heures (10.00)

à Luxembourg au siège social ou à tout autre endroit à désigner par les convocations.

Si ce jour est férié, l’assemblée se tiendra le premier jour ouvrable suivant.
Art. 9. Les convocations pour les assemblées générales sont faites conformément aux dispositions légales. Elles ne

sont pas nécessaires lorsque tous les actionnaires sont présents ou représentés, et qu’ils déclarent avoir eu préala-
blement connaissance de l’ordre du jour.

Le Conseil d’Administration peut décider que pour pouvoir assister à l’assemblée générale, le propriétaire d’actions

doive en effectuer le dépôt cinq jours francs avant la date fixée pour la réunion; tout actionnaire aura le droit de voter
en personne ou par mandataire, actionnaire ou non.

Chaque action donne droit à une voix.

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Art. 10. L’assemblée générale des actionnaires a les pouvoirs les plus étendus pour faire ou ratifier tous les actes qui

intéressent la société.

Elle décide de l’affectation et de la distribution du bénéfice net.
Le Conseil d’Administration est autorisé à verser des acomptes sur dividendes en se conformant aux conditions

prescrites par la loi.

Art. 11. La loi du 10 août 1915 sur les sociétés commerciales ainsi que ses modifications ultérieures, trouveront leur

application partout où il n’y est pas dérogé par les présents statuts.

<i>Dispositions transitoires

1. Le premier exercice social commence le jour de la constitution et se terminera le 31 décembre 1996.
2. La première assemblée générale ordinaire annuelle se tiendra en 1997.

<i>Souscription et libération

Les statuts de la société ayant été ainsi arrêtés, les comparants préqualifiés déclarent souscrire les actions comme suit:
1. BANQUE INTERNATIONALE A LUXEMBOURG S.A., Luxembourg, prénommée, mille neuf cent 

quatre-vingt-seize actions ……………………………………………………………………………………………………………………………………………………………… 1.996

2. LIREPA S.A., prénommée, quatre actions…………………………………………………………………………………………………………………………

 4

Total: deux mille actions…………………………………………………………………………………………………………………………………………………………… 2.000
Le comparant sub 1) est désigné fondateur, le comparant sub 2) n’intervient qu’en tant que simple souscripteur.
Toutes les actions ont été entièrement libérées par des versements en espèces de sorte que la somme de deux

millions de francs luxembourgeois (2.000.000,- LUF) se trouve dès à présent à la libre disposition de la société, ainsi qu’il
en a été justifié au notaire.

<i>Déclaration

Le notaire rédacteur de l’acte déclare avoir vérifié l’existence des conditions énumérées à l’article 26 de la loi du 10

août 1915 sur les sociétés commerciales, et en constate expressément l’accomplissement.

<i>Estimation des frais

Le montant des frais, dépenses, rémunérations ou charges, sous quelque forme que ce soit, qui incombent à la société

ou qui sont mis à sa charge en raison de sa constitution, s’élève approximativement à la somme de soixante-cinq mille
francs luxembourgeois (65.000,- LUF).

<i>Assemblée générale extraordinaire

Et à l’instant les comparants préqualifiés, représentant l’intégralité du capital social, se sont constitués en assemblée

générale extraordinaire à laquelle ils se reconnaissent dûment convoqués, et après avoir constaté que celle-ci était
régulièrement constituée, ils ont pris, à l’unanimité, les résolutions suivantes:

1) Le nombre des administrateurs est fixé à quatre (4) et celui des commissaires à un (1).
2) Sont appelés aux fonctions d’administrateur:
a) Monsieur Jean Bodoni, ingénieur commercial, demeurant à Strassen,
b) Monsieur Albert Pennacchio, employé de banque, demeurant à Mondercange,
c) Monsieur Marcello Ferretti, fondé de pouvoir principal, demeurant à Luxembourg,
d) Madame Birgit Mines-Honneff, employée de banque, demeurant à Leudelange.
3) Est appelée aux fonctions de commissaire:
Mademoiselle Isabelle Arend, employée de banque, demeurant à Alzingen.
4) Le mandat des administrateurs et commissaire prendra fin à l’issue de l’assemblée générale annuelle de 2002.
5) Le siège social est fixé à Luxembourg, 69, route d’Esch, Luxembourg.
Dont acte, fait et passé à Luxembourg, date qu’en tête des présentes.
Et après lecture faite et interprétation donnée, en une langue d’eux connue, aux comparants, connus du notaire

instrumentaire par leurs nom, prénom usuel, état et demeure, ils ont signé avec Nous, notaire, le présent acte.

Signé: A. Pennacchio, M. Ferretti, B. Mines-Honneff, J. Gloden.
Enregistré à Grevenmacher, le 27 décembre 1996, vol. 499, fol. 58, case 5. – Reçu 20.000 francs.

<i>Le Receveur (signé): G. Schlink.

Pour expédition conforme, délivrée sur papier libre, aux fins de la publication au Mémorial, Recueil des Sociétés et

Associations.

Grevenmacher, le 14 janvier 1997.

J. Gloden.

(02176/213/145)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 janvier 1997.

COCOON S.A., Société Anonyme.

Siège social: L-2121 Luxembourg-Kirchberg, 231, Val des Bons Malades.

R. C. Luxembourg B 44.257.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 8 janvier 1997, vol. 488, fol. 43, case 5, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 15 janvier 1997.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 18 décembre 1996.

SANNE &amp; CIE, S.à r.l.

Signature

(01987/521/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 15 janvier 1997.

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AEON, Société à responsabilité limitée.

Siège social: Luxembourg, 2, allée Léopold Goebel.

DISSOLUTION

<i>Extrait

Il résulte d’un acte reçu par le notaire Jean Seckler, de résidence à Junglinster, le 27 novembre 1996, enregistré à

Grevenmacher, le 2 décembre 1996, volume 499, folio 38, case 4, que:

- la société en commandite simple NIC BUILDING SERVICE, S.à r.l. &amp; CIE, avec siège social à Luxembourg, 2, allée

Léopold Goebel, propriétaire de toutes les parts de la société à responsabilité limitée AEON, a décidé de dissoudre la
société AEON, par la reprise de tout l’actif et de l’intégralité du passif, avec effet en date du 27 novembre 1996;

- que pleine et entière décharge est accordée au gérant de la société pour l’exécution de son mandat;
- que les livres et documents de la société dissoute resteront déposés pendant cinq ans au moins à son ancien siège

social à Luxembourg, 2, allée Léopold Goebel.

<i>Le notaire rédacteur

J. Seckler

(01952/231/17)  Déposé au registre de commerce et des sociétés de Luxembourg, le 15 janvier 1997.

LIBERTY NEWPORT WORLD PORTFOLIO, Société d’Investissement à Capital Variable.

Registered office: L-1470 Luxembourg, 69, route d’Esch.

R. C. Luxembourg B 25.904.

RIVER &amp; MERCANTILE LATIN AMERICAN FUND, Société d’Investissement à Capital Variable.

Registered office: L-2360 Luxembourg, 11, rue Aldringen.

R. C. Luxembourg B 52.162.

MERGER PROPOSAL

In the year nineteen hundred and ninety-seven, on the fourteenth day of March.
Before Us, M

e

Edmond Schroeder, notary residing in Mersch.

Appeared:

Mr Herbert Grommes, employé de banque, residing in Schönberg (B), acting as proxy in the name and on behalf of

each of the following Luxembourg corporations, on the basis of two proxies which shall remain attached to the original
of these minutes in order to be registered with this deed:

1. LIBERTY NEWPORT WORLD PORTFOLlO, a Luxembourg société d’investissement à capital variable, with its

registered office at 69, route d’Esch, L-1470 Luxembourg (hereafter «LNWP») on the one hand;

and
2. RIVER &amp; MERCANTILE LATIN AMERICAN FUND, a Luxembourg société d’investissement à capital variable, with

its registered office at 11, rue Aldringen, L-2360 Luxembourg (hereafter «RMLAF») on the other hand.

Who declared the following:
1. LNWP is an undertaking for collective investment in transferable securities organized as an umbrella fund with

several portfolios of assets having each own investment objectives and policies, represented each by a separate class of
shares, all as described in the prospectus relating to LNWP (the «Prospectus»). LNWP has appointed BANQUE INTER-
NATIONALE A LUXEMBOURG as its custodian and central administration and FIRST EUROPEAN TRANSFER
AGENT as its registrar and transfer agent in Luxembourg. The shares of each class corresponding to the different
portfolios of assets of LNWP (hereafter collectively the «Shares») are issued daily based on their net asset value plus a
sales charge and may be redeemed or converted into Shares corresponding to another portfolio of LNWP, all in
accordance with the Prospectus.

2. LNWP intends to issue as from the date on which the merger described below shall become effective (hereafter

the «Effective Date») with respect to RMLAF new Shares corresponding to a new portfolio being LIBERTY NEWPORT
WORLD PORTFOLIO – STEIN ROE LATIN AMERICAN FUND (hereafter the «Latin American Shares»).

The Latin American Shares are intended to be issued on the Effective Date at a net asset value per Share

corresponding to the net asset value per share of RMLAF on their last preceding Valuation Date.

It is anticipated that the exchange of the Latin American Shares issued by LNWP against shares of RMLAF be effected

on the basis of one new such Share of LNWP against each former share of RMLAF with the same fractional entitlement,
on the basis that the net asset value of the Latin American Shares on the Effective Date of their first issue shall
correspond to the net asset value of the assets contributed in the merger on the last Valuation Date preceding the
Effective Date.

The investment objectives and policies and the dividend policy of the Latin American Shares as described in the

updated Prospectus of LNWP expected to be dated April, 1997 (the «New Prospectus») shall be substantially the same
as those of RMLAF.

The boards of directors of LNWP and of RMLAF have approved on 14th March 1997 the merger proposal with the

purpose of offering an increased flexibility to their respective shareholders for the conversion of their Shares into Shares
relating to other portfolios of LNWP, as well as for the purpose of a potential saving in administration costs.

The merger transaction contemplated by RMLAF is subject to the suspensive condition of the approval of this

notarized merger proposal by an extraordinary general meeting of shareholders of RMLAF, all in accordance with
applicable Luxembourg company law.

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The Effective Date of the merger transaction shall be the date on which the extraordinary general meeting of

shareholders of RMLAF shall have been held in accordance with the legal quorum requirements and shall have ratified
and approved (at 2/3-majority vote) this merger agreement, or such other date of effect as may be decided by such
general meeting.

Now therefore it is agreed:
Subject to the suspensive condition of such approval by the shareholders of RMLAF and subject to any such changes

as shall be approved by the directors of LNWP and/or RMLAF pursuant to regulatory requirements that:

1. On the date of effect, as shall be decided by the extraordinary general meeting of RMLAF upon its shareholders

approving the merger or, failing such determination, on the date of such validly held general meeting (the «Effective
Date») anticipated to be on or around 29 April, 1997, in pursuance of articles 257ss of the Luxembourg law of August
10, 1915 on commercial companies as amended, RMLAF shall contribute all its assets and lia