Indigenisation and Economic Empowerment Act updated May 2011 Copies of this Schedule and amendments 4. A copy of this Schedule and of any amendment thereto shall be available for inspection at the offices of the chief executive officer or of any manager at all times during normal business hours and shall be supplied by the chief executive officer or any manager to any person on application at a charge to be specified by the chief executive officer with the approval of the Board. PART 3 RESPONSIBILITIES OF THE BOARD IN RELATION TO UNIT TRUST ACCOUNT Legal proceedings 5. All legal proceedings in relation to the Unit Trust Account shall be instituted by or against the Board. Liability of the Board 6.1 In relation to the Unit Trust Account, the Board shall not be under any liability on account of anything done or suffered by the Board in good faith in accordance with any request or advice of the chief executive officer or the managers. Whenever any certificate, notice, instruction or other communication is to be given by the chief executive officer or any manager to the Board, the Board may accept as sufficient evidence thereof a document signed or purporting to be signed on behalf of the chief executive officer or any manager by any two persons whose signature the Board are, for the time being, authorised by the chief executive officer to accept. 6.2 The chief executive officer may accept as sufficient evidence of any fact and in particular of the value of any investment of the cost price or sale price thereof or of any Stock Exchange quotation certificate by the chief executive officer or any manager or by a stockbroker approved by the Board. 6.3 The Board shall not be responsible for any misconduct, mistake, oversight, error of judgement, forgetfulness or want of prudence on the part of the chief executive officer or any manager, legal practitioner, banker, liquidator, agent or other persons acting hereunder as agent or advice of the Board, the chief executive officer or any manager. Conduct of business and meetings 7.1 Meetings of the Board in relation to the Unit Trust Account must be held at least once every two months. 7.2 Paragraph 6 of the First Schedule shall apply to the procedure to be followed by the Board at meetings held in relation to the Unit Trust Account. Powers of Board 8.1 The Board shall have all powers necessary to protect the interests of unit holders and shall, save as otherwise provided in this Schedule, have all powers necessary to carry out the functions and purposes of the Unit Trust Account and to secure the fulfilment of the objects of the Unit Trust Account. 8.2 Except, as herein provided, the Board shall have absolute and uncontrolled discretion as to the exercise of the trust, powers, authorities and discretion vested in it, whether in relation to the manner or as to the mode of and time for the exercise thereof and, in the absence of gross - 23 -