i DEPARTMENT OF JUSTICE AND HUMAN RIGHTS THE REPUBLIC OF INDONESIA DIRECTORATE JENDRAL GENERAL LAW ADMINISTRATION Jl. HR. Rasuna Said Kav. 6-7 Kuningan South Jakarta Telp. (021) 5202387 – Hunting Number : AHU-AH.01.03-0019825 Attachment : Re.: Acceptance of the Notification of Notary Public Amendments to the Articles of Ir. Nanette Cahyanie Association of the Perusahaan Handari Adi Warsito S.H Perseroan (Persero) PT Jasa Jl Panglima Polim V No.11 Marga (Indonesia Highway Administrative City Corporatama)Tbk. South Jakarta According to the data in the Amendment Recording Format maintained in the Legal Entity Administration System based on the Notarial Deed Number 61, dated 26 March 2015 drawn up by the Notary Public Ir. NANETTE CAHYANIE HANDARI ADI WARSITO S.H domiciled in the Administrative City South Jakarta including supportive documents, received on 27 March 2015, regarding the amendments to Article 10, Article 11, Article 12, Article 14, Article 15, Article16, Article 17, Article 19, Article 21, Article 22, Article 23, Article 24, Article 25, Article 27, Article 28, Article 29, of the PERUSAHAAN PERSEROAN (PERSERO) PT JASA MARGA (INDONESIA HIGHWAY CORPORATAMA ) Tbk.
Transcript
i
DEPART MENT OF J UST ICE AND HUMAN RIG HTS
THE REPUBLIC O F I NDO NESI A
D IRECTORAT E JENDRAL
GENERAL LAW ADMI N ISTRAT ION
J l . HR. Ras una Sa id Kav. 6 - 7 Kun ingan Sou t h Jak ar t a
Te lp . ( 021) 5202387 – Hun t i ng
Num ber : AHU- AH. 01 . 03 - 0019825
A t t ac hment :
Re . : Acc ep t ance o f t he No t i f i c a t i on o f No t a r y Pub l i c
Am endments t o t he Ar t i c l es o f I r . Nane t t e Cahyan ie
Ass oc ia t i on o f t he Per usahaan Handar i Ad i W ars i t o S . H
Per ser oan (Per ser o) PT Jasa J l Pang l ima Po l im V No .11
Mar ga ( I ndones i a H ighw ay Adm in i s t ra t i ve Ci t y
Cor por a tam a)Tbk . Sou th J ak ar ta
Acc ord ing t o t he da t a in t he Amendment Rec ord ing Format m a in ta i ned in
t he Lega l En t i t y Adm in is t r a t ion Sys tem bas ed on the No ta r i a l Deed
Num ber 61 , da ted 26 Mar ch 2015 d rawn up by t he No ta ry Pub l i c I r .
NANETTE CAHYANI E HANDARI ADI W ARSITO S. H domic i l ed in t he
Adm in i s t ra t i ve C i t y Sou th J ak ar ta in c lud ing s uppor t i ve docum ents ,
r ece i ved on 27 Ma rc h 2 01 5 , regar d ing t he a m endments t o Ar t i c l e 10 ,
A r t i c le 11 , Ar t i c le 12 , A r t i c le 14 , Ar t i c l e 15 , Ar t i c l e16 , Ar t i c l e 17 , Ar t i c l e
19 , Ar t i c le 21 , Ar t i c l e 22 , A r t i c l e 23 , A r t i c le 24 , A r t i c le 25 , Ar t i c le 27 ,
A r t i c le 28 , Ar t i c le 29 , o f t he PERUSAH AAN PERSEROAN ( PERSERO) PT
J AS A M ARG A ( I NDO NESI A H IG HW AY CORPOR ATAM A ) Tbk.
i i
abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk . domic i led in t he
Adm in i s t ra t i ve C i t y Nor t h Jak ar t a was r ec e i ve d and r eg is t e red in t he
Lega l En t i t y Adm in is t r a t i ve Sys tem.
The amendm ent t o t he a r t i c les o f ass oc ia t i on as c on t emp la ted above
tak es e f f ec t as o f the da te o f t he i ss uanc e o f t h i s no t i f i ca t i on
I s sued in Jak ar t a , 27 Mar ch 2015
On beha l f o f THE MI N ISTER OF LAW AND HUMAN RIG HTS
THE REPUBLIC O F I NDO NESI A
D IRECTORAT E JENDRAL O F GENERAL LEG AL ADMI NIST RAT ION
s igned
DR. A I DIR AMI N DAUD , SH. MH.
N IP . 19581120 198810 1 001
P r in ted on 27 Mar ch 2015
Com pany L i s t No . AHU - 0036530 . AH. 01 . 1 1 . o f 20 15 da te 27 Ma rc h 2 01 5
I, HARSO SUTANDYO, SWORN TRANSLATOR,
registered with the Ministry of Justice and Human Rights
in Jakarta – Indonesia, do hereby declare this to be a true
and correct translation of the original in Indonesian.
Jakarta, 19 October 2015
1
NOTARY & LAND DEED OFFICER
I r . NANETTE CAHYANIE HANDARI ADI WARSITO, SH
Dec i s ion o f t he Min i s t e r o f t he Law and Human R igh ts Repub l i c I ndones ia
Num ber : AHU- 071 .AH. 02 . 02 -Th 2012 , da ted 02 Augus t 2012
DEED DATED : 26 M arch 2015
NUMBER : 61
STATEM ENT OF A M EETING RESOLUTIO N
L IMI TED L I ABI L I TY COM PANY PT JAS A M ARG A
( I NDO NESI A H IGHW AY CO RPO RAT AM A) Tbk
abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk
( COPY)
J L . PANGLI MA POLI M V/11 , KEBAYORAN BARU, J AKARTA 12160
PERUS AH AAN PERSERO AN ( PERSERO) PT J AS A M AR G A
( I NDO NESI A H IGHW AY CO RPO RAT AM A) Tbk .
abbrev ia t ed PT JAS A M ARG A ( PERSERO) Tbk
- Num ber : 61
- A t 11 .15 ( f i f t een m inu tes pas t e l even ) W es te rn I ndones ian T ime.
-On t h i s day , Thu rsday, 26 -0 3 -2015 ( t wen t y - s i x Marc h t wo thous and
f i f t een) .
- Appeare d i n m y, Eng . N ANETTE CAHY ANI E H AND ARI ADI W ARSI TO ,
B .A . ( Hons . ) Law, p res ence , a No ta r y in Jak ar ta , i n t he p res ence o f
w i t ness es whom I , t he No ta r y k now and whos e nam es sha l l be men t i oned
a t t he end o f t h i s deed .
Mr . Eng . ADI TY AW ARM AN , who was bo r n in Pa lembang , on 25 -1 0 -
1955 ( t wen t y - f i ve Oc t ober one thousand n ine hundr ed f i f t y - f i ve ) , an
I ndones ian C i t i zen , t he Pr es iden t D i r ec to r o f t he pe r se roan t o be
men t ioned be low, who res ides i n Eas t J ak ar ta , Bum i Har apan
Perm a i M 4 , Ne ighborhood As soc ia t i on ( RT ) 008 , Commun i t y
Ass oc ia t i on ( RW ) 06 , Sub - D is t r i c t Duk uh , D i s t r i c t K ramat J a t i .
- Ho lde r o f Res iden t I den t i t y Card ( KTP) Number :
3175042510550004 , wh i ch exp i res on 25 -1 0 -2015 ( t wen t y - f i ve
Oc t ober t wo thous and f i f t een) .
- Acc ord ing t o h is s t a tem ent i n t h i s ma t t e r ac t ing on a power o f
a t t o rney con ta ined in m y, No ta r y , deed da ted 18 -0 3 -2015 (e igh t een
Ma r ch t wo thous and f i f t een) number : 38 , o f and t he r e f o re ac t i ng f o r
and on beha l f o f and o f f i c i a l l y r ep res en t i ng t he PERUSAHAAN
2
PERSEROAN (PERSERO) PT J ASA MARG A ( I NDONESI A HIGHW AY
CORPORATAMA) Tbk . abbrev ia t ed PT JASA MARGA ( PERSERO)
Tbk , dom ic i l ed i n Eas t Jak ar t a , o f wh i ch i t s a r t i c l es o f ass oc ia t i on
was over a l l amended due t o t he soc ia l i za t ion o f i t s shares and
announc ed i n t he S ta t e Gaze t te Repub l i c o f I ndones i a da ted 30 -1 0 -
2007 ( t h i r t y Oc t obe r t wo t housand seven) num ber : 87 , Supp lement
number : 10676 and aga in t o t a l l y am ended to comp ly t o Law
Num ber : 40 o f 2007 ( t wo thousand seven) r egard ing L im i t ed
L i ab i l i t y Compan ies and announced in t he S ta t e Gaze t te Repub l i c o f
I ndones ia da ted 12 -12 -2008 ( t we l ve December t wo thousand e igh t )
number : 100 , Supp lem ent number : 27404 ;
- Las t l y am ended by a deed da t ed 05 - 04 - 2011 ( f i ve Ap r i l t wo
thousand e leven) number : 33 d r awn up in t he p resence o f Ms .
PO ERBANING SI H ADI W ARSITO, B .A . (Hons . ) Law, a t t ha t t im e a
No t a r y in Jak ar ta , wh i c h am endment was ra t i f i ed by t he Min is t r y o f
Law and Human R igh ts Repub l i c o f I ndones ia as ev idenced f rom a
Reso lu t i on Le t t e r da ted 21 -0 4 -2011 ( t wen t y -one Apr i l two thousand
e leven) number : AHU - 20288 .AH. 01 . 02 .Th 2011 and a deed da ted
2 1 -0 6 -2012 ( t wen ty - one J une t wo thousand t we l ve ) number : 95
d rawn up in t he p resenc e o f Ms . POERBANI NGSI H ADI W ARSITO,
B .A . ( Hons . ) Law, a t t ha t t im e a No ta r y i n J aka r ta , wh ich
am endment no t i f i ca t i on was rec e i ved by Min i s t r y o f Law and Human
R ig h ts Repub l i c o f I ndones ia as ev idenced f rom i t s No t i f i c a t ion
Le t t e r Rece ip t da ted 10 -0 7 -2012 ( t en Ju l y t wo t housand t we l ve )
number : AHU -AH.01 .10 -25313 .
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-The las t f o rmat ion o f t he com pany ’ s Board o f Commis s ioner s and
Board o f D i r ec t o rs a s c on t a ined in t he deed da t ed 14 - 05 - 2014 -
( f ou r teen May t wo thousand f ou r teen) num ber 72 , d r awn i n m y, t he
No t a r y , p resence o f wh i ch t he c hange no t i f i ca t i on was r ece i ved by
t he Min is t r y o f Law and Hum an R igh t s Repub l i c o f I ndones ia as
ev idenc ed f rom a No t i f i c a t ion Le t t e r Rec e ip t da t ed 14 - 05 - 2014
( f ou r teen May t wo thous and f ou r teen) num ber AHU -
08419 . 40 . 22 . 2014 (he re ina f t e r t o be ca l l ed “ Com pany” ) .
-The appear e r ac t ing as m en t i oned above , f i r s t l y s t a ted wher eas in t h i s
deed : wher eas on W ednes day, da t ed 18 - 03 - 2015 ( e igh t een Marc h t wo
thousand f i f t een) , i n t he R im bawan 1 Room, Mangga la W anabak t i
Bu i ld i ng , J ln . J end . Ga to t Sub ro to , Ge lo ra J ak ar ta , was he ld an Annua l
Gener a l Mee t i ng o f Shareho lde r s o f t he Company ( he re ina f t e r t o be
r e f e r r ed as “ Mee t i ng ” ) .
- whereas s uch Minu tes o f t he Company ’ s Mee t i ng i s c on ta i ned i n m y,
Not a r y deed da t ed 18 - 03 - 2015 (e igh t een Marc h t wo thousand f i f t een)
number : 38 .
-W hereas s uch Mee t i ng was a t t ended o r r ep r es en t ed by 1 ( one) share o f
s e r ia l A Dwiwa rna and the shareho lde rs o f Ser i a l B co l le c t i ve l y
am oun t ing t o 5 . 766 . 493 .784 ( f i ve b i l l i on s even hundred s i x t y - s i x m i l l i on
f ou r hundred n ine t y - t h ree t hous and seven hundr ed e igh t y - f ou r ) number o f
s ha r es o r rep resen t i ng 84 .80% (e igh t y - f ou r po in t e igh t y pe rc en t ) o f t he
t o t a l s ha r es w i t h va l i d vo t ing r igh t s i s sued by t he Perse roan o f 1 (one)
Share o f a Ser i a l A Dwiwar na and 6 . 799 .999 . 999 Shar es Ser ia l B .
So the re f o re t he p rov i s i on r egard ing t he quor um o f a t t endanc e i n t he
Mee t ing as r egu la ted i n t he Com pany ’ s Ar t i c les o f Assoc ia t i on and Law
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Num ber : 40 o f 2007 ( t wo thous and s even) regar d ing L im i ted L iab i l i t y
Com pan ies and Regu la t i on i n t he f i e ld o f Cap i t a l Marke t were met and
the Mee t i ng was va l i d and enab led to pass va l i d and b ind ing res o lu t i ons
o f t he Company ’s Shareho lde rs t o t he Mee t i ng Agend a .
- whereas , s uc h Mee t i ng was he ld t o approve :
Amendment and the O vera l l Re -Organ i za t i on o f t he Com pany ’s
Ar t i c les o f Ass oc ia t ion Pr ov i s i on s in t he F r amework t o c omp ly w i t h
t he Regu la t i on o f t he F inanc ia l Ser v i ce Au t ho r i t y (OJ K) No .
32 / POJK. 04 / 2014 r egard ing t he P lan and Conven ing o f a Pub l i c
Com pany Gener a l Mee t ing o f Shar eho lde r s and the OJK Regu la t i on
No . 33 / POJ K.04 / 2014 r egard ing t he I ss uer o r Pub l i c Company Boar d
o f D i r ec to r s and Boa rd o f Commiss ione rs .
-The appea re r was g i ve n an au t ho r i za t i on and a t t o rney w i t h t he r igh t o f
s ubs t i t u t ion t o s ta te i n a separ a te No ta r i a l deed regar d ing t he reso lu t i on
i n s uch Mee t ing agenda and c onduc t a l l ac t ions needed re l a ted t o s uc h
Mee t ing agenda res o lu t i on ac cor d ing t o app l i c ab le laws and re gu la t ion ,
i n c lud ing t o r eg i s te r / no t i f y t he amendm ent o f t he a r t i c les o f ass oc ia t i on
and f o rmat i on o f t he Com pany ’s Board o f D i r ec t o rs and Board o f
Comm iss ioners t o t hos e in au t ho r i t y .
- Acc ord ing t o t he a t t o r ney bes towed by such Mee t i ng , t he appeare r
he rew i t h s ta t e whe reas in such Company ’ s Mee t ing was reso l ved by a
maj o r i t y vo te t o App rove :
To appr ove the Amendment and Re f o rmat ion o f the O ver a l l
Com pany ’s Ar t i c les o f As soc ia t ion in t he F r amework o f Comp ly ing
wi t h t he F inanc ia l Ser v ic es Au tho r i t y Regu la t i on (OJ K) No .
32 / POJK. 04 / 2014 r egard ing P lann ing and Conven ing o f a Pub l i c
5
Com pany Gener a l Mee t ing o f Shar eho lde r s and the OJK Regu la t i on
Num ber 33 /POJ K. 04 / 2014 r egard ing the I ss uer ’ s Board o f D i rec to rs
and Boar d o f Comm iss ioners o r Pub l i c Com pany.
So t he r e f o r e the Com pany ’s a r t i c les o f ass oc ia t i on s ha l l r ead as f o l l ows :
N AM E AND PL ACE OF DOMICI LE
Ar t i c le 1
1 . Th is L im i ted L iab i l i t y Company i s named “PERUSAHAAN
PERSEROAN ( PERSERO) PT J ASA MARGA ( I NDONESIA
H IGHW AY CO RPO RATAMA) Tbk . Abbrev ia ted PT J ASA
MARG A (P ERSERO) Tbk . ” ( he r e ina f t e r i n t h i s a r t i c les o f
ass oc ia t i on abbr ev ia t ed as “Company” , dom ic i led and head
o f f i ce in Eas t J ak ar ta .
2 . The Company may open b r anc hes o r r ep r es en t a t i ve s in o the r
p l ac es , bo th ins i de o r ou t s i de t he t e r r i t o r y o f t he Repub l i c o f
I ndones ia as s t ipu la ted by t he Board o f D i rec to r s and
appr oved by t he Boa rd o f Commiss ione rs .
TER M OF THE COM PANY
Ar t i c le 2
The Company i s inc o rpora t ed f o r an un l im i t ed t im e and s t a r t ing on
2 2 -0 2 -1982 ( t wen ty - t wo Febr uar y one thousand n ine hund red
e igh t y - t wo) .
O BJECTIVE S AND GO ALS AND BUSINESS AC TI VI T IES
Ar t i c le 3
6
1 . The ob jec t i ve s and goa l s o f t he Com pany a re t o pa r t i c i pa t e in
t he imp lement a t ion and suppor t t he Gover nment po l i c ies and
p rog rams i n t he f i e l d o f ec onom y and na t iona l deve lopment in
genera l , es pec ia l l y deve lopment i n t he f i e ld o f To l l Road s and
i t s s uppor t i ve means by app l y i ng t he p r i nc i p les o f a l im i t ed
l i ab i l i t y com pany.
2 . To a t t a in i t s ob jec t i ve s and goa l s re f e r red t o i n pa rag raph 1
t h i s a r t i c l e t he Company may conduc t t he f o l low ing bus iness
ac t i v i t i e s :
( i ) Conduc t t echn i ca l p l ann ing , cons t r uc t i on imp lem ent a t i on ,
oper a t ion and / o r ma in tenanc e o f t o l l r oad s .
( i i ) To exp lo i t l and i n the t o l l r oad v i c in i t y and l and ad j acen t
t o t he t o l l r oad s f o r r es t ing p lace s and s e r v ic es ,
i n c lud ing a l l f ac i l i t i e s and o the r bus iness es .
3 . Bes ides i t s m a in bus iness opera t i on as m en t ioned in
pa rag raph 2 t h i s Ar t i c l e , t he Company m ay conduc t s uppor t i ve
bus ines s ac t i v i t i es , by obs er v ing l aws and r egu la t i on s ,
c over ing :
( i ) P roper t y deve lopment in t he a r ea i n t he v i c i n i t y o f t he
t o l l r oad co r r i do r s ;
( i i ) Se r v i ce deve lopment f o r bus inesses re l a ted t o t he
moda / t r anspor ta t ion m eans , l i qu id / s o l id /gas mat e r ia l
d i s t r ibu t i on , i n f o rmat i on mean s ne two rk i ng , t echno logy
and commun ic a t i on , re l a ted t o t he t o l l c o r r ido r s ;
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( i i i ) I n t he f i e ld o f s e r v ic e and t rade to s e r ve t he
c ons t ruc t i on m a in tenanc e and t o l l r oad opera t i on .
C API TAL
Ar t i c le 4
1 . The au t ho r i zed Cap i t a l o f t he Com pany i s s t ipu la ted
am oun t ing t o Rp9 . 520 .000 . 000 .000 ,00 ( n i ne t r i l l i on f i ve
hundred t wen t y b i l l i on rup iah ) d i v i ded i n to 19 .040 . 000 . 000
( n i ne t een b i l l i on f o r t y m i l l i on ) num ber o f sha res , cons is t ing o f
1 ( one) se r i a l A Dwiwa rn a shar e and 19 . 039 .999 .999
( n i ne t een b i l l i on t h i r t y -n i ne m i l l i on n i ne hundred n ine t y - n ine
t housand n ine hund red n ine t y -n i ne ) num ber o f se r ia l B share s ,
w i t h a res pec t i ve nom ina l va lue o f Rp500 ,00 ( f i ve hundred
r up iah ) .
2 . F rom such au tho r i zed c ap i t a l was subs c r ibed and pa id - i n i n
c as h depos i t o f 1 ( one) share se r i a l A Dwiwar na and
6 . 799 .999 . 999 ( s i x b i l l i on s even hund red n ine t y - n ine m i l l i on
n i ne hundred n i ne t y - n ine t housand n ine hundr ed n ine t y -n i ne )
number o f se r ia l B s har es , w i t h a t o ta l nom ina l va lue o f
Rp3 .400 . 000 .000 .000 .000 , 00 ( t h r ee t r i l l i on f ou r hundr ed
b i l l i on rup iah ) by t he res pec t i ve s ha reho lde rs o f wh ic h t he
de ta i l s and nom ina l s har e va lue sha l l be men t ioned a t t he end
o f t h i s deed .
3 . Shares wh i ch a r e no t ye t i s sued s ha l l be i s sued by t he Board
o f D i rec t o rs acc ord ing t o t he cap i t a l need o f t he Company
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w i t h t he app rova l o f a Genera l Mee t i ng o f Shareho lde rs a t t he
t ime , p r i c e , and means and requ i rem ent s s t i pu la ted by t he
Board o f D i r ec to rs and approved by t he Board o f
Comm iss ioners , by obs er v ing a l l t he p r ov is i ons con ta ined in
t h i s a r t i c les o f assoc ia t i on and app l i cab le laws and regu la t i on
i n t he f i e l d o f cap i t a l mark e t , and r egu la t ion in t he S tock
Exc hange i n I ndones ia a t t he p l ac e whe re t he s har es o f t he
Com pany a re l i s t ed p rov ided t ha t d isposa l o f t hos e s hare may
no t be under t he pa r p r i c e .
4 . a . I n t he even t t ha t t he shares in po r t f o l i o w i sh t o be i ssued
by m eans o f a l im i t ed pub l i c o f f e r i ng t o t he Shar eho lde rs
and / o r t he Com pany s ha l l i s sue conve rs i on bond s and /o r
wa r r an t s and /o r o the r secur i t i e s wh ic h can be exchanged
w i t h s har es o r wh i c h con ta in t he r igh t t o ob ta i n shares
( he r e ina f t e r s har es , convers ion bonds , war r an t , o r o the r
s ec ur i t i es wh ic h can be exc hanged w i t h s har es o r wh i ch
c on t a in t he r igh t t o ob t a in s har es (he re ina f t e r sha res ,
c onvers i on bond , wa r r an t , o r o the r secur i t i es wh ic h can be
exc hanged to s hares o r wh ic h con ta in t he r igh t t o ob ta i n
s har e s ha l l be c a l led “Equ i t y Secur i t i e s ” ) , a l l t he
Shareho lde rs whose names a re reg is te r ed in t he
Com pany ’ s Share s Reg is te r on t he da te s t ipu la t ed i n t he
Gener a l Mee t ing o f Shar eho lde rs wh ich approve the
i s suanc e o f Equ i t y Sec ur i t i es w i t h t he p reempt i ve r igh t t o
s ubsc r ibe t o t he Equ i t y Secur i t i es t o be i ss ued ( s uc h r igh t
9
i s a l so c a l l ed Preempt i ve R igh t t o Subsc r i be Sec ur i t i es o r
( “ HMETD” ) and the respec t i ve Shar eho lde r s sha l l ob ta in a
P reempt i ve R igh t p ropor t iona l t o t he number o f sha res
wh i c h t hey own by cas h depos i t , and rec o rded in t he
Com pany ’ s s ha r eho lde r s reg i s te r on t he name o f the
r espec t i ve s har eho lde rs on s uc h da te .
b . Suc h Preempt i ve R igh t c an be so ld and as s igned to
ano t he r pa r t y acc o r d ing t o t he laws and r egu la t ions in t he
f i e l d o f Cap i t a l Ma rk e t and the r egu la t ion o f t he S tock
Exc hange i n I ndones ia wher e t he Com pany ’ s s ha r es a r e
l i s t ed .
c . The i s s uanc e o f t he Equ i t y Sec ur i t i es by means o f l im i t ed
pub l i c o f f e r ing mus t p r i o r t o i t ob ta i n appr ova l f r om the
Gener a l Mee t ing o f Shar eho lde rs ( he r e ina f t e r t o be c a l led
“Gener a l Mee t ing o f Shar eho lde r s ” ) , w i t h t he p r ov is i on and
t ime per iod s t i pu la ted by t he Boar d o f D i rec t o rs pu rs uan t t o
t he p r ov is i on c on ta ined i n t h i s a r t i c les o f ass oc ia t i on , and
l aws and r egu la t ion in t he f i e ld o f Cap i t a l Ma rk e t and the
r egu la t ion o f S t ock Exc hange in I ndones ia where t he
Com pany ’s s har es a re reco r ded .
d . Regar d ing t he res o lu t ion o f i ssu ing share s and /o r
c onvers i on bond and / o r war r an t and / o r o t he r c onvers i on
s ec ur i t i es by means o f an in i t i a l l im i t ed pub l i c o f f e r i ng , t he
1 0
Board o f D i rec to rs mus t announce i t i n 1 (one) I ndones ian
da i l y , wh ic h i s pub l i s hed o r has a na t iona l c i r cu la t ion .
e . I n t he even t t ha t t he Shar eho lde rs o r HMET D ho lde rs
do no t im p lement t he i r r i gh t t o pu rc hase t he Equ i t y
Sec ur i t i e s men t ioned above and o f f e red t o t hem by
pay ing in cash and ac cor d ing t o t he above s t i pu la t ion ,
t he Boar d o f D i rec to r s i s f r ee t o o f f e r such Equ i t y
Sec ur i t i e s t o o the r Shar eho lde rs o r o the r Pr e f e renc e
R ig h t ho lde r s who have s ubm i t t ed a reques t t o buy m or e
s har es t han the i r p r opo r t i on , wh i ch has been conduc t ed ,
p rov ided tha t i f t he amoun t o f Equ i t y Sec ur i t i es
s ubsc r ibed exceed t he nu m ber o f t he Equ i t y Sec ur i t i es
t o be i ss ued , t he Equ i t y Sec ur i t i e s t ak en mus t be
a l l oc a ted p ropor t iona l t o t he number o f P r i o r i t y Shar es
c onduc ted by t he respec t i ve s har eho lde rs o r t he HMETD
ho lde rs s ubs c r ib ing add i t i ona l Equ i ty Sec ur i t i es ; one
and ano t he r by obse r v ing t he p rov i s ion in t he Ar t i c l es o f
Ass oc ia t i on and app l i cab le laws and r egu la t ion and
dec i s i ons wh ic h a re va l i d i n t he Cap i t a l Ma rk e t .
f . I n t he even t t ha t a f t e r s uc h a l lo ca t ion in l e t t e r e t h i s
pa rag raph t he r e a re s t i l l Equ i t y Secur i t i e s wh ich a re no t
s o ld , t hen
( i ) i f t he Com pany c ap i t a l i n c rease by L im i t ed I n i t i a l
Pub l i c Of f e r ing does no t a t t a in t he max imum
1 1
am oun t s t i pu la ted and conduc t ed w i t hou t any
guar an t ee f rom the s tandby buyer , the ba lance o f
t he shares wh i ch a r e no t t ak en s ha l l no t be i s sued
and m a in t a i ned in t he Company ’ s po r t f o l i o .
( i i ) i f t he inc reas e in t he Company ’ s cap i t a l i s by way
o f L im i t ed Pub l i c O f f e r i ng and t he num ber a l ready
s t i pu la ted and conduc ted w i t h a sec ur i t y f r om a
c e r ta i n pa r t y ac t i ng as s tandby buyer , s uch
Sec ur i t y Equ i t y ba lanc e mus t be a l lo ca t ed t o t he
s t andby buyer , w i t h a p r i c e and r equ i r ements
wh i c h a r e no t le ss t han wha t i s s t ipu la ted in t he
r eso lu t ion o f t he Gener a l Mee t i ng o f Shareho lde rs .
by obser v i ng t he p r ov is ions c on t a ined i n t h i s a r t i c les o f
ass oc ia t i on and l aw and regu la t ion in t he f i e ld o f Cap i t a l
Ma rk e t and the regu la t ion o f t he S tock Exc hange in
I ndones ia a t t he p lace where t he shares o f t he Com pany
a re l i s t ed .
5 . As an excep t i on on t he p r ov is i ons o f a r t i c l e 4 , t he Company
w i t h t he approva l o f t he Ge ner a l Mee t i ng o f Shar eho lde rs m ay
i s sue Equ i t y Secu r i t i es w i t hou t Pre f e renc e R igh t t o t he
Shareho lde rs . Such Equ i t y Sec ur i t i es can be so ld by t he
Com pany to whom s oever w i t h a p r i c e and requ i rem ent
s t i pu la ted by t he Board o f D i rec to rs , w i t h t he s t ipu la t ion
whe reas s uc h i ss uanc e :
1 2
( i ) I s d i rec t ed t o t he emp loyees o f t he Company ;
( i i ) D i rec t ed t owards bond ho lde r s o r o t he r secur i t i e s wh ich
c an be conver ted in t o s har es , i ssued w i t h t he approva l
o f t he G enera l Mee t ing o f Shareho lde rs ;
( i i i ) Conduc ted in t he f rame work o f r eo rgan i za t ion and /o r
r es t ruc tu r a t i on app roved by t he Gener a l Mee t ing o f
Shareho lde rs ; and
( i v ) Conduc ted comp l i an t t o l aws and r egu la t ion in t he f i e ld
o f Cap i t a l Mark e t wh i c h a l l ow i nc r eas e in cap i t a l w i t hou t
P re f e rence R igh t s .
6 . The imp lementa t i on o f sha res i s suanc e f rom the po r t f o l i o f o r
Sec ur i t y ho lde rs wh i c h can be conver t ed in t o shares o r
Sec ur i t i e s wh ic h has t he r igh t t o ob t a in shares , c an be
c onduc ted by t he Board o f D i r ec to r s pu rs uan t t o a p rev ious
r eso lu t ion o f t he Shareho lde rs Gene ra l Me e t ing wh i ch has
appr oved t he i s suance o f such Secur i t y .
7 . I n c reas e to t he pa id up cap i t a l bec omes e f f ec t i ve a f t e r
depos i t , and the i s sued shares have t he s ame r igh t s as
s har es w i t h t he s ame c lass i f i c a t i on i s sued by t he Company,
w i t hou t p re j ud ic e t o t he Co m pany ’ s ob l iga t i on t o manage the
no t i f i ca t i on t o t he Min i s t r y o f Law and Human R igh ts .
8 . Depos i t on s har es c ap i t a l can be conduc t ed in t he f o rm o f
money and /o r in k ind wh ich c an be as ses sed w i t h money , by
1 3
obs er v i ng t he p r ov i s i ons o f t he a r t i c l es o f ass oc ia t i on and
app l i cab le laws and r egu la t i on s .
9 . I n t he even t o f f u r t he r in c reas e o f t he s ubsc r ibed shares
r e l a ted t o t he inc reas e i n t he Com pany ’s c ap i t a l , t he
p rov i s i ons in pa rag raphs 3 , 4 , 5 , 6 , 7 and 8 o f t h i s Ar t i c l e 4
s ha l l m u ta t i s mu tand is app l y t o t he s har es i ssuance due t o
t he inc rease o f such au t ho r i zed cap i t a l .
- I n c reas e i n t he au tho r i zed cap i t a l r esu l t i ng in to t he
c ompar ison be t ween t he pa id in c ap i t a l and au t ho r i zed c ap i t a l
bec om ing less t han 25% ( t wen t y - f i ve pe rc en t ) c an be
c onduc ted as l ong as :
a . has ob t a ined the appr ova l o f t he Gener a l Mee t ing o f
Shareho lde rs ;
b . am endment t o t he A r t i c les o f Assoc ia t ion r e la ted t o t he
i nc reas e o f t he au tho r i zed c ap i t a l has o b ta i ned the
appr ova l o f t he Min i s t e r o f Law and Hum an R igh ts ;
c . f o l l owed up by pa id - i n c ap i t a l and depos i t s o t he re f o re
t he amoun t o f pa id in c ap i t a l bec omes 25% ( t wen t y - f i ve
pe rc en t ) o f t he au tho r i zed c ap i t a l w i t h i n 6 ( s i x ) mon ths
a f t e r t he amendment o f t he Ar t i c les o f Ass oc ia t i on
r egard ing t he inc reas e i n t he au t ho r i zed cap i t a l has
ob ta i ned the approva l o f t he Min is t r y o f Law and Hum an
R ig h ts .
1 4
- I n t he even t t ha t such cap i t a l i n c rease becom es 25% ( t wen t y -
f i ve pe rc en t ) o f t he au t ho r i zed c ap i t a l i s no t m e t w i t h in 6 ( s i x )
mon ths , t he Company m us t aga in amend i t s Ar t i c l es o f
Ass oc ia t i on so t ha t t he s i ze o f the Com pany ’s depos i t
bec omes 25% ( t wen t y - f i ve pe r cen t ) o f t he au t ho r i zed cap i t a l ,
w i t h in 2 ( t wo) mon ths a f t e r t he 6 ( s i x ) m on ths pe r i od i s no t
me t .
SH ARES
Ar t i c le 5
1 . A l l sha res i ss ued by t he Com pany a re s har es on name o f t he
owner r eg is t e red in t he Shares Reg is te r cons is t i ng o f a Ser a l A
Dwiwa r na share wh i c h can on l y be owned by t he Repub l i c o f
I ndones ia and se r ia l B s har es wh ic h c an be owned by t he
Repub l i c o f I ndones ia and t he pub l i c .
2 . The Company on l y ack nowledge one pe rson o r 1 (one) en t i t y as
owner o f 1 (one) share whos e name is r eg i s te red in t he
Com pany ’s Share Reg is te r as owner o f t he share .
3 . I f due t o wha t soeve r reason a share i s owned by sever a l peop le ,
t hos e c o l l ec t i ve owners m us t ass ign in wr i t i ng one among them o r
appo in t ano the r pe rs on as t he i r mu t ua l a t t o rney and the o ne
appo in t ed o r em power ed i s t he on l y one who has t he r igh t t o
exe r c ise t he r igh t g i ven by l aw on suc h s har e .
4 . As long as t he p r ov i s i on in pa r ag raph 3 above i s no t ye t
imp lement ed , suc h s har eho lde rs has no r igh t t o g i ve a vo te i n a
1 5
Gener a l Mee t i ng o f Shareh o lde rs , wh i le payment o f d i v i dend f o r
s uc h shares s ha l l be de f e r red .
5 . A Ho lde r o f a sp l i t s ha r e nomina l va lue i s no t g i ven an ind i v i dua l
vo t ing r igh t excep t ano t he r sp l i t s ha r e nom ina l va lue whos e s har e
c l ass i f i c a t ion has a nom ina l va lue o f 1 (one) share n om ina l . The
p rov i s i ons in pa r agr aph 3 and 4 o f t h i s Ar t i c l e 5 o f t he Ar t i c l es o f
Ass oc ia t i on i s m u ta t i s mu tand i s va l i d f o r a s p l i t sha re nom ina l
va lue .
6 . A l l sha reho lde rs mus t c omp ly t o t he Ar t i c l es o f As soc ia t ion and t o
a l l r es o lu t ions va l id l y t ak en i n a Ge ne ra l Mee t ing o f Sha reho lde rs
and p reva i l i ng laws and r egu la t i on s .
7 . For t he Company ’ s s har es r eg is t e red i n t he I ndones ian S tock
Exc hange the regu la t i on o f t he cap i t a l mark e t app l y .
8 . A l l sha res i ss ued by t he Com pany c an be pu t up f o r sec ur i t y
c omp ly i ng t o t he l aws and r egu la t i ons o f p rov id ing s har es
s ec ur i t y , l aws and r egu la t ions in t he f i e l d o f Cap i t a l Mark e t and
the Law regar d ing L im i t ed L i ab i l i t y Compan ies .
SH ARES CERTIF I CATES
Ar t i c le 6
1 . The Com pany may i s sue sha res c e r t i f i c a tes . I n t he even t t ha t t he
Com pany ’s s har es i s no t i nc luded in t he Co l lec t i ve Cus tody i n a
Ho ld ing and Se t t lem en t I ns t i t u t i on , t he Company mus t g i ve a
p roo f o f sha res owne rs h ip i n t he f o rm o f a shar e ce r t i f i ca te o r
c o l lec t i ve share t o t he owner . Shares c e r t i f i ca t es and /o r
1 6
c o l lec t i ve s har es c e r t i f i ca t es mus t be p r i n ted ac cor d ing t o t he
p rov i s i on o f p reva i l i ng laws and r egu la t i ons in t he Cap i t a l mark e t
and s igned by o r s igna tu r e d i rec t l y p r i n ted on t he shares o f an
au tho r i zed mem ber o f t he Board o f D i rec t o rs r ep r esen t i ng t he
Board o f D i r ec to r s acc ord ing t o t he Ar t i c l es o f As soc ia t ion .
2 . I f a shar e ce r t i f i c a te i s i s sue then f o r eac h share s ha l l be g i ven
one share ce r t i f i c a te .
3 . Co l lec t i ve s har es ce r t i f i ca te may be i ss ued as p roo f o f owne rs h ip
by 2 ( t wo) o r mor e s har es owned by one s har eho lde r .
4 . Shares i nc l uded i n t he Co l l ec t i ve Cus t ody w i t h t he Ho ld i ng and
Se t t lem en t I ns t i t u t ion o r a Cus tod ian Bank as pa r t o f t he Rek sa
Dana Secur i t i es i n t he f o rm o f a co l l e c t i ve inves tmen t con t rac t
and no t i nc luded in t he Co l l ec t i ve Cus tody w i t h t he Ho ld i ng and
Se t t lem en t I ns t i t u t ion , t he Company i ss ues a c e r t i f i c a te o r
wr i t t en con f i rm a t i on t o t he Ho ld ing and Se t t l emen t I ns t i t u t i on o r
s uc h Cus tod ian Bank as p r oo f o f r eg i s t r a t ion in t he Company ’ s
Shareho lde rs Reg is t e r , s igned by an au t ho r i zed mem ber o f t he
Board o f D i rec t o rs r ep r esen t ing t he Board o f D i rec to r s pu rs uan t
t o t he Ar t i c l es o f As soc ia t ion o r such s igna tu r e i s d i r ec t l y p r i n ted
i n t he wr i t t en c on f i rma t i on .
DUPLIC ATE SH AR E CERTI F IC ATE
Ar t i c le 7
1 7
1 . I f a shar e ce r t i f i ca t e i s dam aged a dup l i c a te s har e ce r t i f i ca te
s ha l l be i s sued , p rov ided t ha t :
a . The pa r t y subm i t t i ng t he reques t i s t he owner o f s uc h s har e ;
and
b . The Company has rece i ved t he dam aged s har e .
2 . The Com pany mus t d i spose o f t he damaged s har e c e r t i f i ca t e
a f t e r i ss uanc e o f a dup l i ca te .
3 . I n t he even t t ha t t he share c e r t i f i ca te i s lo s t , a rep lacement o f
s uc h share m ay be c onduc ted p r ov ided t ha t :
a . The Par t y s ubm i t t i ng t he reques t o f sha re exchange i s t h e
owner o f such share ;
b . The Company has ob ta i ned an o f f i c ia l doc ument o f t he Po l i c e
o f t he Repub l i c o f Indones ia s t a t ing t he l os t o f such s hare ;
c . The Par t y s ubm i t t i ng t he r eques t f o r t he s har e has g iven a
guar an t ee deemed s a t i s f ac to r y by t he Company ’ s Board o f
D i rec t o rs ; and
d . t he p l an t o i ss ue a share dup l i ca te f o r t he los t sha re i s
announc ed in t he S tock Exchange where t he Company ’s s har e
i s l i s t ed w i t h i n a t ime per i od o f t he la t es t 14 ( f ou r teen) days
p r i o r t o t he i s suanc e o f a s har e dup l i c a te .
4 . A f t e r t he dup l i c a te i s i ss ued , t he o r ig i na l t he r eo f sha l l be
dec la red nu l l and vo id t o t he Com pany.
5 . A l l e xpenses i nc u r r ed f o r t he i ss ue o f a dup l i ca t e sha l l be bo rne
by t he re l evan t s har eho lde r .
1 8
6 . The p r ov is i on as re f e r red t o i n t h i s a r t i c le 7 s ha l l b e ‘m u ta t i s
mu t and is ’ app l i c ab le t o t he i ss ue o f a dup l i c a te f o r a co l l ec t i ve
s har e c e r t i f i ca t e o r wr i t t en con f i rma t ion .
REGI STER OF SHAREHO LDERS AN D SPECI AL REGISTER
Ar t i c le 8
1 . The Boar d o f D i r ec to r s o r an appo in ted a t t o r ney sha l l p rov ide and
ma in ta i n a R eg i s te r o f Shar eho lde rs and Spec ia l Reg i s te r a t t he
p lac e o f t he Com pany ’ s dom ic i le .
2 . I n such r eg is t e r o f s ha r eho lde rs s ha l l be reco r ded :
a . name and address o f s ha r eho lde r s o r t he Ho ld ing and Se t t lemen t
I ns t i t u t ion o r o t he r pa r t y appo in ted by t he ac coun t ho lde r in t he
Ho ld i ng and Se t t lem en t I ns t i t u t i on , o r Cus tod ian Bank f o r t he
i n t e res t o f t he Par t i c i pa t ing Un i t
b . am oun t , num ber and da te o f sha r e ce r t i f i ca t e i ssuance o r
c o l l ec t i ve s har e c e r t i f i c a te owned by s evera l s ha r eho lde rs ;
c . t he am oun t pa id on eac h s har e ;
d . name and addr ess o f pe rs on o r lega l en t i t y hav ing a mor tgage on
s har es and o r ho lde r o f f i duc ia r y secu r i t y on shares and t he da te
o f ob t a in i ng suc h mor tgage and o r da te o f f i duc ia r y on such
s har es ;
e . a ce r t i f i c a te o f sha r e depos i t i n k i nd bes ides money ;
f . Change in shares owne rs h ip ;
g . o t he r in f o rmat ion deem ed necess ar y by t he Boar d o f D i rec to rs
and o r ob l iga to r y by l aw.
1 9
3 . I n t he Spec ia l Reg is t e r i s reco r ded in f o rmat ion regard ing t he
owner sh ip o f s ha r es by t he Board o f D i rec to r s and Board o f
Comm iss ioners and the i r f am i l y i n t he Company and /o r in o t he r
Com pan ies and the da te t he shares a re ob t a ined .
4 . Shareho lde rs mus t no t i f y any movement i n addres s in wr i t i ng t o t he
Board o f D i r ec t o r s .
P r io r t o t he p r ope r rec e ip t by t he Boar d o f D i r ec t o rs o f such
no t i f i ca t i on , a l l ca l l s and no t i f i c a t ion t o t he Shareho lde r sha l l be
va l i d i f s en t t o t he l as t address reco r ded i n t he Shareho lde rs
Reg is te r .
5 . The Board o f D i rec to r s may appo in t and au t ho r i ze a Sec ur i t y
Adm in i s t ra t i ve Bureau to conduc t reg is t r a t ion i n t he Com pany ’s
Shareho lde r Reg i s te r and Spec ia l Reg i s t e r .
6 . Any Shar eho lde r o r t he i r p rox ies a r e en t i t l ed t o s ee t he
Shareho lde rs Reg is t e r and Spec ia l Reg is t e r , r e l a ted t o t he r e la t ed
s har eho lde r a t t he wo rk i ng hours o f t he Company ’ s Of f i ce .
7 . Reg is t ra t i on and o r c hanges in t he Company ’ s Shar eho lde rs
Reg is te r m us t be approved by t he Boar d o f D i rec t o rs and ev idenc e
by t he s ign ing o f such r ec o rd on s uc h c hanges by t he Pres iden t
D i rec t o r o r O f f i c e r g i ven such a t t o r ney .
8 . Reg i s t ra t i on o r r ec o rd ing i n t he share Reg is t e r , i n c lude rec o rds
r egard ing sa les , t r ans f e r , co l l a te r a l , p l edge , f i duc ia r y o r c es s ion
c oncer n ing t he c ompany shares o r r igh t s o r i n te r es t on t he shares
s ha l l be accor d ing t o t h i s Ar t i c le s o f Assoc ia t ion and shares
r eg is t e red in t he S tock Exc hange app l i c ab le law and r egu la t ion in
t he f i e l d o f cap i t a l Ma rk e t and the regu la t ion in t he S tock Exchange
2 0
i n I ndones ia where t he shares a re l i s t ed . A p l edge o f sha re mus t be
r eco r ded i n t he Company ’s Shareho lde r s Reg is te r by means
s t i pu la ted by t he Com pany based on sa t i s f ac to r y ev idence acc ep t ed
by t he Boar d o f D i r ec to r s r egard ing such P ledge . Ack nowledgement
r egard ing s har e p ledge by t he Company as c ons ide red in Ar t i c le
1153 Book o f C i v i l Law sha l l o n l y be p roved by a r eg is t r a t ion
r egard ing s uch p ledge i n t he Company ’ s Shar eho lde r s Reg is t e r .
COLLECTI VE CUSTO DY
Ar t i c le 9
1 . S tock s in t he Co l l ec t i ve Cus t ody w i t h t he Ho ld i ng and Se t t lem en t
I ns t i t u t ion mus t be r eg is t e red in t he Shares Reg i s te r on beha l f o f t he
Ho ld i ng and Se t t lemen t I ns t i t u t ion f o r t he bene f i t o f a l l ac coun t
ho lde rs w i t h t he Ho ld i ng and Se t t lemen t I ns t i t u t i on .
2 . Shares i n Co l lec t i ve Cus tody w i t h t he Cus tod ian Bank o r Sec ur i t i e s
Com pany l i s t ed in t he Sec ur i t i es ac coun t in t he Secu r i t i es Com pany
l i s t ed on beha l f o f t he Cus t od ian Bank o r s uch Ho ld ing and Se t t lem en t
I ns t i t u t ion f o r t he bene f i t o f t he ac coun t ho lde r w i t h t he Cus tod ian
Bank o r such Secur i t i e s Company.
3 . I n t he even t t ha t t he shares i n t he Co l l ec t i ve Cus tody w i t h t he
Cus tod ian Bank i s pa r t o f t he I nves tmen t Fund o f t he Sec ur i t i es
Por t f o l i o c ons t r uc ted f rom a c o l l ec t i ve i nves tmen t c on t rac t and no t
i n c luded i n t he Co l l ec t i ve Cus tody w i t h t he Ho ld ing and Se t t lem en t
I ns t i t u t ion , t he Company sha l l r eg is te r such s t ock s i n t he
Shareho lde rs Reg is t e r on beha l f o f t he Par t i c ipa t i on Un i t owner o f t he
I nves tmen t Fund co l l ec t i ve inves tm en t c on t r ac t .
2 1
4 . The Company m us t i s sue a c e r t i f i ca t e o r wr i t t en c on f i rma t ion t o t he
Ho ld i ng and Se t t lemen t I ns t i t u t ion o r Cus tod ian Bank as p roo f o f
r eg is t r a t ion i n t he Com pany ’s Shareho lde r s Reg i s te r .
5 . The Company m us t t r ans f e r s har es in t he Co l lec t i ve Cus tody
r eg is t e red on beha l f o f t he Ho ld ing and Se t t l emen t I ns t i t u t i on o r
Cus tod ian Bank f o r I nves tmen t Fund in t he f o rm o f a co l le c t i ve
i nves tmen t con t rac t i n t he Com pany ’s Shareho lde rs Reg is t e r t o
bec ome on beha l f o f t he pa r t y appo in ted by s uch Ho ld ing and
Se t t lem en t I ns t i t u t ion o r Cus tod ian Bank .
T rans f e r reques t mus t be s ubm i t t ed by t he Ho ld ing and Se t t lem en t
I ns t i t u t ion o r Cus tod ian Bank to t he Com pany o r Sec ur i t i e s
Adm in i s t ra t ion Bureau appo in ted by t he Company .
6 . The Ho ld ing and Se t t l emen t I ns t i t u t i on , Cus tod ian Bank , o r Secur i t i es
Com pany mus t i ssue a wr i t t en con f i rma t i on t o t he ac coun t ho lde r as
p roo f o f r eg is t r a t i on i n t he s ecur i t i es acc oun t .
7 . I n t he Co l l ec t i ve Cus tody , eac h s har e i s sued by t he Company f rom a
s im i la r c l as s i f i ca t i on i s equa l and may be exc hanged one f o r t he o the r .
8 . The com pany mus t r e j ec t t o reg i s te r shares in t o t he Co l lec t i ve Cus tody
pu rpor ted l y r epor ted l os t o r des t royed , exc ep t i f t he s h areho lde r
r eques t i ng suc h t rans f e r can p r ov ide va l i d p r oo f and /o r guaran tee tha t
s uc h shares a r e t r u l y l os t o r des t royed .
9 . The Company m us t re j ec t t o reg i s te r a s har e t rans f e r i n to a Co l l ec t i ve
Cus tody in t he even t t ha t suc h s har es a r e pu t up f o r secu r i t y ,
c on f i s ca t ed based on a cour t ve rd ic t o r due to a c r im ina l p r oc eed ing .
10 . Acc oun t ho lde rs w i t h shares i n a co l lec t i ve c us t ody i n a Ho ld i ng and
Se t t lem en t I ns t i t u t ion , Cus t od ian Bank o r Sec ur i t i es company a r e
2 2
en t i t l ed t o c as t vo te i n a G enera l Mee t ing o f Shareh o lde rs o f t he
Com pany accor d ing t o t he number o f s ha r es owned in s uc h s ecur i t i es
acc oun t .
11 . A Cus t od ian Bank and Secur i t i es Company mus t submi t a l i s t o f
Sec ur i t i e s ac coun t and num ber o f Company s har es owned by t he
r espec t i ve accoun t ho lde r w i t h t he Cus tod ian Bank and Sec ur i t i e s
Com pany to t he Ho ld i ng and Se t t lemen t I ns t i t u t i on t o be f u r t he r
s ubm i t t ed t o t he Com pany a t t he l a tes t 1 (one) work ing day p r io r t o
t he c a l l o f t he Gene ra l Mee t ing o f Sha reho lde rs .
12 . An I nves tmen t Manager i s en t i t l ed t o be p r es en t and cas t vo te i n a
Gener a l Mee t i ng o f Shareho lde rs on t he Company ’ s s hares inc l uded i n
t he Co l lec t i ve Cus tody w i t h t he Cus tod ian Bank , be ing pa r t o f t he
s ec ur i t i es po r t f o l i o Co l lec t i ve I nves tmen t in t he f o rm o f co l l ec t i ve
i nves tmen t con t rac t s and no t i nc l uded in t he Co l l ec t i ve Cus tody in t he
Ho ld i ng and Se t t lemen t I ns t i t u t ion w i t h t he p rov i s ions t ha t such
Cus tod ian Bank mus t f o r ward such I nves tmen t Manager nam e a t t he
l a t es t 1 (one) work i ng day p r i o r t o t he c a l l o f t he Gener a l Mee t ing o f
Share ho lde rs .
13 . The Company m us t s ubm i t d i v i dend , bonus s har es , o r o the r r igh t s
r e l a ted t o t he s hares owners h ip in t he Co l l ec t i ve Cus t ody t o t he
Ho ld i ng and Se t t lemen t I ns t i t u t ion and f u r t he r t o i t t he Ho ld ing and
Se t t lem en t I ns t i t u t ion s ubm i t t he d i v i dend , bonus shares , o r o the r
r igh t s t o t he Cus tod ian Bank and the Sec ur i t i e s Company f o r t he
i n t e res t o f eac h acc oun t ho lde r i n s uch Cus tod ian Bank and Secur i t i es
Com pany.
2 3
14 . The Company m us t s ubm i t t he d i v i dend , bonus s har e o r o t he r r igh t
r e l a ted t o t he s hares owners h i p t o t he Cus tod ian Bank on the s har e s
i n t he Co l l ec t i ve Cus tody in t he Cus tod ian Bank f o rm ing pa r t o f t he
Co l lec t i ve Fund Sec ur i t i es po r t f o l i o in t he f o rm o f a co l lec t i ve
i nves tmen t and no t in c luded i n t he Co l l e c t i ve Cus tody w i t h t he Ho ld ing
and Se t t l emen t I ns t i t u t i on .
15 . The t im e l im i t o f t he dec is ion o f t he Secur i t i es accoun t ho lde r
en t i t l ed t o ob ta i n d i v i dends , bonus sha res , o r o t he r r igh t s r e la t ed t o
t he s har es owner sh ip in t he Co l lec t i ve Cus tody i s dec ided in t he
Gener a l Mee t i ng o f Shareho lde rs w i t h t he p r ov is i ons t ha t t he
Cus tod ian Bank and Secur i t i es Company m us t f o r ward t he l i s t o f t he
Sec ur i t i e s ac coun t ho lde rs and the number o f t he Com pany ’ s s har es
owned by such r espec t i ve Sec ur i t i es acc oun t ho lde r s t o t he Ho ld i ng
and Se t t l emen t I ns t i t u t i on t o be f u r t he r s ubm i t t ed t o t he Com pany a t
t he la t es t 1 ( one) day work i ng day as o f t he da t e used to s t i pu la t e t he
s har eho lde rs en t i t l ed t o ob t a in s uc h d i v i dends , bonus sha res , o r o t he r
r igh t s .
TRANSFER OF RIGHT TO STOCKS
Article 10
1 . I n t he even t o f a change i n t he owners h ip o f a s har e , t he o r ig i na l
owner l i s t ed in t he Reg is t e r o f Shareho lde rs sha l l c on t inue to be
deem ed the s har eho lde r un t i l t he name o f t he new sha reho lde r
has been en te r ed in t o t he Reg is t e r o f Shar eho lde rs , one and th e
o t he r w i t hou t p r e j ud i ce t o t he pe rm iss ion o f t he au t ho r i t i e s and
2 4
l aws and r egu la t ions in t he S t ock Exc hange in I ndones ia wher e
t he s har es a re l i s t ed .
2 . A l l t r ans f e r o f r i gh t s t o s har es s ha l l be ev idenced by a document
s igned by o r on beha l f o f t he t rans fe r r i ng pa r t y and by o r on
beha l f o f t he t rans fe r r i ng pa r t y by and on beha l f o f t he rece i v ing
pa r t y o f t he t rans f er o f r i gh t t o t he sha res concer ned .
3 . Doc uments conce rn ing t he t r ans f e r o f r i gh t s t o shares as re f e r red
t o in pa rag raph 2 t h i s a r t i c le sha l l be i n t he f o rmat as s t ipu la t ed
and ac cep tab le t o t he Board o f D i rec to rs and a copy s ubm i t t ed t o
t he Boar d o f D i rec t o rs , w i t h t he s t i pu la t i on t ha t t he t rans f e r
doc ument o f t he shares r eg is t e red in t he S tock Exchange mus t
c omp ly w i t h p r eva i l i ng regu la t ions in t he Cap i t a l Mark e t and
r egu la t ions o f t he S t ock Exc hange in I ndones ia where t he
Com pany s har es a re l i s t ed .
4 . The t rans f e r o f r i gh t on a share reco r ded in t he acc oun t w i t h t he
Co l lec t i ve Cus t ody i s conduc t ed by book t rans f e r o f one
Sec ur i t i e s ac coun t t o ano t he r i n t he Ho ld ing and Se t t lem en t
I ns t i t u t ion , Cus t od ian Bank , and Secur i t i e s Company.
5 . A t rans f e r o f r i gh t t o shares can on l y be c onduc ted p r ov ided t ha t
a l l s t i pu la t ions in t he Ar t i c les o f Ass oc ia t ion have been met .
6 . A t r ans f e r o f r i gh t t o shares i s reco r ded bo th in t he conc erned
Com pany ’s Shareho lde rs Reg is t e r and a l so i n t he s har es
c e r t i f i ca t e o r c o l lec t i ve share ce r t i f i c a te . Suc h reco r d m us t be
2 5
s igned by t he Pres iden t D i r ec t o r o r an o f f i c i a l g i ven an a t t o rney
t o do so .
7 . The Board o f D i rec to r s may re f use to l i s t t he t rans fe r o f r i gh t s t o
a s har e in t he Reg is te r o f Shareho lde rs i f t he p rocedur es
s t i pu la ted i n t he Com pany ’s Ar t i c l es o f Assoc ia t ion has no t been
adhered to o r i f one o f t he c ond i t i ons f o r t r ans f e r o f o wne rsh ip o f
a share has no t been met .
8 . I f t he Board o f D i rec to rs r e f use to reg i s te r t he t r ans f e r o f r i gh t s
t o s har es , i t sha l l be requ i red t o s end a no t i f i ca t i on t o t he
t rans f e r r ing pa r t y w i t h in 30 ( t h i r t y ) days a f t e r t he da t e o f r ec e ip t
by t he Boar d o f D i rec to r s .
9 . Ever y re f us a l t o l i s t a r igh t t r ans fe r o f t he Company l i s t ed i n t he
S tock Exchange , mus t comp ly w i t h p reva i l i ng regu la t ions in t he
c ap i t a l mark e t and regu la t i ons o f t he S t ock E xc hange whe re t he
s har es a re l i s t ed .
10 . A c a l l f o r a Genera l mee t i ng o f Shareho lde r s does no t p reven t a
r eg is t r a t ion on r igh t t r ans f e r on s har es in t he Com pany ’s
Shareho lde rs Reg is t e r .
11 .The Shareho lde rs Reg is te r mus t be c l os ed 1 (one) day p r io r t o t he
c a l l o f a Gener a l Mee t ing o f Shar eho lde rs t o s t i pu la t e t he na mes
o f t he shareho lde rs en t i t l ed t o a t t end such G enera l Mee t ing o f
Shareho lde rs .
2 6
1 2 . Pers ons r ece iv i ng r igh t s t o s tock s by v i r t ue o f t he dea th o f a
s har eho lde r o r due to ano the r c ause resu l t i ng in t he c hange in
owner sh ip o f t he share ac cor d ing t o l aw, may s ubm i t a wr i t t en
app l i ca t ion t o be l i s t ed as a s har eho lde r , accom pan ied by
ev idenc e o f such r igh t s as requ i red by t he Boar d o f D i rec t o rs
f r om t im e t o t ime . Suc h r eg is t r a t ion may on l y be pe r f o rmed in t he
even t t ha t t he Board o f D i r ec to rs deems s uc h ev idenc e
acc ep t ab le , w i t hou t p re j ud ic e t o p reva i l i ng l aws and r egu la t i ons
i n t he cap i t a l marke t .
13 . A l l l im i t a t i ons , p roh ib i t i ons and p rov i s ions i n t he Ar t i c les o f
Ass oc ia t i on govern ing t he r igh t t o t r ans f e r r igh t s t o s tock s and
r eg is t r a t ion o f t he t rans f e r o f r i gh t s t o s tock sha l l a l s o app l y
mut a t i s mu t and i s t o any t r ans f e r o r r igh t s pu rs uan t t o pa rag raph
4 he r eo f .
14 . Shareho lde rs as re f e r red t o i n Ar t i c l e 21 pa r ag raph 2 le t t e r a
mus t no t as s ign t he i r sha res ownersh ip w i t h i n a pe r iod o f 6 ( s i x )
mon ths as o f t he Gener a l Mee t ing o f Shareho lde rs i f t he r eques t
t o ho ld a Genera l Mee t i ng o f Shar eho lde rs i s appr oved by t he
Board o f D i rec to r s o r Board o f Comm is s ioners o r s t ipu la ted by a
c our t .
BO ARD O F DIRECTO RS
Ar t i c le 11
1 . The Company i s managed and l ead by a Boar d o f D i rec to rs o f wh ic h
t he num ber i s c ommens ura te t o t he need o f Company w i t h t he
2 7
s t i pu la t i on o f a t l eas t 2 ( t wo) pe rs ons , one o f t hem sha l l be
appo in t ed as Pres iden t D i rec to r .
2 . Those ab le t o be appo in ted as a m ember o f t he Boar d o f D i rec t o rs
a re I ndones ian C i t i zens , who mee t t he requ i r ement s a t t he t ime o f
appo in tm en t and du r i ng t he t e rm i n o f f i c e :
a . has good m ora l and i n teg r i t y ;
b . ab le t o c onduc t l ega l ac t ions ;
c . du r ing 5 ( f i ve ) years p r io r t o h i s /he r appo in tm en t and du r ing
t he t e rm i n o f f i c e :
1 . i s never dec la red bank rup t ;
2 . has never been a mem ber o f t he Board o f D i r ec t o rs
and / o r Board o f D i r ec to r s ac cused o f be ing t he reas on
f o r a c ompany t o be dec la r ed bank rup t ;
3 . never been s en t enc ed due to a c r im ina l ac t wh ic h was
de t r imen ta l t o t he s ta t e f i nanc ia l and / o r re la t ed t o
f i nanc ia l s ec to r ; and
4 . never been a member o f t he Board o f D i rec t o rs and /o r
Board o f D i r ec to r s who dur ing i t s t e rm in o f f i ce :
a . d i d no t c onvene an annua l Gene ra l Mee t ing o f
Shareho lde rs ;
b . has never been acc oun tab le as mem ber o f t he
Board o f D i rec to rs and / o r Boar d o f Comm is s ioners
t o t he Gener a l Mee t i ng o f Shareho lde rs o r d i d no t
s ubm i t an accoun tab le r epor t as m ember o f t he
Board o f D i rec to rs and / o r Boar d o f Comm is s ioners
t o a Gener a l Mee t ing o f Shar eho lde r s ; and
2 8
c . c aused a c ompany wh i c h has ob ta i ned a l i c ense ,
appr ova l , o r reg is t ra t i on f rom the F inanc ia l Ser v i ce
Au t ho r i t y unab le t o mee t i t s ob l iga t ion t o submi t
an annua l r epor t and /o r f i nanc ia l s ta tem ent t o t he
F inanc ia l Se r v ic e Au t ho r i t y .
d . has t he c ommi tmen t t o c omp ly t o l aws and
r egu l a t ions ; and
e . has t he capac i t y and /o r exper t i n t he f i e l d needed
by t he Company .
Bes ides mee t ing t he requ i rem ent s as con tem p la ted above , t he
appo in tm en t o f t he mem ber o f t he Boa rd o f D i rec to r s i s c onduc ted
by obs er v ing o t he r r equ i r ements pu rs uan t t o l aws and r egu la t ions .
3 . Mee t ing t he requ i r ement s as con temp la ted i n pa rag raph 2 t h i s
a r t i c le , i s p roved by a ce r t i f i c a te s igned by t he cand ida te mem ber
o f t he Boar d o f D i rec t o rs and s uch l e t t e r i s subm i t t ed t o t he
Com pany, s uc h Cer t i f i c a te m us t be exam ined and docum ent ed by
t he Company .
4 . The Company mus t c onvene a Gener a l Mee t ing o f Shar eho lde rs , t o
c onduc t rep lacem ent o f t he member o f t he Boar d o f D i rec to r s who
has no t m e t t he r equ i rem ents as r e f er r ed t o i n pa rag raph 2 he reo f .
5 . Mem ber s o f t he Board o f D i rec to rs a re appo in t ed by t he Gener a l
Mee t ing o f Shar eho lde r s f r om the c and ida t es p roposed by t he Ser ia l
A Dwiwar na Shar e Ho lde r a f t e r go ing t h r ough a cand ida c y p rocess
pu rs uan t t o l aws and r egu la t ions and s uc h c and idac y i s b i nd ing on
t he Gene r a l Mee t i ng o f Shareho lde rs .
2 9
6 . Mem ber s o f t he Boa rd o f D i rec to rs a re appo in ted and d ism is sed by
t he Genera l Mee t i ng o f Shareho lde rs , and such Gener a l Mee t ing o f
Shareho lde rs m us t be a t t ended by t he ho lde r o f the s e r ia l A
Dwiwa r na shareho lde r ; and the res o lu t i on o f t he Mee t ing mus t be
appr oved by t he ho lde r o f t he s e r ia l A Dwiwar na shareho lde r by
o bs er v i ng t he p r ov i s i ons in A r t i c l e 24 pa r ag raph 1 and 8 o f t he
A r t i c les o f Ass oc ia t ion .
The te rm i n o f f i ce o f t he res pec t i ve mem ber s o f t he Boar d o f
D i rec t o rs i s as o f the da t e o f t he Gene ra l Mee t i ng o f Sha reho lde rs
who appo in ted ( t hem) and s ha l l t e rm ina te a t t he c los i ng o f t he 5 t h
( f i f t h ) yea r Annua l G enera l Mee t i ng o f Shareho lde rs as o f t he da te
o f ( t he i r ) appo in tmen t , w i t hou t p re j ud i c e t o t he r igh t o f the Gener a l
Mee t ing o f Shareho lde r s t o d ism iss t he members o f t he Board o f
D i rec t o rs a t any t ime p r io r t o t he t e rm ina t ion o f t he i r t e rm i n o f f i ce
by men t ion ing t he r eas on , among o t he rs i f t he m ember o f t he Board
o f D i rec t o rs i s unab le t o c onduc t h i s / he r du t ies we l l , does no t
imp lement laws and r egu la t ions and /o r s t i pu la t ion o f t he a r t i c les o f
ass oc ia t i on , i s i n vo l ved in ac t ions wh i c h a re de t r imen t a l t o t he
Com pany and / o r S ta t e due to neg l igenc e o r e r r o r by t he member
c oncer ned , i s p r onounced t o be gu i l t y by a ve rd ic t o f a cour t wh i ch
a l r eady has lega l power , and / o r res ign . Suc h d ism iss a l p rocess
s ha l l be cond uc ted acc ord ing t o t he p rov i s i ons o f l aw s and
r egu la t ions . Exc ep t i f such d ism iss a l i s due to a sen tence o f a cour t
wh i c h has l ega l powe r and i f he / s he r es ign , t he member o f t he
Board o f D i r ec to r s c oncer ned i s g i ven an oppor t un i t y t o be p r esen t
i n t he G ene ra l Mee t ing o f Shareho lde rs t o de f end he r / h im s e l f .
3 0
Suc h d ism is sa l sha l l be e f f ec t i ve as o f t he c l os i ng o f t he Genera l
Mee t ing o f Shar eho lde r s wh ic h reso lved such d ism iss a l , exc ep t i f i t
i s o the r w i se s t i pu la t ed by t he Gener a l Mee t ing o f Shareho lde rs .
A t t he end o f t he i r t enure , a mem ber o f t he Boa rd o f D i r ec to r s may
be r eappo in t ed by t he Gener a l Mee t ing o f Shareho lde rs on l y f o r 1
( one ) more t e rm in o f f i ce .
7 . Mem ber s o f t he Board o f D i rec to rs and be t ween members o f t he
Board o f Comm is s ioner s and Boar d o f D i rec t o rs t he re sha l l be no
f am i l y re l a t ionsh ip un t i l t he t h i rd genera t i on whe the r in s t r a igh t o r
s i de d i rec t i on , i n c lud ing re l a t i on due to m ar r iage .
8 . A member o f t he Board o f Comm is s ioners i s g i ven a mon th ly
r emunera t i on and o the r bene f i t s in c lud ing a bonus a f t e r the i r t enure
acc ord ing t o p reva i l i ng s t ipu la t ion o f wh ic h t he am oun t sha l l be
dec ided by t he G ene ra l Mee t ing o f Sha reho lde rs .
9 . I f due to any reason wha t soever t he pos i t i on o f one o r more o f t he
Board o f Commiss ioner s members bec ome vac an t , w i t h in t he l a te s t
60 ( s i x t y ) days a f t e r s uc h vacanc y , a Gener a l Mee t ing o f
Shareho lde rs mus t be he ld t o f i l l i n such vacanc y . As l ong as s uch
pos i t i on i s vacan t and no rep lac ement ava i lab le o r no t ye t i n
pos i t i on , ano t he r mem ber o f t he Board o f D i r ec to r s appo in t ed by t he
Board o f Comm iss ioner s , sha l l under tak e the du t i es o f such mem ber
vac anc y , w i t h t he sam e au tho r i t y and r igh t .
10 . I f due t o any reason t he Company has no members o f t he Board o f
D i rec t o rs due to a cond i t i on as re f e r r ed t o in pa rag raph 6 he reo f ,
f o r t he t ime b e ing t he Board o f Comm iss ioners mus t imp lement t he
c u r ren t du t ies o f t he Boar d o f D i r ec t o rs bu t on l y en t i t l ed t o c onduc t
3 1
t he c u r ren t managem ent r e l a ted t o cu r ren t ma t te rs and ac t i v i t i es ,
w i t h t he ob l iga t ion t o a t l eas t w i t h i n 60 ( s i x t y ) days a f t e r suc h
vac anc y t o ca l l a Gener a l Mee t ing o f Shar eho lde r s t o f i l l i n s uc h
vac anc y .
11 . A member o f t he Boar d o f Comm is s ioners i s en t i t l ed t o r es ign
he rs e l f / h ims e l f f rom he r /h is pos i t i on by no t i f y ing i n wr i t i ng
r egard ing such in ten t ion t o t he Company a t t he la tes t 90 (n ine t y )
days p r io r t o t he da t e o f r es igna t i on .
The Com pany mus t ho ld a Genera l Mee t i ng o f Shareho lde r s t o
r eso l ve on t he r eques t o f r es igna t ion f rom a m ember o f t he Board o f
D i rec t o rs , w i t h in a t l eas t 90 (n ine ty ) days a f t e r rece i v i ng suc h
r es igna t i on le t t e r .
P r io r t o such res igna t ion i s e f f ec t i ve t he conc erned member o f t he
Board o f D i r ec t o rs mus t s t i l l conduc t i t s du t i es and respons ib i l i t i es
acc ord ing t o t he a r t i c les o f ass oc ia t i on and p reva i l i ng laws and
r egu la t ions .
The acqu i t e t decha rge o f t he mem ber o f t he Boar d o f D i r ec to r s who
r es igned i s g i ven a f t e r t he Annua l Genera l Mee t i ng o f Shareho lde rs
s e t he r /h im f ree as o f t he e f f ec t i ve da te o f r es igna t ion .
12 . The Com pany mus t conduc t an open in f o rmat ion t o t he commun i t y
and subm i t t o t he F inanc ia l Ser v ic e Au t ho r i t y a t t he la tes t 2 ( t wo)
bus ines s days a f te r rece i v i ng t he reques t f o r a res igna t ion o f a
mem ber o f t he Boa rd o f D i r ec t o rs and the res u l t o f the Genera l
Mee t ing o f Shareho lde r s .
13 . I n t he even t t ha t a mem ber o f t he Board o f D i rec t o rs r es ign and
r esu l t i n t he members o f t he Boar d o f D i r ec t o rs becom ing les s t han
3 2
2 ( t wo) pe rs ons , such res igna t ion sha l l be va l i d i f i t i s s t i pu la ted by
t he Genera l Mee t ing o f Shar eho lde rs dec id ing on s uch r es igna t ion
and a new m ember o f t he Board o f D i r ec to r s has been appo in ted so
t ha t i t mee ts t he m in im a l requ i rem ents o f t he mem bers o f t he Board
o f D i r ec to r s .
14 . The pos i t i on o f a mem ber o f t he Board o f Commiss ioner s t e rm ina t es
i n t he even t t ha t :
a . t he t e rm i n o f f i c e has exp i red ;
b . r es ign i t s e l f ac co rd ing t o t he p r ov is ions o f pa rag raph 1 1 th is
a r t i c le ;
c . does no t mee t the requ i rem ents o f p reva i l i ng laws and
r egu la t ions ;
d . pas sed away ;
e . d i sm iss ed pu rs uan t t o a reso lu t i on o f t he Gener a l Mee t ing o f
Shareho lde rs .
15 . Mem ber s o f t he Board o f D i r ec t o rs a re p roh ib i t ed t o ho ld a
c oncur r en t pos i t i on as :
a . mem ber o f t he Boar d o f D i r ec to r s i n a S t a te O wned Company,
Reg iona l Bus ines s Com pany, p r i va te bus iness en t i t y ;
b . o t he r pos i t i ons ac cor d ing t o t he p rov i s i ons o f l aw and
r egu la t ion ;
f . a mem ber o f a po l i t i ca l pa r t y and o r l eg is l a t i ve
c and ida te /mem ber ; and / o r
g . o t he r pos i t i ons wh ic h may l ead to a con f l i c t o f i n te r es t
DUTI ES AND AUTHORI T IES OF THE BO ARD O F DIRECTO RS
3 3
A r t i c le 12
1 . The m a in du t y o f t he Boar d o f D i rec t o rs a re :
a . To l ead and manage the Company acco rd ing t o t he Company ’ s
ob jec t i ves and goa l s and con t inuous ly e f f o r t s t o improve t he
c ompany ’ s e f f i c i enc y and e f f ec t i v eness .
b . To c on t r o l , ma in t a in and manage t he Com pany ’s ass e ts .
2 . The Boar d o f D i rec t o rs i s f u l l y respons ib l e i n c onduc t i ng i t s du t ies
f o r t he in t e res t o f t he Company in ac h iev ing i t s goa ls and
ob jec t i ves .
3 . Ever y m ember o f the Board o f D i r ec to rs m us t w i t h good in t en t ion
and f u l l r espons ib i l i t y c onduc t i t s du t i es f o r t he in t e res t and
bus ines s o f t he Company by obser v i ng p r eva i l i ng laws and
r egu la t ion .
4 . a . The res pec t i ve members o f t he Board o f D i rec to r s i s j o i n t l y
and s evera l f u l l y respons ib le on t he loss o f t he Com pany due
to t he f au l t o r neg l igenc e o f t he mem ber s o f t he Boa rd o f
D i rec t o rs i n conduc t ing t he i r du t i es
b . The m ember s o f t he Board o f D i rec to rs a re no t ac coun t ab le on
t he l os s o f t he Company as re f e r red t o in le t t e r a i f i t can be
p roved t ha t :
i . s uc h l os s i s no t due t o t he i r f au l t o r neg l igence ;
has c onduc t ed s uper v i s i on w i t h good i n ten t ion , f u l l y
r espons ib le , and p rudenc e f o r t he in t e r es t and acc ord ing
t o t he goa ls and ob jec t i ves o f t he Company
i i . has no con f l i c t o f i n t e res t e i t he r d i r ec t o r i nd i r ec t on
s uper v is o r y ac t ions wh ic h resu l t s i n a l o ss ; and
3 4
i i i . has t ak en ac t ions t o p r even t t he emergence o r
c on t i nua t i on o f such l oss .
5 . The Boar d o f D i rec to r s a r e en t i t l ed t o r ep r esen t t he Company ins i de
and ou ts i de Cour t and conduc t a l l ac t ions and good deeds
r egard ing t he managem ent and a ls o r egard ing as se t s and b ind t he
Com pany w i t h o the r pa r t ies and o r o the r pa r t i es w i t h t he Com pany,
w i t h t he l im i t a t ions s t i p u la t ed i n pa rag raphs 6 , 7 and 8 he reo f .
6 . The f o l low ing ac t ions o f t he Boar d o f D i r ec t o rs m en t ioned be low
mus t have t he wr i t t en appr ova l o f t he Board o f Commiss ioner s :
a . Acc ep t and p r ov ide long te rm / med ium te rm l oans ;
b . P rov ide s hor t t e rm loans wh i ch a re no t o pera t i ona l i n na t u re
wh i c h exc eed a c e r ta i n amoun t s t i pu la t ed by t he Mee t ing o f
t he Board o f Commis s ioners ;
c . Dispos e o r pu t up f o r guaran tee the Company ’ s f i xed asse t
exc eed ing a ce r t a in am oun t s t ipu la t ed by t he Mee t i ng o f t he
Board o f Commiss ioner s ;
d . To t ak e pa r t whe the r pa r t l y o r who l l y o r i s i n vo l ved i n a
c ompany o r o t he r bus iness en t i t y o r opera t e a new c ompany;
e . To d ispos e pa r t o r t he who le o f t he Com pany ’s pa r t i c ipa t ion in
a com pany o r o the r bus ines s en t i t y ;
f . To b i nd t he Company as guar an t ee wh i ch m ay have
de t r imen ta l e f f ec t s exceed ing a ce r ta i n am oun t s t i pu la ted by
t he Mee t ing o f t he Board o f Commiss ioner s ;
g . No t t o r ec o l l ec t and de le t e f r om the book s p rob lem l oans and
wr i t e - o f f s tock o f goods wh ich exc eed a ce r t a in amoun t
s t i pu la ted by t he Mee t ing o f t he Board o f Commiss ioner s ;
3 5
h . Ass ign , d is pose the t i t l e o r pu t up f o r guaran tee the
Com pany ’s asse t s o f wh ic h t he amoun t i s les s t han wha t i s
s t i pu la ted i n t he p rov i s ions o f pa rag raph 8 be low;
i . Pu rc hase and o r se l l s ec ur i t i es in t he cap i t a l mark e t / o t he r
f i nanc ia l i n s t i t u t ions , excep t f o r secur i t i es i ss ued by t he
Gover nment o f t he Repub l i c o f I ndones ia ;
j . Se t up c ooper a t ion w i t h bus iness en t i t i e s o r o the r pa r t ies , i n
t he f o rm o f a mutua l opera t i o n and inves tmen t o f a s t ra t eg ic
na tu r e and hav ing f inanc ia l im pac t on t he Company and a
t e rm o f more t han 5 ( f i ve ) years ( long te rm) , exc ep t f o r a
c ooper a t ion o f us ing t ec hn i ca l s e r v ic es and o r opera t iona l
f r om o the r pa r t ies ;
k . Conduc t c ooper a t ion t o bu i ld o pe ra te t r ans f e r (BOT) , bu i ld
oper a te own ( BOO) o r bu i ld ren t t r ans f e r ( BRT) un t i l a ce r ta in
va lue s t ipu la ted by t he Mee t ing o f t he Board o f
Comm iss ioners ;
l . S t i pu la te and com p ly t o t he o rgan i za t ion s t r uc t u re ;
m . P ropos e member o f t he Boar d o f D i rec t o rs and Boar d o f
Comm iss ioners in t he s ubs id ia r y o f t he Company.
7 . The f o l low ing ac t ions m ay on l y be c onduc ted by t he Board o f
D i rec t o rs a f t e r ob ta i n ing p r io r appr ova l f r om the Genera l Mee t i ng o f
Shareho lde rs , by obs er v i ng t he law and r egu la t ions i n t he f i e ld o f
Cap i t a l Mark e t , t o :
a . c onduc t ma te r i a l t r ans ac t ion as s t i pu la ted i n t he l aw o f t he
Cap i t a l Mark e t ; o r
3 6
b . c onduc t o the r t r ansac t i on , t o mee t t he l aw i n t he f i e ld o f
Cap i t a l Mark e t .
8 . Lega l ac t i ons t o as s ign , t o d ispos e o f r i gh t o r t o guaran tee a deb t
exc eed ing 50% ( f i f t y per cen t ) o f t he ne t Company ’ s asse t whe ther
i n one t rans ac t ion o r sever a l s epara te t r ans ac t ions o r r e l a ted one
to t he o the r mus t have the approva l o f t he Gener a l Mee t ing o f
Shareho lde rs a t t ended o r rep resen ted by t he Shareho lde rs ho ld ing
a t l eas t 3 / 4 ( t h r ee quar t e rs ) o f t he t o t a l sha res i ssued by t he
Com pany w i t h va l id vo t i ng r igh t s and appr oved by mor e t han 3 /4
( t h ree quar te r s ) o f t he over a l l va l id vo tes du l y c as t i n t he Mee t ing .
I n t he even t t ha t i n t he mee t i ng a f o rem ent ioned above t he
s t i pu la ted quorum i s no t ac h ieved , a t l eas t 10 ( t en ) days and the
l a t es t 21 ( t wen t y -one) days a f t e r the f i r s t mee t ing , a second
mee t ing can be c onduc ted w i t h t he sam e agenda as t he f i r s t
mee t ing . The s ummon f o r t he mee t i ng mus t be conduc ted a t l eas t 7
( s even) days p r io r t o t he s ec ond mee t i ng exempt i ng t he da te o f t he
s ummon i t s e l f and the da te o f t he mee t ing , and f o r suc h summons
the re i s no need t o p r i o r no t i f i ca t i on / announc ement and t he
s ec ond Mee t ing mus t be a t t ended o r rep res en t ed by a t l eas t 2 / 3
( t wo th i r ds ) o f the s har eho lde r s o f a l l s ha r es w i t h va l i d vo t ing
r igh t s and approved by mor e t han 3 /4 ( t h r ee quar t e rs ) o f t he vo tes
va l i d l y cas t i n t he mee t ing .
I f t he quor um i n t he s econd mee t ing i s no t a t t a i ned , a t h i rd mee t ing
c an be he ld , on t he r eques t o f t he Com pany to t he F inanc ia l Ser v ice
Au t ho r i t y ( he r e ina f t e r t o be re f e r red as OJ K) w i t h t he s t i pu la t ion
t ha t t he t h i rd Gene ra l Mee t i ng o f Sha reho lde rs s ha l l be va l id and
3 7
may tak e r es o lu t ions i f a t t ended by t he shareho lde r w i t h va l id
vo t ing r igh t s i n t he quorum o f a t t endance and quor um o f r es o lu t ion
s t i pu la ted by t he OJ K on the reques t o f t he Company.
9 . The Pres iden t D i r ec t o r has t he r igh t and au t ho r i t y t o ac t on beha l f
o f t he Board o f D i rec to r s and rep res en t t he Company . I n t he even t
t ha t t he Pr es iden t D i rec t o r i s no t p res en t o r p reven ted due t o any
r eas on , wh ich does no t need to be p roved to t h i rd pa r t i e s , t he
Board o f D i r ec to r s s ha l l be rep resen ted by a D i rec to r appo in t ed in
wr i t i ng by t he Pr es iden t D i r ec t o r and i n t he even t t ha t t he Pres iden t
D i rec t o r does no t appo in t , a D i rec to r w i t h t he l onges t t e rm in o f f i ce
as a mem ber o f t he Company ’s Board o f D i r ec to rs has t he r igh t t o
ac t on beha l f o f the Board o f D i r ec to rs . I f t he re a re mor e t han 1
( one ) D i r ec t o r w i t h t he longes t t e rm i n o f f i c e , t he m os t sen io r o f
t hem s ha l l hav e the r igh t t o ac t on beha l f o f t he Board o f D i rec t o rs .
10 . To conduc t a lega l ac t ion s uc h as a t r ans ac t ion wh i ch has
c on f l i c t i ng i n te r es t be t ween the econom ic pe r sona l i n te r es t o f a
mem ber o f t he Boa rd o f D i rec t o rs , t he Board o f Commis s ioners o r
t he p r i nc i pa l s ha r eho lde r , w i t h t he ec onom ic in t e res t o f t he
Com pany, t he Board o f D i r ec t o rs need t he approva l o f the Gener a l
Mee t ing o f Shareho lde r s as re f e r red t o i n a r t i c l e 24 pa rag raph 8 o f
t h i s a r t i c l es o f as soc ia t i on .
11 . I n t he even t t ha t t he Com pany has a con f l i c t i ng i n te res t w i t h t he
pe rs ona l i n t e res t o f a mem ber o f t he Boar d o f D i rec to r s , t he
Com pany s ha l l be r ep r esen ted by ano t he r m ember o f the Board o f
D i rec t o rs appo in ted by t he Mee t ing o f t he Board o f D i rec t o rs and in
t he even t t ha t t he Company has a c on f l i c t i n g in t e res t w i t h t he
3 8
i n t e res t o f a l l t he mem ber s o f t he Board o f D i r ec to r s , i n t h i s case
the Com pany s ha l l be r ep r esen ted by t he Board o f Comm iss ioners ,
one and ano t he r w i t hou t p r e j ud ice t o t he p r ov is ions o f pa r ag raph 10
o f t h i s a r t i c le .
12 . The Board o f D i rec t o rs f o r ce r ta i n ac t i ons on t he i r own
r espons ib i l i t y , has t he r igh t t o appo in t one o r m ore pe r son s as t he i r
r ep r esen ta t i ve o r a t t o rney , by g i v i ng h im / her o r t hem the au tho r i t y
f o r ce r t a in ac t ions r egu la ted in t he le t t e r o f a t t o rney .
13 . The du t i es and au tho r i t i e s o f t he respec t i ve m ember s o f t he Board
o f D i r ec t o rs sha l l be s t i pu la ted by a Gener a l Mee t ing o f
Shareho lde rs , i n t he even t t ha t t he Genera l Mee t ing o f
Shareho lde rs does no t s t ipu la te t he du t i es and au tho r i t i es
d i s t r ibu t i on o f t he Board o f D i r ec to r s i t s ha l l be s t ipu la ted pu rs uan t
t o t he m ee t i ng o f the Board o f D i r ec to rs .
14 . At t he l a tes t 60 ( s i x t y ) days p r io r t o t he s ta r t o f t he Company ’s
book year , t he Boa rd o f D i rec t o rs mus t subm i t a work ing p l an and
budge t o f t he Company t o t he Boar d o f Commiss ioner s t o reques t
i t s r a t i f i ca t ion in t he m ee t i ng o f t he Board o f Comm iss ioners .
RIGHTS AND RESPO NSIBI L I TI ES OF THE BO ARD O F DI RECTO RS
Ar t i c le 13
Re la ted t o t he ma in du t i es o f t he Boar d o f D i r ec to rs as
c on t emp la t ed i n Ar t i c l e 12 he r eo f :
1 . The Boar d o f D i rec to r s i s e n t i t l ed t o :
a . S t i pu la te t he po l i c ies in lead ing and manag ing t he Company .
3 9
b . Regu la te t he p r ov is i ons regard ing t he Com pany ’ s emp loyees
i n c lud ing t he s t i pu la t ion on sa la r y , r e t i r ement o r o ld age
i n su r ance and o the r r emuner a t i on f o r t he Company ’s
em p loyees pu rs ua n t t o p reva i l i ng laws and r egu la t i ons .
c . Appo in t and d ism is s t he Com pany ’s em p loyees based on the
Com pany ’s man-powe r regu la t i on and app l i c ab le l aws and
r egu la t ions .
d . Regu la te t he handover o f t he Board o f D i rec to r s au t ho r i t y t o
r ep r esen t t he Company i ns ide an d ou t s ide t he D is t r i c t Cour t
t o one o r s evera l mem bers o f t he Boar d o f D i rec to r s
espec ia l l y appo in ted f o r s uc h mat te r .
e . Conduc t o t he r ac t i ons , be i t f o r t he management o r
owner sh ip , pu rsuan t t o t he p rov i s ions regu la t ed i n t h i s
A r t i c les o f As soc ia t ion and s t ipu la t ed by t he Genera l Mee t ing
o f Shar eho lde r s pu rs uan t t o l aws and r egu la t ions .
2 . The Boar d o f D i rec to r s l i ab i l i t y :
a . E f f o r t and gua ran tee t he im p lementa t ion o f t he bus iness and
ac t i v i t i e s o f t he Com pany ac cor d ing t o i t s ob j ec t i ve s and
goa l s and bus iness ac t i v i t i e s .
b . T im e l y p r epare t he Com pany ’s deve lopment p lan , work p l an
and annua l budge t o f t he Company, in c lud ing o the r p l a ns
r e l a ted t o t he exec u t ion o f t he bus iness and ac t i v i t i es o f t he
Com pany and subm i t i t t o t he Boar d o f Comm iss ioners t o
ob ta i n i t s ra t i f i c a t ion .
4 0
c . Formu la te and ma in ta i n t he Company ’ s book k eep ing and
adm in is t r a t ion acc ord ing t o cus tomar y app l i cab le t o a
Com pany.
d . Com p i l e an accoun t i ng s ys t em ac co rd ing t o t he F inanc ia l
Acc oun t ing S tandar d and based on i n te r na l c on t r o l p r inc i p les ,
espec ia l l y t he f unc t i ons o f managem ent , r ec o r d ing ,
ma in tenance and super v i s ion .
e . P rov ide ac coun t ab i l i t y and a l l i n fo rmat ion r egard in g t he
c ond i t i on and oper a t i on o f t he Company in t he f o rm o f an
annua l repor t i nc lud ing t he F inanc ia l S ta t ement t o t he Gener a l
Mee t ing o f Shareho lde r s .
f . P rov ide a pe r i od ica l r epor t acc o rd ing t o t he m eans and t ime
c omp ly i ng w i t h t he p r ov is i ons o f l aw and r egu la t ion and o t he r
r epo r t s reques t ed by t he Shar eho lde rs .
g . Prepar e t he Company ’ s o rgan i za t ion s t ruc t u re inc l ud ing
de ta i l s o f t he du t ies .
h . Imp lement t he annua l work i ng p lan .
i . Conduc t o the r ob l iga t i ons ac cor d ing t o t he p rov i s ions
r egu la ted in t h i s A r t i c les o f As soc ia t i on o r r eso l ved by t he
Gener a l Mee t i ng o f Shareho lde r s and app l i c ab le l aws and
r egu la t ions .
BO ARD O F DIRECTO RS MEETI NG
Ar t i c le 14
1 . The Board o f D i r ec t o rs Mee t i ng mus t be conduc ted pe r iod ic a l l y a t
l eas t onc e ever y mon th .
4 1
2 . Bes ides s uc h pe r iod ic a l Mee t ing , t he Board o f D i rec to rs Mee t ing
c an be he ld any t ime i f f ound nec essa r y by :
a . One o r m ore mem bers o f t he Board o f D i rec t o rs ;
b . One o r m ore mem bers o f t he Board o f Comm iss ioners ;
c . On a wr i t t en reques t o f 1 (one) o r more s har eho lde rs who
c o l lec t i ve l y r ep r esen t 1 / 10 ( one ten th ) o r mor e o f a l l t he t o t a l
s ha r es w i t h va l id vo t i ng r igh t s .
3 . The Board o f D i r ec t o rs mus t c onduc t a Boar d o f D i rec to rs mee t ing
w i t h t he Boar d o f Comm iss ioners pe r i od ic a l l y a t l eas t once ever y 4
( f ou r ) mon ths .
4 . The a t t endance o f t he Bo ar d o f D i rec to r s members in a m ee t ing
must be s ta t ed i n t he Company ’ s annua l repor t .
5 . The Board o f D i r ec to r s mus t s chedu le t he mee t i ng as re fe r red t o i n
pa rag raph (1 ) o f t h i s a r t i c le f o r t he com ing year p rev ious t o t he end
o f t he book year .
6 . The m ate r i a l f o r t he Boar d o f D i rec t o rs Mee t ing and Board o f
Comm iss ioners Mee t ing wh ic h has been schedu led m us t be
s ubm i t t ed t o t he pa r t i c ipan ts a t t he la t es t 5 ( f i ve ) days p r io r t o t he
mee t ing i s he ld .
7 . I n t he even t t ha t t he mee t ing i s c onduc ted ou ts i de t he f i xed
s chedu l e , t he mee t ing mat e r ia l mus t be submi t t ed t o t he
pa r t i c i pan ts a t t he l a t es t p r i o r t o t he mee t ing i s c onvened .
8 . A ca l l t o t he Board o f D i r ec t o rs Mee t ing i s conduc t ed by a mem ber
o f t he Board o f D i rec to r s w i t h t he r igh t t o ac t f o r and on beha l f o f
t he Board o f D i r ec t o rs acc ord ing t o t he p rov i s ion o f A r t i c le 12
he reo f .
4 2
9 . A Ca l l t o t he Board o f D i rec to r s Mee t ing mus t s t a te t he da te , t ime ,
agenda and p lac e o f Mee t i ng .
10 . A c a l l t o t he Mee t ing o f t he Board o f D i rec t o rs mus t be s ubm i t t ed by
a reg is te r ed l e t t e r o r hand d e l i ve red to each Boar d o f D i r ec t o rs
mem ber s w i t h a r ec e ip t o r by f acs im i le o r o the r e l ec t ron i c m ed ia a t
t he la t es t 5 ( f i ve ) days p r i o r t o t he mee t ing , o r a s hor t e r t ime i n an
em ergenc y .
11 . The Mee t ing o f t he Boar d o f D i rec to r s i s he ld a t t he domic i le o f t he
Com pany o r a t t he Com pany ’ s a rea o f oper a t ion in t he t e r r i t o r y o f
t he Repub l i c o f I ndones ia . I n t he even t t ha t a l l m embers o f t he
Board o f D i r ec to r s a re p r es en t o r rep resen ted , a p rev ious ca l l f o r a
mee t ing i s no t r equ i r ed and the Board o f D i r ec t o rs Mee t ing m ay be
he ld anywhere , p rov ided i t i s i n t he t e r r i t o r y o f t he Repub l i c o f
I ndones ia and s uch Mee t ing i s en t i t l ed t o t ak e va l i d and b ind ing
r eso lu t ions .
12 . The Mee t ing o f Board o f D i rec to rs i s cha i red by t he Pres iden t
D i rec t o r and in t he even t o f an imped imen t t o t he Pr es iden t D i r ec t o r
o r c anno t a t t end fo r wha tsoever r eas on wh ic h does no t have to be
p roven t o t h i rd pa r t ie s , t he Board o f D i r ec t o rs Mee t i ng sha l l be
c ha i r ed by a membe r o f t he Board o f D i rec t o rs chos en by and f rom
the Board o f D i r ec to rs mem bers i n a t t endance i n t he m ee t i ng .
13 . A member o f t he Board o f D i rec to r s may r ep r es en t in a Board o f
D i rec t o rs Mee t ing on l y by ano the r Boar d o f D i r ec to rs member
pu rs uan t t o a l e t t e r o f p roxy es pec ia l l y made f o r such need , s uch
power o f a t t o r ney can be s ubm i t t ed t h rou gh f acs im i le , e -ma i l o r
o t he r e l ec t r on ic means ( i f sen t by f acs im i l e , e -ma i l o r o the r
4 3
e l ec t r on ic comm un ic a t ion means mus t be f o l lowed up by i t s o r ig ina l
o r a ce r t i f i ed copy sen t and ev idenced by a rec e ip t o r a reg i s te r ed
l e t t e r o r a c our ie r k nown i n te r na t i ona l l y as s oon as poss ib l e ) .
14 . The Board o f D i r ec t o rs Mee t i ng i s va l i d and en t i t l ed to t ak e va l id
and b ind ing res o lu t i on i f more t han 1 /2 (one ha l f ) o f t he t o t a l Board
o f D i r ec t o rs m embe rs a re p r esen t o r o f f i c ia l l y rep resen ted i n s uch
Mee t ing .
15 . The dec is ion o f t he Boar d o f D i rec to rs Mee t i ng mus t be t ak en by
de l ibe ra t i on f o r cons ensus . I n t he even t t ha t t he dec i s i on by
de l ibe ra t i on f o r consens us i s no t a t t a i ned , t he dec is i on s ha l l be
t ak en by a s imp le ma j o r i t y o f more t han 1 /2 (one ha l f ) o f t he vo tes
c as t va l id l y i n t he Mee t ing .
16 . I n t he even t o f a t i e vo t e t he Cha i rpe rs on o f t he Mee t ing s ha l l
dec ide .
17 . a . Ever y m ember o f t he Board o f D i r ec to r s i n a t t endance i s
en t i t l ed t o g i ve 1 (one) vo t e and ano the r 1 ( one) vo te f o r
ano t he r mem ber o f t he Board o f D i rec t o rs whom sh e /he
r ep r esen t .
b . Vo t e r egard ing a pe rs on s ha l l be conduc ted by a c lose vo te
w i t hou t s igna tu r e , wh i l e f o r o the r ma t te r s s ha l l be c onduc ted
o ra l l y exc ep t i f t he Cha i rman o f t he Mee t ing dec ide o the r w ise
w i t hou t any ob j ec t ion f rom those in a t t endance .
c . B lank vo t es and i nva l id vo tes s ha l l no t be coun ted and
deem ed no t t o ex i s t and no t coun t ed in t he t o ta l t a l l y o f vo tes .
18 . The resu l t s o f a Board o f D i rec to rs mee t i ng as re fe r red t o in
pa rag raph ( 1 ) t h i s Ar t i c l e mus t be con ta ined i n a m inu tes o f
4 4
mee t ing , s igned by a l l members o f t he Boa rd o f D i rec t o rs i n
p res en t , and d is t r ibu ted t o a l l members o f t he Boar d o f D i rec t o rs .
19 . The r es u l t o f a j o i n mee t ing be t ween t he Board o f D i r ec to r s and
Board o f Comm is s ioner s as r e f e r red t o in pa r ag raph ( 3 ) he reo f mus t
be c omp i led in a m inu tes o f mee t ing , s igned by t he m embers o f t he
Board o f D i rec t o rs and Boar d o f Comm iss ioners i n a t t endance , and
d i s t r ibu ted t o a l l mem ber s o f t he Board o f D i r ec to r s and Board o f
Comm iss ioners .
20 . I n t he even t t ha t t he re i s a m ember o f t he Boar d o f D i r ec to r s and /o r
a Boar d o f Commis s ioners member who does no t s ign t he m inu tes
o f t he mee t i ng as re f e r red t o i n pa r agr aph ( 18 ) and (19 ) , t he pe rs on
c oncer ned mus t s ta t e h is / he r r eason i n wr i t i ng i n an s epera t e l e t t e r
wh i c h s ha l l be a f f i xed t o t he m inu t es o f t he m ee t ing . The m inu tes o f
t he mee t ing as r e f e r red t o in pa r agr aph ( 18 ) and (19 ) mus t be
doc umented by t he Com pany .
21 . The Minu tes o f t he Board o f D i rec to rs Mee t i ng and o r Board o f
D i rec t o rs and Board o f Com m is s ioners Minu t es o f Mee t ing c omp i l ed
and s igned acc ord ing t o t he p r ov is i ons o f pa r ag raph 18 and 19 th i s
a r t i c le sha l l be va l i d ev i denc e , bo th f o r t he mem ber s o f t he Board
o f D i rec to rs and th i r d pa r t i es r egar d ing t he Boar d o f D i rec to rs
r eso lu t ion t ak en i n s uc h Mee t i ng .
22 . The Board o f D i rec t o rs Mee t ing can be he ld t h r ough a c on f e renc e
be t ween the Board o f D i r ec t o rs mem ber s who a re i n d i f f e ren t
p l ac es , t h rough a phone con f e rence , v i deo con f e renc e o r o the r
means o f e lec t r i ca l comm un ic a t ion wh i ch enab le t he resp ec t i ve
Board o f D i r ec t o rs mem ber s t o hear eac h o t he r and pa r t i c i pa t e in
4 5
t he Mee t i ng . A Boa rd o f D i rec to rs Mee t ing he ld in s uch m anner as
men t ioned above , mus t com p ly t o t he f o l l ow ing p rov i s ions :
a . The r espec t i ve Board o f D i rec to rs members in a t t endanc e
s ha l l be deemed to be p res en t i n t he Mee t ing t o dec ide on t he
p res ence quor um r equ i r ements and the Boar d o f D i r ec t o rs
Mee t ing res o lu t i on .
b . The p lac e wher e t he Cha i rman o f t he Mee t ing pa r t i c i pa t e sha l l
be deemed as t he p l ac e o f ho ld ing t he Board o f D i rec to rs
Mee t ing as con temp la ted in pa r ag raph 11 t h is a r t i c le ;
c . The m inu t es o f Mee t i ng mus t be c i r cu la ted t o and s igned by
t he Cha i rm an o f t he Mee t ing and a l l o f t he pa r t i c ipa t i ng Board
o f D i r ec to r s membe rs .
23 . The Boar d o f D i r ec t o rs may a ls o adop t a va l id reso lu t ion w i t hou t
c onven ing a Mee t ing o f t he Boar d o f D i r ec t o rs , p r ov ided tha t a l l
mem ber s o f t he Board o f D i r ec to rs have been i n f o rmed i n wr i t i ng
r egard ing t he p roposa l s and g i ven the i r appr ova ls t o suc h p roposa ls
by s ign ing i t . Reso lu t i ons t ha t a r e adop ted in t h i s way a re b i nd ing
as reso lu t i ons t ha t a r e va l i d l y adop ted i n a Mee t ing o f the Board o f
D i rec t o rs .
BO ARD O F COMMISSIO NERS
Ar t i c le 15
1 . The Boar d o f Comm is s ioners cons i s t s o f a t l eas t 2 ( two ) pe rs ons , one
o f t hem s ha l l be appo in ted as Pres iden t Commiss ione r and t he o t he r
one as I ndependen t Comm iss ioner . I f t he number o f t he Board o f
4 6
Comm iss ioners m embers exceeds 2 ( t wo) pe r sons , t hen Independen t
Comm iss ioner mus t be appo in t ed a t l eas t 30% ( th i r t y pe rcen t ) o f t he
t o t a l num ber o f the members o f the Boar d o f Co mm iss ioners o r
acc ord ing t o p reva i l i ng laws and regu la t i ons .
2 . Those ab le t o be appo in ted as a m ember o f t he Boa rd o f
Comm iss ioners a re I ndones ian C i t i zens , who mee t t he requ i r ements
a t t he t im e o f appo in tm en t and du r i ng t he t e rm i n o f f i c e :
a . has good d is pos i t i on , mor a l and in teg r i t y ;
b . ab le t o conduc t lega l ac t ions ;
c . du r i ng 5 ( f i ve ) years p r i o r t o h is /he r appo in tm en t and du r ing t he
t e rm i n o f f i c e :
1 . i s never dec la red bank rup t ;
2 . has never been a mem ber o f t he Board o f D i r ec t o rs
and / o r Boar d o f Comm iss ioners acc us ed o f be ing t he
r eas on f o r a company to be dec la red bank rup t ;
3 . never been s en t enc ed due to a c r im ina l ac t wh ic h was
de t r imen ta l t o t he s ta t e f i nanc ia l and / o r re la t ed t o
f i nanc ia l s ec to r ; and
4 . never been a member o f t he Board o f D i rec t o rs a nd /o r
Board o f Commiss ioner s who dur i ng i t s t e rm i n o f f i ce :
i . d i d no t c onvene an annua l Gene ra l Mee t ing o f
Shareho lde rs ;
i i . has never been acc oun tab le as mem ber o f t he
Board o f D i rec to rs and / o r Boar d o f Comm is s ioners
r ece i ved by t he Gener a l Mee t ing o f Sh areho lde rs
o r d id no t submi t an acc oun tab le repor t as member
4 7
o f t he Boar d o f D i r ec t o rs and /o r Board o f
Comm iss ioners t o G enera l Mee t ing o f
Shareho lde rs ; and
i i i . c aused a c ompany wh ic h has ob ta i ned a l i c ense ,
appr ova l , o r reg is t ra t i on f rom the F inanc ia l Se r v i ce
Au t ho r i t y unab le t o mee t i t s ob l iga t ion t o submi t
an annua l r epor t and /o r f i nanc ia l s ta tem ent t o t he
F inanc ia l Se r v ic e Au t ho r i t y .
d . has t he comm i tmen t t o comp ly t o laws and regu la t ions ; and
e . has t he c apac i t y and /o r exper t i n t he f i e ld needed by t he
Com pany.
Bes ides mee t i ng t he requ i r ements as con temp la t ed above , t he
appo in tm en t o f a m embe r o f t he Board o f Commis s ioners i s
c onduc ted by obse r v ing o the r requ i r ement s pu r suan t t o l aws and
r egu la t ions .
3 . Mee t i ng t he requ i rem ents as c on tem p la t e d i n pa r ag raph 2 t h i s a r t i c l e ,
i s p roved by a s ta t ement s igned by t he c and ida te member o f t he
Board o f Commiss ioners and such le t t e r i s s ubm i t t ed t o t he
Com pany, suc h s ta tem ent mus t be exam ined and doc umented by t he
Com pany.
4 . A mem ber o f t he Board o f Comm iss ioners i s appo in t ed by t he
Gener a l Mee t ing o f Shar eho lde rs , f r om cand ida t es p r oposed by t he
ho lde r o f t he s e r ia l A Dwiwa rna s ha reho lde r a f t e r go ing t h rough a
c and idac y p rocess acc ord ing t o laws and regu la t i ons and s uch
c and id ac y i s b ind ing f o r t he Gener a l Mee t ing o f Shareho lde r s .
4 8
5 . Members o f t he Boar d o f Comm iss ioners a re appo in ted and
d i sm iss ed by t he Gener a l Mee t i ng o f Shareho lde rs , and s uch
Gener a l Mee t ing o f Shar eho lde rs mus t be a t t ended by t he se r i a l A
Dwiwa r na s har e ho lde r ; and the r eso lu t i on o f t he Mee t ing m us t be
appr oved by t he ho lde r o f t he s e r ia l A Dwiwa r na s ha reho lde r by
obs er v i ng t he p rov i s i ons i n a r t i c le 24 pa rag raph 1 and 7 o f t he
A r t i c les o f Ass oc ia t ion .
The te rm i n o f f i ce o f t he res pec t i ve mem ber s o f t he Bo ar d o f
Comm iss ioners i s as o f t he da t e o f t he G enera l Mee t ing o f
Shareho lde rs who appo in ted ( t hem) and s ha l l t e rm ina t e a t t he
c l os ing o f t he 5 t h ( f i f t h ) yea r Annua l Genera l Mee t ing o f
Shareho lde rs as o f t he da te o f ( t he i r ) appo in tm en t , w i t hou t
p re j ud ic e t o t he r igh t s o f t he Genera l Mee t ing o f Shareho lde r s t o
d i sm iss t he members o f t he Board o f Comm iss ioners a t any t im e
p r i o r t o t he t e rm ina t ion o f t he i r t e rm in o f f i ce by men t i on ing t he
r eas on , among o t he rs i f t he mem ber o f t he Board o f Comm iss ioners
i s unab le t o conduc t h i s /he r du t i es we l l , does no t im p lem ent laws
and r egu la t ions and / o r s t ipu la t ion o f t he a r t i c l es o f as soc ia t i on , i s
i n vo l ved i n ac t ions wh ich a r e de t r imen ta l t o t he Company and /o r
S ta t e due to neg l ig ence o r e r ro r by t he mem ber concer ned , i s
p ronounc ed to be gu i l t y by a ve r d ic t o f a cour t wh ic h a l r eady has
l ega l powe r , and /o r res ign . Such d ism iss a l p r oc es s s ha l l be
c onduc ted acc ord ing t o t he p r ov is i ons o f l aw and r egu la t i on . Exc ep t
i f suc h d ism is sa l i s due to a sen tenc e o f a c our t wh ich has lega l
power and i f she / he res ign , t he m ember o f t he Board o f
4 9
Comm iss ioners c oncer ned i s g i ven an oppor t un i t y t o be p resen t in
t he Gener a l Mee t i ng o f Shareho lde rs t o de f end he r /h im s e l f .
Suc h d ism is sa l sha l l be e f f ec t i ve as o f t he c l os i ng o f t he Genera l
Mee t ing o f Shar eho lde r s wh ic h reso lved such d ism iss a l , exc ep t i f i t
i s o the r w i se s t i pu la t ed by t he Gener a l Mee t ing o f Shareho lde rs .
A t t he end o f t he i r t enur e , a member o f t he Boar d o f Comm iss ioners
may be reappo in t ed by t he Gener a l Mee t ing o f Shar eho lde r s on l y
f o r 1 (one) m ore t e rm in o f f i ce .
6 . There m ay be no f am i l y r e la t i on b e t ween t he mem bers o f t he Board
o f Commiss ioner s and members o f t he Boar d o f Commis s ioners up
t o t he t h i rd gene ra t ion whe ther in s t r a igh t o r s i de d i r ec t ion ,
i n c lud ing a re l a t ion due t o m ar r i age .
7 . A mem ber o f t he Boar d o f Comm is s ioners i s g i ven a mon th l y
r emunera t i on and o the r bene f i t s in c lud ing a bonus a f t e r the i r t enure
i n o f f i c e acco rd ing t o p reva i l i ng s t ipu la t i on o f wh ic h t he amoun t
s ha l l be dec ided by t he Gener a l Mee t ing o f Shar eho lde r s .
8 . The d is t r ibu t ion o f du t ies among the m embers o f t he Board o f
Comm iss ioners s ha l l be regu la t ed by t hem se l ves , and f o r t he
sm oot hness o f t he i r du t ies t he Board o f Commis s ioners may be
ass is t ed by a Sec re t a r y appo in ted by t he Board o f Comm iss ioners
on acc oun t o f t he Com pany.
9 . I f due to any reason wha t soever t he pos i t i on o f one o r more o f t he
Board o f Commiss ioner s members bec ome vac an t , w i t h in t he l a tes t
60 ( s i x t y ) days a f t e r such vac anc y , Gener a l Mee t ing o f
Shareho lde rs mus t be he ld t o f i l l i n suc h vac anc y by obser v ing
pa rag raph 2 t h i s Ar t i c l e .
5 0
A mem ber o f t he Board o f Commis s ioners i s en t i t l ed t o res ign
he rs e l f / h ims e l f f rom he r /h is pos i t i on by no t i f y ing i n wr i t i ng
r egard ing such in ten t ion t o t he Company a t t he la tes t 90 (n ine t y )
days p r io r t o t he da t e o f r es igna t i on .
The Com pany mus t ho ld a Genera l Mee t i ng o f Shareho lde r s t o
r eso l ve on t he r eques t o f r es igna t ion f rom a m ember o f t he Board o f
Comm iss ioners , w i t h i n a t l eas t 90 (n ine t y ) days a f t e r rece i v i ng suc h
r es igna t i on le t t e r .
P r io r t o t he dec is i on f o r a res igna t i on in a Genera l Mee t ing o f
Shareho lde rs , t he c oncer ned mem ber o f t he Board o f
Comm iss ioners m us t s t i l l conduc t he r /h i s du t i es and respons ib i l i t i es
acc ord ing t o t he a r t i c les o f ass oc ia t i on and p reva i l i ng laws and
r egu la t ions .
The acqu i t e t dec ha rge o f a mem ber o f t he Board o f Comm iss ioners
who r es ign i s g i ven a f t e r t he Annua l G ene ra l Mee t ing o f
Shareho lde rs se t he r /h im f ree as o f t he e f f ec t i ve da te o f
r es igna t i on . The Com pany m us t c onduc t an open in f o rmat i on t o t he
c ommun i t y and s ubm i t t o t he F inanc ia l Ser v ic e Au tho r i t y a t t he
l a t es t 2 ( t wo) bus iness days a f t e r rece i v i ng t he r eques t f o r a
r es igna t i on o f a mem ber o f t he Boa rd o f Comm is s ione rs and the
r esu l t o f t he Genera l Mee t ing o f Shareho lde r s .
10 . I n t he even t t ha t a mem ber o f t he Board o f Comm is s ioner s r es ign
and resu l t i ng i n t he m embers o f t he Board o f Comm iss ioners
bec om ing l es s t han 2 ( t wo) pe rs ons , such r es igna t i on sha l l be va l i d
i f i t i s s t i pu la ted by t he Gener a l Mee t ing o f Shar eho lde rs dec id ing
on s uch r es igna t i on and a new member o f t he Board o f
5 1
Comm iss ioners has been appo in ted s o t ha t i t mee t s t he m in ima l
number requ i r ements o f t he mem ber s o f t he Board o f
Comm iss ioners .
11 . The pos i t i on o f a mem ber o f t he Board o f Commiss ioner s t e rm ina t es
i n t he even t t ha t :
a . t he t e rm i n o f f i c e has exp i red ;
b . r es ign i t s e l f ac co rd ing t o t he p r ov is ions o f pa rag raph 10 th is
a r t i c le ;
c . does no t mee t the requ i rem ents o f p reva i l i ng laws and
r egu la t ions ;
d . pas sed away ;
e . d i sm iss ed pu rs uan t t o a reso lu t i on o f t he Gener a l Mee t ing o f
Shareho lde rs .
12 . One o r mor e members o f t he Boar d o f Commiss ione rs can be
tem por a r y d ism issed by t he ho lde r o f t he s e r i a l A Dwiwa rna
s har eho lde r i f t hey ac t i n v i o la t i on o f t hese a r t i c les o f ass oc ia t i on
o r i f t he r e i s an ind ic a t ion t o be de t r imen ta l t o t he Com pany o r
neg lec t t he i r du t ies o r f o r an u rgen t reason to t he Com pany .
Tempora r y d i sm iss a l mus t be no t i f i ed in wr i t i ng t o t he pe r son
c oncer ned and inc lud ing t he reas on the re f o re .
W i th i n 60 ( s i x t y ) days a f t e r s uch tempora r y d i sm iss a l an
Ex t rao rd ina r y Gene ra l Mee t ing o f Shareho lde r s mus t be h e ld t o
r eso l ve whe t her t he member o f the Boar d o f Comm iss ioners
c oncer ned sha l l be d ism iss ed o r re i ns t a ted i n h is / he r p rev ious
pos i t i on , wh i l e t he t em por a r y d i sm is sed member i s g i ven an
oppor tun i t y t o be p r esen t and de f end he r /h im se l f .
5 2
13 . I f suc h Ext rao rd ina r y Gener a l Mee t ing o f Shar eho lde rs i s no t he ld
w i t h in 60 ( s i x t y ) days a f t e r such tem por a r y d ism iss a l , s uch
d i sm iss a l i s vo id by l aw.
14 . Mem ber s o f t he Board o f Comm is s ioners a r e p roh ib i t ed t o ho ld a
c oncur r en t pos i t i on as :
a . mem ber o f t he Boar d o f D i r ec to r s i n a S t a te O wned Company,
Reg iona l Bus ines s Com pany, p r i va te bus iness en t i t y ;
b . o t he r pos i t i ons ac cor d ing t o t he p rov i s i ons o f l aw and
r egu la t ion ;
c . a mem ber o f a po l i t i ca l pa r t y and o r l eg is l a t i ve
c and ida te /mem ber ; and / o r
d . o t he r pos i t i ons wh ic h may l ead to a con f l i c t o f i n te r es t
DUTI ES AND AUTHORI T IES OF THE BO ARD O F COMMISSIO NERS
Ar t i c le 16
1 . The Boar d o f Comm iss ioners c onduc t :
a . s uper v is i on f o r t he in t e res t o f t he company by obs er v i ng t he
i n t e res t o f t he shareho lde r s and be res pons ib l e t o t he Gener a l
Mee t ing o f Shareho lde r s .
b . s uper v is i on on t he po l i c y o f t he Com pany ’s managem ent
c onduc ted by t he Board o f D i rec t o rs and p rov ide adv i ce t o t he
Board o f D i r ec t o rs i n oper a t i ng t he Com pany inc lud ing t he
Com pany ’s Deve lopm ent P lan , t he Imp lementa t ion o f t he
Com pany ’s W ork P lan and Budge t , t he p rov i s ions o f t h i s
5 3
a r t i c les o f as soc ia t i on and the r es o lu t i on o f t he Gener a l
Mee t ing o f Shareho lde r s and p reva i l i ng laws and regu la t ions .
c . du t y , au t ho r i t y and r es pons ib i l i t y acco rd ing t o t he p r ov is i ons
o f t h i s a r t i c les o f ass oc ia t i o n , t he r es o lu t i on o f t he G enera l
Mee t ing o f Shareho lde r s and p reva i l i ng laws and regu la t ions .
d . t o s t udy and rev iew t he annua l repor t p r epared by t he Board
o f D i r ec to r s and s ign s uc h annua l repo r t .
2 . Mem ber s o f t he Board o f Comm iss ioner s whe ther co l l e c t i ve l y o r
i nd i v idua l l y may a t any t ime dur ing t he work i ng hours o f t he
Com pany en te r t he p rem ises o r o t he r p l ac es used o r con t ro l l ed by
t he Com pany and i s en t i t l ed t o examine a l l book s , l e t t e r s ,
ev i denc es , exam ine and ve r i f y t he cond i t i on o f t he cash and o the r
ma t t e rs and en t i t l ed t o k now a l l ac t ions c onduc t ed by t he Board o f
D i rec t o rs .
3 . I f deemed nec ess ar y , t he Boar d o f Comm is s ioners in t he f ramework
o f conduc t ing i t s du t ies may r eques t t he as s is tanc e o f exper t f o r
c e r ta i n mat te r s and a ce r t a in pe r iod on ac coun t o f t he Com pany.
4 . The Boar d o f Comm iss ioners m us t as s ign an Aud i t Comm i t t ee and
may f o rm o t he r c omm i t t ees acc ord ing t o t he need o f t he Company
and acc ord ing t o l aws and regu la t i ons , t o ass is t t he Board o f
Comm iss ioners in c onduc t i ng i t s du t ies .
5 . The Board o f D i r ec t o rs and any m ember mus t p rov ide in f o rmat ion
r egard ing a l l ma t t e rs r eques ted by t he Board o f Commiss ioner s .
6 . A mem ber o f t he Board o f D i rec t o rs may be tempora r y d i sm iss ed by
t he Boar d o f Comm iss ioners by men t ion ing t he r eason the re f o re i f
t hey ac t i n b r eac h o f t hes e A r t i c les o f As soc ia t ion o r i f t he re i s an
5 4
i nd ic a t i on o f ac t ion wh ic h i s de t r imen t a l t o t he Company o r neg lec t
i t s du t i es o r t he re i s an u rgen t reas on f o r t he Company , by
obs er v i ng t he f o l l ow ing p r ov is ions :
a . The dec i s i on o f the Boar d o f Comm iss ioners t o t empora r y
d i sm iss a m ember o f t he Boar d o f D i rec to r s i s conduc ted
c omp ly i ng w i t h t he p rocess o f t ak ing r es o lu t ion o f t he Board
o f Commiss ioner s .
b . A t empora r y d i sm is sa l mus t be no t i f i ed i n wr i t i ng to t he
D i rec t o r c oncer ned inc lud ing t he reason t he r e f o re w i t h a c c t o
t he Board o f D i r ec to rs .
c . Suc h no t i f i ca t i on as r e f e r red t o i n l e t t e r b t h i s pa r ag raph mus t
be de l i ve red a t t he l a tes t 2 ( t wo ) days a f t e r t he dec is ion o f
s uc h tempora r y d ism iss a l .
d . A mem ber o f t he Board o f D i rec to rs t empora r y d ism iss ed i s
n o t a l l owed to r un t he management o f t he Company and
r ep r esen t t he Company f o r t he i n te r es t o f t he Company
acc ord ing t o i t s ob jec t i ve and goa l whe the r i ns ide o r ou t s ide
t he c our t .
The l im i t a t i on o f au t ho r i t y as re f e r red t o i n le t t e r d i s va l i d as
o f t he dec i s ion t o t he t empor a r y d ism is sa l by t he Board o f
Comm iss ioners un t i l :
i . t he re i s a r es o lu t i on o f t he Genera l Mee t ing o f
Shareho lde rs wh ich annu l l ed t he t empora r y d ism iss a l as
r e f e r r ed t o i n le t t e r f ; o r
i i . w i t h t he pas s ing o f t ime as re f e r red t o in l e t t e r e .
5 5
e . W i th i n t he la t es t 90 ( n i ne t y ) days a f t e r such t empora r y
d i sm iss a l a Genera l Mee t i ng o f Shareho lde rs mus t be he ld by
t he Boa rd o f Comm iss ioners t o r es o l ve whe t her t o revok e o r
upho ld suc h tem por a r y d i sm issa l .
f . W i th t he pass ing o f t im e the conven ing o f t h e Genera l Mee t ing
o f Sha reho lde rs as re f e r red t o in le t t e r e o r i f t he Gener a l
Mee t ing o f Shar eho lde r s i s unab le t o t ak e a r es o lu t ion , o r t he
Gener a l Mee t ing o f Shareho lde r s annu l such tempora r y
d i sm iss a l , such tempora r y d ism is sa l as re f e r red t o i n le t t e r a
bec ome nu l l and vo id and the mem ber o f t he Board o f
D i rec t o rs c oncer ned has t he r igh t t o be re ins ta l led i n h i s / he r
pos i t i on aga in .
g . The G enera l Mee t ing o f Shareho lde rs as re f e r red t o i n le t t e r e
t h i s pa rag raph s ha l l be c ha i red by t he Pres iden t
Comm iss ione r and i f he / s he i s no t p resen t , wh ic h imped imen t
does no t need to be p r oved to a t h i rd pa r t y , t he Mee t i ng sha l l
be c ha i r ed by one o the r membe r o f t he Board o f
Comm iss ioners appo in t ed t he r e f o re by t he Mee t ing and i n t he
even t t ha t a l l m embers o f t he Board o f Comm is s ioners a re no t
p res en t in s uch Mee t ing , t he Mee t i ng sha l l be cha i r ed by a
s har eho lde r chos en by and f rom those i n a t t endance . The
s ummon f o r t he Mee t ing m us t be c onduc ted acc ord ing t o t he
p rov i s i on o f a r t i c l e 22 o f t he a r t i c les o f as soc ia t ion .
h . The G enera l Mee t ing o f Shareho lde rs as re f e r red t o i n le t t e r e
t h i s pa rag raph .
5 6
7 . Re la ted t o t he du t ies and au t ho r i t i es o f t he Boar d o f Comm iss ioners
c on t emp la t ed i n pa rag raph 1 o f t h i s a r t i c l e , t he Board o f
Comm iss ioners i s l i ab le f o r :
a . To g i ve adv i ce and op in i o n t o the Genera l Mee t ing o f
Shareho lde rs conce rn ing t he Company ’ s deve lopment p lan ,
annua l r epor t and o t he r pe r i od ic a l r epor t s f r om the Board o f
D i rec t o rs ;
b . P rov ide r epor t r egard ing t he s upe rv i s i on du t ies conduc ted
du r ing t he p rev ious book year t o t he G ener a l Mee t ing o f
Shareho lde rs i nc lud ing adv i ces and s t eps t o impr ove wh i c h
has t o be conduc ted , i n t he even t t ha t t he Company s hows
tendenc ies o f de te r i o r a t ion ;
c . P rov ide adv ic e and op in i on r egard ing t he Gener a l Mee t ing o f
Shareho lde rs regar d ing any o t he r ma t t e rs wh ic h a re deemed
impor tan t f o r t he managem ent o f t he Com pany;
d . Rat i f y t he Com pany ’ s W ork P lan and Budge t subm i t t ed by t he
Board o f D i r ec t o rs w i t h in a t t he l a tes t 30 ( t h i r t y ) days a f t e r
t he s t a r t o f t he new book year .
I n t he even t t ha t t he Com pany ’s W ork P lan and Budge t i s no t
r a t i f i ed w i t h in 30 ( t h i r t y ) days as o f the s ta r t o f t he new book
year , t he Company ’ s W ork P lan and Budge t o f t he p rev ious
book year s ha l l p reva i l .
e . Conduc t o the r s upe r v is o r y du t ies s t ipu la t ed by t he Genera l
Mee t ing o f Shareho lde r s .
f . Com p i l e a m inu tes o f t he Board o f Comm iss ioners mee t ing .
5 7
g . P ropos e t o t he Genera l Mee t i ng o f Shareho lde r s , t h rough t he
Board o f D i rec t o rs , t o appo in t an acc oun tan t pub l i c o f f i c e t o
c onduc t aud i t on t he Company ’ s f i nanc ia l s ta t ement .
h . Toge the r w i t h t he Boar d o f D i r ec to r s comp i l e gu ide l i nes
b i nd ing on t he respec t i ve mem bers o f t he Boar d o f D i rec to rs
and Boar d o f Comm iss ioners , comp l ian t t o p r eva i l i ng l aws and
r egu la t ions .
i . Toge the r w i t h t he Board o f D i r ec to r s com p i l e code o f e t h ics
app l i cab le t o a l l mem ber s o f t he Board o f D i rec t o rs and Board
o f Comm iss ioners , emp loyees / wo rk e rs , and s uppor t i ve o rgans
owned by t he Company , acc ord ing t o p reva i l i ng laws and
r egu la t ions .
j . I n ce r t a in c ond i t i ons , t he Board o f Commiss ioner s mus t
c onvene an annua l G enera l Mee t ing o f Sha r eho lde rs and
o t he r G enera l Mee t ing o f Shareho lde r s ac cor d ing t o i t s
au tho r i t y as regu la ted i n t he p rov i s ions o f l aw and r egu la t i on
and a r t i c les o f assoc ia t i on .
8 . Eac h mem ber o f t he Boar d o f Commiss ioners i s f u l l y r espons ib l e on
t he loss o f t he Company due t o e r ro r o r neg l igenc e o f t he mem ber
o f t he Board o f Comm iss ioners in conduc t i ng t he i r du t ies .
9 . The mem bers o f the Boar d o f Commis s ioner s a r e no t acc oun tab le
on t he loss o f t he Com pany i f i t can be p roved tha t :
a . s uc h l os s i s no t due t o t he i r f au l t o r ne g l igence ;
b . has c onduc t ed s uper v i s i on w i t h good i n ten t ion , f u l l y
r espons ib le , and p rudenc e f o r t he in t e r es t and acc ord ing
t o t he goa ls and ob jec t i ves o f t he Company
5 8
c . has no con f l i c t o f i n t e res t e i t he r d i r ec t o r i nd i r ec t on
s uper v is o r y ac t ions wh ic h resu l t s i n a l o ss ; and
d . has t ak en ac t ions t o p r even t t he emergence o r
c on t i nua t i on o f such l oss .
10 . Any member o f t he Boar d o f Commis s ioners i s p r oh ib i t ed t o t ak e
pe rs ona l advan t age bo th d i rec t l y o r i nd i rec t l y o f t he Company
ac t i v i t i e s excep t f o r he r /h i s r igh t f u l i nc ome.
M EETING OF THE BO ARD O F COMMISSIO NERS
Ar t i c le 17
1 . The Boar d o f Comm iss ioners mus t ho ld m ee t ing a t l eas t 1 ( one) t ime
i n 2 ( t wo) mon ths .
2 . The Boar d o f Comm iss ioners ’ mee t ing as r e f e r red t o in pa rag raph ( 1 )
c an be conduc ted i f i t i s a t t ended by a m a jo r i t y o f a l l t he Boar d o f
Comm iss ioners .
3 . The Boar d o f Comm iss ioners mus t ho ld a mut ua l mee t ing w i t h t he
Board o f D i r ec to r s pe r iod ic a l l y a t l eas t 1 ( one) t ime in eve r y 4 ( f ou r )
mon ths .
4 . The a t t endance o f t he Board o f Commis s ioners m us t be r evea led i n
t he Company ’ s annua l repor t .
5 . The Boar d o f Comm iss ioners mus t schedu le m ee t ing s as re f e r red in
pa rag raph ( 1 ) t h i s a r t i c le f o r t he f o l low ing year p r i o r t o t he end o f
t he book year .
6 . The m ee t i ng mate r ia l schedu led mus t be s ubm i t t ed t o t he
pa r t i c i pan ts a t l eas t 5 ( f i ve ) days p r i o r t o t he m ee t ing i t se l f .
5 9
I n t he even t t ha t t he re i s mee t i ng he ld ou t s i de t he schedu le a l r eady
f i xed , t he mate r ia l f o r such mee t i ng mus t be subm i t t ed t o t he
pa r t i c i pan t a t t he la t es t p r io r t o t he mee t ing i t se l f .
7 . The m ee t i ng o f t he Board o f Commiss ioner s i s c onduc t ed i n t he
dom ic i le o f t he Company o r t he p l ac e o f t he Company ’s bus ines s
ac t i v i t i e s o r ano t he r p l ac e in t he t e r r i t o r y o f Repub l i c o f Indones ia
s t i pu la ted by t he Board o f Comm iss ioners .
8 . The m ee t i ng o f t he Board o f Commis s ioner s can a l so by means o f a
c on f e renc e be t ween t he m ember o f t he Boar d o f Comm iss ioners who
a re in d i f f e ren t p l ac es , t h rough phone c on f e renc e , v ideo c on f e renc e
o r o the r means o f c ommun ica t i on wh ic h enab le eve r y mem ber o f t he
Board o f Commiss ioner s t o he ar each o t he r and pa r t i c ipa t e in t he
Mee t ing .
He ld i n s uch m anne r w i t h t he f o l low ing requ i rem ents :
a . Ever y mem ber o f the Comm iss ioners pa r t i c i pa t ing s ha l l be
deem ed t o be p r esen t in t he Mee t ing t o m ee t t he r equ i rements
f o r a t t endance quor um and reso lu t i on o f t he Board o f
Comm iss ioners ’ Mee t i ng .
b . The p lace where t he Mee t i ng Cha i rman par t i c ipa t e s ha l l be
deem ed t o be t he p l ace where t he Mee t i ng i s he ld as re fe r red t o
i n pa r ag raph 1 t h i s a r t i c le ; and
c . The Minu t es o f Mee t i ng mus t be c i r c u la t ed t o and s igned by t he
Cha i rman o f t he Mee t ing and a l l pa r t i c i pa t i ng member s o f t he
Board o f Commiss ioner s .
9 . The Boar d o f Comm iss ioners may a lso conduc t mee t ing any t ime i f
deem ed neces sar y by t he Pr es iden t Comm is s ioner o r on t he p r opos a l
6 0
o f a t l eas t 1 / 3 (one th i r d ) o f t he t o ta l m em ber s o f t he Boa rd o f
Comm iss ioners o r on a wr i t t en reques t f r om one o r m ore
s har eho lde rs who co l l ec t i ve l y own 1 /10 ( one ten ) o f t he t o t a l number
o f sha res w i t h va l id vo t i ng r igh t by men t ion ing mat te r s t o be
d i sc uss ed .
10 . A ca l l f o r Commiss ioner s ’ mee t i ng i s conduc t ed i n wr i t i ng by t he
P res iden t Comm iss ioner o r a m ember appo in t ed by t he Pr es iden t
Comm iss ioner and s ubm i t t ed w i t h in a pe r iod o f 5 ( f i ve ) days p r io r t o
t he mee t ing i t se l f , o r shor te r t ime i n an emergenc y s i t ua t i on ,
exc lud ing t he da te o f t he ca l l an d da te o f mee t ing .
I n s uch mee t i ng c a l l mus t be s ta t ed t he agenda , da t e , t ime and p lace
o f t he m ee t i ng .
Suc h c a l l , f o r t he Board o f Comm iss ioners i s no t necess ar y i f a l l
mem ber s o f Comm is s ioners a re p resen t i n t he mee t i ng .
11 . A Mee t i ng o f t he Board o f Comm iss ioners i s va l i d and may tak e
b i nd ing reso lu t ion i f a t t ended o r r ep r es en t ed by mor e t han ½ ( one
ha l f ) o f t he number o f t he Board o f Comm iss ioners ’ members .
12 . A member o f the Boar d o f Commis s ioners may on l y be rep res en t ed in
a Boar d o f Comm iss ioners Mee t ing by ano the r Board o f
Comm iss ioners m ember pu r suan t t o a l e t t e r o f p roxy es pec ia l l y
made f o r s uch need .
13 . A l l mee t i ngs o f t he Boar d o f Comm iss ioner s s ha l l be c ha i red by t he
P res iden t Comm is s ioner . I n t he even t t ha t t he Pres iden t
Comm iss ioner i s n o t p resen t o r p reven t ed , t he Mee t ing s ha l l be
6 1
c ha i r ed by ano t he r mem ber o f the Boar d o f Comm iss ioners
appo in t ed by t he Pr es iden t Comm is s ioner .
14 . The dec is i on o f t he Boar d o f Comm iss ioners Mee t i ng mus t be t ak en
by de l ibe ra t i on f o r consens us . I n t he even t t ha t t he dec i s i on by
de l ibe ra t i on f o r consens us i s no t a t t a i ned , t he dec is i on s ha l l be
t ak en by a s im p le ma j o r i t y .
15 . I n t he even t o f a t i e vo t e t he m ot i on concer ned s ha l l be re j ec ted ,
exc ep t i f i t i s r egard ing a pe rs on s ha l l be dec ided by a c losed vo te .
16 . a . Ever y m ember o f the Boar d o f Commis s ioners in a t t endance i s
en t i t l ed t o g i ve 1 (one) vo t e and ano the r 1 ( one) vo te f o r
ano t he r member o f t he Board o f Comm iss ioners whom sh e /he
r ep r esen t .
b . Vo t e r egard ing a pe rs on s ha l l be conduc ted by a c lose vo te
w i t hou t s igna tu r e , wh i l e f o r o the r ma t te r s s ha l l be c onduc ted
o ra l l y exc ep t i f t he Cha i rman o f t he Mee t ing dec ide o the r w ise
w i t hou t any ob j ec t ion f rom those in a t t endance .
c . B lank vo tes and i nva l i d vo tes s ha l l no t be c oun ted and deemed
no t t o ex is t and no t c oun ted in t he t o ta l t a l l y o f vo t es .
17 . F r om a l l wha t i s d i scuss ed and r es o l ved in t he Mee t ing o f t he
Board o f Comm iss ioner s , i nc lud ing s ta t ement o f d i s appr ova l by a
mem ber o f t he Boa rd o f Commiss ioners and reas on the re f o re ( i f
any) , mus t be made in t o a m inu tes o f t he mee t i ng . Suc h m inu t es i s
made by a repor te r appo in ted by t he Cha i rman o f t he Mee t ing and
mus t be s igned by a l l members o f t he Board o f Comm iss ioners
p res en t .
6 2
I n t he even t t ha t a mem ber o f t he Boa rd o f Comm is s ione rs does no t
s ign t he m inu te s o f t he mee t i ng t he pe rs on c onc ern ed mus t g i ve t he
r eas on in wr i t i ng in a s epara t e l e t t e r a f f i xed t o t he Minu tes o f t he
Mee t ing . I n t he even t t ha t s uch Minu tes o f t he Mee t i ng i s d rawn up
by a No ta r y , suc h s ign ing i s no t requ i red and the Minu tes o f t he
Mee t ing o f t he Boa rd o f Commiss ione rs d r awn up accor d ing t o t he
p rov i s i on above i s a va l id p r oo f f o r t he members o f the Board o f
Comm iss ioners and t h i rd pa r t y r egard ing t he reso lu t i on t ak en i n such
Mee t ing and mus t be doc umented by t he Company .
1 8 . B ind ing res o lu t ions c an be tak en w i t hou t c onven ing a Mee t ing o f t he
Board o f Comm iss ioner s p rov ided tha t suc h r eso lu t ion i s approved in
wr i t i ng and s igned by a l l mem ber s o f the Board o f Commis s ioners .
Suc h reso lu t i on has a s im i la r l ega l powe r as res o lu t ion va l id l y t ak en
i n Mee t ing o f t he Board o f Comm iss ioners .
THE COMP ANY’ S BOOK YE AR, WORK PL AN ,
BUDG ET AND ANNU AL REPORT
A r t i c le 18
1 . The Company ’s book year s t a r t s f r om 1 ( one) Januar y and ends on
31 ( t h i r t y - one) Decem ber o f t he s ame year . A t t he end o f Dec ember
eac h year , t he Company ’ s book i s c losed .
2 . The Boar d o f D i r ec to r s s ubm i t t he Company ’ s W ork P lan and Budge t
wh ic h c on t a in t he annua l budge t o f the Company , t he Par t ne rs h ip
6 3
and Env i ronment T ra in i ng Prog ram W ork P lan and Budge t , t he
Board o f Comm iss ioner s W ork P lan and Budge t , and the P lan t o
wr i t e o f book s and /o r Empowerment o f t he Company ’ s F i xed As se t
( i f any) (he re ina f t e r t o be r e f e r red t o as “ Com pany ’s W ork P lan and
Budge t ” ) t o t he Boa rd o f Comm iss ione rs t o ob ta in i t s app rova l p r io r
t o t he s ta r t o f t he book year .
3 . By obs er v i ng t he p rov i s ion o f A r t i c l e 12 pa rag raph 14 , t he
Com pany ’s W ork P lan and Budge t mus t be subm i t t ed t o t he Board
o f Commiss ioner s a t t he l a tes t 60 ( s i x t y ) days p r io r t o t he s t a r t o f
t he c oming new book year .
4 . W i th i n t he la t es t a t t he end o f t he t h i rd mon th a f t e r t he c los ing o f
t he Company ’ s book year , t he Boar d o f D i rec t o rs m us t announc e the
s preadshee t p r o f i t / l o ss s ta t ement in 2 ( t wo) I ndones ian da i l i es ,
acc ord ing t o t he cons ide r a t ion o f t he Boa rd o f D i rec to rs , 1 ( one) o f
w i t h a w ide l y d is t r ibu t ion in a l l t he t e r r i t o r y o f t he Repub l i c o f
I ndones ia and 1 (one) o t he r wh i ch i s pub l i s hed in t he dom ic i le o f
t he Company .
5 . The Boar d o f D i r ec to r s mus t c omp i le an annua l repor t ac co r d ing t o
t he p r ov is i ons o f app l i c ab le law and regu la t ion wh ic h mus t be
s igned by a l l members o f t he Boar d o f D i rec t o rs and mem bers o f
t he Boar d o f Comm iss ioners t o be subm i t t ed i n t he Annua l Gene ra l
Mee t ing o f Shareho lde r s . Suc h annua l r epor t mus t be ava i l ab le a t
t he Company ’ s o f f i c e a t t he la t es t 14 ( f ou r t een) days p r i o r t o t he
da te o f t he Annua l G enera l Mee t i ng o f Shar eho lde rs i s he ld and
may be ob t a i ned to be pe rused by t he s har eho lde r by a wr i t t en
r eques t .
6 4
6 . The Boar d o f D i rec to r s f o rmu la t e t he annua l r epor t and s ubm i t i t t o
t he G enera l Mee t ing o f Shareho lde rs a f t e r be ing r ev iewed by t he
Board o f Comm is s ioner s w i t h in a pe r iod o f t he la t es t 6 ( s i x ) mon t hs
a f te r t he Company ’ s book year i s c losed .
GENERAL MEETI NG OF SH AREHOLDERS
Ar t i c le 19
1 . A Genera l Mee t ing o f Shar eho lde r s in t he Company a r e :
a . Annua l Genera l Mee t ing o f Shar eho lde rs , as r e f e r red t o in
a r t i c le 20 o f t hese a r t i c les o f assoc ia t i on ;
b . Ano the r Genera l Mee t ing o f Shareho lde rs wh i ch in t hes e
a r t i c les o f assoc ia t i on sha l l be ca l l ed an Ext rao rd ina r y
Gener a l Mee t ing o f Shar eho lde rs wh ic h i s a Genera l Mee t ing
o f Shar eho lde r s he ld f r om t im e to t ime based on needs .
2 . The t e rm Genera l Mee t i ng o f Shareho lde r s i n t hese a r t i c les o f
ass oc ia t i on has bo t h mea n ings , an Annua l Gener a l Mee t ing o f
Shareho lde rs and an Ext r ao r d ina r y Gener a l Mee t ing o f
Shareho lde rs , exc ep t es pec ia l l y men t ioned .
3 . Any reso lu t i on o f t he Gener a l Mee t ing o f Shareho lde rs m us t be
announc ed accor d ing t o l aws and regu la t i on i n t he f i e ld o f Cap i t a l
Ma rk e t .
4 . a . Annua l G ene ra l Mee t ing o f Shar eho lde rs and an Ext rao rd ina r y
Gener a l Mee t ing o f Shar eho lde rs mus t be p r ec eded by an
Announc ement o f t he Gener a l Mee t ing o f Shar eho lde rs t o t he
F inanc ia l Ser v i ce Au t ho r i t y , t he Announcem ent and Summ ons
6 5
f o r t he Gener a l Mee t ing o f Shar eho lde rs as s t ipu la t ed i n t he
a r t i c les o f assoc ia t i on .
b . ( 1 ) The Company m us t f i r s t subm i t a no t i f i c a t ion regard ing t he
i t em s o f t he agenda in de ta i l s t o t he F inanc ia l Ser v i ce
Au t ho r i t y a t t he l a tes t 5 ( f i ve ) bus iness days p r io r t o t he
announc ement o f t he Gener a l Mee t i ng o f Shareho lde rs
exc lud ing t he da te o f t he announcement .
( 2 ) I n t he even t t ha t t he re i s a change in t he i t em o f t he agenda
as r e f e r r ed t o in po in t ( 1 ) t h i s pa r ag raph , t he Com pany mus t
no t i f y suc h c hanges in t h e agenda i t em to t he F inanc ia l
Ser v i ce Au t ho r i t y a t t he l a tes t a t t he t im e o f t he summons
f o r t he G enera l Mee t i ng o f Shar eho lde rs .
c . The s t ipu la t ion s in po in t a and b t h i s a r t i c le i s mu ta t i s
mu t and is a ls o va l id f o r an announc ement regard ing t he Genera l
Mee t ing o f Shareho lde rs by a s hareho lde r wh o has ob ta i ned
dec i s i on o f a cour t t o c onvene the Genera l Mee t ing o f
Shareho lde rs as c on t emp la ted i n Ar t i c l e 21 pa r ag raph 3 le t t e r e .
5 . The Company mus t p repar e t he mate r i a l f o r t he Gener a l Mee t ing o f
Shareho lde r s ’ agenda f o r s har eho lde rs s i nc e t he summons f o r t he
Gener a l Mee t i ng o f Shar eho lde rs un t i l t he imp lement a t ion o f t he
Gener a l Mee t i ng o f Shareho lde rs .
6 . I n t he even t t ha t t he p r ov is i on o f ano the r l aw regu la te t he
ob l iga t ion o f t he ava i l ab i l i t y o f t he agen da i t em ear l i e r t han the
6 6
s t i pu la t i on as r e f e r r ed t o i n t h i s pa rag raph 5 , such p rov i s i on o f t he
agenda i t em s ha l l be acc ord ing t o t he p r ov i s i ons o f suc h o t he r l aw.
7 . The ava i l ab le mate r i a l f o r t he i t em i n agenda as re fe r red t o in
pa rag raph 5 he reo f may be in t he f o rm o f a phys ica l docum ent
and / o r c opy o f e l ec t ron ic doc ument .
Phys ica l document c op ies a r e p r ov ided F ree in t he Com pany ’s
o f f i ce i f r eques ted i n wr i t i ng by t he s har eho lde r s . E lec t r on ic
doc ument cop ies c an be ac ces s e d o r down loaded th rough the
Com pany ’s webs i t e .
8 . I n t he even t t ha t t he i t em o f t he m ee t i ng regar d ing appo in tmen t o f
mem ber o f t he Boa rd o f D i r ec to r s and /o r Boar d o f Comm iss ioners ,
t he r es ume o f t he c and ida t e mem ber o f t he Boar d o f D i r ec t o rs
and / o r Board o f Comm iss ioners t o be appo in t ed m us t be p rov ided :
a . i n t he Company ’s webs i t e a t t he la tes t s ince t he s ummons o f t he
Mee t ing un t i l t he Gener a l Mee t i ng o f Shareho lde rs i s he ld ; o r
b . a t ano the r t ime bes ide wha t i s re f e r red t o i n le t t e r a bu t a t t he
l a t es t a t t he t im e o f t he Gener a l Mee t i ng o f Shareho lde rs i s he ld
acc ord ing t o l aws and regu la t ion .
9 . a . A t t he t ime o f t he Gener a l Mee t i ng o f Shareho lde rs t he Mee t ing
d i sc ip l i ne mus t be p rov ided to s har eho lde r s in a t t endance .
b . The p r inc i p les o f the Genera l Mee t ing o f Shar eho lde r s d i sc ip l i ne
as r e f e r red t o i n po in t ( a ) t h i s pa rag raph mus t be r ead ou t p r io r
t o t he s ta r t o f t he Gener a l Mee t i ng o f Shareho lde rs .
6 7
c . A t t he open ing o f t he Gener a l Mee t ing o f Shar eho lde rs , t he
Cha i rman mus t p r ov ide an e luc i da t ion t o t he s hareho lde r s
r egard ing a t l eas t :
( i ) a b r ie f summar y o f t he genera l cond i t i on o f t he Com pany;
( i i ) t he agenda o f t he Gener a l Mee t i ng o f Shareho lde rs ;
( i i i ) t he mec han ism o f t ak ing a reso lu t i on re l a ted t o t he agenda
o f t he Mee t i ng ;
( i v ) t he p r oc eed ing o f app l y i ng t he s har eho lde r s r igh t t o f o rwa r d
ques t ion and /o r op in i on ;
d . I n t he G enera l Mee t i ng o f Shar eho lde rs , a shareho lde r has t he
r igh t t o ob ta in in f o rmat ion o f t he mee t ing agenda and the
mat e r ia l f o r s uch agenda i t em wh ic h i s no t con t ra ry t o t he
i n t e res t o f t he Company .
e . A t t he t ime o f the G ene ra l Mee t ing o f Shareho lde rs , t he
Com pany may inv i t e o t he r pa r t i es re l a ted t o t he i t em o f t he
Mee t ing agenda .
ANNU AL GENERAL M EETI NG OF SHAREHO LDERS
Ar t i c le 20
1 . The Annua l G ene ra l Mee t i ng o f Sha reho lde r s i s he ld a t t he l a tes t , 6
( s i x ) mont hs a f t e r the c l os ing o f t he Com pany ’s book .
2 . I n t he Annua l Gener a l Mee t i ng o f Shareho lde r s :
6 8
a . The Boa rd o f D i rec to r s submi t an annua l r epor t r ev iewed by t he
Board o f Comm is s ioner s , w i t h among o t he r s con ta i n t he r epor t
r egard ing t he Company ’ s management c onduc t ed by t he Board
o f D i r ec t o rs and the super v i s i on conduc t ed by t he Board o f
Comm iss ioners du r i ng t he recen t book year , t he Repor t o f t he
W ork P lan Im p lementa t i on & the Par tne rs h ip and Env i r onment
T ra in i ng Prog ramme Budge t , Repor t on t he Execu t i on on t he
W ork P lan & Budge t o f t he Boar d o f Comm is s ioner , and Repor t
on t he Im p lementa t ion o f Book s W r i t e -o f f and /o r Empowerm ent
o f t he Com pany ’s F i x e d Asse t s ( i f any ) , t o ob ta i n an appr ova l
f r om the G enera l Mee t ing o f Shareho lde rs ;
b . The Boar d o f D i r ec t o rs s ubm i t a f i nanc ia l s ta t ement cons i s t ing
o f sp read shee t and p r o f i t and l os t s ta t ement f o r t he book year
c oncer ne d aud i t ed by an Acc oun tan t Pub l i c and t he e luc ida t ion
on suc h doc ument , t o ob ta i n t he ra t i f i ca t ion o f t he Gener a l
Mee t ing o f Shareho lde r s ;
c . The Boar d o f D i rec t o rs subm i t a p lan t o u t i l i ze t he Company ’ s
ne t p r o f i t ;
d . The appo in tm en t o f an acc oun tan t pub l i c reg is t e red i n Bapepam
and LK ( cu r r en t l y t he F inanc ia l Ser v i c e Au t ho r i t y ) as p r oposed
by t he Board o f Comm iss ioner t o c onduc t an aud i t on t he
Com pany ’s F i nanc ia l S ta t ement f o r t he cu r r en t year ;
e . I f needed t o f i l l i n a vacan t pos i t i on o f t he m ember o f t he Boar d
o f D i r ec to r s and / o r t he Company ’ s Boa rd o f Commiss ione r ;
6 9
f . Reso lu t i on r egard ing o t he r m o t ions b r ough t f o r war d in t he
Mee t ing ac cor d ing t o t he p rov i s i ons o f t he a r t i c les o f
ass oc ia t i on .
3 . Ra t i f i c a t ion o f t he F inanc ia l Repor t by t he Annua l G enera l Mee t ing o f
Shareho lde rs , means t o g i ve a f u l y acqu i t e t decha rge to t he
mem ber s o f t he Board o f D i rec t o rs and Boar d o f Comm iss ioners on
t he i r m anagem ent and s uper v i s i on conduc ted du r i ng t he r ecen t
c omp le ted book yea r , p rov ided tha t s uc h ac t i on i s r e f le c ted in t he
F inanc ia l S t a tement , excep t f o r embezz lement , f r aud and o t he r
c r im ina l ac t i ons .
4 . I n t he even t t ha t t he Board o f D i r ec t o rs o r t he Board o f
Comm iss ioners neg le c t t o ho ld an Annua l Gener a l Mee t ing o f
Shareho lde rs a t t he s t i pu la ted t ime , 1 ( one) o r mor e o f t he
s har eho lde rs own ing a t l eas t 1 /10 (one pe r t en ) pa r t o f t he t o ta l
s ha r es w i t h va l id vo t ing r igh t i s en t i t l ed t o pe rs ona l l y summ on an
Annua l Genera l Mee t i ng o f Shareho lde rs on acc oun t o f t he Com pany
a f t e r ob t a in i ng a cons en t f r om the Head o f t he D is t r i c t Cour t o f wh ich
t he j u r i s d i c t ion cover s t he domic i le o f t he Company , excep t i f
o t he r w i s e regu la ted pu r suan t t o p r eva i l i ng laws and regu la t ion s .
5 . The imp lem ent a t i on o f t he Mee t i ng as con tem p la t ed i n pa rag raph 4
t h i s a r t i c le mus t obser ve t he s t ipu la t i on o f t he Head o f t he D is t r i c t
Cour t p r ov id i ng suc h pe rm i t .
EXTR AO RDI N ARY GENERAL MEETI NG OF SH AREHOLDERS
Ar t i c le 21
7 0
1 . The Ex t rao rd ina r y Gener a l Mee t ing o f Shareho lde r s c an be he ld any
t ime bas ed on the need o r i n te r es t o f t he Company t o d is cuss and
r eso l ve an agenda o f a Gener a l Mee t i ng o f Shar eho lde rs , excep t f o r
t he i t em s o f t he agenda f o r t he Gener a l Mee t i ng o f Shar eho lde rs
c on t emp la t ed i n A r t i c le 20 pa rag raph 2 l e t t e r a ,b , c and d by
obs er v i ng p reva i l i ng l aws and r egu la t i on and t he Company ’ s a r t i c le s
o f as soc ia t ion .
2 . The Board o f D i r ec t o rs mus t s ummon and convene an Ex t rao rd ina r y
Mee t ing o f Shareho lde r s on a wr i t t en reques t o f :
a . 1 (one) o r mor e s ha reho lde rs who co l l e c t i ve l y own a t l eas t 1 / 10
( one t en ) o f t he t o ta l sha res i ssued w i t h va l id vo t i ng r igh t ; o r
b . The Boar d o f Comm iss ioners .
3 . Suc h wr i t t en reques t m us t be r eg is t e r ed by men t ion ing i t em s to be
d i sc uss ed and i t s reas ons .
4 . a . A Gener a l Mee t i ng o f Shareho lde r s ba s ed on the reques t o f
Shareho lde rs as c on t emp la t ed in pa rag raph 2 le t t e r a , i s
c onduc ted by t he Board o f D i r ec t o rs by announc ement o f t he
Gener a l Mee t ing o f Shar eho lde rs t o t he Shar eho lde rs w i t h in a
t ime per iod o f t he la t es t 15 ( f i f t een) days as o f t he da t e o f
r eques t t o ho ld t he Genera l Mee t i ng o f Shar eho lde r s i s rece i ved
by t he Boar d o f D i rec t o rs o r in t he even t t ha t t he Board o f
D i rec t o rs does no t conduc t t he announcem ent o f t he Genera l
Mee t ing o f Shareho lde r s , w i t h in 15 ( f i f t een) days s uc h Board o f
D i rec t o rs mus t announc e whereas t he re i s a reques t to ho ld a
Gener a l Mee t ing o f Shareho lde r s f r om t he shareho lde rs and the
r eas on why no Gene ra l Mee t ing o f Sha reho lde rs i s he ld .
7 1
b . I n t he even t t ha t t he Boar d o f D i rec t o rs does no t conduc t an
announc ement o f t he Genera l Mee t i ng o f Shar eho lde rs , t he
Shareho lde rs m ay p ropos e aga in in wr i t i ng t he reques t t o ho ld a
Gener a l Mee t ing o f Shareho lde rs t o t he Board o f
Comm iss ioners . A t t he l a tes t 15 ( f i f teen) days as o f t he da t e o f
s uc h reques t i s r ec e i ved by t he Boar d o f Commiss ione rs , t he
Board o f Comm iss ioner s i s ob l ige d t o conduc t an announcem ent
r egard ing t he Gener a l Mee t i ng o f Shareho lde rs t o t he
Shareho lde rs o r in c as e the Boar d o f Comm iss ioners does no t
announc e a Genera l Mee t i ng o f Shareho lde r s w i t h in 15 ( f i f t een )
days t he Boar d o f Comm iss ioners mus t announce whereas t he re
i s a r eques t t o ho ld a Genera l Mee t i ng o f Shareho lde r s f r om the
s har eho lde rs and the reas on why no Gener a l Mee t ing o f
Shareho lde rs i s he ld .
c . An announcement by t he Board o f D i r ec to rs o r Board o f
Comm iss ioners conc ern ing t he in f o rmat ion o f no Gener a l
Mee t ing o f Shareho lde r s , mus t be conduc ted a t l eas t t h r ough :
i . 1 ( one) I ndones ian da i l y w i t h na t iona l c i r cu la t i on ;
i i . t he webs i t e o f t he S tock Exc hange ; and
i i i . t he Company ’ s webs i t e , i n Bahas a I ndones ia and f o re ign
l anguage ,
i v . w i t h t he s t ipu la t i on t ha t t he f o re ign l anguage t o be used
mus t a t l eas t be Eng l i sh .
ev i denc e o f such announc ement and a copy o f t he reques t t o
ho ld a G ene ra l Mee t ing o f Shar eho lde rs mus t be subm i t t ed t o
7 2
t he F inanc ia l Ser v i c e Au tho r i t y a t t he l a tes t 2 ( t wo) bus iness
days a f t e r t he announc ement .
d . I n t he even t t ha t t he Board o f D i r ec t o rs o r Board o f
Comm iss ioners does no t c onvene a Gener a l Mee t ing o f
Shareho lde rs , t he Shareho lde r r eques t i ng t he Gener a l Mee t ing
o f Shareho lde r s may p ropose a reques t t o t he Head o f t he
D i s t r i c t Cour t w i t h j u r i sd ic t i on over t he dom ic i le o f t he Com pany
to s t ipu la t e a pe rm i t t o app l i c an t t o pe rs ona l l y c onduc t a
s ummon f o r a G ener a l Mee t i ng o f Shareho lde r s .
e . The s har eho lde r who has ob t a i ned a dec is ion f rom the d is t r i c t
c ou r t t o ho ld a Genera l Mee t ing o f Shareho lde r s as r e fe r red t o
i n t h i s pa rag raph mus t :
f . Conduc t an announcem ent , s ummon f o r t he Gener a l Mee t ing o f
Shareho lde rs , an announcem ent o f t he summar y o f t he m inu tes
o f t he Genera l Mee t ing o f Shar e ho lde rs , on t he Gener a l Mee t ing
o f Shar eho lde rs conduc t ed ac cor d ing t o t he Regu la t i on o f t he
F inanc ia l Se r v ic e Au t ho r i t y .
g . Conduc t an announcem ent t ha t a Gener a l Mee t ing o f
Shareho lde rs sha l l be he ld and subm i t t he announcement
ev i denc e , ev i dence o f t he s ummons , m inu t es o f t he G enera l
Mee t ing o f Shareho lde rs , and p r oo f o f t he announcement
r egard ing t he summar y o f t he m inu tes o f t he Gener a l Mee t ing o f
Shareho lde rs on the Genera l Mee t i ng o f Shareho lde rs he ld t o
t he F inanc ia l Ser v i c e Au t ho r i t y acc or d ing t o t he Regu la t ion o f
t he F inanc ia l Ser v i c e Au tho r i t y .
7 3
h . A t t ac h a document wh ic h c on t a in t he nam e o f t he
s har eho lde rs and the amoun t o f sha res owned by t he
Com pany wh i ch has ob ta ined a ra t i f i c a t ion f rom the c ou r t t o
ho ld a G enera l Mee t i ng o f Shareho lde rs and a de c is ion o f t he
c our t i n no t i f y ing as re f e r red t o in po in t i i t o t he r e l a ted
F inanc ia l Ser v i ce Au tho r i t y t ha t such Gener a l Mee t ing o f
Shareho lde rs i s go ing t o be he ld .
4 . I n t he even t t ha t t he Board o f D i r ec to r s does no t announce such
Ex t rao rd ina r y Gene ra l Mee t ing o f Shareho lde r s as r e fe r red t o in
pa rag raph 2 l e t t e r b above w i t h in 15 ( f i f t een) days a f te r rece i v i ng
t he reques t , t he Boar d o f Comm iss ioners sha l l c onduc t t he
announc ement t ha t t he re w i l l be a s ummon f o r a mee t i ng .
5 . The imp lementa t ion o f t he Ex t rao rd in a r y Gener a l Mee t ing o f
Shareho lde rs as re f e r red t o i n pa rag raph 3 l e t t e r e mus t obser ve
t he s t i pu la t i on o f the Head o f t he D is t r i c t Cour t i ss u ing such pe rm i t .
PL ACE AND SUMMO N FOR A G ENERAL M EETI NG
OF SHAREHO LDERS
A r t i c le 22
1 . The G enera l Mee t ing o f Share ho lde r s s ha l l be he ld a t t he dom ic i le o f
t he Company o r a t t he p l ac e o f S tock Exc hange i n I ndones ia wher e
t he shares o f t he Com pany a re reg i s te r ed o r a t t he p l ac e where t he
Com pany conduc t i t s ma in ac t i v i t i es o r i n t he cap i t a l o f the p rov inc e
whe re t he Com pany has i t s domic i le o r i t s ma in bus iness ac t i v i t i es .
2 . a . W i th i n t he l a tes t 14 ( f ou r teen) days p r io r t o t he d is t r i bu t i on o f t he
s ummon f o r t he Gener a l Mee t i ng o f Shareho lde rs exc lud ing t he
7 4
da te o f announc ement and da t e o f summon, t he pa r t ies en t i t l ed t o
i s sue the s ummon mus t c onduc t an announcem ent o f t he Genera l
Mee t ing o f Shar eho lde rs t o t he shareho lde r s by p lac ing an
adver t i sem ent in 1 ( one) I ndones ia da i l y news paper w i t h na t iona l
c i r cu la t i on , i n t he W ebs i t e o f t he S t ock Exc hange and the
Com pany ’s W ebs i t e s ta t ed in Bahas a Indones ia and f o re ign
l anguage w i t h t he s t i pu la t i on t ha t t he f o re ign l anguage use d mus t
a t l eas t be Eng l i s h t o announce t ha t t he re w i l l be a summon f o r a
Gener a l Mee t i ng o f Shareho lde rs .
b . The announce m en o f Genera l Mee t ing o f Shar eho lde r s as r e f e r red
t o i n le t t e r a pa rag r aph ( 2 ) mus t a t l eas t c on t a i n :
i . t he p rov i s ion r egar d ing s har eho lde r s w i t h t he r igh t t o a t t end
the Gener a l Mee t i ng o f Shareho lde rs ;
i i . p rov i s i on regar d ing t he shareho lde rs w i t h t he r igh t t o p ropose
a m ee t i ng agenda ;
i i i . t he da te o f t he Gene ra l Mee t ing o f Sha reho lde rs ; and
i v . t he da t e o f t he summon f o r t he Gener a l Mee t ing o f
Shareho lde rs ; and
v . i n f o rmat i on wher eas t he Company convene the Gener a l
Mee t ing o f Shar eho lde r s due to a r eques t o f a shar eho lde r in
t he c as e tha t t he Genera l Mee t ing o f Sha reho lde rs i s
c onduc ted on a reques t o f a shar eho lde r .
c . The announcement o f t he Gener a l Mee t ing o f Shar eho lde rs in a
f o re ign language as r e f e r red t o i n le t t e r b t h i s pa r ag raph , mus t
c on t a in t he s ame in f o rmat ion w i t h t he i n f o rmat i on in t he
7 5
announc ement conc ern ing t he Genera l Mee t i ng o f Shareho lde rs in
I ndones ian .
d . I n t he even t t ha t t he re i s d isc r epancy in t he in t e rp r e ta t i on o f t he
i n f o rmat i on announc ed in a f o r e ign language and the
announc ement i n I ndones ian as re f e r re d t o in le t t e r c t h i s
pa rag raph , t he p r eva i l i ng in f o rmat ion i s t he in f o rmat i on i n
I ndones ian .
e . P roo f o f t he announc ement c oncer n ing t he Genera l Mee t ing o f
Shareho lde rs as re f e r red t o i n le t t e r a t h i s pa r ag raph mus t be
f o r warded t o t he F inanc ia l Ser v i ce Au t ho r i t y a t t he la t es t 2 ( t wo)
bus ines s days a f t e r t he announc ement o f t he Gener a l Mee t ing o f
Shareho lde rs .
f . I n t he even t t ha t t he Gener a l Mee t ing o f Shareho lde r s i s
c onvened on the reques t o f a shareho lde r , t he ev idenc e o f t he
announc ement c onc ern ing t he Gene ra l Mee t i ng o f Shar eho lde rs
mus t a lso inc l ude the copy o f t he le t t e r o f r eques t t o convene a
Gener a l Mee t ing o f Shareho lde rs as c on t emp la t ed Ar t i c l e 21
pa rag raph 2 le t t e r a .
g . The announcem ent o f t he Genera l Mee t ing o f Shar eho lde rs , t o
r eso l ve m at te rs w i t h con f l i c t i ng in t e res t , i s conduc ted by
obs er v i ng t he regu la t i on i n t he Cap i t a l Mark e t .
h . The p r ov is i ons in a t h r ough g t h i s a r t i c l e mu t a t i s m u tand is a lso
app l y t o an announc ement t o convene t he Genera l Mee t ing o f
Shareho lde rs by t he shareho lde r s who has ob ta ined s t ipu la t ion
f rom the c our t t o convene a Genera l Mee t ing o f Shar eho lde r s as
c on t emp la t ed i n Ar t i c l e 21 pa r ag raph 2 l e t t e r a .
7 6
3 . a . The summon f o r t he Genera l Mee t ing o f Shareho lde r s mus t be
s ubm i t t ed t o t he Shareho lde r s a t t he la t es t 21 ( t wen t y -one) d ays
p r i o r t o t he Genera l Mee t ing o f Shareho lde r s , exc lud ing t he da te
o f t he summon and the da te o f t he sha reho lde rs m ee t ing t h r ough :
i . 1 ( one) I ndones ian da i l y w i t h Na t i ona l c i r cu la t i on ;
i i . W ebs i t e o f S tock Exc hange and
i i i . The Company ’ s W ebs i t e in I ndones ian and Fore ign Language
w i t h t he s t ipu la t i on t ha t t he For e ign Language us e d sha l l be
a t l eas t Eng l i sh . I n t he even t t ha t t he re i s d is c repanc y i n t he
i n t e rp r e ta t i on o f the in f o rmat ion on t he s ummon i n f o re ign
l anguage w i t h t he in f o rmat ion o f t he sum mon i n I ndones ian ,
t he p r eva i l i ng i n f o rmat i on s ha l l be in fo rmat ion in I ndones ian .
b . The p rov i s ions o f pa rag raph 3 le t t e r a i n t h i s a r t i c le s ha l l
mu t a t i s m u tand is be app l i cab le t o t he summon t o c onvene a
Gener a l Mee t ing o f Shar eho lde r s by a s har eho lde r wh i ch has
ob ta i ne d a s t i pu la t i on f rom the cour t t o h o ld a Gener a l
Mee t ing o f Shareho lde r s as c on tem p la t ed in Ar t i c l e 21
pa rag raph 2 le t t e r a .
c . The summon f o r t he Genera l Mee t ing o f Shar eho lde r s in t he
even t o f con f l i c t i ng in te r es t m us t be execu t ed by r eg is t e red
ma i l o r f ac s im i l e t o t he address o f the shareho lde rs bes ide
s ummon i ss ued t h rough a da i l y .
4 . I n t he even t t ha t quorum o f t he Gener a l Mee t i ng o f Shar eho lde r s i s
no t a t t a ined , a second G enera l Mee t i ng o f Shar eho lde rs m ay be
c onduc ted , t he summ on f o r t he s ec ond Gener a l Mee t ing o f
Shareho lde rs mus t be execu t ed a t t he la t es t 7 ( s even) days p r io r t o
7 7
t he second Genera l Mee t ing o f Shar eho lde r s exc lud ing t he da te o f
s ummon and da t e o f Gener a l Mee t i ng o f Shar eho lde rs i t s e l f by
men t ion ing t ha t t he f i r s t Gener a l Mee t i ng o f Shareho lde rs was he ld
bu t d i d no t a t t a in t he quor um. The second G enera l Mee t ing o f
Shareho lde rs mus t be he ld a t ea r l i es t 10 ( t en ) days and the l a tes t 21
( t wen t y -one) days as o f t he f i r s t G ene ra l Mee t ing o f Sha reho lde rs .
The summ ons to t he s ec ond Genera l Mee t i ng o f Shar eho lde r s i s
c onduc ted ac cor d ing t o t he s t ipu la t i on :
( 1 ) The summ ons f o r the s ec ond Gener a l Mee t ing o f Shar eho lde r s i s
c onduc ted a t t he la t es t 7 ( seven) days p r io r t o t he sec ond
mee t ing i s c onduc ted .
( 2 ) I n t he s ummons f o r t he s econd Genera l Mee t i ng o f Shareho lde r s
i t m us t be s t a ted t ha t t he f i r s t G enera l Mee t i ng o f Shareho lde r s
was conduc ted bu t d i d no t reac h the a t t endance quorum. Th i s
s t i pu la t i on i s va l id w i t hou t p r e j ud i ce t o t he regu la t ion o f t he
Cap i t a l Mark e t and o t he r laws and regu la t i o n and t he regu la t i on
o f t he S t ock Exc hange where t he Company ’ s s har es a re
r eg is t e red .
( 3 ) The s econd Gener a l Mee t i ng o f Shareho lde r s i s conduc ted
w i t h in t he ea r l i es t 10 ( t en ) days and the la t es t 21 ( t wen t y - one)
days a f t e r t he f i r s t Gener a l Mee t i ng o f Shareho ld e rs i s he ld .
( 4 ) The s t ipu la t ion regard ing t he med ia o f summons and e r ra ta o f
t he summons o f t he Gener a l Mee t i ng o f Shar eho lde rs as r e f e r red
t o in pa r ag raph ( 3 ) t h i s a r t i c l e i s mu t a t i s mu tand i s a l so
app l i cab le f o r t he s ummons o f t he s ec ond Genera l Mee t ing o f
Shareho lde rs .
7 8
The s ummons the t h i rd Gener a l Mee t i ng o f Shareho lde rs i s conduc ted
acc ord ing t o t he s t ipu la t i on :
( 1 ) The s ummons f o r t he t h i rd Gener a l Mee t ing o f Shar eho lde rs on
r eques t o f t he Company i s s t ipu la ted by t he F inanc ia l Ser v i ce
Au t ho r i t y ;
( 2 ) I n t he s ummons f or t he t h i rd Gener a l Mee t i ng o f Shareho lde rs
s ha l l be s ta t ed t ha t t he second G enera l Mee t i ng o f Shareho lde rs
was conduc t ed bu t d i d no t reac h the a t t endance quorum.
5 . The s ummons f o r t he G enera l Mee t i ng o f Shar eho lde rs mus t a t l eas t
c on t a in t he day , da t e , hour , p lac e , p r ov i s i on concer n ing t he
s har eho lde rs w i t h t he r igh t t o a t t end the Gener a l Mee t ing o f
Shareho lde rs , t he agenda o f t he Mee t ing inc l ud ing e l uc ida t i on on
eac h i t em in t he agenda , and in f o rmat i on wh i ch s t a te wher eas t he
mat e r ia l o f t he agend a i s ava i l ab le f o r t he shareho lde rs s in ce t he
i s suanc e o f t he s ummons f o r t he Genera l Mee t ing o f Shareho lde rs
un t i l t he Mee t ing i t s e l f . The mate r i a l f o r t he Mee t ing p rov ided by t he
Com pany can be i n a phys ic a l copy doc ument and /o r e l ec t r on ic
doc ument p rov i ded f o r f r ee a t t he Company ’ s Of f i ce by wr i t t en
r eques t o f t he Shar eho lde r s o r can be acc ess o r down loaded th rough
t he Company ’ s W ebs i t e .
6 . a . The Com pany mus t c onduc t e r ra t a t o t he s ummons o f t he
Gener a l Mee t i ng o f Shareho lde rs i f t he re a re any changes in t he
i n f o rmat i on o f t he Gener a l Mee t ing o f Shar eho lde r s as r e f e r r ed
t o i n pa rag raph 4 t h i s Ar t i c l e .
b . I n t he even t t ha t s uc h e r r a ta t o t he s ummons o f t he Gener a l
Mee t ing o f Shareho lde r s con ta in in f o rmat i on on changes in t he
7 9
da te o f t he Mee t i ng and / o r add i t i on t o t he i t em s in t he agenda o f
t he Mee t ing , t he Com pany mus t c onduc t a r es ummons .
c . The s t i pu la t i on in t he ob l iga t o r y s t ipu la t ion regard ing t he
r esumm ons f o r t he Gener a l Mee t i ng o f Shareho lde rs i s no t va l id
i f t he e r r a tum o f t he s ummons f or t he Gener a l Mee t ing o f
Shareho lde rs i s regard ing changes in t he da te o f t he Mee t ing
and / o r add i t i ons t o t he agenda Mee t ing i s c onduc ted no t due t o
t he f au l t o f t he Company .
7 . Mo t i ons f rom the shareho lde r s mus t be i nc l ud ed in t he agenda o f t he
Gener a l Mee t i ng o f Shar eho l de rs c on t a in ed in t he summons f o r t he
Mee t ing i f :
a . s uc h mot ion i s subm i t t ed in wr i t i ng t o t he board o f D i r ec t o rs by
1 ( one) o r mor e s har eho lde rs hav ing a t l eas t 1 / 20 ( one pe r
t wen t y ) o f t he t o ta l s ha r es w i t h va l id vo t ing r igh s t ;
b . s uc h mot i on i s r ece i ved by t he Boar d o f D i rec to r s a t t he l a tes t 7
( s even) days p r io r t o t he da t e o f t he summ ons f o r t he Mee t i ng i s
i s sued ;
c . s uc h mot ion mus t be c onduc ted w i t h good in t en t i on , c ons ide r ing
t he in t e res t o f t he Com pany, and t he r eas on and mat e r ia l o f t he
agenda p r opos a l t o t he G enera l Mee t ing o f Shareho lde rs and i s
no t in v i o la t i on t o the laws and regu la t ion .
d . The mot i on f o r warded i s an i t em i n t he mee t i ng agenda wh ic h
need the r eso lu t ion o f t he Gener a l Mee t ing o f Shareho lde rs and
acc ord ing t o t he as ses sment o f t he Board o f D i rec t o rs has met
a l l t he r equ i r ements i n po in t c he r eo f .
8 0
CH AI RPERSO N AND MINUTE S OF THE GENER AL M EETI NG
OF SHAREHO LDERS
A r t i c le 23
1 . The Gener a l Mee t ing o f Shareho lde r s sha l l be cha i r ed by one o f t he
mem ber s o f t he Board o f Comm iss ioners appo in t ed by t he Board o f
Comm iss ioners . I n t he even t t ha t a l l m embers o f the Board o f
Comm iss ioners a re no t ab le due to wha tsoever r eas on wh i ch does
n o t have to be p r oved t o a t h i r d pa r t y , t he Mee t ing i s c ha i r ed by a
mem ber o f t he Boar d o f D i rec t o r appo in t ed by t he Board o f D i r ec to r s .
I n t he even t t ha t a l l mem bers o f t he Board o f D i rec t o rs a re
p reven t ed due to wha tsoever reason wh ic h does no t need to b e
p roved to a t h i rd pa r t y , t he Mee t ing sha l l be cha i red by a pe r son
c hosen by and f rom among the shareho lde r s a t t end ing t he Mee t ing
and appo in ted f rom and by t he Mee t ing a t t endees .
I n t he even t t ha t a mem ber o f t he Board o f Comm iss ioner s who i s
go ing t o ch a i r t he Gener a l Mee t i ng o f Shar eho lde r s has c on f l i c t i ng
i n t e res t on mat t e rs wh i ch sha l l be reso l ve d in t he Genera l Mee t ing o f
Shareho lde rs , t he Mee t ing sha l l be cha i red by ano the r mem ber o f t he
Board o f Commiss ioner s wh ic h has no con f l i c t o f i n t e res t appo i n ted
by t he Boar d o f Comm is s ioners . I n the even t t ha t a l l mem ber o f t he
Board o f Comm iss ioner s have c on f l i c t i ng i n te r es t t he Mee t ing sha l l
be c ha i red by one member o f t he Board o f D i r ec to r s who has no
c on f l i c t i ng in t e res t and appo in ted by t he Board o f D i r e c to rs .
8 1
I n t he even t t ha t a member o f t he Board o f D i rec t o rs appo in ted by
t he Board o f D i r ec to r s t o cha i r mee t ing has con f l i c t i ng i n t e res t on
t he mee t i ng agenda r eso l ve in t he mee t ing , t he mee t i ng sha l l be
c ha i r ed by member o f t he Boa rd o f D i rec to rs wh i c h has no
c on f l i c t i ng in t e res t .
I n t he even t t ha t a l l members o f t he Boar d o f D i rec t o rs have
c on f l i c t i ng in t e res t , t he Mee t i ng sha l l be cha i red by a non -
c on t r o l l i ng shareho lde r s e lec ted f rom the ma jo r i t y o f o the r
s har eho lde rs in a t t endance .
2 . The shareho lde r a t t end ing t he mee t ing mus t p rove the i r au tho r i t y t o
be p r esen t i n t he mee t ing , acc ord ing t o t he p rov i s ion s t ipu la t ed by
t he Boar d o f D i rec to r s o r t he Boar d o f Comm iss ioners a t t he t ime o f
t he c a l l f o r t he Mee t i ng , by obser v i ng p reva i l i ng laws and regu la t i ons
i n t he f i e l d o f cap i t a l m ark e t .
3 . F rom a l l ma t t e r d is cus sed and r eso lved i n t he G enera l Mee t ing o f
Shareho lde rs a m inu te o f t he mee t i ng i s d r awn up by a No ta r y and
the s ummar y o f suc h m inu t es o f mee t i ng by t he Company .
Suc h m inu tes o f mee t ing s ha l l be a va l i d p roo f t o a l l s ha r eho lde rs
and t h i r d pa r t y rega rd ing t h is reso lu t ion and a l l wha t happen i n t he
Mee t ing . The m inu tes o f mee t i ng mus t be subm i t t ed t o t he F inanc ia l
Ser v i ce Au tho r i t y a t t he la tes t 30 ( t h i r t y ) days a f t e r the mee t i ng i s
he ld . I n t he even t tha t t he submiss ion o f suc h mee t ing m inu tes i s on
a ho l iday t he mee t i ng m inu t es mus t be s ubm i t t ed on t he nex t work
day .
4 . The summar y o f the m inu tes o f mee t i ng mus t a t l eas t c on t a in t he
f o l l ow ing in f o rmat i on as regu la ted i n t he F inanc ia l Ser v i ces
Au t ho r i t y :
a . da t e , p l ace and t ime o f t he Mee t i ng ;
b . t he members o f t he Boar d o f D i r ec to r s and Board o f
Comm iss ioners p res en t a t t he t im e o f t he Mee t ing ;
8 2
c . number o f sha res w i t h va l i d vo t i ng r igh t p resen t in t he Mee t ing ,
and t he pe rc en t age f rom the over a l l number o f sha res w i t h va l i d
vo t ing r igh t ;
d . whe the r o r no t t he re i s oppor t un i t y t o t he s har eho lde rs t o f o r ward
ques t ions and / o r g ive op in ion re l a ted t o t he Mee t i ng agenda ;
e . t he number o f s ha r eho lde rs f o r wa rd ing ques t ions and /o r op in ion
r e l a ted t o t he Mee t i ng agenda , i f g i ven oppor t un i t y ;
f . t he mechan ism o f t ak ing Mee t i ng res o lu t i on ;
g . t he res u l t o f the vo t ing inc l ud ing t he number o f c onsen t ing ,
d i sag ree ing and abs ta i n f o r each i tem o f t he m ee t i ng , i f t he
r eso lu t ion i s t ak en by vo te c as t i ng ;
h . t he r es o lu t ion o f t he mee t ing ; and
e . exec u t ion o f c as h d i v i dend payment t o s har eho lde rs hav ing t he
r igh t t o i t . I f t he re i s any dec is ion o f t he Mee t ing regar d ing t he
d i s t r ibu t i on o f cash d i v i dend
5 . The s ummar y o f t he Mee t ing mus t be announced to t he pub l i c a t t he
l a t es t 2 ( t wo) bus iness days a f t e r t he Mee t i ng i s he ld , a t l eas t
t h r ough :
a . 1 (one) I ndones ian da i l y w i t h a na t iona l c i r cu la t ion ;
b . webs i t e o f t he S tock Exc hange ; and
c . t he Company ’s webs i t e i n Bahas a I ndones ia and ano t he r f o re ign
l anguage w i t h t he s t i pu la t i on t he l anguage used mus t a t l eas t be
Eng l i sh .
The p roo f o f t he announcem ent o f m inu tes o f Mee t i ng summ ar y mus t
be submi t t ed t o t he F inanc ia l Ser v ic es Au tho r i t y a t t he la t es t 2 ( t wo)
wo rk day a f t e r i t s announcem ent .
8 3
Q UORUM, VO TI NG RIGHT AND RESOLUTIONS
Ar t i c le 24
1 . I f t he a r t i c l es o f as soc ia t ion do no t s t ipu la t e o the r w i se , t he Genera l
Mee t ing o f Shareho lde r s , i nc l ud ing t he Genera l Mee t ing o f
Shareho lde rs he ld t o in c reas e the p l ac e i n and pa id up c ap i t a l i n t he
l im i t o f t he au tho r i ze d cap i t a l d ue t o an i ssuance o f shar es and o the r
Eq u i t y Sec ur i t i es , c onduc ted w i t h t he f o l l ow ing p rov i s ions :
a . a t t ended by s har eho lde r s rep r es en t i ng more t han ½ (one ha l f ) o f
t he num ber o f a l l s ha r es w i t h va l i d vo t ing r igh t s i ssued by t he
Com pany;
b . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r a above i s
no t a t t a i ned , t he second Gener a l Mee t i ng o f Shar eho lde rs may
tak e r es o lu t ions w i t h t he r equ i r ement t ha t i t i s a t tended by
s har eho lde rs r ep r es en t i ng a t l eas t 1 /3 (one t h i rd ) o f t he overa l l
s ha r es w i t h va l id vo t i ng r igh t ;
c . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r b above i s
no t a t t a i ned , a t h i rd Gener a l Mee t ing Shar eho lde r s can be he ld
on t he r eques t o f t he Company t o t he F inanc ia l Ser v i ce
Au t ho r i t y . The th i rd Genera l Mee t i ng o f Shar eho lde rs i s va l id
and en t i t l ed t o t ak e reso lu t i ons i f i t i s a t t ended by shareho lde rs
w i t h va l id vo t ing r igh t i n t he quorum o f a t t endance and quor um
o f res o lu t ions s t i pu la t ed by t he F inanc ia l Ser v i ce Au t ho r i t y .
2 . A sha reho lde r can be rep res en t ed by ano t he r s har eho lde r o r ano t he r
pe rs on w i t h a p roxy l e t t e r . The Proxy Le t t e r mus t be d rawn up and
s ign ed in a f o rm as s t ipu la ted by t he Boar d o f D i r ec to r s w i t hou t
8 4
p re j ud ic e t o t he p rov i s ions o f app l i c ab le law and regu la t i on regar d ing
c i v i l e v i denc e and mus t be subm i t t ed t o t he Board o f D i rec to r s a t t he
l a t es t 3 ( t h ree ) bus iness days p r io r t o t he day o f t he Mee t ing
c oncer ne d . I n t he even t t ha t t he s har eho lde r i s i n a t t endance
h im / her se l f i n t he Gener a l Mee t ing o f Shareho lde r s s uch p r oxy g i ven
s ha l l be nu l l and vo id f o r t he Gener a l Mee t ing o f Shareho lde r s .
A s har eho lde r en t i t l ed t o be p r esen t i n a Genera l Mee t ing o f
Shareho lde rs i s a s har eho lde r whos e name is reg is te r ed i n t he
Com pany ’s share reg is t e r 1 ( one) day p r io r t o t he summons o f t he
Mee t ing o r 1 (day) p r io r t o t he addendum o f t he G enera l Mee t ing o f
Shareho lde rs summon i f t he re i s e r ra tum o f t he summ ons .
3 . A Member o f t he Board o f D i rec t o rs , Board o f Commiss ioner s and t he
Com pany ’s em p loyee may ac t as p roxy in t he Genera l Mee t i ng o f
Shareho lde rs , bu t t he i r vo te cas t as p r oxy i n t he Mee t i ng s ha l l no t be
c oun ted in t he t a l l y o f vo t es .
4 . Eac h share en t i t l e i t s owner t o cas t 1 (one) vo te , by obser v ing
p reva i l i ng laws and r egu la t ion . The vo t e cas t by t he Sha reho lde rs i s
va l i d f o r a l l s ha r es owned and t he Shareho lde rs i s no t en t i t l ed t o
g i ve a power o f a t t o r ney t o more t han one a t t o rney f o r pa r t o f t he
s har e f rom d i f f e ren t am oun t o f vo tes .
The above men t i oned p r ov is i on i s no t va l i d f o r Cus tod ian Bank o r
Sec ur i t y Company as Cus tod ia n rep res en t i ng t he share owner c l i en t s
o f t he Company o r I nves tmen t Manager who rep resen t t he in t e res t o f
t he rek s a dana he /s he m anage .
8 5
5 . P r io r t o t he Genera l Mee t ing o f Shareho lde r s , t he Board o f D i rec to rs
may reques t t he Mee t ing Par t i c ipan t t o p roo f t he i r r i gh t t o a t t end the
Gener a l Mee t i ng o f Shareho lde rs .
6 . A s har eho lde r w i t h t he r igh t t o a t t end the Genera l Mee t ing o f
Shareho lde r bu t does no t c as t a vo te (abs t a i n ) i s deem ed to vo te
s im i la r t o t he shareho lde r s ma jo r i t y cas t ing t he i r vo t es .
7 . A l l r eso lu t i on o f the Genera l Mee t i ng o f Shareho lde rs , i nc l ud ing a
Gener a l Mee t ing o f Shar eho lde rs he ld t o i nc r eas e p lace i n and pa id
u p c ap i t a l r es t r i c t ed t o t he au t ho r i ze c ap i t a l due to i ss uanc e o f share
and o the r Equ i t y Secur i t i es , t ak en by de l ibe ra t ion f o r cons ensus . I n
t he even t t ha t de l i be r a t ion f o r consens us i s no t ob t a ined t he
r eso lu t ion sha l l be t ak en by vo t e cas t ing bas ed on approva l vo te o f
mor e t han ½ (one pe r t wo) o f a l l t he vo t es va l i d l y c as t i n t he G enera l
Mee t ing o f Shareho lde rs excep t i f such a r t i c l e o f as soc ia t ion
s t i pu la te o the r w i se . I n t he even t o f t i ed vo te s uch mot ion sha l l be
r e j ec t ed .
8 . A Gener a l o f Mee t i ng o f Shareho lde rs t o reso l ve mat te rs wh ic h has
c on f l i c t i ng in t e res t i s conduc ted by t he f o l low ing p r ov is ions :
a . A shareho lde r w i t h c on f l i c t i ng in t e res t i s deem ed t o g i ve s im i l a r
vo te t o t he dec is ion appr oved by t he i ndependen t s hare ho lde r s
w i t h no c on f l i c t o f i n t e res t ;
b . t he quorum o f a Gener a l Mee t ing o f Shareho lde r t o reso l ve on
mat t e rs wh i ch has c on f l i c t i ng i n te r es t mus t mee t t he requ i r ement
whe reas s uch m ee t ing mus t be a t t ended by independen t
s har eho lde r s rep res en t i ng more t han ½ (one ha l f ) o f t he number
o f sha r es w i t h va l i d vo t ing r igh t owned by t he independen t
8 6
s ha r eho lde r s and the reso lu t i on i s t ak en bas ed on a c onsen t ing
vo te o f i ndependen t shareho lde rs r ep res en t i ng more t han 1 /2
( one ha l f ) o f t he t o t a l s ha r es w i t h va l i d vo t ing r igh t s owned by
t he independen t s ha reho lde r s ;
c . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r b above i s
no t a t t a i ned , t he second Gener a l Mee t i ng o f Shar eho lde rs may
tak e re so lu t i on p rov ided tha t i t i s a t t ended by i ndependen t
s har eho lde rs r ep r es en t i ng more t han ½ (one ha l f ) t o ta l number
o f sha res w i t h va l i d vo t ing r igh t owned by independen t
s har eho lde rs and the res o lu t ion i s tak en based on consen t ing
vo te o f t he independen t s hareho lde rs r ep r esen t ing mor e t han 1 /2
( one ha l f ) o f t he number o f sha res owned by i ndependen t
s har eho lde rs in a t t endanc e i n such Gener a l Mee t ing o f
Shareho lde rs .
d . i n t he even t t ha t t he quorum as re f e r r ed t o le t t e r c above i s no t
a t t a ined , t he t h i rd Genera l Mee t i ng o f Shar eho lde r s may be
c onduc ted on t he r eques t o f t he Com pany t o t he F inanc ia l
Ser v i ce Au tho r i t y . The th i r d Gener a l Mee t ing o f Shar eho lde r s i s
va l i d and en t i t l e d t o t ak e reso lu t i on i f i t ’ s a t t ended by
I ndependen t Shareho lde r s f r om the s har es w i t h va l id vo t ing
r igh t s i n t he a t t endanc e quorum s t i pu la t ed by t he F inanc ia l
Ser v i ce Au t ho r i t y . The r es o lu t ion o f the t h i r d Genera l Mee t ing o f
Shareho lde rs i s va l i d i f appr oved by I ndependen t Shar eho lde rs
r ep r esen t ing more t han 50% ( f i f t y pe r cen t ) o f t he sha res owned
by t he I ndependen t Shareho lde rs i n a t t endance .
8 7
9 . Any mat t e r pu t up by a shareho lde r du r i ng t he d is cus s ion by vo t ing
t ak ing i n t he Genera l Mee t ing o f Shareho lde rs mus t mee t a l l
r equ i r ements as f o l l ows :
a . acc o rd ing t o t he op in ion o f t he Mee t ing Cha i rma n such mat t e r i s
d i r ec t l y r e la t ed t o one o f t he Agenda i t em c oncer n e d ;
b . t he mat t e r pu t f o r wa rd by one o r more sha reho lde rs r ep resen t ing
1 / 10 ( one pe r t en ) o f a l l t he shares w i t h va l id vo t i ng r igh t s ;
c . acc o rd ing t o t he op in ion o f t he Board o f D i r ec to r s i t has d i rec t
r e l a t ion t o t he Company ’ s bus ines s .
APPRO PRI ATI O N OF NET PRO FI T AND
D IV I DEN D DISTRIBUTION
Ar t i c le 25
1 . The Boar d o f D i rec to r s mus t p r opose to t he Annua l Gene ra l Mee t ing
o f Shareho lde r s t he appropr ia t ion o f t he Company ’ s ne t p r o f i t i n one
book year as con ta i ned i n t he annua l s ta t ement ra t i f i ed by t he
Annua l Genera l Mee t ing o f Shar eho lde rs . The p ropos a l s t a te s t he
und i s t r ibu ted amoun t o f ne t in come to be us ed as a res e r ve f und as
c on t emp la t ed i n a r t i c l e26 be low, and t he p r opos a l concer n ing t he
am oun t o f d i v i dend wh ic h may be d is t r ibu ted w i t hou t p re j ud ic e t o t he
r igh t o f t he Gener a l Mee t ing o f Shareho lde rs t o r es o l ve o t he r w i s e .
2 . Appropr ia t ion o f t he Ne t Pro f i t a f t e r be ing deduc ted by a l l o ca t ion f o r
r ese r ve f und as con t emp la ted i n Ar t i c l e 26 o f t he Company ’ s a r t i c l es
o f as soc ia t ion sha l l be res o l ved by t he Genera l Mee t ing o f
8 8
Shareho lde rs , sha l l on l y be d i s t r i bu ted t o t he sha reho lde rs in t he
f o rm o f d i v i dend i n t he even t t ha t t he Com pany has a pos i t i ve p r o f i t .
I f t he r eso lu t ion o f t he Gener a l Mee t ing o f Shar eho lde rs r e la t ed t o
t he cash d i v i dend d is t r i bu t ion , t he Company mus t c onduc t cas h
d i v i dend payment t o t h e shareho lde rs en t i t l ed t o r ec e ive i t a t t he
l a t es t 30 ( t h i r t y ) days a f t e r t he announc ement o f t he Gener a l
Mee t ing o f Shareho lde r s m inu tes wh i c h r eso l ve t he c as h d i v idend
d i s t r ibu t i on .
3 . D i v i dend can on l y be pa id acc ord ing t o t he f inanc ia l capac i t y o f t he
Com pany pu r suan t t o t he r es o lu t ion t ak en in a Genera l Mee t ing o f
Shareho lde rs , i n c lud ing a s t ipu la t i on regar d ing t he t ime o f payment
and f o rm o f d i v i dend . D i v idend f o r one sha re m us t be pa id t o t he
pers on o r l ega l en t i t y reco r ded i n t he Company ’ s Shareho l ders
Reg is te r on t he bus iness day s t i pu la ted by o r on t he au tho r i t y o f t he
Gener a l Mee t ing o f Shareho lde rs whe re s uch reso lu t i on f o r t he
d i v i dend d is t r i bu t ion was t ak en . The payment day mus t be announced
by t he Boar d o f D i r ec to r s t o a l l sha reho lde rs . Parag raph 2 a r t i c le 22
i s va l id m u ta t i s mu tand i s f o r suc h announcem ent .
4 . I f t he ca lc u la t ion o f p ro f i t l o ss s t a tement i n a book yea r shows loss
wh i c h c anno t be c overed by t he r es e r ve f und as c on tem p la t ed in
a r t i c le 26 he r eunde r , suc h l oss mus t be reco r ded and en te r ed in to
t he ca lc u la t i on o f p ro f i t and l oss and i n t he f o l low ing book year t he
Com pany i s deemed no t t o a t t a in any p ro f i t du r i ng t he loss r ec o rded
a nd en te r ed i n to t he p r o f i t l os s c a l cu la t i on i s no t ye t who l l y c over ed ,
w i t hou t p r e j ud ice t o t he p rov i s io ns o f p r eva i l i ng l aws and r egu la t i ons .
8 9
5 . The Board o f D i rec to r s w i t h t he appr ova l o f t he Board o f
Comm iss ioners i s en t i t l ed t o d i v ide in t e r im d i v i dend w i t h t he
p rov i s i on : ( i ) t he amoun t o f t he Com pany ’ s ne t ass e t may no t be less
t han t he amoun t o f p l ac e i n and pa id up cap i t a l p l us t he ob l iga to r y
r ese r ve ; ( i i ) does no t d i s tu r b o r cause the Company to be unab le t o
mee t i t s ob l iga t i on s t o c r ed i t o r s ; ( i i i ) does no t d is t u rb t he Company ’ s
ac t i v i t i e s .
Suc h in te r im d i v i dend sha l l be ca l cu la ted w i t h t he d iv i dend t o be
d i sburs ed bas ed on the f o l low ing Annua l G enera l Mee t ing o f
Shareho lde rs .
I n t he even t t ha t a f t e r t he end o f t he book year i t i s ev iden t t ha t t he
c ompany s u f f e rs a lo ss , t he i n te r im d i v i dend wh ich has been
d i s t r ibu ted m us t be re t u rned by t he s ha reho ld e rs t o t he Com pany.
6 . By obs er v i ng t he Com pany ’s r evenue i n t he concer n ed book year ,
f r om the ne t i nc ome as s ta t ed in t he ba lanc e shee t and p r o f i t l oss
s t a tem ent r a t i f i ed i n t he Annua l Genera l Mee t i ng o f Shareho lde rs
and a f t e r be ing deduc t ed by income tax , a t an t iem e can be g i ven t o
t he m ember s o f t he Boar d o f D i r ec t o rs and Board o f Comm is s ioners
t he amoun t o f wh ic h sha l l be s t i pu la ted by t he Gener a l Mee t ing o f
Shareho lde rs .
7 . Bes ide pa r t o f t he d i v i dend wh ich i s t he r igh t o f t he Repub l i c o f
I ndones ia , t h e und i s t r ibu ted p ro f i t a s d i v idend wh ich i s no t t ak en
w i t h in 5 ( f i ve ) years a f t e r be ing he ld f o r paym ent , sha l l be depos i t ed
i n t o a rese r ve f und espec ia l l y m ade fo r i t . D i v idend s in s uc h spec ia l
r ese r ve f und may be tak en by t he en t i t l ed s har eho lde rs by su bmi t t i ng
9 0
p roo f o f i t s r igh t on such d i v i dend acc ep t ab le by t he Boar d o f
Comm iss ioners . D iv i dend en te r ed in to t he spec ia l r ese r ve and no t
t ak en w i t h in a t ime sp an o f 10 ( t en ) years sha l l bec ome t he
owner sh ip o f t he com pany.
APPRO PRI ATI O N OF RESERVED FUND
Ar t i c le 26
1 . The p r o f i t p r ov ided f o r t he r es e r ve f und i s s t ipu la t ed by t he G enera l
Mee t ing o f Shar eho lde r s a f t e r cons ide r i ng t he p r oposa l o f t he Boar d
o f D i r ec to r s and obs er v i ng p reva i l i ng laws and regu la t ions .
2 . The a l l oc a t i on o f ne t p ro f i t f o r ob l iga to r y r es e r ve as s t ipu la ted in
pa rag raph 1 t h i s Ar t i c l e i s va l i d i f t he Company has a pos i t i ve p ro f i t
ba lanc e and exec u ted un t i l t he amoun t o f r es e r ve f und r eac h a t l eas t
20% ( t wen t y pe r cen t ) o f t he p lac e in c ap i t a l an d on l y use to c over
l o ss es su f f e red by t he Com p any wh ic h canno t be c ove red by any
o t he r r es e r ve .
3 . I n t he even t t ha t t he am oun t o f r ese r ve f und has exceeded 20%
( t wen t y pe r cen t ) o f t he p lace i n cap i t a l , t he G enera l Mee t ing o f
Shareho lde rs may dec ide suc h res e r ve f und as s t ipu la t ed in
pa rag raph 2 t h i s a r t i c l e t o be u t i l i ze f o r t he i n te r es t o f the Company .
4 . The Board o f D i r ec t o rs mus t manage the rese r ve f und s o t ha t such
f und ob t a i n a p r o f i t b y r easonab le and p r oper means and approv ed
by t he Boar d o f Comm is s ioners and obs er v i ng app l i c ab le l aws and
r egu la t ions .
5 . Any p r o f i t r ece i ved f rom the rese r ve f und mus t be en te red in t o t he
Com pany ’s lo ss and p ro f i t ca lc u la t ion .
9 1
AM ENDM ENT TO THE ARTI CLES OF ASSO CI ATIO N
Ar t i c le 27
1 . The amendment t o t he a r t i c l es o f as soc ia t ion i s s t ipu la t ed in t he
Gener a l Mee t i ng o f Shareho lde r s c onduc ted w i t h t he f o l l ow ing
r equ i r ements :
a . a t t ended by t he s e r ia l A Dwiwa rna s har eho lde r and o t he r
s har eho lde rs c o l l ec t i ve l y r ep r esen t a t l eas t 2 / 3 ( t wo th i rd ) o f t he
over a l l number o f s ha r es w i t h va l id vo t i ng r igh t s . and the
r eso lu t ion i s app r oved by t he t he se r ia l A Dwiwa rna s har eho lde r
and o the r s har eho lde rs c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo
th i r d ) o f t he ove ra l l number o f sha res w i t h va l id vo t ing r igh t s .
b . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r a above i s
no t a t t a i n e d , t he second Gener a l Mee t i ng o f Shar eho lde rs may
tak e reso lu t i on s p r ov ided tha t i t i s a t t ended by t he s e r ia l A
Dwiwa r na s har eho lde r and o the r shar eho lde r s who co l le c t i ve l y
r ep r esen t a t l eas t 3 / 5 ( t h r ee pe r f i ve ) o f t he overa l l amoun t o f
s ha r es w i t h va l i d vo t ing r igh t s . The reso lu t i on o f t he s ec ond
Gener a l Mee t i ng o f Shar eho lde r s i s va l id i f approved by t he
ho lde r o f se r ia l A Dwiwa r na share and o the r s har eho lde rs wh i ch
c o l lec t i ve l y rep resen t m ore t han ½ ( one ha l f ) o f t he over a l l
s ha r es w i t h va l i d vo t ing r ig h t a t t end ing t he Gener a l Mee t ing o f
Shareho lde rs .
c . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r b above i s
no t a t t a i n e d , t he th i r d Genera l Mee t ing o f Sha reho lde rs c an be
c onduc ted on t he r eques t o f t he Com pany t o t he F inanc ia l
9 2
Se r v i ce Au t ho r i t y . Th e t h i rd G enera l Mee t ing o f Shareho lde r s
s ha l l be va l i d an en t i t l ed t o t ak e res o lu t i on i f a t t ended by t he
s har eho lde rs w i t h va l i d vo t ing r igh t i n t he a t t endance quorum
and res o lu t i on quorum s t ipu la ted by t he F inanc ia l Ser v i ce
Au t ho r i t y .
2 . Amendment t o t he a r t i c les o f ass oc ia t i on mus t be f o rmu la ted by a
no ta r i a l deed and in Bahasa I ndones ia .
3 . Amendment t o t he p rov i s ions o f t he a r t i c l es o f as soc ia t ion
c oncer n ing name changes , Company dom ic i le , t e rm o f in co r por a t ion ,
ob jec t i ve and goa l s and t he Com pany ’ s bus ines s ac t i v i t i e s , t he
am oun t o f au t ho r i ze c ap i t a l , dec r ease i n p lace in and pa id up cap i t a l
and t he c hanges in t he s ta t us o f t he Com pany f rom c lose company to
pub l i c c ompany o r v i ce ve r sa , mus t have an approva l f r om the
Min i s t e r o f Law and Human R igh ts Repub l i c o f I ndones ia .
4 . Amendment t o t he a r t i c l es o f assoc ia t i on bes ides t hose conc ern ing
mat t e rs r e f e r r ed t o in pa r ag raph 2 t h i s a r t i c le i s su f f i c ien t l y no t i f i ed
t o t he Min i s te r o f Laws and Human R igh ts Repub l i c o f I ndones ia .
5 . Reso lu t i on r egard ing t he reduc t ion in cap i t a l mus t be announc e d to
a l l t he Company ’ s c r ed i t o r by announc ing i t i n 1 (one) o r mor e da i l y
newspaper in Bahasa I ndones ia , acc ord ing t o t he cons ide r a t ion o f
t he Board o f D i rec to r s wh ic h has an ex tens i ve d i s t r ibu t ion over a l l
t he t e r r i t o r y o f t he Repub l i c I ndones ia a t t he l a tes t 7 ( s even) days
s i nc e t he da t e o f s uc h res o lu t ion regard ing reduc t ion in t he cap i t a l .
The p rov i s ions re f e r red t o i n t he p r ev ious pa r agr aph w i t hou t
p re j ud ic es t o t he appr ova l o f au tho r i ze i ns t i t u t ion as r equ i r ed by
app l i cab le laws and r egu la t i ons .
9 3
AM AL G AM ATI O N, M ERG ER , ACQ UI SIT IO N AND SEP ARATI O N
Ar t i c le 28
1 . By obs er v ing app l i c ab le l aw s and r egu la t i ons i n t he cap i t a l mark e t ,
am a lgamat ion , merger , acqu is i t i on and separ a t ion can on l y be
c onduc ted pu r suan t t o a res o lu t ion o f t he Gener a l Mee t ing o f
Shareho lde rs conduc ted by obser v i ng t he f o l l ow ing s t i pu la t i on :
a . i t mus t be a t t ended by t he s e r ia l A Dwiwa r na s har eho lde r and
o t he r shareho lde r s c o l lec t i ve l y r ep r es en t i ng a t l eas t ¾ ( t h ree
f ou r th ) o f t he ove ra l l num ber o f sha res w i t h va l id vo t ing r igh t s
and the res o lu t i on i s appr oved by t he se r i a l A Dwiwa r na
s har eho lde r and o t he r s har eho lde rs co l l ec t i ve l y r ep r esen t ing
mor e t han ¾ ( t h ree f ou r th ) o f t he t o t a l vo t e va l id l y cas t i n a
Mee t ing ;
b . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r a above i s
no t a t t a in ed , a sec ond Gener a l Mee t ing o f Shar eho lde rs may
tak e reso lu t i on w i t h t he p rov i s ions t ha t i t has t o be a t t ended by
t he s e r ia l A Dwiwa rna shareho lde r and o the r s har eho lde rs who
c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo th i r d ) o f t he over a l l
number o f sha r es w i t h va l i d vo t i ng r igh t s and the r es o lu t i on i s
appr oved by t he s e r ia l A Dwiwa rna s har e ho lde r and o the r
s har eho lde rs c o l le c t i ve l y r ep r es en t i ng more t han ¾ ( t h r ee
f ou r th ) o f t he t o ta l vo t e va l id l y c as t i n t he Genera l Mee t ing o f
Shareho lde rs ;
c . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r b above i s
no t a t t a in ed , a t h i r d Genera l Mee t ing o f Shareho lde rs c an be
9 4
he ld on a reques t o f t he Com pany to t he F inanc ia l Ser v ic e
Au t ho r i t y . The th i rd Gener a l Mee t i ng o f Shar eho lde rs s ha l l be
va l i d and en t i t l ed t o t ak e reso lu t i on i f a t t ended by shareho lde rs
w i t h va l i d vo t i ng r ig h t i n an a t t endance quoru m and reso lu t ion
quor um s t ipu la t ed by t he F inanc ia l Ser v i ce Au t ho r i t y .
2 . The Boar d o f D i rec t o rs m us t announc e in 1 (one) I ndones ian da i l y ,
acc o rd ing t he cons ide r a t ion o f t he Board o f D i r ec t o rs wh i ch has a
w ide c i r c u la t ion in t he t e r r i t o r y o f t he Repub l i c o f I ndones ia
r egard ing t he s ummar y o f t he am a lgamat i on , merger , acqu is i t i on and
s epara t i on o f t he Com pany a t t he la tes t 30 ( t h i r t y ) days s i nc e t he
s ummon f o r t he Genera l Mee t ing o f t he Shar eho lde r s .
DISSOLVEMENT AND L IQUI D ATI O N
Ar t i c le 29
1 . By obs er v i ng t he p ro v i s i on s o f app l i c ab le laws and regu la t i on s t he
d i ss o l vem ent o f t he Com pany can on l y be conduc ted pu rsuan t t o a
r eso lu t ion o f t he G ene ra l Mee t ing o f Shar eho lde rs conduc t ed
acc ord ing t o t he f o l l ow ing p r ov is i ons :
a . A t t ended by t he s e r ia l A Dwiwarna s har eho lde r and o t he r
s har eho lde rs who c o l lec t i ve l y r ep r esen t a t l eas t ¾ ( t h ree f ou r th )
o f t he num ber o f sha res w i t h va l i d vo t ing r igh t and approved by
t he s e r ia l A Dwiwa rna shareho lde r and o the r s har eho lde rs who
c o l lec t i ve l y r ep r esen t mor e t han ¾ ( th ree f ou r t h ) t he num ber o f
vo tes va l i d l y c as t i n t he m ee t i ng .
9 5
b . i n t he even t t ha t t he quorum as r e f er r ed t o in l e t t e r a above i s
no t a t t a in ed , a sec ond Gener a l Mee t ing o f Shar eho lde rs may
tak e reso lu t i on w i t h t he p rov i s ions t ha t i t has t o be a t t ended by
t he s e r ia l A Dwiwa rna shareho lde r and o the r s har eho lde rs who
c o l lec t i ve l y rep resen t a t l eas t 2 / 3 ( t wo th i r d ) o f t he over a l l
number o f sha r es w i t h va l i d vo t i ng r igh t s and the r es o lu t i on i s
appr oved by t he s e r ia l A Dwiwa rna s har eho lde r and o the r
s har eho lde rs c o l le c t i ve l y r ep r es en t i ng more t han ¾ ( t h r ee
f ou r th ) o f t he t o ta l vo t e va l id l y c as t i n t he Genera l Mee t ing o f
Shareho lde rs ;
c . i n t he even t t ha t t he quor um as r e f e r red t o i n le t t e r b above i s no t
a t t a in ed , a t h i rd Gener a l Mee t i ng o f Sha reho lde rs can be he ld on
a reques t o f t he Com pany to t he F inanc ia l Ser v i ce Au tho r i t y . The
th i r d Gener a l Mee t i ng o f Shar eho lde rs sha l l be va l id and en t i t l ed
t o t ak e reso lu t i on i f a t t ended by sha reho lde rs w i t h va l i d vo t i ng
r igh t i n an a t t endance quor um and r es o lu t i on quor um s t ipu la t ed by
t he F inanc ia l Ser v i c e Au tho r i t y .
2 . I n t he even t t ha t t he Company i s d i sso l ved bo th due to the exp i r a t ion
o f i t s t enur e o r d iss o l ve d on a reso lu t ion o f t he G enera l Mee t ing o f
Shareho lde rs o r due to t he o r de r o f a D i s t r i c t Cour t , i t mus t be
l i q u ida t ed by l i qu ida t o rs .
3 . The Boar d o f D i rec t o rs sha l l ac t as l i q u ida to r s i n t he even t t ha t t he
r eso lu t ion o f t he Gener a l Mee t i ng o f Shareho lde rs o r t he s t i pu la t ion
as r e f e r red t o i n pa r ag raph 2 t h i s a r t i c l e does no t appo in t a
l i q u ida to r .
9 6
4 . The f ee f o r t he l i qu ida t o r s ha l l be s t ipu la t ed by t he Gene ra l Mee t ing
o f Shar eho lde r s o r bas ed on a Cour t O rder .
5 . The l i qu ida t o r mus t no t i f y a l l c r ed i t o r s r egard ing t he r es o lu t i on o f t he
Com pany by announc ing i t i n t he S ta t e Gaze t t e Repub l i c o f
I ndones ia and an Indones ia n da i l y w i t h na t iona l d i s t r i bu t i on i ss ued
o r i n c i r c u la t ion in t he p lace where t he Company has i t o f f i c e and
no t i f y t o t he Min i s te r o f Law and Human R igh ts Repub l i c o f I ndones ia
t o be r eg is t e red i n t he Company Reg is t ra t i on and no t i f y t he F inanc ia l
Ser v i ce Au tho r i t y pu rsuan t t o p r eva i l i ng regu la t i ons , a t t he l a tes t 30
( t h i r t y ) days as o f the d i sso lu t ion o f t he Company.
6 . The Ar t i c le s o f ass oc ia t i on as con t a ined in t h i s deed and i t s
am endment in t he f u tu r e sha l l s t i l l be e f f ec t i ve and va l i d un t i l t h e
da te t ha t t he l i qu ida t ion ca lc u la t i on i s o f f i c i a ted by t he Genera l
Mee t ing o f Shar eho lde r s based on t he approva l o f t he ma j o r i t y vo t e
va l i d l y cas t and g i ven a com p le te acqu i t e t c ha rge to t he l i qu ida to rs .
7 . The c a lcu la t ion o f l i q u ida t ion mus t be d i s t r ibu te d t o t he shareho lde r s
r espec t i ve l y rec e i v i ng pa r t acco r d ing t o t he p r opor t ion o f t he t o t a l
nom ina l va lue pa id in f u l l f o r t he s hares t hey owned respec t i ve l y .
CLO SING PRO VI SIO N S
Ar t i c le 30
A l l ma t te r s wh ic h a re no t ye t su f f i c i en t l y regu la ted in t h i s a r t i c le s o f
ass oc ia t i on s ha l l be r es o l ved i n t he Gener a l Mee t i ng o f Shareho lde rs .
As long as a G ener a l Mee t i ng o f Shar eho lde r s has no t ye t regu la ted
and bas ed on p reva i l i ng regu la t i on con ta ined i n t he p rov i s i on o f t h i s
9 7
A r t i c les o f Ass oc ia t ion wh ic h a r e c on t r a r y t o t he p reva i l i ng laws and
r egu la t ion t he l aws and r egu la t i ons sha l l p reva i l .
-The Boar d o f D i rec t o rs and
bo th c o l lec t i ve l y o r i nd i v i dua l l y w i t h t he r igh t o f subs t i t u t i on o f t h i s
power o f a t t o rney to ano t he r pa r t y i s he reby em power ed to subm i t t he
no t i f i ca t i on o f t he amendm ent s o f t he Company ’ s a r t i c les o f
ass oc ia t i on t o t hos e in au tho r i t y , appear where nec es sar y , p r ov ide
i n f o rmat i on , m ak e o r le t made and s ign a l l l e t t e r s needed and in
genera l c onduc t a l l ac t i on needed o r deem ed necess ar y and bene f i c ia l
t o com p le te such mat t e r s w i t hou t any exc ep t ion .
-The appeare r he r ew i t h guaran tee the t ru t h o f h i s iden t i t y o f t he
appear e r accor d ing t o t he i den t i t y ca rd s ubm i t t ed t o me, t he No t a r y ,
and f u l l y r es pons ib l e on such m at te r and f u r t he r t o i t t he appear e r a l so
s t a ted t o have unde rs tood and k nowledgeab le regar d ing t he c on ten t o f
t h i s deed .
- I , t he No ta r y , k now the appea re r f r om h i s iden t i t y subm i t t ed t o me,
t he No t a r y .
- F rom a l l wha t i s men t ioned above , was d rawn up :
THI S DEED
- Made as m inu t e s and read ou t and s igned i n J ak ar ta on t he day
and da t e as men t i oned a t t he beg inn ing o f t h i s deed i n t he p resenc e
o f :
9 8
1 . Mr s . INDAH FAT MAW ATI , BA ( Hons . ) l aw, who was bo r n in J ak ar ta
on 28 -0 7 -1959 ( t wen t y - e igh t Ju l y one t hous and n ine hundr ed f i f t y -
n i ne ) , an I ndones ian c i t i zen , who res ide s in Sou th J ak ar ta , Tebe t
T im ur Da lam VI K /4 , RT 003 , RW 006 , Sub - D i s t r i c t Tebe t T imur ,
D i s t r i c t Tebe t .
Ho lde r o f Popu la t i on Reg i s t ra t ion Num ber : 3174016807590001 ,
wh i c h exp i re on 28 -0 7 -2017 ( t wen t y - e igh t Juy two thousand
s even t een) .
2 . Mr s . LENI LAST I MI RATNAW ATI , who was bo rn i n Kun ingan , on 08 -
0 2 -1973 (e igh t Feb rua r y one thousand n ine hundred seven t y - t h ree ) ,
an I ndones ian c i t i zen , who res ide s in Sou th Jak ar ta , Je ruk Pur u t , RT
001 , RW 003 , Sub -D i s t r i c t C i l andak T imur , D is t r i c t Pasar M inggu .
Ho lde r o f Popu la t ion Reg i s t ra t ion Number : 3174044802730005 wh ic h
exp i r e on 08 -0 2 -2016 (e igh t Februar y t wo t housand s i x teen) .
bo th As s is tan t s No ta r y as w i t nes ses .
- Immed ia t e l y a f t e r t h i s deed was r ead ou t by me, t he No ta r y , t o t he
appear e r and w i t nes ses i t was immed ia t e l y s igned by t he appear e r ,
w i t ness es and m e, t he No t a r y .
- Conduc ted w i t hou t any changes .
-The o r ig i na l o f t h i s deed was du l l y s igned .
G IVEN AS EXACT DUPLICATE
S igned and s tam ped on a s t amp du t y o f 6000
I r . NANETTE C AH Y ANI E H AND ARI ADI W ARSI TO, S .H .
9 9
No t a r y in Jak ar ta
I, HARSO SUTANDYO, SWORN TRANSLATOR, r eg is t e red w i t h t he Min is t r y o f Law and Human R ig h ts Repub l i c o f I ndones ia , do he reby dec la r e t h i s t o be a t r ue and co r r ec t t r ans la t ion o f t he o r ig ina l i n I ndones ian . J ak ar ta , 19 Oc t ober 2015
