Scottish Opera Theatre Royal LtdRegistered

(i) To function as a wholly owned subsidiary of Scottish Opera (Registered in Scotland No SC37531) ('Scottish Opera') and as such to act on behalf of and as agent for Scottish Opera in furtherance of the objects contained in the Memorandum of Association of Scottish Opera by way of the acquisition, alteration, equipment and operation of a theatre in Glasgow to provide Scottish Opera with a permanent base for its performances and associated activities and as a centre for the presentation and enjoyment of the arts so far as incidental or conducive to the attainment of the said objects of Scottish Opera and/or (b) to do such other things and enter into such other contracts and arrangements as may be incidental or conducive to the attainment by Scottish Opera of its said objects. (ii) To guarantee and/or give security for the payment of money by or in the performance of obligations of all kinds of the Company or any other person, firm or company and, in particular, but without prejudice to the generality of the foregoing, to guarantee and/or give security (either by way of mortgage or charge on all or any part of the property and undertaking. present and future of the Company or otherwise) for the performance of the obligations and the payment of the principal of and dividends, interest and premiums on and any other moneys due in respect of any stocks, shares, debentures, debenture stock or other securities or borrowing of any company being a charitable company including a company which is for the time being a subsidiary of the Company (the expression 'Subsidiary' having the meaning ascribed to it by Section 736 of the Act and the expression 'charitable' having the meaning provided by Section 505 of the Income and Corporation Taxes Act 1988).