National Grid 2008 Annual Report Download - page 83

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 62385
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.A, Doc: 2, Page: 52
Description: EXHIBIT 2(A)
0/4451.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/451/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 62385
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.A, Doc: 2, Page: 52 Description: EXHIBIT 2(A)
0/4451.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/451/4*
If at any time the Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is
not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof which is required for such conversion is denied or in the reasonable opinion of the Depositary is not obtainable, or if any such approval
or license is not obtained within a reasonable period as determined by the Depositary, the Depositary, after consultation with the Company,
may distribute the foreign currency (or an appropriate document evidencing the right to receive such foreign currency) received by the
Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
accounts of, the Owners entitled to receive the same.
If any such conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled
thereto, the Depositary may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled
thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.
In the event that the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for
additional Shares or any rights of any other nature, the Depositary, after consultation with the Company, shall have discretion as to the
procedure to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the
net proceeds available in Dollars to such Owners or, if by the terms of such rights offering or, for any other reason, the Depositary may not
either make such rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the
Depositary shall allow the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion, after
consultation with the Company, that it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other
Owners, the Depositary may distribute, to any Owner to whom it determines the distribution to be lawful and feasible, in proportion to the
number of American Depositary Shares held by such Owner, warrants or other instruments therefor in such form as it, after consultation with
the Company, deems appropriate. The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make
such rights available to Owners in general or any Owner in particular.
In circumstances in which rights would otherwise not be distributed, if an Owner of Receipts requests the distribution of warrants or
other instruments in order to exercise the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will
make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole
discretion to
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14. RIGHTS.