12 June 2002
STANDARD RESERVE HOLDINGS LIMITED ("SRHL")
("the Company")
(International Business Company No.: 432110)
Written Resolution of the Board of Directors pursuant to the Articles of
Association of the Company
We, the undersigned, being the Board of Directors of the above named
company DO HEREBY ADOPT THE following resolutions:
INVESTIGATION:
Based on investigation undertaken at the direction of the outside
Directors of Standard Reserve Holdings Ltd., it has become evident that
certain officer(s) and Director(s) of Standard Transactions Ltd. have
commingled customer and company money. This party or parties has/have
drawn from funds intended to serve as reserves against the electronic
currency liabilities of Standard Reserve Issue Ltd. and from balances
earmarked as reserves against Standard Transactions customer debit cards
and spent them for operating expenses and/or possibly personal use. This
party or parties has/have furthermore misrepresented the financial
condition of both Standard Transactions Ltd. and Standard Reserve Issue
Ltd. to the public, to prospective investors, prospective business
partners, to regulators in the BVI and to outside Directors, and to
other officers of the Companies since approximately March 2001.
Effective immediately, the Board of Directors of Standard Reserve
Holdings Ltd. orders and shall undertake the following measures:
-
The resignation of Dr. Elwyn Jenkins as Chairman of the Board and as a
Director of Standard Reserve Holdings Ltd. and each and every of its
subsidiaries and as CEO of Standard Transactions Ltd. is accepted.
-
The resignation of Glenda Jenkins as a Director of Standard Reserve
Holdings Ltd. and each and every of its subsidiaries is accepted.
-
Immediate and intensive efforts to effect the re-capitalization of
Standard Reserve Issue Ltd. and Standard Transactions Ltd. must be
undertaken.
-
Standard Reserve Issue Ltd. must suspend all further acceptance of
customer deposits and must cease issuing Standard Gold (SR-AUG) or
Standard Dollar (SR-USD) pending determination whether Standard Reserve
Issue Ltd. may continue as a going concern.
-
Standard Transactions Ltd. must cease accepting customer payments for
purposes of exchange, including payments intended for funding debit
cards pending determination whether Standard Transactions Ltd. may
continue as a going concern.
-
If efforts to re-capitalize Standard Reserve Issue Ltd. and Standard
Transactions Ltd. are not successful within a reasonable period of time
Standard Reserve Holdings Ltd. and all of its subsidiaries shall be
placed under the control of a Receiver for liquidation.
Continued investigation will be pursued to determine the precise
financial status of Standard Reserve Holdings Ltd. and its subsidiaries.
Based upon the findings of the Board's investigation, the Board
reserves all rights to pursue all legal remedies, including, but not
limited to, recovery of Company assets. Upon conclusion of the Board's
investigation, the Board will report all of its findings to all
shareholders of the Company.
RESOLVED:
That the Board of Directors of Standard Reserve Holdings Limited
consents to this authorization by way of a Board of Directors vote.
**********************************************************************************
12 June 2002
STANDARD RESERVE HOLDINGS LIMITED ("SRHL")
("the Company")
(International Business Company No.: 432110)
Written Resolution of the Board of Directors pursuant to the Articles of
Association of the Company
We, the undersigned, being the Board of Directors of the above named
company DO HEREBY ADOPT THE following resolutions:
LAWSUIT AGAINST JENKINS:
Based on its continued investigation, effective immediately, the Board
of Directors of Standard Reserve Holdings Ltd. orders and shall
undertake the following measures:
-
The Board shall institute any and all necessary legal proceedings
against Dr. Elwyn Jenkins and Glenda Jenkins, and any companies or other
entities of which Dr. Jenkins and/or Glenda are beneficiaries or
beneficial owners (including, but not limited to, Digital Currency
Investment, Inc. and Paradot Investment, Inc.), to recover assets and
value owed to the Company. Prior to instituting this action the Board
shall determine the costs of these actions and the method of paying for
these costs.
RESOLVED:
That the Board of Directors of Standard Reserve Holdings Limited
consents to this authorization by way of a Board of Directors vote.
************************************************************
Upon conclusion of the Board's investigation, the Board will report its
findings to depositors, creditors and shareholders of the companies.