Without prejudice to the responsibilities of the Fund Manager set forth in the provisions of Chapter Three (Conflict of Interests) of Module Eight (Conduct of Business) of these Bylaws, the Fund Manager employees, who are not registered as representatives of a Collective Investment Scheme manager, may occupy the position of a Member of a Board of Directors at a company whose Securities thereof are a part of the Fund’s Assets managed by the Fund Manager. Employees of the Fund Manager registered as representatives of a Collective Investment Scheme manager, may not occupy the position of a Member of a Board of Directors at the companies mentioned in the preceding paragraph, unless the investment controls of certain types of Funds stated in Appendix 4 of this Module so permit.