542
88. The quorum necessary for the transaction of the business of the directors may be fixed by the directors, and unless so fixed shall (when the number of directors exceeds three) be thrce.
89. The continuing directors may act notwithstanding any vacancy in their body, but, if and so long as their number is reduced below the number fixed by or pursuant to the regulations of the company as the necessary quorum of aircetors, the conthuning directors may act for the purpose of increasing the number of directors to that inber, or of summoning a general meeting of the company, but for no other purpose.
90. The directors may elect a chairman of their meetings and determine the period for which he is to hold office; but, if no such chairman is elected, or if at any meeting the chairman is not present within five minutes of the time appointed for holding the same, the directors present may choose one of their number to he chairman of the
meeting.
91. The directors may delegate any of their powers to committes e insisting of such member or members of their body as they think fit; any committee so formed shall in the excreise of the powers so delegats d conform to any regulations that may be imposed on them by the directors.
92. A committee may elect a chairman of their meetings: if no sach elanirman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for holding the same, the members present may choose one of their unmber to be chairman of the meeting.
93, A committee may meet and adjourn as they think proper. Questions arising at any meeting shall be deter- mined by ak majority of votes of the members present, and in case of an equality of votes the claiman shall have a second or casting vote.
94. All acts done by any meeting of the directors or of a commitee of directors, or by any person acting as a director, shall, notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such directors or persons acting as aforesaid, or that they or any of them were disqualified, he as valid as if every such person had been duly appointed and was qualifie i to be a director.
Dividends and Reserve,
95. The company in general meeting may declare divider ds, but no dividend shall excecl the amount recom- mended by the directors,
96. The dhertors may from time to time pay to the members such in.erim dividends as appear to be justified by the profits of the company.
97. No dividend shall be paid otherwise than out of profits.
98. Subject to the rights of persons, if any, cutitled to shares with special rights as to dividends, all dividends shall be declared and paid according to the amounts paid on the shares, but if and so long as nothing is paid up on any of the shares in the company dividends may be declared and paid according to the amounts of the shares. No amount paid on a share in advance of calls shall, while earrying interest, he treated for the purpose of this article as paid on the share.
99. The directors may, before recommending any divi- dend, set naide out of the profits of the company such sums as they think proper as a reserve or reserves which shall, at the discretion of the directors, be applicable for meeting contingencies, or for equalising dividends, or for any other purpose to which the profits of the company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the company or be invested in such investments (other than shares of the company) as the directors may from time to time think fit.
100. If several persons are registered as joint holders of of any share any one of them may give effectual receipts for any dividend payable on the share.