THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 15, 1911. 695
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, be as valid as if every such person had been duly appointed and was qualified to be a director,
Dividends and Reserve.
95. The company in general meeting may declare dividends, but no dividend shall exceed the amount recom- mended by the directors.
96. The directors may from time to time pay to the members such interim 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, entitled to shares with special rights as to dividends, all divideuds 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 carrying interest, be treated for the purpose of this article as paid on the share.
99. The directors may, before recommending any divi- dend, set aside 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 any share any one of them may give effectual receipts for any dividend payable on the share.
101. Notice of any dividend that may have been declared shall be given in manner hereinafter mentioned to the persons entitled to share therein.
102. No dividend shall bear interest against the company.
Audit.
108. Auditors shall be appointed and their duties regu- lated in accordance with sections one hundred and thirteen and one hundre 1 and fourteen of the Companies Ordinance, 1911, or any statutory modification thereof for the time being in force.
Notices.
104. A notice may be given by the company to any member either personally or by sending it by post to him to his registered address, or (if he has no registered address in the place where the company has its head office) to the address, if any, in the place where the company has its head office, supplied by him to the company for the giving of notices to him.
Where a notice is sent by post, service of the notice shall be deemed to be effected by properly addressing, pre- paying, and posting a letter containing the notice, and unless the contrary is proved to have been effected at the time at which the letter would be delivered in the ordinary course of post.
105. If a member has no registered address in the place where the company has its head office and has not supplied to the company au address in the place where the company has its head office for the giving of notices to him, a notice addressed to him and advertised in a news- paper circulating in the neighbourhood of the registered office of the company, shall be deemed to be duly given to him on the day on which the advertisement appears.