331
Capitalisation of undivided profits.
125. (a) The shareholders in general meeting may at any time pass a resolution to the effect that it is desirable to capitalise any sum or sums of money being part of the undivided profits of the Bank standing to the credit of the Bank's reserve fund or funds, and accordingly that such sum or sums be distributed as a bonus among the shareholders in proportion to the shares held by them respectively, and that the Board be authorised to distribute among the shareholders any unissued shares or new shares in like proportions.
(b) When any such resolution has been passed, the Court may allot and issue to shareholders, as nearly as may be in proportion to the shares held by them respectively, and in satisfaction of the said bonus, the unissued shares or new shares credited as paid up shares to the extent of the proportionate amount payable to such shareholders in pursuance of the said resolution, with full power to make such provisions by the issue of fractional certificates or otherwise as they may think expedient for the case of fractions, and prior to such allotmept the Board may authorise any person on behalf of the share- holders to enter into any agreement with the Bank providing for the allot- ment to them of such shares credited as paid up shares as aforesaid, and in satisfaction as aforesaid, and any agreement made under such authority shall be effective.
Dividends.
tion of Capitalisa-
profits.
126. Subject to the provisions of these Regulations and to the rights Disposition of holders of shares issued upon special conditions, and to any arrangement
of profits. that may be made by the shareholders to the contrary, and subject as to shares not fully paid to any special arrangement made as regards money paid in advance of calls, the profits of the Bank for the time being available for dividend, which it shall from time to time be determined to divide in respect of any year, shall be divided among the shareholders in proportion to the capital paid or credited on the shares held by them respectively.
of divid-
ends.
Bonus to
127. The Board may, with the sanction of the shareholders in general Declaration meeting, declare a dividend to be paid to the shareholders according to their rights and interest in the profits and may fix the time for payment, and may with the like sanction declare and pay a dividend out of any reserve fund and fix the time for payment thereof, and may with the like sanction declare bonuses to the Bank's employees or any of them; provided always employees. that if shares shall have been issued during the course of a financial year the holder thereof shall, subject to any arrangement made by the Board to the contrary, only be entitled to have paid to him in respect of dividends on such shares a proportionate part of the dividends for such financial year cal- Propor culated on the proportionate part of the year from the dates on which the tionate calls on such shares were payable, treating such dividends as earned rate- ably over the whole year or other financial period to which the dividend Interim relates. The Board may from time to time pay to the shareholders such dividend. interim dividend as in their judgment the position of the Bank justifies.
dividend.
in advance.
128. Where capital is paid up in advance of calls upon the footing Capital paid that the same shall carry interest, such capital shall not, whilst carrying interest, confer a right to participate in the profits.
129. No dividend shall be payable except out of the profits of the Bank, and the declaration of the Board as to the amount available for dividend shall be conclusive. Provision for any loss realised or estimated or apprehended may, if any when thought fit, be spread over such period of time and by such instalments as the Board may think fit.
130. No larger dividend shall be declared than is recommended by the Board, but the shareholders in General Meeting may declare a smaller dividend or bonus.
131. No dividend shall bear interest against the Bank.
Dividends to be paid out of pro- fits. Special power
of
Restriction on amount
of dividends.
Dividend not to carry interest.