COMPANIES.
No. 58 of 1911.
2213
present within 5 minutes after the time appointed for holding the same, the members present may choose one of their number to be chairman of the meeting.
93. A committee may meet and adjourn as they think proper. Questions arising at any meeting shall be determined by a majority of votes of the members present, and in case of an equality of votes the chairman shall have a second or casting vote.
94. All acts done by any meeting of the directors or of a committee 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, 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 recommended by the directors.
96. The directors may 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 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. 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 dividend, 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 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.
* As amended by No. 50 of 1911.
* As amended by No. 16 of 1912.