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da vida d
Capitalisation of Reserve Funds.
157. (a) The Company in General Meeting may at Capitalisa- any time pass a Resolution to the effect that it is desirable tion of to capitalise any sum or sums of money being part of the profits and undivided profits of the Company standing to the credit correspond-
ing new of the Company's Reserve Fund, and accordingly that shares. such sum or sums be distributed as a bonus among the members in proportion to the shares held by them respectively, and that the Directors be authorised to distribute among the members any unissued shares or new shares in like proportions.
(b) When any such Resolution as that referred to in the preceding paragraph shall have been passed, the Directors may allot and issue to the members 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 members in respect of the Reserve Fund 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 allotment the Directors may authorise any person on behalf of the members to enter into any Agreement with the Company providing for the allotment 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.
Dividend.
158. Subject as aforesaid, the profits of the Company Disposition which it shall from time to time be determined to divide of profits. in respect of any year shall be divided amongst the members in proportion to the capital paid up on the shares held by them respectively.
159. Where capital is paid up in advance of calls Capital paid upon the footing that the same shall carry interest, such in advance. capital shall not whilst carrying interest, confer a right
to participate in profits,
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