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Declaration
of dividends
and bonus to employees.
When to be
deemed net profits.
Dividends not to be paid out of capital.
No larger
dividend
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160. The Directors may, with the sanction of the Company in General Meeting, declare a dividend to be paid to the members according to their rights and in- terests in the profits, and may fix the time for payinent and may with the like sanction declare and pay a dividend or bonus out of any reserve fund and fix the time for payment thereof and may with the like sanction declare bonuses to the Company's employees or any of them.
161. The declaration of the Directors as to the amount of the net profits of the Company shall be conclusive.
162. No dividend or bonus shall be payable except out of the profits of the Company.
163. No larger dividend shall be declared than is recommended by the Board, but the Company in General mended by Meeting may declare a smaller dividend.
than recom-
Board.
Debts may
164. The Directors may retain any dividends or be deducted. bonus upon which the Company has a lien, and may apply the same in or towards satisfaction of the debts, liabilities, or engagements in respect of which the lien exists.
Dividend not
to carry
interest.
Dividend
and call together.
Dividend
in specie.
165. No dividend or bonus shall carry interest as against the Company.
166. Any General Meeting sanctioning a dividend may make a call on the members of such amount as the meeting fixes, but so that the call on each member shall not exceed the dividend payable to him, and so that the call be made payable at the same time as the dividend, and the dividend may if so arranged between the Com- pany and the member be set off against the call. The making of a call under this Article shall be deemed ordinary business of an Ordinary General Meeting which declares a dividend.
167. Any General Meeting sanctioning a dividend may direct payment of such dividend wholly or in part by the distribution of specific assets, and in particular of paid-up shares or debentures of the Company or paid- up shares or debentures of any other Company, or in
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any one or more of such ways, and the Directors shall give effect to such resolution; and, where any difficulty arises in regard to the distribution, they may settle the same as they think expedient, and in particular may issue fractional certificates, and may fix the value for distribution of such specific assets, or any part thereof, and may determine that cash payments shall be made to any members upon the footing of the value so fixed, in order to adjust the rights of all parties, and may vest any such specific assets in trustees upon such trusts for persons entitled to the dividend as may seem expedient to the Directors. When requisite, a proper contract shall be filed in accordance with Section 90 of the Com- panies' Ordinance 1911, and the Directors may appoint any person to sign such contract on behalf of the persons entitled to the dividend, and such appointment shall be effective.
168. A transfer of shares shall not pass the right to Effect of any dividend or bonus declared thereon before the re- transfer. gistration of the transfer.
169. The Directors may from time to time pay to Interim the members such interim dividends or bonus as in the dividends. their judgment the position of the Company justifies.
170. The Directors may retain the dividends or Retention bonuses payable upon shares in respect of which any in certain person is under the Transmission Clause (Article 82) cases. entitled to become a member, or which any person under that Clause is entitled to transfer until such
person shall become a member, in respect thereof or shall duly trans- fer the same.
171. If two or more persons are registered as joint Receipt for holders of any share, any one of such persons may give dividends effectual receipts for any dividends, Interim Dividends by joint or bonuses and other moneys payable in respect of such of share. shares.
holders
172. Unless otherwise directed by the Directors, any Payments dividend or bonus may be paid by cheque or warrant by post, sent through the post to the registered address of the member entitled, or, in case of joint holders to the re- gistered address of that one whose name stands first in
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