9.4
same day in the next weak at the same time and place, and, if at the adjourned meeting the places of the vacating directors are not tied up, the varating directors, or such of them as have not had their places filled up, shall be deemed to have been re-elected at the adjourned meeting.
83. The company may from time to time in general meeting increase or reduce the number of directors, and may also determine in what rotation the increased or reduced number is to go out of office
34. Any casual vacaney occming in the board of di rectors may be dilled up by the directors, but the person so chosen shall be sabjevt i retirement at the same time as if he had become a director on the day on which the di- retor in whose place he is appointed was last elected a director.
85. The directors shall have power at any time, and from time to time, to appoint a person as an additional director who shall retire from office at the next following ordinary general meeting, but shall be eligible for election by the company at that meeting as an additional director.
86. The company may by extraordinary resolution remove any director before the expiration of his period of office, and my in an ordinary resolution appoint another person in his stead: the person so appointed shail be subject to retirement at the same time as if he had beconue a director on the day on which the director in whose place he is appointed was last electol a director.
Proceedings of Directors.
7. The directors way meet together for the despate of Tusiness, adjourn, and otherwise regulate their meetings, as they think fit. Questions arising at any meeting shall be deristel by a majority of votes,
In ense of an equality
of Votes the lair shall have a second or easting vote. A director way, and the secretary on the requisition of a director shall, at any time summon a meeting of the directors.
88. The quorum necessary for the transnetion of the business of the directors may be fixed by the directors, and unless so fixed shall (when the uniber of directors exreeds three) be three,
89. The continuing directors may net notwithstanding any, vocaney in their body, but, if and so long as their number is reduced below the number fixed by or pusmant to the regulations of the company as the necessary quoritin of directors, the contiming directors may act for the purpose of increasing the number of directors to that Runther, or of summoning a general meeting of the company, but for no other purpose.
90. The directors may elect a chairman of their meetings and determine the period for which he is to hold offee; but, if no such chairman is elected, or if at any meeting the chairman is not present within five minutes of the time appeinted for helding the same, the directors present may choose one of their number to be chairman of the meeting.
91. The directors may delegate any of their powers to committees consisting of such member or members of their body as they think fit any commitee so formed shall in the exercise of the powers so delegated conform to any regulations that may be imposed on them by the directors. 92. A emittee may elect a chaincan of their meetings: if me such chairman is electes, or if at any meeting the chaint is not present within five minutes after the time appointed for holding the same, the members present may choose one of their unnier to be chairman of the meeting. 93. A committee may meet and adjourn as they think proper. Questions arising at any meeting shall be deter- wined 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 loue by any inceting of the directors or of a committee of directors, or by any person acting as
a director, shall, notwithstanding that it be afterwards
95
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 way declare dividends, but no dividend shall execel 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 dividends shall be declared and paid according to the amounts paid on the shares, but if und so long as nothing is paid up on any of the slaves in the company dividends may be declared and paid according to the amounts of the shures. No amount paid on a share in advance of calls shall, while carrying interest, be treated for the purpose of this article us 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 he invested in such investments (other than shares of the company) as the directors may from time to time think
it.
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 bene interest against the company.
Andit.
108. Auditors shall be appointed and their duties regn- inted in accordance with sections one hundred and thirteen and one hundred and fourteen of the Companies Ordinance, 1911, or any statutory modification thereof for the ting being in forte.
Notices.
104. A notire may be given by the company to any member either personally or by sending it by post to him to his rogistered address, or (if he has no registered address in the place where the company has its head office) to the address, if any, fi 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, scrviee 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 an address in the place where the company has its head office for the giving of notices to bim, 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,
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