Amount
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185. No larger dividend bonus or bonuses shall be of dividend. declared than is recommended by the Directors but the Company in General Meeting may declare a smaller dividend or bonus.
Dividends
186. No dividend or bonus shall be payable except out of profits out of the profits of the Company and no dividend or bonus shall carry interest as against the Company.
only: no interest.
What deemed to be net profits.
Interim
dividends.
Dividend subject to debts.
No right to dividend before
187. The declaration of the Directors as to the amount of the net profits of the Company shall be conclusive.
188. The Directors may at their absolute discretion from time to time pay to the members such interim dividends bonus or bonuses as in their judgment the position of the Company justifies.
189. The Directors may retain any dividends or bonuses on 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.
190. A transfer of shares shall not pass the right to any dividend or bonus declared thereon before the registration. registration of the transfer.
Retention in
191. The Directors may retain the dividends and/or certain cases. bonuses payable upon shares in respect of which any person is under Article 65 entitled to become a member or which any person under that Article is entitled to transfer until such person shall become a member in respect thereof or shall duly transfer the same under the provisions of Article 62.
Dividend tex
192. In case several persons are registered as the joint holders. joint holders of any share, any one of such persons may give effectual receipts for all dividends and bonuses and payments on account of dividends and bonuses in respect of such share.
Payment by post.
193. Unless otherwise directed any dividend and bonus may be paid by cheque or warrant sent through the post to the registered address of the member entitled or in the case of joint holders to the registered address of that one whose name stands first on the
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register in respect of the joint holding and every cheque or warrant so sent shall be made payable to the order of the person to whom it is sent and the payment of any such cheque or warrant shall operate as a good discharge to the Company in respect of the dividends and/or bonuses represented thereby not- withstanding that it may subsequently appear that the same has been stolen or that the endorsement thereon has been forged.
dividend.
194. Notice of the declaration of any dividend Notice of whether interim or otherwise shall be given to the holders of registered shares in manner hereinafter provided.
195. All dividends and bonuses unclaimed for one Unclaimed year after having been declared may be invested dividends. or otherwise made use of by the Directors for the benefit of the Company until claimed and all dividends and bonuses unclaimed for five years after having been declared shall ipso facto become forfeited by the Directors for the benefit of the Company.
Reserve.
reserve fund,
196. The Directors may but shall not be obliged, Directors before recommending or declaring any dividend or may establish bonus out of or in respect of the earnings or profits of the Company for any yearly or other period, cause to be reserved or retained and set aside out of such profits such sum as they may think proper to form a Reserve to meet contingencies or depreciation in the value of the property of the Company, or payment of arrears of dividend (if any) on the ordinary shares, or for equalising dividends, or for repairing, improving and maintaining any of the property of the Company, providing against losses, meeting claims on or liabilities of the Company, or for such other purposes as the Directors shall in their absolute discretion think conducive to the interests of the Company.
197. All moneys carried to the Reserve, and all Reserve fund other moneys of the Company not immediately may be applicable or required for any payment to be made by
invested.
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