CO129-587-7 Telephone Amendment Ordinance 1940 9-4-1940 - 16-4-1940 — Page 13

6.

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(b) Shareholders retained right to a minimum

royalty of 8% per annum and to whole of furt.

net profits up to 12% per annum.

Maximum

limit on dividends of 15% per annum was

removed, but the disposal of the remaining

half of net profits exceeding 12, was left

to the discretion of the directors who need

not necessarily distribute it as dividends.

lost their rights to a

(c) Subscribers,

reduction of rates when net profits rose

above 12%.

llo information is available regarding the working

of the 1940 arrangements,

COLONIAL ON ICE

FINANCE DEPARTMENT,

20th May, 1947.