A.D. 1865.]
COMPANIES.
[No. 1.
115
70. A committee may meet and adjourn as they think proper. Questions arising at any meeting shall be determined by a majority of votes of the members present. In case of an equality of votes the chairman shall have a second or casting vote.
71. All acts done by any meeting of the directors or of a committee of directors, or by any person acting as a director, shall, notwithstanding that it is afterwards 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,
72. The directors may, with the sanction of the company in general meeting, declare a dividend to be paid to the members in proportion to their shares,
73. No dividend shall be payable except out of the profits arising from the business of the company.
74. The directors may, before recommending any dividend, set aside out of the profits of the company such sum as they think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining the works connected with the business of the company or any part thereof; and the directors may invest the sum so set apart as a reserve fund upon such securities as they may select.
75. The directors may deduct from the dividends payable to any member all such sums of money as may be due from him to the company on account of calls or otherwise.
76. Notice of any dividend that may have been declared shall be given to each member in manner hereinafter mentioned; and all dividends unclaimed for three years after having been declared may be forfeited by the directors for the benefit of the company.
77. No dividend shall bear interest as against the company.
78.-(1.) The directors shall cause true accounts to be kept-
(a) of the stock in trade of the company;
(b.) of the sums of money received and expended by the company, and the matters in respect of which such receipt and expenditure takes place; and
(c.) of the credits and liabilities of the company.
(2.) The books of account shall be kept at the registered office of the company, and, subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed by the company in general meeting, shall be open to the inspection of the members during the hours of business.
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Page 61
A.D. 1865.]
COMPANIES.
[No. 1.
115
70. A committee may meet and adjourn as they think proper. Questions Proceedings arising at any meeting shall be determined by a majority of votes of the of committee. members present. In case of an equality of votes the chairman shall have a second or casting vote.
of acts.
71. All acts done by any meeting of the directors or of a committee of Validity directors, or by any person acting as a director, shall, notwithstanding that it is afterwards 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.
72. The directors may, with the sanction of the company in general meet- Declaration ing, declare a dividend to be paid to the members in proportion to their shares, of dividends.
73. No dividend shall be payable except out of the profits arising from the business of the company.
74. The directors may, before recommending any dividend, set aside out of the profits of the company such sum as they think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or main- taining the works connected with the business of the company or any part thereof; and the directors may invest the sum so set apart as a reserve fund upon such securities as they may select.
Dividends payable only out of profits. Power to
constítute reserve fund,
75. The directors may deduct from the dividends payable to any member Deduction all such sums of money as may be due from him to the company on account of debt from of calls or otherwise.
dividend.
76. Notice of any dividend that may have been declared shall be given to Notice of each member in manner hereinafter mentioned; and all dividends unclaimed dividend. for three years after having been declared may be forfeited by the directors
for the benefit of the company.
77. No dividend shall bear interest as against the company.
Accounts.
78.-(1.) The directors shall cause true accounts to be kept-
(a) of the stock in trade of the company;
(b.) of the sums of money received and expended by the company, and the matters in respect of which such receipt and expenditure takes place; and
(c.) of the credits and liabilities of the company.
(2.) The books of account shall be kept at the registered office of the com- pany, and, subject to any reasonable restrictions as to the time and manuer of inspecting the same that may be imposed by the company in general meeting, shall be open to the inspection of the members during the hours of business.
No interest.
on dividend.
Accounts to be kept.
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