The Pamphlet Collection of Sir Robert Stout: Volume 88

Dividends

Dividends.

77. No dividend or bonus shall be paid

Dividends only payable out of profits, &c.

otherwise than out of the profits or estimated profits of the Company, inclusive of reserved profits, after paying or providing for all expenses, outgoings, and liabilities of the Company and deterioration of assets. If shares are issued at a premium, the Directors shall determine if the premium is to be treated as capital or as profit. Each dividend, whether arising from past, or accumulated, or current profits, shall, for all purposes, be deemed to accrue and fall due on the day on which it is declared, and not before.
78. The dividend on each share shall be

Dividends, how calculated

calculated equitably upon the amount paid up, or duly credited as paid up, exclusive of payments in advance, and, if there shall exist shares having a different amount of capital called up thereon, then the dividend shall be calculated equitably according to the amounts and dates of payment.

Debts of shareholders may be deducted from dividends.

79. The Directors may deduct from the dividends or interest payable to any shareholder any money due from him to the Company on account of calls or otherwise.

Dividends, notice of, and unclaimed dividends.

80. Notice of any dividend that may have been declared shall be given to each shareholder, or sent by post or otherwise to his registered address, and all dividends unclaimed for one year after having been declared shall be invested or otherwise made use of by the Directors for the benefit of the Company until claimed.

Dividends not to bear interest.

81. No dividend shall bear interest as against the Company.

Dividends, receipts for.

82. The receipt, or an endorsement by signature on the Bank order for the payment of the money, of the person whose name for the time being appears on the register of shareholders as the owner of any share, or of his executors or administrators, shall be a good discharge to the Company in respect of all payments made in respect of the share.

Receipts for dividends, in case of joint owners.

83. If several persons are registered as joint holders of any share, any one of such persons may give effectual receipts as aforesaid, for any dividends payable in respect of such share.