The Pamphlet Collection of Sir Robert Stout: Volume 88

Profits and Dividends

Profits and Dividends.

77. No dividend or bonus shall be paid othe-

Dividends only payable out of profits, &c.

rwise 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.

Debts of share holders 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 whether invested under the last-preceding clause or otherwise.

Receipts of shareholders for dividends, &c.

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 tune 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.

Receipt of joint holders.

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.