The Pamphlet Collection of Sir Robert Stout: Volume 7
XV, Interest and Profits
XV, Interest and Profits.
1. Interest shall be allowed on Investment Shares at therate of seven pounds per centum per annum, and shall be added to each share monthly; the amount added each month being one-twelfth of a year's interest on the value of a share at the beginning of a year,
Interest on investment shares fixed.
2. At the close of the third financial year of the Society andof each succeeding year, all Investment Shares of three years' standing shall be entitled to an equable proportion of three-fourths of the profits which shall be annually added to their value, but no profits shall be allowed on any fractional part of a year.
Profits to be allotted annually after third year.
3. The remaining one-fourth shall be carried to the creditof a fund to be called "The Reserve Fund," which shall accumulate and be appropriated as the Board of Directors may from time to time determine, subject nevertheless to the approval of the annual meeting.
Reserve fund to be formed.