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The Pamphlet Collection of Sir Robert Stout: Volume 27

XVI.—Dividends

XVI.—Dividends.

84. The Directors may declare a dividend to be paid to the Shareholders in proportion to the number of Shares held by each and to the amount paid up upon such Shares.

85. No Dividend shall be payable except out of the profits arising from the business of the Company.

86. The Directors may deduct from the Dividends payable to any Shareholder all such sums of money as may be due from him to the Company on account of Calls or otherwise.

87. Notice of any Dividends that may have been declared shall be given to each Shareholder.

88. No Dividend shall bear interest as against the Company.

89. The declaration of the Directors as to the amount of the net profits of the Company shall be conclusive.

90. Every Dividend shall be paid by cheques on the bankers which shall be delivered or sent by the Secretary to the Shareholders.

91. In case two or more persons are registered as the joint holders of any Share or Stock any one of such persons may give effectual receipts for all Dividends and payments on account of Dividends in respect of such Share or Stock Provided that in case of payments to Maori Committees of any Dividends the receipt of the Chairman of such Committees shall be sufficient.