Dividends.

103. The Directors may, with the sanction of the Company in general meeting, declare a dividend to be paid to the members according to their rights and interest in the profits.

104. No larger dividend shall be declared than is recommended by the Directors, but the Company in general meeting may declare a smaller dividend.

105. No dividend shall be payable except out of the profits arising from the business of the Company. The declaration of the Directors as to the amount of the profits of the Company shall be conclusive.

106. The Directors may from time to time pay to the members on account of the next forthcoming dividend such interim dividends as in their judgment the position of the Company justifies.

107. The Directors may deduct from the dividends payable to any member all such sums of money as may be due and payable by him to the Company, on account of calls, instalments or otherwise.

108. The Directors may retain the dividends payable upon registered shares, in respect of which any person is, under clause 26 hereof, entitled to become a member, or which any person under that clause is entitled to transfer, until such person shall become a member in respect of such share, or shall duly transfer the same.

109. Any general meeting declaring a dividend may resolve that the same or any part thereof shall be applied in paying up pro tanto the capital uncalled upon the shares held by the member to whom the same would otherwise be payable, and the Directors shall give effect to such resolution accordingly; but any member whose shares are fully paid up shall be entitled to be paid his proportion of the dividend is cash.

110. A transfer of shares shall not pass the right to any dividend declared thereon before the registration of the transfer.

111. In case several persons are registered as joint holders of any share, any one of such persons may give effectual receipts for all dividends and payments on account of dividends in respect of such share.

112. Notice of the declaration of any dividend, whether interim or otherwise, shall be given to the members in manner hereinafter provided.

113. The Company shall not be responsible for the loss of any cheque, dividend warrant, or post-office order which shall be sent by post upon the request of any member in respect of dividends.

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114. All dividends unclaimed for one year after having been declared, may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed. And all dividends unclaimed for five years after having been declared may be forfeited by the Directors for the benefit of the Company. No dividend shall bear interest as against the Company.