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Companies (Consolidation) Act 1908

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Dividends and Reserve

95The company in general meeting may declare dividends, but no dividend shall exceed the amount recommended by the directors.

96The directors may from time to time pay to the members such interim dividends as appear to the directors to be justified by the profits, of the company.

97No dividend shall be paid otherwise than out of profits.

98Subject to the rights of persons, if any, entitled to shares with special rights as to dividends, all dividends shall be declared and paid according to the amounts paid on the shares, but if and so long as nothing is paid up on any of the shares in the company dividends may be declared and paid according to the amounts of the shares. No amount paid on a share in advance of calls shall, while carrying interest, be treated for the purposes of this article as paid on the share.

99The directors may, before recommending any dividend, set aside out of the profits of the company such sums as they think proper as a reserve or reserves which shall, at the discretion of the directors, be applicable for meeting contingencies, or for equalising dividends, or for any other purpose to which the profits of the company may be properly applied, and pending such application may, at the like discretion, either be employed in the business of the company or be invested in such investments (other than shares of the company) as the directors may from time to time think fit.

100If several persons are registered as joint holders of any share any one of them may give effectual receipts for any dividend payable on the share.

101Notice of any dividend that may have been declared shall be given in manner hereinafter mentioned to the persons entitled to share therein.

102No dividend shall bear interest against the company.

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