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4)

SECRETARIAL PRACTICE
Dividends and: Reserve.
~ 89. The company in general meeting may declare dividends, but
no dividend shall exceed the amount recommended by the directors.

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

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

92. Subject 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.
93. The directors may, before recommending any dividend, set
aside out of the profits of the company such sums as they think
pIOPEr 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 com-
pany may be properly applied, and pending such application may,
at the like discretion, either be employed in the business of the com-
pany or be invested in such investments (other than shares of the
company) as the directors may from time to time think fit.

94. If several persons are registered as joint holders of any share,
any one of them may give effectual receipts for any dividend or
other moneys payable on or in respect of the share.

95. Any dividend may be paid by cheque or warrant sent through
the post to the registered address of the member or person entitled
thereto or in the case of joint holders to any one of such joint holders
at his registered address or to such person and such address as the
member or person entitled or such joint holders as the case may
Je may direct. Every such cheque or warrant shall be made
payable to the order of the person to whom it is sent or to the order
of such other person as the member or person entitled or such joint
holders as the case may be may direct,

96. No dividend shall bear interest against the company.

Accounts.
97. The directors shall cause proper books of account to be kept
with respect to—

All sums of money received and expended by the company
and the matters in respect of which the receipt and expenditure
takes place;

All sales and purchases of goods by the company; and

The assets and liabilities of the company.