532

Ch. 31. No. 1.] Compante.

it be afterwards discovered that there was some defect in the appointment
of any such director or person acting as aforesaid, or that they or any of
them were disqualified, be as valid as if every suc h person had been duly
appointed and was qualified to be a director

Dividends and re,
The company in ‘al meeting may declare dividends, but
dividend shall exceed the amount recommended by the directors.

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

OI. No dividend shatl be paid otherwise than out of protits.

Subject to the rights of persons, if anv, entitled to shares with
special rights to dividends, all dividends shall be declared and paid
according fo the amounts paid on the share. bat if and so long as nothing
is pad upon any of the shares in the company dividends may be declared
and paid: according to the amounts of the share. | No amount paid on
ashare in advance of calls shall, while carrying interest, be treated for
the purposes of this article as paid on the share.

03. The directors may, before recommending any dividend, set aside
out of the profits ef 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 contingencie. 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 ot be invested tw such
investinents (other than shooos of the company) the directors may
from time te time think fit.

94, Th several persons are registered as joint holders of any share, any
of them may give effectual receipts for any dividend or other moneys
nv In respeet of the share

Any dividend may be patd 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 fo such person and such address as the member or person
entitled or such joint holders as the case may be 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 entiMled or such joint holders as the case may be may direct.

96. No dividend shall bear interest against the comp:

Accounts,
97) The directors shall ci proper books of account to be kept with
‘spect to
all sums of money received and expended by the company and the
atters 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.