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Ch. 31. No. 1.) Companies.

Provided that nothing hercin shall prevent the payment, in good faith,
of reasonable and proper remuneration to any officer or servant of the
Association, or to any member of the Association in return for any
services actually rendered to the Association, nor prevent the payment of
interest at a rate not exceeding six per cent, per annum on money lent or
reasonable and proper rent for premises demised or let by any member to
the Association; but so that no member of the Council of Management or
Governing Body of the Association shall be appointed to any salaried
office of the Association or any alice of the Association paid by fees, and
that no remuneration or other benetit. 1 money or moneys worth shall
be given by the Association to any member of such Council or Governing
Body except repayment of out-of-pocket expenses and interest at the
rate aforesaid on money lent or reasonable and proper rent for premises
demised or Iet to the Association’ Provided that the provision last
aforesaid shall not apply to any payment to any Ratway, Gas, Electric
Lighting, Water, Cable or Telephone Company of which a member of
the Council of Management or Governing Body may be a member or any
other Company in which such member shall net hold more than one-
hundredth part of the capital, and such member shall not be bound to
account for any share of profits he may receive in respect of such payment.

5. No addition, alteration, or amendment shall be made to or in the
regulations contained in the Articles of Association for the time being in
force, unle. the came shall have been previously submitted te and
approved by the Governor

6. The fourth and fifth) paragraphs of this Memorandum contain
conditions on which a Licence is granted by the Governor to the
Association in pursuance of section 20 of the Companies Ordinance.

The liability of the members is limited.

8 Every member of the Association undertakes to contribute to the
assets of the Association in the event of the same being wound up during
the time that he is a member, or within one year afterwards for payment
of the debts and liabilities of the Association contracted before the time
at which he ceases to be a member, and of the costs, charges, and expenses
of winding up of the same, and for the adjustments of the rights of the
contributors amongst themselves, such amount as may be required not
xceeding dollars.

9, If upon the winding up or dissolution of the Association there
remains after the satisfaction of all its debts and liabilities, any property
whatsoever, the same shall not be paid to or distributed among the
members of the Association, but shall be given or transferred to some
other institution or institutions, having objects similar to the objects of
the Association and which shall prohibit the distribution of its or their
income and property among its or their members to an extent at least as
great as is imposed on the Association under or by virtue of Clause 4
hereof, such institution or institutions to be determined by the members
of the Association at or before the time of dissolution or in default thereof
by such Judge of the Supreme Court as may have or acquire jurisdiction
in the matter and if and so far as effect cannot be given to the aforesaid
provision then to some charitable object.