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COMPANIES CLAUSES CONSOLIDATION ACT 1845 - SECT 120

Previously to declaration of dividends a scheme to be prepared.

120. Previously to every ordinary meeting at which a dividend is intended to
be declared the directors shall cause a scheme to be prepared, showing the
profits, if any, of the company for the period current since the preceding
ordinary meeting at which a dividend was declared, and apportioning the same,
or so much thereof as they may consider applicable to the purposes of
dividend, among the shareholders, according to the shares held by them
respectively, the amount paid thereon, and the periods during which the same
may have been paid, and shall exhibit such scheme at such ordinary meeting,
and at such meeting a dividend may be declared according to such scheme.

© 1845 Crown Copyright

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