LTN20170323293
LTN20170323293
LTN20170323293
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Effectof<br />
resolution<br />
toapply<br />
Powerto<br />
declare<br />
dividends<br />
forthetimebeingunpaidonanysharesheldbysuchmembersrespectivelyorpayingupin<br />
fullunissuedshares, debenturesorothersecuritiesoftheCompanytobeallottedand<br />
distributedcreditedasfullypaiduptoandamongstsuchmembersinproportionaforesaidor<br />
partlyinonewayandpartlyintheother, andtheBoardshallgiveeffecttosuchresolution,<br />
providedthatanyaccountnorreserveorfundoftheCompanymay, forthepurposesofthis<br />
Article, onlybeappliedinpayingupunissuedsharestobeissuedtomembersofthe<br />
Companyasfullypaidupsharesorpayingupcallsorinstalmentsdueorpayableonpartly<br />
paidsecuritiesoftheCompanysubjectalwaystotheprovisionsoftheAct.<br />
21.2 WhereversucharesolutionasreferredtoinArticle21.1shallhavebeenpassedtheBoard<br />
shallmakeallappropriationsandapplicationsresolvedtobeappliedthereby, andall<br />
allotmentsandissuesoffullypaidupshares, debenturesorothersecurities, ifany, and<br />
generallyshalldoallactsandthingsrequiredtogiveeffectthereto, withfullpowertothe<br />
Board:<br />
a) tomakesuchprovisionbytheissueoffractionalcertificatesorbypaymentincashor<br />
otherwise (includingprovisionswhereby, inwholeorinpart, fractionalentitlements<br />
areaggregatedandsoldandthenetproceedsdistributedtothoseentitled, orare<br />
disregardedorroundedupordownorwherebythebenefitoffractionalentitlements<br />
accruestotheCompanyratherthantothemembersconcerned) astheythinkfitin<br />
caseswhereshares, debenturesorothersecuritiesbecomedistributableinfractions;<br />
b) toexcludetherightofparticipationorentitlementofanymemberwitharegistered<br />
addressoutsideanyterritorywhereintheabsenceofaregistrationstatementorother<br />
specialoronerousformalitiesthecirculationofanofferofsuchrightorentitlement<br />
wouldormightbeunlawfulorwheretheBoardconsiderthecosts, expenseor<br />
possibledelaysinascertainingtheexistenceorextentofthelegalandother<br />
requirementsapplicabletosuchofferortheacceptanceofsuchofferoutofproportion<br />
tothebenefitsoftheCompany; and<br />
c) toauthoriseanypersontoenteronbehalfofallmembersentitledtheretointoan<br />
agreementwiththeCompanyprovidingfortheallotmenttothemrespectively,<br />
creditedasfullypaidup, ofanyfurthershares, debenturesorothersecuritiestowhich<br />
theymaybeentitleduponsuchapplication, or, asthecasemayrequire, forthe<br />
paymentupbytheCompanyontheirbehalf, bytheapplicationtheretooftheir<br />
respectiveproportionsoftheprofitsresolvedtobeapplied, oftheamountsorany<br />
partoftheamountsremainingunpaidontheirexistingshares, andanyagreement<br />
madeundersuchauthorityshallbeeffectiveandbindingonallsuchmembers.<br />
21.3 TheBoardmay, inrelationtoanyapplicationsanctionedunderArticle21.2initsabsolute<br />
discretionspecifythat, andinsuchcircumstancesandifdirectedsotodobyamemberor<br />
membersentitledtoanallotmentanddistributioncreditedasfullypaidupofunissuedshares<br />
ordebenturesintheCompanypursuanttosuchapplication, theunissuedshares, debentures<br />
orothersecuritiestowhichthatmemberisentitledshallbeallottedanddistributedcredited<br />
asfullypaiduptosuchpersonorpersonsasthatmembermaynominatebynoticeinwriting<br />
totheCompany, suchnoticetobereceivednotlaterthanthedayforwhichthegeneral<br />
meetingoftheCompanytosanctiontheapplicationisconvened.<br />
22 Distributions<br />
22.1 SubjecttotheprovisionsoftheActandtheseArticles, theBoardmay, byResolutionof<br />
Directors, declareadividendinanycurrencyatatime, andofanamount, andtoany<br />
membersitthinksfitifitissatisfied, onreasonablegroundsthat, immediatelyafterthe<br />
paymentofthedividend, thevalue<br />
Companyisabletopayitsdebtsastheyfalldue.
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