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Dividends on baronial guaranteed shares.
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13. The net receipts from time to time of the transferred undertaking applicable to dividend shall be applied in the first place in payment of dividend on the baronial guaranteed shares at the rate prescribed in the presentment of the grand jury by which the guarantee shall have been given, and subject to any agreement or guarantee which may be made or given by the railway company under this Act the holders of those shares shall not be entitled to any dividend out of any receipts or profits of the railway company other than the net profits of the transferred undertaking. And the holders of the baronial guaranteed shares shall not be entitled in respect thereof to any dividend in excess of the said prescribed rate, but the surplus net profits of the transferred undertaking in any half-year after payment of a dividend at the said prescribed rate on the baronial guaranteed shares, and subject to the rights of the baronies under the fifth section of the Act of 1883 shall belong to the railway company, and may be applied by them accordingly.
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