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Bonus dividend to be treated as expenses of issue of stock.
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8.—(1) Where stock is created for the purposes of the Land Purchase Acts, and issued under conditions which provide that the money to be raised thereby shall be paid up by instalments, dividends may be paid on the total nominal amount of the stock from any date fixed at the time of issue, although the instalments, or some or one of them, may not have been payable until after that date; and, if the amount so paid by way of dividend exceeds the sum which would have been payable on the portion of the stock representing the money actually paid up, the difference shall be treated as part of the expenses of the issue of the stock.
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