The Sligo Lighting and Electric Power Act, 1924

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Limitation of dividends and Reserve Fund.

23.—(1) The Company shall not in any year declare out of their profits any larger dividends than the rates of dividend in this subsection mentioned namely eight pounds in respect of every hundred pounds actually paid up of the original capital which has been issued as ordinary capital under the Act of 1855 seven pounds in respect of every hundred pounds actually paid up of such additional capital as may be issued as ordinary capital under the Order of 1893 and five pounds in respect of every hundred pounds actually paid up of such additional capital as has been or may be issued as preference capital under the Order of 1893.

(2) The Company may from time to time out of the profits of the undertaking in any year set apart such sum as they think fit by way of a reserve fund to be thereafter applicable to any of the purposes of the Company including the payment of dividends and as from the date of the passing of this Act the provisions of Section 25 of the Order of 1893 with regard to the creation and application of a reserve fund by the Company shall cease to have effect.

(3) Subject to the provisions of this Section the provisions of the existing Acts limiting the dividends to be declared by the Company shall as from the date of the passing of this Act cease to have effect.